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Registered number: 05195273
Montash Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Kalculus
Chartered Accountants, Registered Auditors & Business Advisors
Contents
Page
Strategic Report 1—3
Directors' Report 4—5
Independent Auditor's Report 6—9
Consolidated Profit and Loss Account 10
Consolidated Statement of Comprehensive Income 11
Consolidated Balance Sheet 12
Company Balance Sheet 13—14
Consolidated Statement of Changes in Equity 15
Company Statement of Changes in Equity 16
Consolidated Statement of Cash Flows 17
Notes to the Consolidated Statement of Cash Flows 18
Company Statement of Cash Flows 19
Notes to the Company Statement of Cash Flows 20
Notes to the Financial Statements 21—31
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
This strategic report provides an overview and analysis of the audited financial statements of Montash Group for the fiscal year ending 31 December 202. The report aims to offer insights into the financial performance, position, and strategic direction of the company.
QXi Group is a technology staffing and solutions group of businesses that supports clients across Europe and the US.
The Group’s mission is to develop partnerships with enterprises and technology experts, connecting them to achieve their goals.
During 2024 we launched two new brands; Trillion Consulting, a SAP speciality service offering and a new group brand; QXi Group.
The group now houses 3 brands; Montash, Remobi and Trillion. All brands trade as Montash LTD.
By having 3 distinct brands we can differentiate between the different services we offer in different technology verticals.
• Montash – Staffing and recruitment focusing on AI/ML, Data, Software, Cloud and Cyber.
• Remobi – Scaling remote nearshore Software and Data Engineering teams.
• Trillion – SAP specialist providing individuals, teams and solutions to SAP users.
2024 was a strong year of growth across key performance indicators, including headcount, client acquisition and retention, staff retention, margin, and revenue. 
The group delivered strong results across our contracting and outsourcing services, underscoring the effectiveness of our strategy and execution in these areas.
Performance in our permanent recruitment offering came in below expectations. This was driven by two primary factors:
• Strategic investment in the US market, including the establishment and ramp-up of a new permanent US team, which is expected to yield longer-term returns.
• Macroeconomic uncertainty, which contributed to a slower pace of permanent hiring across multiple sectors.
Despite these short-term challenges, we remain confident in the long-term potential of our permanent offering, particularly in the US and the EU. 2024 was a foundational, investment year that positions us for future growth in this segment.
Key Performance Indicators 
The key performance indicators used by the directors in monitoring the business during the year were as follows:
2024
2023
Turnover
      £32.2m
       £27.6m
Net fee Income
 £7.295m
£6.97m
Gross Profit
23%
25%
Operating Profit
15%
12%
Net fees per consultant
£159,000
£170,000
Average Consultant Headcount
46
41
The Directors are pleased with the growth of the company and the performance during the year.
...CONTINUED
Page 1
Page 2
Review of the Business - continued
The group are anticipating continued growth in 2025 and are investing accordingly.
Principal Risks and Uncertainties
Corporate risk and mitigating risk factors are monitored by the Senior Leadership Team on a regular basis.
The groups most significant risk arises from fluctuations in the demand in the marketplace for staff across a variety of industries. To mitigate this risk, the Group ensures that it focusses on Services, Knowledge, Relationships and differentiation; being developing the company’s offerings and responding flexibly to the market.
Liquidity and credit risk are also seen as significant to the company. The group manages its cashflow using invoice discounting and mitigate our risk by having a diverse range of clients across the Technology sector. 
The Montash group is subject to foreign exchange transactions and translations. Changes in the strength of sterling could have significant impact on the groups results. The group reduces this risk by ensuring debtor payment terms are low and sales and cost of sales are invoiced and paid in the same currencies.
Section 172(1) Statement
The on-going and future success of the business is in the interests of all stakeholders and Montash’s directors take their duty under s172 of the Companies Act 2006 seriously. The statement below will outline how this has been achieved during the last financial year.
As a recruitment business, Montash considers its key stakeholders to be its employees, contractors and clients.
Future Developments
The Directors will continue to invest in specific opportunities that will deliver further growth of net fee income. The company also continues to invest in its IT and management systems to maximise the experiences for our employees, candidates, and clients. 
Decision Making
The main Montash Board meet once a month. The larger Senior Leadership Team (SLT) meet more regularly, several times a month. The main Board is kept up to date on operational and financial matters relating to the group through various sources which include briefings by senior management of business units and department heads, performance reports together with analysis and feedback.
The Board takes a view on strategic long-term decisions based on research, financial and analytical modelling, seasoned professional advice and through engagement with employees, contractors and clients. These decisions could include new recruitment specialisms and strategic partnerships.
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Page 3
Stakeholder engagement
The Board recognises that to achieve its strategic aims, its talent base is critical to the group’s success. Employee engagement therefore is of paramount importance and every effort is made to provide staff with an enriching experience that then translates to an engaged customer base and resultant commercial success. 
The company undertakes employee surveys to track levels of engagement. The output of these surveys is reviewed and used to form part of the group's people strategy. 
The company also has a substantial Enterprise Management Incentive Scheme and in which all employees have the opportunity to join.
The Board recognises the importance of having a diverse workforce. The Group is committed to promoting fairness and equality in the workplace. 
The Board also recognises that engagement with our contractors and clients is hugely important. The group have a client centric approach which is achieved by personalised services, responsive communication and strategic alignment with client objectives. 
Community and sustainability 
The Montash group are a low impact business and are committed to making choices that are good for the environment, employees, customers and partners. The group have committed to setting near and long-term companywide goals that will help build a better, more sustainable, environmentally friendly business focusing on 4 key pillars: Environment, Philanthropy, Workplace and Accreditation & Benchmarking.
Going Concern
The company have prepared financial projections looking forward for a period of at least 12 months from the date of signing these financial statements and these demonstrate that the group as a whole and the company is expected to have sufficient cash to enable it to meet its liabilities as they become due for the period to September 2026.
On behalf of the board
Mr A D Larholt
Director
5 August 2025
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The group's principal activity continues to be that of provision of recruitment services.
Directors
The directors who held office during the year were as follows:
Mr A D Larholt
Ms Lisa Talhadas
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Page 4
Page 5
Independent Auditors
The auditors, Kalculus, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr A D Larholt
Director
5 August 2025
Page 5
Page 6
Independent Auditor's Report
Opinion
We have audited the financial statements of Montash Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(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.
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 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 and parent company's ability to continue as a going concern for a period of at least 12 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.
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. In connection with our audit of the financial statements, 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 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.
Page 6
Page 7
Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and 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 group and 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 or 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—5, 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 group and 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 group or 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: 
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
-The Companies Act 2006;
-Financial Reporting Standard 102;
-UK employment legislation;
-UK health and safety legislation;
-General Data Protection Regulations;
-UK tax legislation
-IR35 Off payroll workers
-RTW-IDVT checking for all UK employees and UK contractors working via PSC
...CONTINUED
Page 7
Page 8
Auditor's Responsibilities for the Audit of the Financial Statements - continued
-Agency Worker Regulations
We assessed the extent of compliance with these laws and regulations as a part of our procedures on the related financial statements items. We understood how the Group and the Parent Company are complying with those legal and regulatory framework by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group and the Parent Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:
-Identifying and assessing the measures management has in place to prevent and detect fraud
-Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
-Challenging assumptions and judgements made by management in its significant accounting estimates, and
-Identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations.
As a result of the above procedures, we considered the opportunities and incentives that exist within the organisation for fraud and identified the greatest potential therefore existing within the recognition of revenue.
Our procedures in this respect were focused on the accrued revenue and directed towards ensuring the accuracy and completeness therefore by undertaking testing of accrued revenue by reference to post year-end sales invoices and supporting contracts. We consider that the work we undertook in this regard was considered capable of detecting irregularities within the revenue recognition system.
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. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring due to fraud other than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.
Page 8
Page 9
Philip Horesh (Senior Statutory Auditor)
for and on behalf of Kalculus , Statutory Auditor
7 August 2025
Page 9
Page 10
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 32,174,768 27,611,757
Cost of sales (24,879,797 ) (20,635,023 )
GROSS PROFIT 7,294,971 6,976,734
Administrative expenses (6,228,133 ) (6,123,811 )
OPERATING PROFIT 1,066,838 852,923
Interest payable and similar charges 8 (894 ) -
PROFIT BEFORE TAXATION 1,065,944 852,923
Tax on Profit 9 (261,154 ) (194,515 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 804,790 658,408
The notes on pages 18 to 31 form part of these financial statements.
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Consolidated Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 804,790 658,408
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 804,790 658,408
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Consolidated Balance Sheet
Registered number: 05195273
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 51,778 72,370
51,778 72,370
CURRENT ASSETS
Debtors 12 7,358,370 5,457,488
Cash at bank and in hand 2,252,678 1,593,387
9,611,048 7,050,875
Creditors: Amounts Falling Due Within One Year 13 (7,163,001 ) (4,989,989 )
NET CURRENT ASSETS (LIABILITIES) 2,448,047 2,060,886
TOTAL ASSETS LESS CURRENT LIABILITIES 2,499,825 2,133,256
PROVISIONS FOR LIABILITIES
Deferred Taxation 14 (15,770 ) (12,391 )
NET ASSETS 2,484,055 2,120,865
CAPITAL AND RESERVES
Called up share capital 16 75 75
Capital redemption reserve 38 38
Profit and Loss Account 2,483,942 2,120,752
SHAREHOLDERS' FUNDS 2,484,055 2,120,865
On behalf of the board
Mr A D Larholt
Director
5 August 2025
The notes on pages 18 to 31 form part of these financial statements.
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Company Balance Sheet
Registered number: 05195273
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 51,272 72,370
Investments 11 22,207 22,207
73,479 94,577
CURRENT ASSETS
Debtors 12 7,095,398 5,565,915
Cash at bank and in hand 1,864,935 800,765
8,960,333 6,366,680
Creditors: Amounts Falling Due Within One Year 13 (7,249,588 ) (4,919,261 )
NET CURRENT ASSETS (LIABILITIES) 1,710,745 1,447,419
TOTAL ASSETS LESS CURRENT LIABILITIES 1,784,224 1,541,996
PROVISIONS FOR LIABILITIES
Deferred Taxation 14 (15,770 ) (12,391 )
NET ASSETS 1,768,454 1,529,605
CAPITAL AND RESERVES
Called up share capital 16 75 75
Capital redemption reserve 38 38
Profit and Loss Account 1,768,341 1,529,492
SHAREHOLDERS' FUNDS 1,768,454 1,529,605
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 680,449 (2023: £ 502,226 profit).
On behalf of the board
Mr A D Larholt
Director
5 August 2025
The notes on pages 18 to 31 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 January 2023 75 38 1,903,944 1,904,057
Profit for the year and total comprehensive income - - 658,408 658,408
Dividends paid - - (441,600) (441,600)
As at 31 December 2023 and 1 January 2024 75 38 2,120,752 2,120,865
Profit for the year and total comprehensive income - - 804,790 804,790
Dividends paid - - (441,600) (441,600)
As at 31 December 2024 75 38 2,483,942 2,484,055
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Company Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 January 2023 75 38 1,468,866 1,468,979
Profit for the year and total comprehensive income - - 502,226 502,226
Dividends paid - - (441,600) (441,600)
As at 31 December 2023 and 1 January 2024 75 38 1,529,492 1,529,605
Profit for the year and total comprehensive income - - 680,449 680,449
Dividends paid - - (441,600) (441,600)
As at 31 December 2024 75 38 1,768,341 1,768,454
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,621,978 1,039,994
Interest (paid)/refunded (894 ) 1
Tax paid (387,247 ) (103,755 )
Net cash generated from operating activities 1,233,837 936,240
Cash flows from investing activities
Purchase of tangible assets (18,748 ) (10,142 )
Cash flows from financing activities
Equity dividends paid (441,600 ) (441,600 )
Amount introduced by directors - 25,895
Amount withdrawn by directors (114,198) -
Net cash used in financing activities (555,798 ) (415,705 )
Increase in cash and cash equivalents 659,291 510,393
Cash and cash equivalents at beginning of year 2 1,593,387 1,082,994
Cash and cash equivalents at end of year 2 2,252,678 1,593,387
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 804,790 658,408
Adjustments for:
Tax on profit 261,154 194,515
Interest expense 894 -
Movements in working capital:
Increase in trade and other debtors (1,900,882 ) (379,926 )
Increase in trade and other creditors 2,416,682 519,389
Depreciation 39,340 47,608
Net cash generated from operations 1,621,978 1,039,994
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 2,252,678 1,593,387
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 1,593,387 659,291 2,252,678
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Company Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,943,853 583,041
Interest paid (25,546 ) (20,793 )
Tax paid (280,169 ) (66,822 )
Net cash generated from operating activities 1,638,138 495,426
Cash flows from investing activities
Purchase of tangible assets (18,170 ) (10,142 )
Cash flows from financing activities
Equity dividends paid (441,600 ) (441,600 )
Amount introduced by directors - 25,895
Amount withdrawn by directors (114,198) -
Net cash used in financing activities (555,798 ) (415,705 )
Increase in cash and cash equivalents 1,064,170 69,579
Cash and cash equivalents at beginning of year 2 800,765 731,186
Cash and cash equivalents at end of year 2 1,864,935 800,765
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 680,449 502,226
Adjustments for:
Tax on profit 223,908 156,921
Interest expense 25,546 21,878
Movements in working capital:
Increase in trade and other debtors (1,529,483 ) (705,288 )
Increase in trade and other creditors 2,504,165 549,067
Depreciation 39,268 58,237
Net cash generated from operations 1,943,853 583,041
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,864,935 800,765
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 800,765 1,064,170 1,864,935
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Notes to the Financial Statements
1. General Information
Montash Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05195273 . The registered office is 100 Clifton Street, London, EC2A 4TP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group 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. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
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2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over 5 years
Plant & Machinery 25% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost
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2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Financial Instruments
Basic financial instruments 
Recognition and measurement 
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.
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 such evidence is identified, 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 carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.
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 reporting date.
Financial assets and liabilities are offset, and the net amount reported in the statement of financial position 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. At present, the company has not offset any items.
Derecognition 
A financial asset is derecognised only when:
...CONTINUED
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2.9. Financial Instruments - continued
• the contractual rights to the cash flows from the financial asset expire or are settled; or
• substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party; or
• when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability
unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer.
A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss
2.10. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.12. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Contractor fees 31,020,048 26,839,235
Permanent fees 777,633 772,522
Project fees 377,087 -
32,174,768 27,611,757
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 29,274,190 24,437,911
Europe 2,900,578 3,173,846
32,174,768 27,611,757
4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the group and company's financial statements 30,000 28,000
5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Wages and salaries 3,936,525 3,942,523 3,880,870 3,903,089
Social security costs 584,354 452,129 571,905 443,263
Other pension costs 75,608 153,308 75,608 153,308
4,596,487 4,547,960 4,528,383 4,499,660
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6. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 62 (2023: 61)
Company
Average number of employees, including directors, during the year was: 62 (2023: 61)
62 61
62 61
7. Directors' remuneration
2024 2023
£ £
Emoluments 130,000 207,782
Company contributions to money purchase pension schemes 10,250 76,251
140,250 284,033
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 2 2
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 130,000 159,448
Company contributions to money purchase pension schemes 10,250 4,794
140,250 164,242
8. Interest Payable and Similar Charges
2024 2023
£ £
Other finance charges 894 -
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9. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.5% 257,775 202,992
Deferred Tax
Deferred taxation 3,379 (8,477 )
Total tax charge for the period 261,154 194,515
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,065,944 852,923
Tax on profit at 25% (UK standard rate) 266,486 153,040
Goodwill/depreciation not allowed for tax 9,835 12,868
Expenses not deductible for tax purposes (10,835 ) 1,549
Capital allowances (4,687 ) (2,383 )
Short term timing differences (3,023 ) 324
Difference in tax rates 3,378 29,117
Total tax charge for the period 261,154 194,515
10. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2024 83,292 31,813 44,859 564,884 724,848
Additions - - - 18,748 18,748
As at 31 December 2024 83,292 31,813 44,859 583,632 743,596
...CONTINUED
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Depreciation
As at 1 January 2024 83,292 31,813 22,430 514,943 652,478
Provided during the period - - 11,215 28,125 39,340
As at 31 December 2024 83,292 31,813 33,645 543,068 691,818
Net Book Value
As at 31 December 2024 - - 11,214 40,564 51,778
As at 1 January 2024 - - 22,429 49,941 72,370
Company
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2024 83,292 31,813 44,859 564,884 724,848
Additions - - - 18,170 18,170
As at 31 December 2024 83,292 31,813 44,859 583,054 743,018
Depreciation
As at 1 January 2024 83,292 31,813 22,430 514,943 652,478
Provided during the period - - 11,215 28,053 39,268
As at 31 December 2024 83,292 31,813 33,645 542,996 691,746
Net Book Value
As at 31 December 2024 - - 11,214 40,058 51,272
As at 1 January 2024 - - 22,429 49,941 72,370
11. Investments
Company
Subsidiaries
£
Cost
As at 1 January 2024 22,207
As at 31 December 2024 22,207
Provision
As at 1 January 2024 -
As at 31 December 2024 -
...CONTINUED
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Net Book Value
As at 31 December 2024 22,207
As at 1 January 2024 22,207
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertakings
Registered office
Nature of business
Class of shares held
% Held Direct
Montash Nederland B.V
Netherlands
Recruitment
Ordinary
100
Montash GmbH
Germany
Recruitment
Ordinary
100
The aggregate capital and reserves and the results for the year of the subsidiaries noted above was as follow:
Name of undertakings
Capital and Reserves
Profit/(Loss)
£
£
Montash Nederland B.V
   629,893
150,702
Montash GmbH
       91,074
 (14,664)
image 720,967
image 136,038
image
image
12. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 7,214,704 5,270,087 6,787,949 4,690,417
Prepayments and accrued income 141,673 139,183 139,993 137,179
Other debtors 1,993 48,218 167,456 738,319
7,358,370 5,457,488 7,095,398 5,565,915
13. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 1,353,317 769,317 1,246,384 647,571
Other creditors 3,232,248 1,794,020 3,683,168 2,146,613
Corporation tax 81,926 211,398 104,967 164,607
Taxation and social security 320,854 366,259 177,817 273,145
Accruals and deferred income 2,174,656 1,848,995 2,037,252 1,687,325
7,163,001 4,989,989 7,249,588 4,919,261
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14. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Other timing differences 15,770 12,391 15,770 12,391
15. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 January 2024 12,391 12,391
Additions 3,379 3,379
Balance at 31 December 2024 15,770 15,770
Company
Deferred Tax Total
£ £
As at 1 January 2024 12,391 12,391
Additions 3,379 3,379
Balance at 31 December 2024 15,770 15,770
16. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
4,875 Ordinary A shares of £ 0.010 each 49 49
2,625 Ordinary B shares of £ 0.010 each 26 26
75 -
17. 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.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £75,608 (2023: £153,308).
At the balance sheet date contributions of £0 (2023: £5,318) were due to the fund and are included in creditors.
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18. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 441,600 441,600
19. Controlling Parties
The company's ultimate controlling party is A D Larholt by virtue of their interest in the share capital of the company.
20. Share-based payment transactions
Number of share options
Exercise Price
2024 
Number
2023 
Number
2024
£
2023
£
Outstanding at 
1 January
1,647
1,931
-
-
Granted
468
168
-
-
Lapsed
(15)
image
(452)
image
-
image
-
image
2,100
image
1,647
image
-
image
-
image
Exercisable at 31 December
2,100
image
1,647
image
-
image
-
image
Page 31