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COMPANY REGISTRATION NUMBER: 13353390
Tenet Search Ltd
Filleted Unaudited Financial Statements
31 December 2023
Tenet Search Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Tenet Search Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
40,024
44,207
Current assets
Debtors
6
618,434
260,932
Cash at bank and in hand
777,449
1,118,452
------------
------------
1,395,883
1,379,384
Creditors: amounts falling due within one year
7
412,546
471,978
------------
------------
Net current assets
983,337
907,406
------------
---------
Total assets less current liabilities
1,023,361
951,613
------------
---------
Net assets
1,023,361
951,613
------------
---------
Capital and reserves
Called up share capital
111
111
Share premium account
69,989
69,989
Profit and loss account
953,261
881,513
------------
---------
Shareholders funds
1,023,361
951,613
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tenet Search Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr A D H Forbes Adam
Mr W P J Cleave
Director
Director
Company registration number: 13353390
Tenet Search Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tenet Search Ltd Wework, 51 Eastcheap, London, EC3M 1DT, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 4 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
783
44,500
4,120
49,403
Additions
6,298
6,298
----
--------
--------
--------
At 31 December 2023
783
44,500
10,418
55,701
----
--------
--------
--------
Depreciation
At 1 January 2023
224
3,708
1,264
5,196
Charge for the year
156
8,900
1,425
10,481
----
--------
--------
--------
At 31 December 2023
380
12,608
2,689
15,677
----
--------
--------
--------
Carrying amount
At 31 December 2023
403
31,892
7,729
40,024
----
--------
--------
--------
At 31 December 2022
559
40,792
2,856
44,207
----
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
566,590
248,206
Other debtors
51,844
12,726
---------
---------
618,434
260,932
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,450
1,615
Corporation tax
196,454
261,326
Social security and other taxes
79,151
97,086
Other creditors
115,491
111,951
---------
---------
412,546
471,978
---------
---------
8. Directors' advances, credits and guarantees
At the year end two Directors jointly owed the company £27,623 (2022: were owed £55,120). During the year, advances of £107,348 were made to the two Directors and repayments of £79,436 were made to the two Directors. Interest of £289 (2022: Nil) was charged at a rate of 2% until March 2023, then 2.25% for the remainder of the year. During the year two Directors were jointly advanced £141,214 (2022: Nil) and subsequently repaid this in full. Interest of £169 (2022: Nil) was charged on at a rate of 2% until March 2023, then 2.25% for the remainder of the year.
9. Related party transactions
At the year end the company jointly owed two Directors £86,883 (2022: jointly owed two Directors £100,348).