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Registered number: 02110920 TANGENT INTERNATIONAL GROUP LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TANGENT INTERNATIONAL GROUP LTD COMPANY INFORMATION
Directors | W J Smallbone (Chairman)
| L Smallbone
Company secretary | TKB Registrars Ltd
Registered number | 02110920
Registered office | 11 Woodbrook Crescent
| Billericay
| Essex
| CM12 0EQ
Independent auditor | MHA
| Statutory Auditor
| 910 The Crescent
| Colchester Business Park
| Colchester
| Essex
| CO4 9YQ
TANGENT INTERNATIONAL GROUP LTD CONTENTS
| Page
Group Strategic Report | 1 - 4
Directors' Report | 5 - 6
Independent Auditor's Report | 7 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Balance Sheet | 12
Company Balance Sheet | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Consolidated Analysis of Net Debt | 17
Notes to the Financial Statements | 18 - 36
TANGENT INTERNATIONAL GROUP LTD GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The Directors present their Strategic Report and financial statements for the year ended 31 March 2025.
Business review
The Group’s business remains the provision of high-quality recruitment services to a diverse and international client base by sourcing, vetting and placing candidates in contract and permanent roles as required. A balance is struck between targeting new market segments (such as digital infrastructure, Cyber security and emerging technologies) while remaining committed to the telecoms sector, a core strength. Total revenues increased by 4.5% to £72.1m (2024: £69.0m) and the overall gross profit margin increased to 9.5% (2024: 9.2%). The pre-tax profits arising from normal trading activities increased to £956,151 (2024: £483,796). After allowing for losses totalling £99,167 (2024: losses £186,807) arising from exchange rate movements during the period the final Group pre-tax profit was £856,984 (2024: £296,989). The challenging conditions from the previous year carried into 2024/25, resulting in a broadly flat market outlook. Despite this, the Group delivered a notable improvement in underlying performance across the core services of contract and permanent recruitment as well as developing emerging service lines. This performance, which outperformed broader market trends, is attributed to the Group’s ability to identify and capitalise on pockets of opportunity within relatively sluggish markets, leveraging data insights, sector-specific knowledge and longstanding international experience to secure a range of new clients and penetrate untapped regions. This comes from adopting a tenacious and proactive approach to business development, leading to new wins across multiple sectors and regions, strengthening long-standing client relationships and delivering solutions beyond traditional recruitment services. Underpinning all of this is a strong emphasis on cost management, improving operational efficiency without compromising service quality and ongoing investment in internal capabilities and training, ensuring personnel remain focussed, motivated, and equipped to deal with the multitude of challenges that businesses face in these ever-changing times. The Group’s annual trading performance is influenced by a wide range of external factors, including ongoing economic and political developments that impact key business drivers. These challenges are further compounded by shifts in the business mix, the cyclical progression of telecom technologies, and the strong negotiating position held by OEM clients. However, such factors are typical of the broader industry landscape in which the Group operates. Movement in revenues, gross margin (in both percentage and absolute terms) as well as net pre-tax profits remain the key performance indicators by which the directors measure progress of the Group’s business from one year to the next. Currency exchange rates are influenced by factors outside of the Group’s control but a longstanding and prudent approach to managing the risks associated with trading in multiple currencies continues to serve the Group well. The cumulative impact of the annual gains or losses due to exchange rate movements continues to balance out to a largely neutral net position over a number of years. The average number of staff during the year was 64 (2024: 67) and is commensurate with the Group’s prudent approach to managing the business in the light of actual or anticipated trading conditions. Given market conditions, the underlying performance and progress achieved during the 2024/25 year is pleasing and a testament to the resilience and hard work across the whole organisation, delivering consistent performance in a volatile landscape, whilst maintaining a tight control on compliance and financial governance. Page 1
TANGENT INTERNATIONAL GROUP LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Strategy and future developments
External influences beyond the Group’s control continue to shape strategic decisions, operational activity, and growth prospects, particularly in international markets. Global issues such as armed conflicts, trade sanctions, geopolitical instability, and fluctuations in interest rates all significantly affect market confidence and business opportunities across multiple sectors. For more than 45 years, the Group has built and nurtured strong client relationships and implemented robust business practices. Its ongoing commitment to continuous improvement has been a key driver of long-term success. Maintaining and strengthening these client partnerships remains central to the Group’s strategy. Even in turbulent times, the Group demonstrates an ability to uncover new business prospects while reinforcing existing relationships, supporting its goals for sustainable growth and profitability. In line with its forward-looking approach, the Group remains open to exploring new sectors and business lines that complement its current activities, provided these do not compromise the quality or delivery of services to existing clients. Targeted investment in staff and technology will continue wherever it brings value to the Group and its shareholders. A strong emphasis is placed on recruiting skilled personnel and securing expert guidance to ensure compliance with legal and business requirements in both domestic and overseas markets. While burdensome regulations and unclear legislation continue to present challenges and inflate operational costs, the Group’s deep expertise in international compliance sets it apart and is increasingly valued by its clients. The directors believe the Group remains well-positioned to capitalise on existing opportunities and benefit from any gradual improvements in market conditions. Although accurate forecasting remains difficult in the current environment, there is a reasonable expectation of improved profitability in the coming year. Page 2
TANGENT INTERNATIONAL GROUP LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Principal risks and uncertainties
Interest rates have a direct effect on both market sentiment and profitability. Although rates have softened slightly, a sustained period of lower rates will be necessary before this is no longer considered a drag on business performance. Increased taxation (direct or indirect) together with unclear medium/longer term government fiscal strategies all add up to significant burden on business, whether this be a direct drain on profitability or uncertainty impacting market confidence, making forward planning even more difficult. Global conflicts — including those in Ukraine and the Middle East — continue to pose serious challenges. These crises not only reduce access to certain international markets but also cast a long shadow over investment decisions and strategic planning at both corporate and government levels. With no clear resolution in sight, these issues will likely constrain global markets for the foreseeable future. While COVID-19 is now considered one of many common illnesses, its legacy continues to be felt. The pandemic’s economic impact on both national and corporate finances, along with enduring changes to workplace practices, will influence business environments for years to come. As an international operator, the Group is exposed to currency fluctuations. However, this risk is managed by matching direct contract costs to the revenue currency in almost all instances. The Group’s robust financial controls and sound financial base have proven beneficial during turbulent periods. Core priorities remain the prudent management of compliance, credit, and debtor exposure, as well as maintaining healthy cash flow to ensure liquidity for operational needs. The Group continues to function comfortably within its existing financing facilities. Looking ahead, the Group faces the typical challenges shared by many businesses: retaining strong relationships with key clients, expanding the customer base, securing the necessary technical expertise in diverse markets, and attracting and keeping high-calibre personnel essential for ongoing growth. Given the complexity of current conditions, forecasting remains a substantial challenge over the next 12 months. In summary, the directors remain vigilant in monitoring all operational aspects and are ready to adapt strategies as needed. The executive team is firmly focused on growing the core business while pursuing new niche opportunities that will contribute to the Group’s ongoing success and profitability. Page 3
TANGENT INTERNATIONAL GROUP LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Directors' statement of compliance with duty to promote the success of the Group
The directors are aware of their responsibilities to act in a way which they consider in good faith would be most likely to promote the success of the business for the benefit of its members as a whole. Tangent is a people business and the directors recognise that fostering good relations with its employees, customers, suppliers, partners and others is essential to the ongoing success of the business and this activity forms an ongoing and vital part of day-to-day operations. Corporate social responsibility and sustainability (CSR) is a crucial component in the Group’s success and is a core value of Tangent. The aim is to achieve a positive impact within the Tangent community and across society whilst maximising shared value for Tangent’s shareholders, employees, clients, suppliers and other stakeholders. Tangent’s CSR program is also designed to help reduce costs and increase productivity, whilst having full regard for employee’s well-being. Tangent’s CSR program is led by the company but encourages participation from all and includes policies and procedures whose purposes is to integrate social, environmental, ethical, human rights and customer concerns into its business operations and core strategy. As part of this, an ongoing two-way dialogue is maintained with all employees who are also regularly encouraged to submit ideas and suggestions (anonymously if they wish) that will contribute to the drive for constant improvement. These core values and policies together with the impact on the short, medium and longer-term interests of the company and all its stakeholders are central to the director’s strategic decision-making process. All key decisions taken during the year were therefore made within that framework. This report was approved by the board and signed on its behalf.
W J Smallbone (Chairman) Director
Date: 4 November 2025
Page 4
TANGENT INTERNATIONAL GROUP LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activities of the group during the year were the provision of speciality staffing services to the telecommunications and information technology sectors as well as recruitment services to a range of other businesses. The provision of services to domestic and internationally based clients are managed by the Group’s main UK operating company and its overseas subsidiaries and branches as appropriate. The principal activity of the Company during the year was that of a group holding company.
Directors
The directors who served during the year were:
W J Smallbone (Chairman)
L Smallbone
Results and dividends
The profit for the year, after taxation, amounted to £581,521 (2024 - £225,309). The results include all subsidiaries of the Tangent International Group Limited as disclosed in note 13, including Tangent International Limited's branch Tangent Innovation registered in the United Arab Emirates. The dividends paid in the year, including those proposed and approved at the year-end but not yet paid, are disclosed in note 11.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. 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 the Group and to 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. Page 5
TANGENT INTERNATIONAL GROUP LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Qualifying third party indemnity provisions
Qualifying third party indemnity provision is in place for the benefit of all Directors of the Company and Group companies. These provisions remain in force at the reporting date.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Matters covered in the Group Strategic Report
In accordance with Section 414c (11) of the Companies Act 2006, the Directors have chosen to include the following items in the Strategic Report: ∙Business review ∙Principal risks and uncertainties ∙Future developments
Post balance sheet events
After the year end, Tangent International Limited’s newly created branch in South Africa commenced trading, increasing the Company’s presence within the region. This branch is trading as Tangent South Africa under registration number 2022/323941/10. This report was approved by the board and signed on its behalf.
W J Smallbone (Chairman) Director
Date: 4 November 2025
Page 6
TANGENT INTERNATIONAL GROUP LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD
Opinion
We have audited the financial statements of Tangent International Group Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated analysis of Net Debt, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
TANGENT INTERNATIONAL GROUP LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)
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.
Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the 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 the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 8
TANGENT INTERNATIONAL GROUP LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 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's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the 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 Group 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: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of staff to identify any instances of non-compliance with laws and regulations; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness; evaluating the business rationale of significant transactions outside the normal course of business for reviewing accounting estimates for bias; ∙Reviewing minutes of meetings of those charged with governance; and ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 9
TANGENT INTERNATIONAL GROUP LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL GROUP LTD (CONTINUED)
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 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. Cara Miller ACCA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ 5 November 2025 Page 10
TANGENT INTERNATIONAL GROUP LTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 72,079,136 | 68,952,704
Cost of sales |  | (65,223,905) | (62,600,216)
Gross profit |  | 6,855,231 | 6,352,488
Administrative expenses |  | (5,694,093) | (5,765,784)
Operating profit | 5 | 1,161,138 | 586,704
(Loss)/profit on disposal of investments |  | (2) | -
Interest receivable and similar income | 8 | 8,511 | 4,111
Interest payable and similar expenses | 9 | (312,663) | (293,826)
Profit before taxation |  | 856,984 | 296,989
Tax on profit | 10 | (275,463) | (71,680)
Profit for the financial year |  | 581,521 | 225,309
Currency translation differences |  | 4,689 | (2,802)
Other comprehensive income for the year |  | 4,689 | (2,802)
Total comprehensive income for the year |  | 586,210 | 222,507
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 581,521 | 225,309
|  | 581,521 | 225,309
Total comprehensive income for the year attributable to: |  |  |
Owners of the parent Company |  | 586,210 | 222,507
|  | 586,210 | 222,507
The notes on pages 18 to 36 form part of these financial statements.
Page 11
TANGENT INTERNATIONAL GROUP LTD REGISTERED NUMBER: 02110920 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 127,264 |  | 158,975
|  |  | 127,264 |  | 158,975
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 17,308,843 |  | 17,372,391 |
Cash at bank and in hand | 15 | 541,765 |  | 326,908 |
|  | 17,850,608 |  | 17,699,299 |
Creditors: amounts falling due within one year | 16 | (13,554,211) |  | (13,048,089) |
Net current assets |  |  | 4,296,397 |  | 4,651,210
Total assets less current liabilities |  |  | 4,423,661 |  | 4,810,185
Creditors: amounts falling due after more than one year | 17 |  | (9,530) |  | (28,229)
Net assets |  |  | 4,414,131 |  | 4,781,956
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,040,350 |  | 1,040,350
Share premium account | 21 |  | 24,210 |  | 24,210
Merger reserve | 21 |  | 41,652 |  | 41,652
Profit and loss account | 21 |  | 3,307,919 |  | 3,675,744
Equity attributable to owners of the parent Company |  |  | 4,414,131 |  | 4,781,956
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
W J Smallbone (Chairman)
Director
Date: 4 November 2025
The notes on pages 18 to 36 form part of these financial statements. Page 12
TANGENT INTERNATIONAL GROUP LTD REGISTERED NUMBER: 02110920 COMPANY BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 13 |  | 775,229 |  | 775,231
Debtors: amounts falling due after more than one year |  |  | 335,000 |  | 335,000
|  |  | 1,110,229 |  | 1,110,231
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 113,508 |  | 113,508 |
Cash at bank and in hand | 15 | 1,306 |  | 1,754 |
|  | 114,814 |  | 115,262 |
Creditors: amounts falling due within one year | 16 | (135,670) |  | (137,262) |
Net current liabilities |  |  | (20,856) |  | (22,000)
Net assets |  |  | 1,089,373 |  | 1,088,231
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,040,350 |  | 1,040,350
Share premium account | 21 |  | 24,210 |  | 24,210
Profit and loss account |  |  | 24,813 |  | 23,671
|  |  | 1,089,373 |  | 1,088,231
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
W J Smallbone (Chairman)
Director
Date: 4 November 2025
The notes on pages 18 to 36 form part of these financial statements. Page 13
TANGENT INTERNATIONAL GROUP LTD CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Merger reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2023 | 1,040,350 | 24,210 | 41,652 | 4,193,934 | 5,300,146
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 225,309 | 225,309
Currency translation differences | - | - | - | (2,802) | (2,802)
Dividends payable | - | - | - | (740,697) | (740,697)
At 1 April 2024 | 1,040,350 | 24,210 | 41,652 | 3,675,744 | 4,781,956
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 581,521 | 581,521
Currency translation differences | - | - | - | 4,689 | 4,689
Dividends payable | - | - | - | (954,035) | (954,035)
At 31 March 2025 | 1,040,350 | 24,210 | 41,652 | 3,307,919 | 4,414,131
| The notes on pages 18 to 36 form part of these financial statements.
Page 14
TANGENT INTERNATIONAL GROUP LTD COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 1,040,350 | 24,210 | 21,820 | 1,086,380
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,851 | 1,851
Dividends receivable | - | - | 740,697 | 740,697
Dividends payable | - | - | (740,697) | (740,697)
At 1 April 2024 | 1,040,350 | 24,210 | 23,671 | 1,088,231
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,142 | 1,142
Dividends receivable | - | - | 954,035 | 954,035
Dividends payable | - | - | (954,035) | (954,035)
At 31 March 2025 | 1,040,350 | 24,210 | 24,813 | 1,089,373
| The notes on pages 18 to 36 form part of these financial statements.
Page 15
TANGENT INTERNATIONAL GROUP LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 581,521 | 225,309
Adjustments for: |  |
Depreciation of tangible assets | 55,746 | 51,534
Interest paid | 312,663 | 293,826
Interest received | (8,511) | (4,111)
Taxation charge | 275,463 | 71,680
Decrease/(increase) in debtors | 6,159 | (1,331,519)
(Decrease)/increase in creditors | (784,723) | 1,171,347
Foreign exchange | 4,689 | (2,802)
Corporation tax (paid) | (135,982) | (269,428)
Net cash generated from operating activities | 307,025 | 205,836
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (24,035) | (9,577)
Interest received | 8,511 | 4,111
Net cash from investing activities | (15,524) | (5,466)
Cash flows from financing activities |  |
Repayment of/new finance leases | (25,694) | (38,478)
Dividends paid | (954,035) | (740,697)
Interest paid | (312,663) | (293,826)
Net cash used in financing activities | (1,292,392) | (1,073,001)
Net (decrease) in cash and cash equivalents | (1,000,891) | (872,631)
Cash and cash equivalents at beginning of year | (4,605,481) | (3,732,850)
Cash and cash equivalents at the end of year | (5,606,372) | (4,605,481)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 541,765 | 326,908
Other finance creditors | (6,148,137) | (4,932,389)
| (5,606,372) | (4,605,481)
The notes on pages 18 to 36 form part of these financial statements.
Page 16
TANGENT INTERNATIONAL GROUP LTD CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
| At 1 April 2024 | Cash flows | At 31 March 2025
| £ | £ | £
Cash at bank and in hand | 326,908 | 214,857 | 541,765
Other finance creditors | (4,932,389) | (1,215,748) | (6,148,137)
| (4,605,481) | (1,000,891) | (5,606,372)
The notes on pages 18 to 36 form part of these financial statements.
Page 17
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Tangent International Group Ltd ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office and principal place of business is 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ. The Group consists of Tangent International Group Ltd and all of its subsidiaries. The Group's principal activities and nature of operations continued to be the provision of speciality staffing services to the telecommunications and information technology sectors as well as recruitment services to a range of other businesses. The Company's principal activity and nature of operations continued to be that of a group holding company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. The merger method of accounting is applied to group reconstructions as if the entities had always been combined. The total comprehensive income, assets and liabilities of the entities are amended, where necessary to align the accounting policies. The carrying values of the entities' assets and liabilities are not adjusted to fair value. Any difference between the nominal value of shares issued plus the fair value of consideration and the nominal value of shares received is taken to other reserves in equity. Page 18
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. The Directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Group has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Group's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is pound sterling ("GBP"). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. On consolidation, the results of overseas operations are translated into GBP at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, withholding tax and other sales taxes. Turnover derived from contract services is recognised as the work is performed. Permanent placement fees are recognised as the contractual obligations are fulfilled. Page 19
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Leased assets: the Group as lessor
Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease. A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.11 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 20
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 3 - 10 years straight line
|  |  |  | Computer equipment | - | 3 - 7 years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 21
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, 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. Financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Page 22
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.20 | Dividends
Equity dividends are recognised when they become legally payable. Interim and Final dividends are recognised at the earlier of payment or approval date, approved but unpaid dividends as at the end of each financial year are accrued. Page 23
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Group's and 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. Critical judgements and estimates The following judgements have had the most significant effect on amounts recognised in the financial statements. Useful lives of property, plant and equipment The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of the Group's assets are determined by management at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. Recognition of provisions The Group and/or Company have recognised provisions in their financial statements, which requires management to make judgements for: ∙Impairment of trade debtors ∙recoverability of intercompany balances The judgements, estimates and associated assumptions necessary to assess the recoverability of these balances are based on historical experience and other reasonable factors. Page 24
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Staffing & recruitment services | 72,079,136 | 68,952,704
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 4,378,550 | 4,000,728
| Rest of Europe | 5,448,089 | 4,474,428
| Rest of the World | 62,252,497 | 60,477,548
|  | 72,079,136 | 68,952,704
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 21,236 | 16,787
| Depreciation of tangible fixed assets held under finance leases | 34,510 | 34,747
| Exchange differences | 99,167 | 186,807
| Other operating lease rentals | 185,600 | 181,931
Page 25
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the Group's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Audit of the Group's financial statements | 41,750 | 39,400
| Audit of the Company's financial statements | 4,500 | 4,250
| Total audit services | 46,250 | 43,650
| Financial reporting services | 5,200 | 5,325
| Taxation compliance services | 4,950 | 4,600
| Total services | 56,400 | 53,575
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 3,525,866 | 3,358,930 | 19,913 | 19,523
| Social security costs | 360,691 | 344,183 | 237 | 184
| Cost of defined contribution scheme | 105,708 | 109,408 | - | -
|  | 3,992,265 | 3,812,521 | 20,150 | 19,707
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group 2025 | Group 2024
|  |  | No. | No.
|  | Administration and management | 35 | 38
|  | Resource and technical | 29 | 29
|  |  | 64 | 67
| The Company has 1 employee (2024 - 1), none of which are Directors (2024 - Nil). The directors received no remuneration in the year ended 31 March 2025 (2024 - £Nil).
Page 26
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 8,511 | 4,111
|  | 8,511 | 4,111
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 311,589 | 291,945
| Finance leases and hire purchase contracts | 1,074 | 1,881
|  | 312,663 | 293,826
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 81,826 | 38,198
| Adjustments in respect of previous periods | - | 27,792
|  | 81,826 | 65,990
| Foreign tax |  |
| Foreign tax on income for the year | 198,817 | 73,543
| Total current tax | 280,643 | 139,533
| Deferred tax |  |
| Origination and reversal of timing differences | (5,180) | (26,288)
| Prior year adjustment | - | (41,565)
| Total deferred tax | (5,180) | (67,853)
| Tax on profit | 275,463 | 71,680
Page 27
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 856,984 | 296,989
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 214,246 | 74,247
| Effects of: |  |
| Expenses not deductible for tax purposes | 6,438 | 7,227
| Adjustments to tax charge in respect of prior periods | (641) | (13,793)
| Foreign tax including withholding tax | 55,420 | 4,130
| Other tax adjustments | - | 90
| Tax incentives | - | (221)
| Total tax charge for the year | 275,463 | 71,680
| Factors that may affect future tax charges
There were no factors affecting the future tax charge.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim paid | 454,035 | 454,035
| Final paid and proposed | 500,000 | 286,662
|  | 954,035 | 740,697
| Included within other creditors is an amount of £113,508 (2024 - £113,508) which the Company is liable to pay at the balance sheet date.
Page 28
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
| Group
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 331,133 | 483,980 | 815,113
| Additions | 6,495 | 17,540 | 24,035
| At 31 March 2025 | 337,628 | 501,520 | 839,148
| Depreciation |  |  |
| At 1 April 2024 | 290,595 | 365,543 | 656,138
| Charge for the year on owned assets | 11,754 | 9,482 | 21,236
| Charge for the year on financed assets | - | 34,510 | 34,510
| At 31 March 2025 | 302,349 | 409,535 | 711,884
| Net book value |  |  |
| At 31 March 2025 | 35,279 | 91,985 | 127,264
| At 31 March 2024 | 40,538 | 118,437 | 158,975
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Computer equipment | 64,733 | 99,243
|  | 64,733 | 99,243
Page 29
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 775,231
| Disposals | (2)
| At 31 March 2025 | 775,229
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Tangent International Limited (including its branch in the United Arab Emirates) | 1 | Ordinary | 100%
| Tangent Resources Limited * | 1 | Ordinary | 100%
| Tanintco, Inc. | 2 | Ordinary | 100%
| Tangent International (France) Sas | 3 | Ordinary | 100%
| Tangent International Arabia Telecom Company | 4 | Ordinary | 100%
| Registered offices 1. Swan House, 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ, United Kingdom 2. 5465 Legacy Drive, Suite 650, Plano, Texas 75024, USA 3. 29 rue du Pont, 92200 Neuilly-sur-Seine, France 4. Neo Center - Office #7, 4794 Al Imam Saud Bin Faisal Rd, Al Sahafah Dist. 6983, 13321 Riyadh, Saudi Arabia * Subsidiary was dormant during the year. Investments in MCG Accountancy Solutions Limited and MCG Computer Solutions Limited were disposed of during the year.
Page 30
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Subsidiary undertakings (continued)
| The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Tangent International Limited (including its branch in the United Arab Emirates) | 3,178,845 | 215,408
| Tangent Resources Limited * | 36,914 | -
| Tangent International Arabia Telecom Company | (113,224) | (12,481)
| Tangent International (France) Sas | 1,060,883 | 390,897
| Tanintco, Inc. | (63,929) | (13,424)
14. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts due after one year |  |  |  |
| Other debtors | - | - | 335,000 | 335,000
|  | - | - | 335,000 | 335,000
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts due within one year |  |  |  |
| Trade debtors | 10,513,716 | 10,055,430 | - | -
| Other debtors | 254,659 | 334,147 | 113,508 | 113,508
| Prepayments and accrued income | 6,504,307 | 6,951,081 | - | -
| Deferred taxation | 36,161 | 31,733 | - | -
|  | 17,308,843 | 17,372,391 | 113,508 | 113,508
Page 31
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 541,765 | 326,908 | 1,306 | 1,754
| Other finance creditors | (6,148,137) | (4,932,389) | - | -
|  | (5,606,372) | (4,605,481) | 1,306 | 1,754
| The amounts shown as other finance creditors are secured primarily on the trade debtors of the Group and secondly by a fixed and floating charge over the assets of the Company and its subsidiaries. At the year end, there were undrawn financing facilities totalling £1,317,115 (2024: £1,283,487).
16. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other finance creditors | 6,148,137 | 4,932,389 | - | -
| Trade creditors | 541,406 | 916,770 | - | -
| Amounts owed to group undertakings | - | - | 12,693 | 14,739
| Corporation tax | 82,092 | - | 268 | 414
| Other taxation and social security | 85,419 | 58,920 | - | -
| Obligations under finance lease and hire purchase contracts | 18,699 | 25,694 | - | -
| Other creditors | 169,934 | 227,499 | 113,508 | 113,508
| Accruals and deferred income | 6,508,524 | 6,886,817 | 9,201 | 8,601
|  | 13,554,211 | 13,048,089 | 135,670 | 137,262
| Obligations under finance leases are secured against the assets to which they relate.
17. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases | 9,530 | 28,229
|  | 9,530 | 28,229
Obligations under finance leases are secured against the assets to which they relate. Page 32
TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | Finance lease obligations
| Minimum lease payments under finance lease fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 18,699 | 25,694
| Between 1-5 years | 9,530 | 28,229
|  | 28,229 | 53,923
| Finance lease payments represent rentals payable by the Group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (31,733) | 36,120
| Charged to profit or loss | (4,428) | (67,853)
| At end of year | (36,161) | (31,733)
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TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19.Deferred taxation (continued)
| Company
|  | 2025 | 2024
| At beginning of year | - | -
| At end of year | - | -
| The deferred tax balance is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 13,039 | 11,770
| Tax losses carried forward | (33,868) | (30,991)
| Short term timing differences | (15,332) | (12,512)
|  | (36,161) | (31,733)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,403,500 (2024 - 10,403,500) ordinary shares of £0.10 each | 1,040,350 | 1,040,350
| All shares issued are non-redeemable and rank equally in terms of: a) Voting rights; b) Right to participate in all approved dividend distributions for that class of share; and c) Right to participate in any capital distribution on winding up.
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TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
21. | Reserves
Share premium account The share premium account represents the consideration received for shares issued above their nominal value net of transaction costs. Merger Reserve The merger reserve represents the reserves difference on the merger of subsidiaries. Profit and loss account The profit and loss account represents the accumulation of retained profits, net of dividends, that are in the form of distributable reserves.
22. | Pension commitments
The Group operates a defined contribution pension scheme for all qualifying employees in the United Kingdom. The assets of the scheme are held separately from those of the group in an independently administered fund. The contributions payable by the Group charged to profit or loss amounted to £105,708 (2024: £109,408). Contributions totalling £38,357 (2024: £24,553) were payable to the fund at the year end and are included in creditors.
23. | Commitments under operating leases
| At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 205,829 | 187,169
| Later than 1 year and not later than 5 years | 234,021 | 328,305
|  | 439,850 | 515,474
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TANGENT INTERNATIONAL GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
24. | Related party transactions
| The remuneration of key management personnel, who are also Directors of Group companies, is as follows:
|  | 2025 | 2024
|  | £ | £
| Aggregate compensation | 1,096,426 | 827,492
|  | 1,096,426 | 827,492
| During the year the Company received consultancy services of £47,911 (2024: £43,895) from AJS Recruitment Services LLC (a company owned by a Director's son). The amount owing at the year end was £Nil (2024: £7,981).
25. | Post balance sheet events
After the year end, Tangent International Limited’s newly created branch in South Africa commenced trading, increasing the Company’s presence within the region. This branch is trading as Tangent South Africa under registration number 2022/323941/10.
26. | Controlling party
The Company is controlled by W J Smallbone by virtue of his shareholding.
27. | Transactions with directors
During the year dividends totaling £954,035 (2024: £740,697) were payable to the Directors.
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