Company registration number 04413598 (England and Wales)
TALASCEND HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TALASCEND HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J A Urpi
D S Robertson
(Appointed 1 April 2025)
Company number
04413598
Registered office
Parry House
Birchwood Boulevard
Birchwood
Warrington
Cheshire
WA3 7QU
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
TALASCEND HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17
TALASCEND HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The company is an intermediate holding company, holding shares in subsidiaries, as detailed in note 9.

The profit reported for the year arises following a dividend received from a subsidiary. The company has £Nil net assets.

Principal risks and uncertainties

As a non-trading intermediate parent company, the directors are satisfied that there are no risks and uncertainties to consider.

Key performance indicators

As a non-trading intermediate parent company, the directors are satisfied that there are no key performance indicators to disclose.

Section 172

Section 172(1) of the Companies Act 2006 imposes a general duty on every company director to act, in good faith, in the way they consider would be most likely to promote the success of the company (and its subsidiaries) for the benefit of its shareholders, while taking into account how the company’s activities (including its subsidiaries) and Board decisions will affect its stakeholders. This statement explains how the Board complies with its obligations under s172 and is consistent with that disclosed in the consolidated First Technical Recruitment Limited's annual report for the year ended 3 1 December 2024.

The company (and its subsidiaries) recognises the importance of its stakeholders’ views and actively engages with them, proactively considering their interests in the decisions it makes.

Our purposes, strategy and core values

We are committed to supporting our local and the wider community. Our culture is driven by our commitment to our mission, vision and values which ensures that we succeed in the current rapidly changing political and economic economy.

We remain positive and determined to continue to focus on investment in staff development and our business systems to minimise risk and maximise opportunities.

Recent investments have demonstrated our commitment to be a quality, honest and trustworthy company with efficient and reliable recruitment and workforce management solutions. We remain committed to safeguarding and maintaining our compliance and that of our clients and candidates within the highly regulated contingent workforce market sector.

TALASCEND HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Employees

We have regular social events, celebrations, gifts for births, birthdays, weddings etc. and regular group meetings to explain our operational and financial results, present employee awards and provide updates of our charity and social support initiatives.

• We’re fully invested in our employees’ development.

• We support each of them, in every possible way.

• We involve them in significant decisions.

• We’re there for them when they have personal or family issues.

• We all pull together to minimise the negatives and maximise the positives.

• We’re delighted that our staff are central in defining the mission and values of our company.

All staff are kept up to date with our bi-weekly newsletter, highlighting personal achievements, positive clients focused news, new employees, legislative, system, QHSE updates and more.

We celebrate successes on a daily basis and our staff are rewarded based on their agreed goals, service delivery and openly shared performance results.

We remain committed to all our staff being paid at least the “real” Living Wage.

Customers and suppliers

Our approach is based upon the values of the original founders of the company, who created a unique business model, based on a strong commitment to maintaining regular contact and good understanding of our experienced engineering and technical sector candidates. The foundations of this approach continue to change and evolve to satisfy the needs and desired work aspirations of our candidates and our clients’ workforce requirements.

We provide additional value through regular contact, open dialogue and by sharing with our customers our knowledge and expertise via news insights, blogs and recruitment legislation guidance. Alongside this we maintain strong relationships with our key suppliers with an emphasis on fair and ethical trading, open and honest dialogue.

Environmental/ social responsibility

We believe in supporting charitable organisations that align with our two main desired outcomes;

1. To be effective, whilst not having to spend vital donations on employing lots of highly paid staff and;

2. To provide sustainable support and development to poor and/or vulnerable people.

We’re a Disability Confident Employer (Level 2) and we approach diversity and inclusion (D&I) by actively engaging with EVENBREAK to further develop our knowledge and capabilities of disability in the workplace. We strongly believe our organisation can benefit through tapping into this broader range of talent both for ourselves and for our clients and this is central to us achieving a diverse, inclusive and vibrant organisation.

We’ve recently consolidated and simplified our QHSE processes and retained our ISO 9001 accreditation. We are committed to full compliance with GDPR. Our GDPR processes and policy are regularly reviewed to ensure all risks are addressed and compliantly managed. We also take cyber security very seriously therefore our systems and customer data are well protected, tested and verified.

Senior management team and longer term objectives

The senior management team will continue to focus on delivering world class recruitment solutions to our existing clients whilst developing new relationships with clients within our chosen sectors. We’re pleased to report that our investments into “neutral vendor” workforce management services and a new fully compliant payroll and billing solution are now well established. The senior management team expect these solutions to continue to grow in line with the expectations of our clients and contractors and with the continual increases in legislative compliance requirements. Our broad range of service offerings, engagement with our contractors, our clients and the wider contingent workforce will also help to promote our brand and enhance our reputation as a provider of excellent, fully compliant recruitment solutions.

TALASCEND HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

On behalf of the board

J A Urpi
Director
18 September 2025
TALASCEND HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of an intermediate holding company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J A Urpi
D S Robertson
(Appointed 1 April 2025)
Future developments

As an intermediate parent company, the future developments of the company are solely based on the continued success of its trading subsidiaries. The directors continue to monitor and manage the trading subsidiaries, seeking growth through existing customers and expanding services and opportunities as they arise.

The company (and wider group) has sufficient financial resources in place to execute its strategy to develop for the future.

Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statement, including this company. The company has therefore taken advantage of exemptions from the disclosure requirements relating to energy and carbon reporting.

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 company and of the profit or loss of the company 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

TALASCEND HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
J A Urpi
Director
18 September 2025
TALASCEND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TALASCEND HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Talascend Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 December 2024 and of its profit 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 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 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.

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. 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' r eport 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.

TALASCEND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TALASCEND HOLDINGS LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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' r esponsibilities s tatement, 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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As a non-trading company, no specific laws and regulations have been identified to have such an effect.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

TALASCEND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TALASCEND HOLDINGS LIMITED (CONTINUED)
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

- Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

- Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Nilesh Modhvadia (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
18 September 2025
TALASCEND HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Interest receivable and similar income
5
2,000,000
2,000,000
Profit before taxation
2,000,000
2,000,000
Tax on profit
6
-
0
-
0
Profit for the financial year
2,000,000
2,000,000

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TALASCEND HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
9
9
Current assets
Debtors
10
1,000,000
-
0
Creditors: amounts falling due within one year
11
(1,000,009)
(9)
Net current liabilities
(9)
(9)
Net assets
-
0
-
0
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
(100)
(100)
Total equity
-
0
-
0
The financial statements were approved by the board of directors and authorised for issue on 18 September 2025 and are signed on its behalf by:
J A Urpi
Director
Company registration number 04413598 (England and Wales)
TALASCEND HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
10,163,155
(10,163,155)
-
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,000,000
2,000,000
Dividends
7
-
(2,000,000)
(2,000,000)
Reduction of shares
12
(10,163,055)
10,163,055
-
0
Balance at 31 December 2023
100
(100)
-
0
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,000,000
2,000,000
Dividends
7
-
(2,000,000)
(2,000,000)
Balance at 31 December 2024
100
(100)
-
0
TALASCEND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Talascend Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parry House, Birchwood Boulevard, Birchwood, Warrington, Cheshire, WA3 7QU.

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 a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of First Technical Recruitment Limited. These consolidated financial statements are available from its r egistered office, Parry House, Birchwood Boulevard, Birchwood, Warrington, Cheshire, WA3 7QU.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

TALASCEND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 company 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 company after deducting all of its liabilities.

TALASCEND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 paymen ts 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. A m ounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company 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 company.

1.6

Dividend income

Dividend income receivable from subsidiary companies is recognised in the period they are voted.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Management consider that there are no key judgements in the application of accounting policies or key sources of uncertainty.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0

Audit fees are borne by the trading subsidiary company.

TALASCEND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
0
0
5
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
2,000,000
2,000,000
6
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,000,000
2,000,000
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
500,000
500,000
Tax effect of income not taxable in determining taxable profit
(500,000)
(500,000)
Taxation charge for the year
-
-

In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.

7
Dividends
2024
2023
£
£
Interim paid
2,000,000
2,000,000
TALASCEND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
8
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
9
9
9
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 & 31 December 2024
10
Impairment
At 1 January 2024 & 31 December 2024
1
Carrying amount
At 31 December 2024
9
At 31 December 2023
9
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Talascend Limited
1
Recruitment consultant
Ordinary
100.00
-
Talascend India Private Limited
2
Dormant
Ordinary
100.00
-
Primis Accounting Services Limited
1
Dormant
Ordinary
0
100.00
Carlentini Sp. Z o.o.
3
Recruitment consultant
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Parry House, Birchwood Boulevard, Birchwood, Warrington, Cheshire, WA3 7QU
2
2nd Floor, Suite 10, First India Place, Shushant Lok – I, Block B, M G Road, Gurgaon, 122002
3
Aleje Ujazdowskie 41, 00-540 Śródmieście, Warsaw, Poland
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,000,000
-
0
TALASCEND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,000,009
9
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
10,000,000
10,000,000
100
100

On 10 November 2023, the company reduced its share capital by cancelling and extinguishing 1,016,305,455,990 O rdinary shares of 0.001p.

13
Ultimate controlling party

The ultimate parent company is First Technical Recruitment Limited, a company registered in England and Wales.

Talascend Holdings Limited is consolidated within First Technical Recruitment Limited's group financial statements and copies can be obtained on request from the groups registered office, Parry House, Birchwood Boulevard, Birchwood, Warrington, Cheshire, WA3 7QU.

2024-12-31 2024-01-01 false false false CCH Software CCH Accounts Production 2025.200 J A Urpi D S Robertson 04413598 2024-01-01 2024-12-31 04413598 bus:Director1 2024-01-01 2024-12-31 04413598 bus:Director2 2024-01-01 2024-12-31 04413598 bus:RegisteredOffice 2024-01-01 2024-12-31 04413598 2024-12-31 04413598 2023-01-01 2023-12-31 04413598 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04413598 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04413598 2023-12-31 04413598 core:ShareCapital 2024-12-31 04413598 core:ShareCapital 2023-12-31 04413598 core:RetainedEarningsAccumulatedLosses 2024-12-31 04413598 core:RetainedEarningsAccumulatedLosses 2023-12-31 04413598 core:ShareCapital 2022-12-31 04413598 core:RetainedEarningsAccumulatedLosses 2022-12-31 04413598 core:ShareCapitalOrdinaryShareClass1 2024-12-31 04413598 core:ShareCapitalOrdinaryShareClass1 2023-12-31 04413598 core:ShareCapital 2023-01-01 2023-12-31 04413598 core:UKTax 2024-01-01 2024-12-31 04413598 core:UKTax 2023-01-01 2023-12-31 04413598 core:Non-currentFinancialInstruments 2024-12-31 04413598 core:Non-currentFinancialInstruments 2023-12-31 04413598 core:Subsidiary1 2024-01-01 2024-12-31 04413598 core:Subsidiary2 2024-01-01 2024-12-31 04413598 core:Subsidiary3 2024-01-01 2024-12-31 04413598 core:Subsidiary4 2024-01-01 2024-12-31 04413598 core:Subsidiary1 1 2024-01-01 2024-12-31 04413598 core:Subsidiary2 2 2024-01-01 2024-12-31 04413598 core:Subsidiary3 3 2024-01-01 2024-12-31 04413598 core:Subsidiary4 4 2024-01-01 2024-12-31 04413598 core:CurrentFinancialInstruments 2024-12-31 04413598 core:CurrentFinancialInstruments 2023-12-31 04413598 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 04413598 bus:OrdinaryShareClass1 2024-12-31 04413598 bus:OrdinaryShareClass1 2023-12-31 04413598 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04413598 bus:FRS102 2024-01-01 2024-12-31 04413598 bus:Audited 2024-01-01 2024-12-31 04413598 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP