Company registration number 09533894 (England and Wales)
TANAN TECH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
TANAN TECH LIMITED
COMPANY INFORMATION
Directors
Mr N Tandon
Mr G King
Mr V Tandon
Company number
09533894
Registered office
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
Auditor
Bache Brown & Co Limited
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
Business address
2nd Floor, 84 Salop Street
Wolverhampton
West Midlands
WV3 0SR
TANAN TECH LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 30
TANAN TECH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The principle activity of the group was the sale of packaged claims for financial mis-sold products to law firms.
During the financial year, the group experienced a decline in revenue due to two primary factors. Firstly, one of the group’s largest clients entered administration, resulting in a cessation of their purchasing activity. Secondly, the group previously processed consumer tax claims, a line of business that concluded during the year. These changes have had a material impact on the group’s income during the reporting period.
The shareholder’s funds at the balance sheet date amounted to £2,118,455.
Principal risks and uncertainties
The group is actively engaged in the packaging and processing of car finance claims, with a particular focus on those involving discretionary commission arrangements.
While a pending Supreme Court decision relates specifically to fixed-fee commission structures, the majority of the group’s claims are based on discretionary commission models, which are not impacted by this ruling. These types of arrangements have been addressed in the FCA’s guidance and are outside the scope of the current court proceedings. Accordingly, the group continues to anticipate strong activity in this area. .
A favourable outcome in the current case could further increase both the volume and value of potential claims. The group is closely monitoring legal developments and will revise its forecasts and strategy as necessary in response to any emerging risks or opportunities.
Development and performance
The group plans to strengthen and expand its car finance claims proposition, capitalising on continued demand and its expertise in discretionary commission arrangements.
In addition, the business intends to introduce a complementary service to process tax claims for successful car finance claimants who have had tax deducted from their refunds. This strategic development is expected to enhance customer value and support future revenue growth.
Mr V Tandon
Director
12 June 2025
TANAN TECH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company and group continued to be that of the administration of Plevin and R40 tax claims.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £300,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Tandon
Mr G King
Mr V Tandon
Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
TANAN TECH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
On behalf of the board
Mr V Tandon
Director
12 June 2025
TANAN TECH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TANAN TECH LIMITED
- 4 -
Opinion
We have audited the financial statements of Tanan Tech Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 group's and the parent company's affairs as at 30 June 2024 and of the group's loss 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.
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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
TANAN TECH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TANAN TECH LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Approach to assessing the risks of misstatement due to irregularities, including fraud
We assess the risk of material misstatement in respect of fraud by meeting with management to understand where it considered there was susceptibility to fraud.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant reporting frameworks which are likely to affect the company include FRS102, the Companies Act 2006 and the relevant tax laws. In addition we determined that there were no significant laws and regulations which have a direct effect on the amounts and disclosures in the financial statements.
Audit response to risks identified
We considered the risk of fraud through management override on controls. We also considered how management bias may impact upon performance targets.
In response we performed 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 any significant transactions outside the normal course of business, reviewing accounting estimates for management bias.
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries with management around actual and potential claims. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
TANAN TECH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TANAN TECH LIMITED
- 6 -
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 2006. Our 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.
Ian Richard Baker (Senior Statutory Auditor)
For and on behalf of Bache Brown & Co Limited
12 June 2025
Chartered Certified Accouuntants
Statutory Auditor
Swinford House
Albion Street
Brierley Hill
West Midlands
DY5 3EE
TANAN TECH LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Year
Period
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
3
2,045,940
22,447,116
Cost of sales
(8,158)
(11,702,521)
Gross profit
2,037,782
10,744,595
Administrative expenses
(3,326,063)
(5,851,363)
Other operating income
322,954
177,596
Operating (loss)/profit
4
(965,327)
5,070,828
Interest receivable and similar income
7
120,418
57,851
Interest payable and similar expenses
8
(4,047)
(4,968)
Amounts written off investments
9
(112,250)
(1,025,569)
(Loss)/profit before taxation
(961,206)
4,098,142
Tax on (loss)/profit
10
162,639
(745,046)
(Loss)/profit for the financial year
(798,567)
3,353,096
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TANAN TECH LIMITED
GROUP BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
975,624
139,884
Tangible assets
13
70,931
90,255
1,046,555
230,139
Current assets
Debtors
17
6,655,409
7,321,033
Investments
18
100,000
100,000
Cash at bank and in hand
17,510
3,317,326
6,772,919
10,738,359
Creditors: amounts falling due within one year
19
(5,674,853)
(7,711,519)
Net current assets
1,098,066
3,026,840
Total assets less current liabilities
2,144,621
3,256,979
Creditors: amounts falling due after more than one year
20
(9,167)
(19,167)
Provisions for liabilities
Deferred tax liability
22
16,899
20,690
(16,899)
(20,690)
Net assets
2,118,555
3,217,122
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
2,118,455
3,217,022
Total equity
2,118,555
3,217,122
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr V Tandon
Director
Company registration number 09533894 (England and Wales)
TANAN TECH LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
12,822
18,351
Investments
14
295,470
295,470
308,292
313,821
Current assets
Debtors
17
422,741
358,156
Investments
18
100,000
100,000
Cash at bank and in hand
3,216
55,235
525,957
513,391
Creditors: amounts falling due within one year
19
(680,941)
(822,968)
Net current liabilities
(154,984)
(309,577)
Total assets less current liabilities
153,308
4,244
Provisions for liabilities
Deferred tax liability
22
2,372
2,714
(2,372)
(2,714)
Net assets
150,936
1,530
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
150,836
1,430
Total equity
150,936
1,530
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £449,406 (2023 - £420,907 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr V Tandon
Director
Company registration number 09533894 (England and Wales)
TANAN TECH LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
113,926
114,026
Period ended 30 June 2023:
Profit and total comprehensive income
-
3,353,096
3,353,096
Dividends
11
-
(250,000)
(250,000)
Balance at 30 June 2023
100
3,217,022
3,217,122
Year ended 30 June 2024:
Loss and total comprehensive income
-
(798,567)
(798,567)
Dividends
11
-
(300,000)
(300,000)
Balance at 30 June 2024
100
2,118,455
2,118,555
TANAN TECH LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
672,337
672,437
Period ended 30 June 2023:
Loss and total comprehensive income for the period
-
(420,907)
(420,907)
Dividends
11
-
(250,000)
(250,000)
Balance at 30 June 2023
100
1,430
1,530
Year ended 30 June 2024:
Profit and total comprehensive income
-
449,406
449,406
Dividends
11
-
(300,000)
(300,000)
Balance at 30 June 2024
100
150,836
150,936
TANAN TECH LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(2,793,465)
2,241,715
Interest paid
(4,047)
(4,968)
Income taxes refunded
600
34,643
Net cash (outflow)/inflow from operating activities
(2,796,912)
2,271,390
Investing activities
Purchase of intangible assets
(939,950)
-
Purchase of tangible fixed assets
(18,118)
(48,393)
Loans made to other entities
-
(732,496)
Repayment of loans
644,746
-
Interest received
120,418
57,851
Net cash used in investing activities
(192,904)
(723,038)
Financing activities
Repayment of bank loans
(10,000)
(11,666)
Payment of finance leases obligations
-
(1,295)
Dividends paid to equity shareholders
(300,000)
(250,000)
Net cash used in financing activities
(310,000)
(262,961)
Net (decrease)/increase in cash and cash equivalents
(3,299,816)
1,285,391
Cash and cash equivalents at beginning of year
3,317,326
2,031,935
Cash and cash equivalents at end of year
17,510
3,317,326
TANAN TECH LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
216,813
292,734
Interest paid
(3,399)
(4,211)
Income taxes refunded
400
36,239
Net cash inflow from operating activities
213,814
324,762
Investing activities
Purchase of tangible fixed assets
(5,798)
(17,766)
Loans made
(37,046)
Repayment of loans
37,046
Interest received
2,919
8,250
Net cash generated from/(used in) investing activities
34,167
(46,562)
Financing activities
Payment of finance leases obligations
-
(1,295)
Dividends paid to equity shareholders
(300,000)
(250,000)
Net cash used in financing activities
(300,000)
(251,295)
Net (decrease)/increase in cash and cash equivalents
(52,019)
26,905
Cash and cash equivalents at beginning of year
55,235
28,330
Cash and cash equivalents at end of year
3,216
55,235
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information
Tanan Tech Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Swinford House, Albion Street, Brierley Hill, West Midlands, DY5 3EE.
The group consists of Tanan Tech Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Tanan Tech Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
33.33% reducing balance / 20% - 33.33% straight line
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of services
2,045,940
22,447,116
2024
2023
£
£
Other revenue
Interest income
120,418
57,851
Grants received
-
33,777
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Government grants
-
(33,777)
Fees payable to the group's auditor for the audit of the group's financial statements
6,500
6,000
Depreciation of owned tangible fixed assets
37,442
49,412
Amortisation of intangible assets
104,210
21,056
Operating lease charges
92,093
271,310
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin
44
71
13
14
Management
8
7
-
-
Sales & Marketing
6
3
-
-
Total
58
81
13
14
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,765,425
2,428,839
462,606
535,132
Social security costs
167,651
232,722
47,389
59,235
Pension costs
35,079
48,418
8,001
8,537
1,968,155
2,709,979
517,996
602,904
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
103,359
97,183
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,795
49,601
Other interest income
111,623
8,250
Total income
120,418
57,851
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,795
49,601
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,047
4,723
Other finance costs:
Interest on finance leases and hire purchase contracts
-
245
Total finance costs
4,047
4,968
9
Amounts written off investments
2024
2023
£
£
Amounts written off current loans
(112,250)
(400,000)
Other gains and losses
-
(625,569)
(112,250)
(1,025,569)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
716,032
Adjustments in respect of prior periods
(158,508)
Total current tax
(158,508)
716,032
Deferred tax
Origination and reversal of timing differences
(3,791)
29,014
Adjustment in respect of prior periods
(340)
Total deferred tax
(4,131)
29,014
Total tax (credit)/charge
(162,639)
745,046
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 23 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(961,206)
4,098,142
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.48%)
(240,302)
839,299
Tax effect of expenses that are not deductible in determining taxable profit
16,260
(61,430)
Tax effect of utilisation of tax losses not previously recognised
(29,620)
Adjustments in respect of prior years
34,834
Permanent capital allowances in excess of depreciation
30,700
17,183
Research and development tax credit
(20,386)
Under/(over) provided in prior years
(340)
Deferred tax adjustments in respect of prior years
(3,791)
Taxation (credit)/charge
(162,639)
745,046
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
300,000
250,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023
180,480
Additions
939,950
At 30 June 2024
1,120,430
Amortisation and impairment
At 1 July 2023
40,596
Amortisation charged for the year
104,210
At 30 June 2024
144,806
Carrying amount
At 30 June 2024
975,624
At 30 June 2023
139,884
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Intangible fixed assets
(Continued)
- 24 -
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
13
Tangible fixed assets
Group
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 July 2023
35,169
472,775
507,944
Additions
18,118
18,118
At 30 June 2024
35,169
490,893
526,062
Depreciation and impairment
At 1 July 2023
20,918
396,771
417,689
Depreciation charged in the year
2,850
34,592
37,442
At 30 June 2024
23,768
431,363
455,131
Carrying amount
At 30 June 2024
11,401
59,530
70,931
At 30 June 2023
14,251
76,004
90,255
Company
Computer equipment
£
Cost
At 1 July 2023
367,609
Additions
5,798
At 30 June 2024
373,407
Depreciation and impairment
At 1 July 2023
349,258
Depreciation charged in the year
11,327
At 30 June 2024
360,585
Carrying amount
At 30 June 2024
12,822
At 30 June 2023
18,351
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
295,470
295,470
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
295,470
Carrying amount
At 30 June 2024
295,470
At 30 June 2023
295,470
15
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Victor Hydon Limited
England & Wales
Ordinary
100.00
200OK Limited
England & Wales
Ordinary
100.00
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
100,000
100,000
100,000
100,000
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
172,656
186,666
102
7,077
Other debtors
6,354,359
6,945,745
404,422
247,311
Prepayments and accrued income
128,394
188,622
18,217
103,768
6,655,409
7,321,033
422,741
358,156
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
18
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
100,000
100,000
100,000
100,000
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
10,000
10,000
Trade creditors
4,038,349
1,571,203
38,994
37,303
Amounts owed to group undertakings
186,893
399,783
Corporation tax payable
558,124
716,372
32,727
32,667
Other taxation and social security
81,491
1,194,667
22,191
33,810
Other creditors
771,206
1,041,008
323,476
312,406
Accruals and deferred income
215,683
3,178,269
76,660
6,999
5,674,853
7,711,519
680,941
822,968
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
9,167
19,167
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
19,167
29,167
Payable within one year
10,000
10,000
Payable after one year
9,167
19,167
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
16,899
20,690
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
2,372
2,714
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
20,690
2,714
Credit to profit or loss
(3,791)
(342)
Liability at 30 June 2024
16,899
2,372
The deferred tax liability set out above expected to reverse within 12 months is £5,331 and relates to accelerated capital allowances that are expected to mature within the same period.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,079
48,418
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
103,810
103,810
-
-
Between two and five years
415,240
415,240
-
-
In over five years
259,525
363,335
-
-
778,575
882,385
-
-
26
Related party transactions
During the year, Victor Hydon Limited purchased the share capital of 200OK Ltd for £939,950 which a director held a participating interest.
27
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
-
37,046
(37,046)
-
37,046
(37,046)
-
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
28
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(798,567)
3,353,096
Adjustments for:
Taxation (credited)/charged
(162,639)
745,046
Finance costs
4,047
4,968
Investment income
(120,418)
(57,851)
Amortisation and impairment of intangible assets
104,210
21,056
Depreciation and impairment of tangible fixed assets
37,442
49,412
Other gains and losses
112,250
1,025,569
Movements in working capital:
Increase in debtors
(91,372)
(3,070,888)
(Decrease)/increase in creditors
(1,878,418)
171,307
Cash (absorbed by)/generated from operations
(2,793,465)
2,241,715
29
Cash generated from operations - company
2024
2023
£
£
Profit/(loss) for the year after tax
449,406
(420,907)
Adjustments for:
Taxation (credited)/charged
(682)
43,684
Finance costs
3,399
4,211
Investment income
(2,919)
(8,250)
Depreciation and impairment of tangible fixed assets
11,327
17,229
Other gains and losses
-
591,728
Movements in working capital:
(Increase)/decrease in debtors
(101,631)
212,845
Decrease in creditors
(142,087)
(147,806)
Cash generated from operations
216,813
292,734
30
Analysis of changes in net funds/(debt) - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
3,317,326
(3,299,816)
17,510
Borrowings excluding overdrafts
(29,167)
10,000
(19,167)
3,288,159
(3,289,816)
(1,657)
TANAN TECH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
31
Analysis of changes in net funds - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
55,235
(52,019)
3,216
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