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Registered number: 01552284










TANGENT INTERNATIONAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
TANGENT INTERNATIONAL LIMITED
 
 
COMPANY INFORMATION


Directors
N A T Chaplin 
S S Dear 
K P Martin 
W J Smallbone 
W J Wright (appointed 14 December 2022)
P J Connor (resigned 25 May 2023)




Company secretary
W J Wright



Registered number
01552284



Registered office
11 Woodbrook Crescent

Billericay

Essex

CM12 0EQ




Independent auditor
MHA

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ




Solicitors
Osborne Clarke
One London Wall

London

EC2Y 5EB





 
TANGENT INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Notes to the Financial Statements
 
15 - 31

 
TANGENT INTERNATIONAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The Directors present their Strategic Report and financial statements for the year.

Business review and performance indicators
 
The Company's business remains the provision of high-quality recruitment services to a diverse and international client base by sourcing, vetting and placing candidates in contract and permanent roles as required.
Total revenues decreased by 4.9% to £64.5m 
(2022 - £67.9m) although the overall gross profit margin increased to 10.5% (2022 - 9.6%). The pre-tax profits arising from normal trading activities decreased to £775,824 (2022 - £1,210,467). After allowing for profits totalling £174,176 (2022 - profits £16,098) arising from exchange rate movements during the period the final Company pre-tax profit was £950,000 (2022 - £1,226,565).
The period produced a small decline in revenue which can largely be attributed to a decision to dispense with certain lower margin business. This in turn helped to facilitate the increase in average gross margins as did an increased focus on Permanent Recruitment during the year. Market sentiment also had a negative impact on trading in some markets during the period.
Movement in revenues, gross margin (in both percentage and absolute terms) as well as net pre-tax profits remain the key performance indicators by which the Directors measure progress of the Company's business from one year to the next. 
Other factors influencing trading levels each year include the usual ongoing economic and political factors affecting key variables, further exacerbated by the fluctuating mix of the business, the cyclical nature of each generation of telecoms as well as the usual pressure from OEM customers with significant buying power. All of which is quite typical of the wider marketplace within which the Company operates.
Currency exchange rates are influenced by factors outside of the Company's control but a longstanding and prudent approach to managing the risks associated with trading in multiple currencies continues to serve the Company well. The cumulative impact of the annual gains or losses due to exchange rate movements continues to balance out or be a net positive over a number of years.
The average number of staff during the year was 73 
(2022 - 70) and is commensurate with the Company's prudent approach to managing the business in the light of actual or anticipated trading conditions.

Strategic and future developments

Inevitably there are numerous issues outside of the Company's control that can influence business strategy and development, particularly in international markets. Military conflict/wars, trade embargos and other disputes between major powers, geo-political issues and more recently higher interest rates are all examples of factors that impact market sentiment and actual business opportunities around the World and across numerous sectors.
A long-standing focus on creating and maintaining strong major client relationships, robust business policies and procedures and a firm emphasis on continual improvement have all served the Company well evidenced by a successful track record extending back over 40 years. Throughout its history, the Company has fostered and improved client relationships and will continue to do so. Despite the prevailing conditions, the Company continues to be successful in identifying new business opportunities and further strengthening client relationships as it continues to take steps to enhance future growth and profitability.
Other sectors and lines of business will be considered where it is judged that there are opportunities to further enhance the Company’s activities without detriment to the quality and volumes of service being provided to existing clients. 
 
Page 1

 
TANGENT INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Investments in staff and technology will also continue where appropriate for the benefit of the Company and its shareholders. In particular, a continued focus and ongoing investment in personnel and professional advice directed at ensuring its operations, both domestically and internationally, remain in compliance with all relevant legislation and business custom. Stifling levels of regulation and ambiguous and contradictory legislation remains a significant burden on business.
The Directors are of the opinion that the Company remains well positioned to take advantage of existing business opportunities as well as gradual improvements in market conditions and expects the Company to be profitable in this next year.

Principal risks and uncertainties
 
Whilst we are now fully in the post-pandemic period and ‘living with COVID’, the impact the pandemic had on countries, businesses and working practices across the World will undoubtably continue to be felt for many years.
This together with the impact of wars and other hostile activity in certain parts of the World as well as the more recent trend towards higher bank interest rates will inevitably have an impact in a both a practical sense and generally influencing market sentiment.
With Tangent International Limited’s worldwide trade portfolio, fluctuations in exchange rates are always a variable which can impact the results for any particular period. However, the overall risk is mitigated by the Company’s policy of paying, wherever possible, all direct costs relating to a contract in the same currency as that in which the revenue is invoiced.
Additionally, the longstanding tight financial controls and robust finances also continue to stand the Company in good stead during these difficult times.
An ongoing priority emphasis is placed on ensuring that compliance, credit and debtor control and cash flow are all managed such that sufficient liquid resources are always available to meet the needs of the business. The results of this are evident in the fact that the Company continues to operate well within its available funding facilities.
Additional factors fundamental to the ongoing development of the Company are the normal risks facing any such business, namely the continued stability of existing relationships with major clients, development and retention of new clients, the ready availability of technical resources throughout the various market places and the retention of existing and recruitment of additional key personnel to manage and develop the business.
All of this will make planning for the future as challenging as ever.
In summary, the directors recognise that a very close watch must be maintained on all aspects of the Company’s business and will take appropriate action in the light of prevailing or anticipated circumstances. Meanwhile the executive management team are fully engaged in their endeavours to improve the progress and future profitability of the business.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors are aware of their responsibilities to act in a way which they consider in good faith would be most likely to promote the success of the business for the benefit of its members as a whole. 
Tangent International Limited (including its branch in the United Arab Emirates) is a people business and the directors recognise that fostering good relations with its employees, customers, suppliers, partners and others is essential to the ongoing success of the business and this activity forms an ongoing and vital part of day-to-day operations.
 
Page 2

 
TANGENT INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Corporate social responsibility and sustainability (CSR) is a crucial component in the Company’s success and is a core value of the Company. The aim is to achieve a positive impact within the Tangent International community and across society whilst maximising shared value for Tangent International Limited’s shareholders, employees, clients, suppliers and other stakeholders. The Company CSR program is also designed to help reduce costs and increase productivity, whilst having full regard for employee’s well-being. 
Tangent International Limited’s CSR program is led by the company but encourages participation from all and includes policies and procedures whose purposes is to integrate social, environmental, ethical, human rights and customer concerns into its business operations and core strategy. As part of this, an ongoing two-way dialogue is maintained with all employees who are also regularly encouraged to submit ideas and suggestions (anonymously if they wish) that will contribute to the drive for constant improvement.
These core values and policies together with the impact on the short, medium and longer-term interests of the company and all its stakeholders are central to the director’s strategic decision-making process. All key decisions taken during the year were therefore made within that framework.


This report was approved by the board and signed on its behalf.



................................................
W J Wright
Director

Date: 10 October 2023
Page 3

 
TANGENT INTERNATIONAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The Directors present their report and the financial statements for the year ended 31 March 2023.

Principal activity

The principal activities of the Company during the year were the provision of speciality staffing services to the telecommunications and information technology sectors as well as recruitment services to a range of other businesses. The provision of services to domestic and internationally based clients are managed by the Company and its branches as appropriate.

Results and dividends

The profit for the year, after taxation, amounted to £767,420 (2022 - £988,435).

The dividends paid in the year, including those proposed and approved at the year-end but not yet paid, are disclosed in Note 13.

Directors

The Directors who served during the year were:

N A T Chaplin 
S S Dear 
K P Martin 
W J Smallbone 
W J Wright (appointed 14 December 2022)
P J Connor (resigned 25 May 2023)

Directors' Responsibilities Statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
TANGENT INTERNATIONAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its Directors during the year. These provisions remain in force at the reporting date.

Matters covered in the Strategic Report

In accordance with Section 414c (11) of the Companies Act 2006, the Directors have chosen to include the following items in the Strategic Report:
 
Business review
Principal risks and uncertainties
Future developments

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post Balance Sheet events

There have been no significant events affecting the Company since the year end.

Auditor

Due to an independence threat on a new system, RSM resigned as auditors following the year ended 31 March 2022 financial statement finalisation. 
Following a rebranding exercise on 15 May 2023 the trading name of the Company’s independent auditor changed from MHA MacIntyre Hudson to MHA. The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board and signed on its behalf.
 





................................................
W J Wright
Director
Date: 10 October 2023
Page 5

 
TANGENT INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of Tangent International Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
TANGENT INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
TANGENT INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management around actual and potential litigation and claims;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance; and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Page 8

 
TANGENT INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Cara Miller ACCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Colchester, United Kingdom

20 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 9

 
TANGENT INTERNATIONAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
64,537,735
67,854,702

Cost of sales
  
(57,779,621)
(61,339,014)

Gross profit
  
6,758,114
6,515,688

Administrative expenses
  
(5,651,069)
(5,208,778)

Other operating income
 5 
4,302
3,995

Operating profit
 6 
1,111,347
1,310,905

Interest receivable and similar income
 10 
23,552
7,356

Interest payable and similar expenses
 11 
(184,899)
(91,696)

Profit before tax
  
950,000
1,226,565

Tax on profit
 12 
(182,580)
(238,130)

Profit for the financial year
  
767,420
988,435

Other comprehensive income for the year
  

Currency translation differences
  
2,449
6,787

Total comprehensive income for the year
  
769,869
995,222

The notes on pages 15 to 31 form part of these financial statements.
Page 10

 
TANGENT INTERNATIONAL LIMITED
REGISTERED NUMBER: 01552284

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 14 
200,932
165,162

  
200,932
165,162

Current assets
  

Debtors: amounts falling due within one year
 15 
15,299,343
18,049,204

Cash at bank and in hand
 16 
1,666,360
1,175,945

  
16,965,703
19,225,149

Creditors: amounts falling due within one year
 17 
(12,157,179)
(14,396,941)

Net current assets
  
 
 
4,808,524
 
 
4,828,208

Total assets less current liabilities
  
5,009,456
4,993,370

Creditors: amounts falling due after more than one year
 18 
(388,923)
(17,968)

 
Provisions for liabilities
  

Deferred tax
 20 
(36,120)
(22,632)

Net assets
  
4,584,413
4,952,770


Capital and reserves
  

Called up share capital 
 21 
127,796
127,796

Share premium account
 22 
15,033
15,033

Profit and loss account
 22 
4,441,584
4,809,941

  
4,584,413
4,952,770


The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




................................................
S S Dear
................................................
W J Wright
Director
Director
Date: 10 October 2023

The notes on pages 15 to 31 form part of these financial statements.
Page 11

 
TANGENT INTERNATIONAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
127,796
15,033
4,231,435
4,374,264


Comprehensive income for the year

Profit for the year
-
-
988,435
988,435

Currency translation differences
-
-
6,787
6,787
Total comprehensive income for the year
-
-
995,222
995,222


Transactions with owners

Dividends: Equity capital
-
-
(416,716)
(416,716)



At 1 April 2022
127,796
15,033
4,809,941
4,952,770


Comprehensive income for the year

Profit for the year
-
-
767,420
767,420

Currency translation differences
-
-
2,449
2,449
Total comprehensive income for the year
-
-
769,869
769,869


Transactions with owners

Dividends: Equity capital
-
-
(1,138,226)
(1,138,226)


At 31 March 2023
127,796
15,033
4,441,584
4,584,413


The notes on pages 15 to 31 form part of these financial statements.
Page 12

 
TANGENT INTERNATIONAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
767,420
988,435

Adjustments for:

Depreciation of tangible assets
51,553
71,155

Interest paid
184,899
91,696

Interest received
(23,552)
(7,356)

Taxation charge
182,580
238,130

Decrease/(increase) in debtors
2,749,861
(2,581,947)

(Decrease)/increase in creditors
(251,566)
223,703

Foreign exchange losses on translation of foreign subsidiaries
2,449
6,787

Corporation tax (paid)
(283,120)
(35,000)

Net cash generated from operating activities

3,380,524
(1,004,397)


Cash flows from investing activities

Purchase of tangible fixed assets
(2,413)
(6,185)

Interest received
23,552
7,356

Net cash from investing activities

21,139
1,171

Cash flows from financing activities

Repayment of finance leases
(33,765)
(31,810)

Dividends paid
(1,138,226)
(416,644)

Interest paid
(184,899)
(91,696)

Net cash used in financing activities
(1,356,890)
(540,150)

Net increase/(decrease) in cash and cash equivalents
2,044,773
(1,543,376)

Cash and cash equivalents at beginning of year
(5,927,485)
(4,384,109)

Cash and cash equivalents at the end of year
(3,882,712)
(5,927,485)

Page 13

 
TANGENT INTERNATIONAL LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,666,360
1,175,945

Other finance included in 'Creditors: Amounts falling due within one year'
(5,549,072)
(7,103,430)

(3,882,712)
(5,927,485)


The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Tangent International Limited is a private company limited by shares, incorporated in England and Wales. The Company's registered number is 01552284. The registered office and principal place of business is at 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see Note 3).
These financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Tangent International Group Limited as at 31 March 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. The Directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Company's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 15

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Great British Pounds ("GBP").

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 17

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Office and computer equipment
-
3 - 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.14

Purchased trade debtors

The Company has entered into a Purchase and Sale Agreement with a fellow subsidiary company. The arrangement facilitates the purchase of trade debts by Tangent International Limited from the fellow subsidiary and such purchased debts are separately disclosed in Note 15. The agreement allows for the purchase to be satisfied by either cash, intercompany account off-set or by a promissory note. The additional finance creditor relating to this arrangement is separately disclosed in Note 17. The purchase price is 99% of the face value of the debt with the remaining 1% representing a discount to Tangent International Limited in recognition of the administrative effort and other associated risks undertaken. All other transaction charges are charged to the fellow subsidiary at cost. The discount value is shown as other operating income and is recognised as the obligations under the Purchase and Sale Agreement are fulfilled.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim and Final dividends are recognised at the earlier of payment or approval date, approved but unpaid Dividends as at the end of each financial year are accrued.

Page 19

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements have had the most significant effect on amounts recognised in the financial statements:
Useful lives of property, plant and equipment
The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of the Company's assets are determined by management at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.
Recognition of provisions
The Company has recognised provisions in its financial statements, which requires management to make judgements for;
 
impairment of trade receivables
recoverability of intercompany balances

The judgements, estimates and associated assumptions necessary to assess the recoverability of these balances are based on historical experience and other reasonable factors.

Page 20

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Staff and recruitment services
64,537,735
67,854,702

64,537,735
67,854,702


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,522,921
5,169,493

Rest of Europe
3,982,161
4,197,388

Rest of the world
57,032,653
58,487,821

64,537,735
67,854,702



5.


Other operating income

2023
2022
£
£

Sundry income
4,302
3,995

4,302
3,995



6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation of owned tangible fixed assets
51,553
57,130

Depreciation of tangible fixed assets under finance leases
28,935
14,025

Exchange differences
(174,176)
(16,098)

Other operating lease rentals
184,960
131,268

Page 21

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
35,000
30,490

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,664,640
3,317,154

Social security costs
410,983
357,025

Cost of defined contribution scheme
103,580
98,373

4,179,203
3,772,552


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration and management
39
36



Resources and technical
34
34

73
70

Page 22

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
766,345
755,268

Company contributions to defined contribution pension schemes
53,890
49,875

820,235
805,143


During the year retirement benefits were accruing to 5 Directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £246,669 (2022 - £271,155).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £15,450 (2022 - £15,000).


10.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
23,305
6,832

Other interest receivable
247
524

23,552
7,356


11.


Interest payable and similar expenses

2023
2022
£
£


Finance leases interest payable
1,873
961

Other interest payable
183,026
90,735

184,899
91,696

Page 23

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
171,861
237,895

Adjustments in respect of previous periods
(2,769)
41


Total current tax
169,092
237,936

Deferred tax


Origination and reversal of timing differences
7,483
(6,892)

Changes to tax rates
2,363
7,086

Prior year adjustment
3,642
-

Total deferred tax
13,488
194


Tax on profit
182,580
238,130

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
950,000
1,226,565


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
180,500
233,047

Effects of:


Expenses not deductible for tax purposes
3,821
(844)

Fixed asset differences
-
(1,200)

Adjustments to tax charge in respect of prior periods
874
41

Change in tax rates
2,363
7,086

Tax incentives
(4,978)
-

Total tax charge for the year
182,580
238,130


Factors that may affect future tax charges

Page 24

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.Taxation (continued)

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and will take effect from 1 April 2023 for profits over £250,000. For profits under £50,000 the tax rate will remain the same at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.


13.


Dividends

2023
2022
£
£

Ordinary


Final proposed and approved
442,579
104,179

Interim paid
695,647
312,537

1,138,226
416,716

Included within creditors, are dividends of £442,579 (2022 - £104,179) which Tangent International Limited were liable to pay at the Balance Sheet date.

Page 25

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Tangible fixed assets





Office and computer equipment

£



Cost


At 1 April 2022
735,364


Additions
87,323



At 31 March 2023

822,687



Depreciation


At 1 April 2022
570,202


Charge for the year on owned assets
22,618


Charge for the year on financed assets
28,935



At 31 March 2023

621,755



Net book value



At 31 March 2023
200,932



At 31 March 2022
165,162
Page 26

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts are as follows:


2023
2022
£
£



Office and computer equipment
133,990
78,015

133,990
78,015


15.


Debtors

2023
2022
£
£


Trade debtors
8,582,251
10,583,543

Amounts owed by group undertakings
1,000,624
807,743

Other debtors
244,149
235,511

Prepayments and accrued income
5,410,217
6,290,091

Purchased trade debtors
62,102
132,316

15,299,343
18,049,204



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,666,360
1,175,945

Other finance included in 'Creditors: Amounts falling due within one year'
(5,549,072)
(7,103,430)

(3,882,712)
(5,927,485)


Page 27

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
449,713
356,871

Amounts owed to group undertakings
19,666
36,373

Corporation tax
82,260
196,288

Other taxation and social security
40,624
16,977

Obligations under finance lease and hire purchase contracts
38,478
23,288

Other creditors
5,670,077
7,222,269

Accruals and deferred income
5,856,361
6,544,875

12,157,179
14,396,941


Included within other creditors is an amount of £5,549,072 (2022 - £6,986,972) relating to a finance creditor which is secured primarily on the trade debtors and secondly by a fixed and floating charge over the assets of the Company and Tangent International Group Ltd. 
Included within other creditors is an amount of £32,858 
(2022 - £116,458) relating to a finance creditor, which is secured primarily on the purchased trade debtors and secondly by a fixed and floating charge over the assets of the Company and Tangent International Group Ltd (see Note 2.14).


18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Obligations under finance leases and hire purchase contracts
53,923
17,968

Other creditors
335,000
-

388,923
17,968


Obligations under finance leases are secured against the assets to which they relate.

Page 28

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
38,478
24,047

Between 1-5 years
53,923
17,968

92,401
42,015

Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.


20.


Deferred taxation




2023
2022


£

£






At beginning of year
22,632
22,438


Charged to profit or loss
13,488
194



At end of year
36,120
22,632

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
46,332
36,586

Other short term timing differences
(10,212)
(13,954)

36,120
22,632

Page 29

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



127,796 (2022 - 127,796) Ordinary shares of £1.00 each
127,796
127,796

All ordinary shares rank equally with regard to the Company's residual assets. Holders of these shares are entitled to dividends as declared and are entitled to one vote per share at general meetings of the Company.



22.


Reserves

Share premium account

The 'Share premium' represents the consideration received for shares issued above their nominal value net of transaction costs.

Profit and loss account

The 'Profit and loss account' represents the accumulation of retained profits, net of dividends, that are in the form of distributable reserves.


23.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £103,580 (2022 - £98,373). Contributions of £14,424 (2022 - £13,495) were payable to the fund at the Balance Sheet date.


24.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
181,234
176,958

Later than 1 year and not later than 5 years
485,214
641,616

666,448
818,574

Page 30

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


Related party transactions

The Company has taken advantage of the exemption in Section 33.1A under FRS 102 not to disclose transactions with wholly owned members of the Group.
The Company has taken advantage of the exemption in Section 33.7A under FRS 102 not to disclose remuneration of Key Management Personnel, as this information has already been reported in the Directors' remuneration section of these accounts.


26.


Controlling party

The Company's immediate and ultimate parent company is Tangent International Group Ltd, a company registered and incorporated in England and Wales. The registered office address is 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ. This is the smallest and largest group for which consolidated accounts are drawn up that include Tangent International Limited.
Copies of the consolidated accounts are publicly available from Companies House.
 
Page 31