Tenet Search Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13353390

Tenet Search Ltd

Filleted Unaudited Financial Statements

31 December 2024

Tenet Search Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Tenet Search Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	74,068	40,024

Current assets

Debtors	6	962,280	618,434
Cash at bank and in hand		1,020,313	777,449
		------------	------------
		1,982,593	1,395,883

Creditors: amounts falling due within one year	7	672,736	412,546
		------------	------------
Net current assets		1,309,857	983,337
		------------	------------
Total assets less current liabilities		1,383,925	1,023,361
		------------	------------
Net assets		1,383,925	1,023,361
		------------	------------

Capital and reserves

Called up share capital	111	111
Share premium account	69,989	69,989
Profit and loss account	1,313,825	953,261
	------------	------------
Shareholders funds	1,383,925	1,023,361
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Tenet Search Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 1 October 2025 , and are signed on behalf of the board by:

Mr A D H Forbes Adam	Mr W P J Cleave
Director	Director

Company registration number: 13353390

Tenet Search Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tenet Search Ltd Wework, 51 Eastcheap, London, EC3M 1DT, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2023: 10 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	783	44,500	10,418	55,701
Additions	707	22,950	22,546	46,203
	-------	--------	--------	---------
At 31 December 2024	1,490	67,450	32,964	101,904
	-------	--------	--------	---------
Depreciation
At 1 January 2024	380	12,608	2,689	15,677
Charge for the year	228	8,900	3,031	12,159
	-------	--------	--------	---------
At 31 December 2024	608	21,508	5,720	27,836
	-------	--------	--------	---------
Carrying amount
At 31 December 2024	882	45,942	27,244	74,068
	-------	--------	--------	---------
At 31 December 2023	403	31,892	7,729	40,024
	-------	--------	--------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	917,561	566,590
Other debtors	44,719	51,844
	---------	---------
	962,280	618,434
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	27,414	21,450
Corporation tax	373,624	196,454
Social security and other taxes	134,627	79,151
Other creditors	137,071	115,491
	---------	---------
	672,736	412,546
	---------	---------

8. Directors' advances, credits and guarantees

At the year end two Directors were jointly owed £15,834 by the company (2023: owed £27,911 to the company). During the year, advances of £175,542 (2023: £107,348) were made to the two Directors and repayments of £219,598 (2023: £79,436) were made by the two Directors. Interest of £311 (2023: £289) was charged at a rate of 2.25%.

9. Related party transactions

At the year end two Directors were jointly owed £62,240 by the company (2023: £86,883).