TECHNET IT RECRUITMENT LIMITED


Directors	BAILEY, Curtis Robinson
	RIDDINGTON-SMITH, Emily
	SIMPSON, Shayne Liam
	WOODFORD, Russell


Registered Address	1 Vincent Avenue
	Crownhill
	Milton Keynes
	MK8 0AB


Registered Number	04142465 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		15,468		13,452
Tangible assets	4		5,476		9,184
			20,944		22,636
Current assets
Debtors	5	3,011,505		1,285,461
Cash at bank and on hand		36,930		184,302
		3,048,435		1,469,763
Creditors amounts falling due within one year	6	(2,856,509)		(1,253,569)
Net current assets (liabilities)			191,926		216,194
Total assets less current liabilities			212,870		238,830
Creditors amounts falling due after one year	7		(12,500)		(42,500)
Provisions for liabilities			-		(1,728)
Net assets			200,370		194,602
Capital and reserves
Called up share capital			1,980		1,980
Profit and loss account			198,390		192,622
Shareholders' funds			200,370		194,602

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 11 September 2025, and are signed on its behalf by:

BAILEY, Curtis Robinson
Director
Registered Company No. 04142465

TECHNET IT RECRUITMENT LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

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

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

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

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Employee benefits
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

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

	Goodwill
	Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

	Tangible fixed assets and depreciation
	Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


	Reducing balance (%)	Straight line (years)
Land and buildings		4
Fixtures and fittings	25	-
Office Equipment	-	2

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

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

2.	Average number of employees


		2024		2023
	Average number of employees during the year	30		24

3.	Intangible assets

		Total
		£
	Cost or valuation
	At 01 January 24	90,157
	At 31 December 24	90,157
	Amortisation and impairment
	At 01 January 24	76,704
	Charge for year	(2,015)
	At 31 December 24	74,689
	Net book value
	At 31 December 24	15,468
	At 31 December 23	13,452

4.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 January 24	228,071
	Additions	4,003
	At 31 December 24	232,074
	Depreciation and impairment
	At 01 January 24	218,888
	Charge for year	7,904
	Other adjustments	(194)
	At 31 December 24	226,599
	Net book value
	At 31 December 24	5,476
	At 31 December 23	9,184

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	2,057,699	632,694
Amounts owed by associates and joint ventures / participating interests	814,354	344,820
Other debtors	27,121	72,617
Prepayments and accrued income	112,331	235,330
Total	3,011,505	1,285,461

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	134,320	174,060
Bank borrowings and overdrafts	1,514,072	414,223
Amounts owed to related parties	252,343	10,572
Taxation and social security	615,199	485,023
Other creditors	286,400	155,672
Accrued liabilities and deferred income	54,175	14,019
Total	2,856,509	1,253,569

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	12,500	42,500
Total	12,500	42,500

8.	Related party transactions
	Included within Debtors is an amount of £181,867 (2023: £107,264) owed by the director, C Bailey. Included within Debtors is an amount of £1,237 (2023: £nil) owed by the director, S Simpson. Included within Debtors is an amount of £300,833 (2023: £25,471) owed by Cranberry Panda 2.0 Limited, a group company in which C Bailey and S Simpson are directors. Included within Debtors is an amount of £9,135 (2023: £8,382) owed to TechNet International B.V. a subsidiary company. Also included within Debtors is an amount of £321,280 (2023: £203,404) owed by Ascent International Group Limited, parent of this company. Included within Creditors is an amount of £252,343 (2023: £nil) owed to Cranberry Panda 2.0 Limited, a group company in which C Bailey and S Simpson are directors. During the year the company provided services to Cranberry Panda 2.0 Limited included within Sales totalling £150,565 (2023: £21,000), a group company in which C Bailey and S Simpson are directors. During the year the company received services from Cranberry Panda 2.0 Limited included within expenses totalling £nil (2023: £122,740), a group company in which C Bailey and S Simpson are directors.

Related party transactions

Included within Debtors is an amount of £181,867 (2023: £107,264) owed by the director, C Bailey.

Included within Debtors is an amount of £1,237 (2023: £nil) owed by the director, S Simpson.

Included within Debtors is an amount of £300,833 (2023: £25,471) owed by Cranberry Panda 2.0 Limited, a  group company in which C Bailey and S Simpson are directors.

Included within Debtors is an amount of £9,135 (2023: £8,382) owed to TechNet International B.V. a subsidiary company.

Also included within Debtors is an amount of £321,280 (2023: £203,404) owed by Ascent International Group Limited, parent of this company.

Included within Creditors is an amount of £252,343 (2023: £nil) owed to Cranberry Panda 2.0 Limited, a group company in which C Bailey and S Simpson are directors.

During the year the company provided services to Cranberry Panda 2.0 Limited included within Sales totalling £150,565 (2023: £21,000), a group company in which C Bailey and S Simpson are directors.

During the year the company received services from Cranberry Panda 2.0 Limited included within expenses totalling £nil (2023: £122,740), a group company in which C Bailey and S Simpson are directors.