IRIS Accounts Production v24.2.0.383 06995868 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh069958682022-12-31069958682023-12-31069958682023-01-012023-12-31069958682021-12-31069958682022-01-012022-12-31069958682022-12-3106995868ns15:EnglandWales2023-01-012023-12-3106995868ns14:PoundSterling2023-01-012023-12-3106995868ns10:Director12023-01-012023-12-3106995868ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3106995868ns10:SmallEntities2023-01-012023-12-3106995868ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3106995868ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3106995868ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106995868ns10:FullAccounts2023-01-012023-12-310699586812023-01-012023-12-3106995868ns10:Director22023-01-012023-12-3106995868ns10:Director32023-01-012023-12-3106995868ns10:Director42023-01-012023-12-3106995868ns10:RegisteredOffice2023-01-012023-12-3106995868ns5:CurrentFinancialInstruments2023-12-3106995868ns5:CurrentFinancialInstruments2022-12-3106995868ns5:Non-currentFinancialInstruments2023-12-3106995868ns5:Non-currentFinancialInstruments2022-12-3106995868ns5:ShareCapital2023-12-3106995868ns5:ShareCapital2022-12-3106995868ns5:SharePremium2023-12-3106995868ns5:SharePremium2022-12-3106995868ns5:CapitalRedemptionReserve2023-12-3106995868ns5:CapitalRedemptionReserve2022-12-3106995868ns5:RetainedEarningsAccumulatedLosses2023-12-3106995868ns5:RetainedEarningsAccumulatedLosses2022-12-3106995868ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3106995868ns5:PlantMachinery2023-01-012023-12-3106995868ns5:IntangibleAssetsOtherThanGoodwill2022-12-3106995868ns5:IntangibleAssetsOtherThanGoodwill2023-12-3106995868ns5:IntangibleAssetsOtherThanGoodwill2022-12-3106995868ns5:PlantMachinery2022-12-3106995868ns5:PlantMachinery2023-12-3106995868ns5:PlantMachinery2022-12-3106995868ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3106995868ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3106995868ns5:Secured2023-12-3106995868ns5:Secured2022-12-31
REGISTERED NUMBER: 06995868 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Tangent 90 Limited

Tangent 90 Limited (Registered number: 06995868)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tangent 90 Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D J Fisk
R M Lucas
P C West
J J Van Den Burg





REGISTERED OFFICE: 95 Mortimer Street
London
W1W 7GB





REGISTERED NUMBER: 06995868 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Tangent 90 Limited (Registered number: 06995868)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 959,582 2,619,560
Tangible assets 5 19,195 23,070
978,777 2,642,630

CURRENT ASSETS
Debtors 6 436,412 694,038
Cash at bank 8,352 754,972
444,764 1,449,010
CREDITORS
Amounts falling due within one year 7 (898,310 ) (1,081,935 )
NET CURRENT (LIABILITIES)/ASSETS (453,546 ) 367,075
TOTAL ASSETS LESS CURRENT LIABILITIES 525,231 3,009,705

CREDITORS
Amounts falling due after more than one year 8 (239,583 ) (226,143 )

PROVISIONS FOR LIABILITIES (1,857 ) (1,857 )
NET ASSETS 283,791 2,781,705

CAPITAL AND RESERVES
Called up share capital 17,787 17,787
Share premium 2,132,703 2,132,703
Capital redemption reserve 200 200
Retained earnings (1,866,899 ) 631,015
SHAREHOLDERS' FUNDS 283,791 2,781,705

Tangent 90 Limited (Registered number: 06995868)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2024 and were signed on its behalf by:





P C West - Director


Tangent 90 Limited (Registered number: 06995868)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Tangent 90 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company's key source of estimation uncertainty relates to the estimated useful life of capitalised development costs.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs were amortised at a rate of 10% of the related sales generated from the development activity in the year to 31 December 2020. From 1 January 2021, the directors determined that amortisation would be based on a useful life of 5 years and adopted a straight line basis for amortisation of development costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Tangent 90 Limited (Registered number: 06995868)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred except where the development expenditure meets the criteria for capitalisation in which case it is capitalised and amortised over its expected useful life.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Tangent 90 Limited (Registered number: 06995868)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

(i) Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(ii) Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

(iii) Equity instruments

Tangent 90 Limited (Registered number: 06995868)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 3,828,911
Additions 563,934
At 31 December 2023 4,392,845
AMORTISATION
At 1 January 2023 1,209,351
Charge for year 523,912
Impairments 1,700,000
At 31 December 2023 3,433,263
NET BOOK VALUE
At 31 December 2023 959,582
At 31 December 2022 2,619,560

Development costs have been impaired to reflect risks relating to the ability of the company to fully recover capitalised expenditure against future sales within the expected useful life of the development costs.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 143,495
Additions 9,194
At 31 December 2023 152,689
DEPRECIATION
At 1 January 2023 120,425
Charge for year 13,069
At 31 December 2023 133,494
NET BOOK VALUE
At 31 December 2023 19,195
At 31 December 2022 23,070

Tangent 90 Limited (Registered number: 06995868)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 305,658 471,165
Other debtors 130,754 222,873
436,412 694,038

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 78,080 107,368
Trade creditors 123,466 21,200
Taxation and social security 52,712 80,661
Other creditors 644,052 872,706
898,310 1,081,935

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 74,268
Other creditors 239,583 151,875
239,583 226,143

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft 3,424 -
Bank loans 74,656 181,636
78,080 181,636

Bank loans are secured by a fixed and floating charge over the assets of the company.

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.