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Registered number: 01552284










TANGENT INTERNATIONAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

 
TANGENT INTERNATIONAL LIMITED
 
 
COMPANY INFORMATION


Directors
N A T Chaplin 
S S Dear 
K P Martin 
W J Smallbone 
W J Wright 




Registered number
01552284



Registered office
11 Woodbrook Crescent
Billericay

Essex

CM12 0EQ




Independent auditor
MHA

910 The Crescent

Colchester Business Park

Essex

CO4 9YQ




Solicitors
Osborne Clarke
One London Wall

London

EC2Y 5EB





 
TANGENT INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditor's Report
7 - 10
Statement of Comprehensive Income
11
Balance Sheet
12
Statement of Changes in Equity
13
Statement of Cash Flows
14 - 15
Notes to the Financial Statements
16 - 33

 
TANGENT INTERNATIONAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026

Introduction
 
The Directors present their Strategic Report and financial statements for the year ended 31 March 2026.

Business review and performance indicators
 
The Company’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, which has been a core strength for over 30 years.

Total revenues decreased by 0.6% to £63.1m (2025: £63.5m) and the overall gross profit margin decreased slightly to 9.3% (2025: 9.4%). The pre-tax profits arising from normal trading activities decreased to £313,457 (2025: £394,304). After allowing for losses totalling £68,005 (2025: losses £99,257) arising from exchange rate movements during the period the final pre-tax profit was £245,452 (2025: £295,047).

The difficult trading conditions experienced in the preceding year continued into 2025/26, resulting in an overall market environment that remained broadly subdued.

Despite this backdrop, the Company continued to perform well with underlying performance only showing a modest deterioration across its established contract and permanent recruitment activities, while also making progress towards a broader, more consultative approach, focusing on understanding customers' workforce and project challenges and providing solutions across a wider range of services. 

The result, which compared favourably with wider market conditions, reflects the Company’s ability to identify and exploit areas of opportunity within weak markets. This has been supported by the effective use of market and data intelligence, sector knowledge and more than four decades of international experience, enabling the Company to win new clients and establish a presence in previously underdeveloped territories.

It is almost inevitable that business levels with longstanding key clients sometimes fluctuate significantly, not least because their own progress can be impacted by major project/industry wide technology cycles, as well as external influences that all businesses are exposed to. The Company continues to prove its own flexibility and speed of response in handling large increases in demand as well as resilience when periodic downturns occur by adapting, seeking out other opportunities and then moving forward again. 

A determined and proactive approach to business development has been central to this progress. New opportunities have been secured across a range of sectors and geographical markets, existing client relationships strengthened and the Company has continued to provide services extending beyond conventional recruitment activity. The Company’s International growth strategy continued to deliver strong revenues and as a further step during the early part of the year, the Company commenced trading in the Republic of South Africa through its South African branch. 

Careful cost control remains a crucial element of the Company’s overall approach. Operational efficiencies continued to be pursued by significant adoption of AI and automation across the business. These technologies are increasingly embedded within the Company’s operational and commercial processes, improving efficiency, productivity and the service provided to customers and consultants. Investment in internal skills, systems and training has also been maintained to ensure that employees remain engaged, capable and appropriately prepared to respond to the increasingly complex environment in which businesses are required to operate.

The Company’s trading results continue to be affected by numerous external influences, including economic and political developments which can materially alter the principal drivers of demand. Additional pressures arise from changes in the business mix, the continuing evolution of telecommunications technologies and the considerable purchasing leverage exercised by OEM customers. These influences are, however, recognised characteristics of the wider markets in which the Company operates.
 
Page 1

 
TANGENT INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026


Movement in revenue, gross margin, both in percentage and absolute terms, and net pre-tax profit continue to represent the principal measures used by the directors when assessing the Company’s progress from one financial year to the next.

Foreign exchange movements remain outside the Company’s direct control. Nevertheless, the Company has always adopted a cautious and consistent approach to managing the risks associated with its international activities. Over the longer term, the aggregate effect of annual currency gains and losses tends to balance out to a broadly neutral overall position.

The average number of staff during the year was 55 (2025: 62) and is commensurate with the Company’s prudent approach to managing the business in the light of actual or anticipated trading conditions.

In summary and within the context of the prevailing market conditions, the Company’s underlying performance during 2025/26 is encouraging and reflects the resilience, commitment and hard work demonstrated throughout the organisation. This has been achieved whilst maintaining appropriate levels of compliance, financial discipline and governance.

Strategic and future developments
 
External circumstances outside the Company’s control continue to influence strategic priorities, day-to-day operations and the scope for future growth, particularly across international markets. Armed conflicts, sanctions and trade restrictions, geopolitical uncertainty and interest-rate movements continue to affect business confidence, investment decisions and the availability of commercial opportunities across a number of sectors.

In addition, the wider business environment is being influenced by increasing taxation, regulatory requirements and policy uncertainty. While the Company remains focused on operating constructively within the prevailing UK framework, the cumulative effect of additional costs, administrative obligations and uncertainty over future policy can make investment and long-term planning more difficult for businesses generally.

For over 45 years, the Company has developed enduring relationships with clients and established disciplined and robust ways of working. Its commitment to continuous improvement has been an important contributor to its longevity and success. Protecting and developing these relationships therefore remains a fundamental component of the Company’s strategy. Even in unsettled markets, the Company continues to seek new opportunities while strengthening existing partnerships, with the objective of delivering sustainable growth and profitability.

Consistent with its long-term outlook, the Company will continue to invest in and expand international operations, widening existing client bases, improve operating margins wherever possible and consider opportunities to enter complementary sectors and develop additional service lines where these offer a suitable strategic fit. Such developments will, however, remain subject to ensuring that existing clients continue to receive the high standards of service and delivery expected of the Company.

Investment in people, systems and technology will continue where this is considered capable of generating worthwhile benefits for the Company and its shareholders. Particular importance will be placed on securing suitably qualified employees and specialist advice so that the Company can meet the increasingly demanding legal, regulatory and commercial requirements applying in both UK and overseas markets. Although regulation and legislation can at times be complex, burdensome or insufficiently clear, the Company’s established knowledge of international compliance remains a significant strength and is increasingly recognised by clients.

The directors consider that the Company is well placed to take advantage of opportunities already identified and to benefit should market conditions improve progressively. Whilst the current environment makes precise forecasting particularly challenging, the directors remain focussed on the Company delivering another profitable period for the year ahead.

Page 2

 
TANGENT INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

Principal risks and uncertainties
 
Interest rates continue to influence both business confidence and profitability. Although rates have eased from previous levels, the directors consider that a sustained period of lower rates will be required before this factor ceases to represent a material constraint on business activity.

The continuing increase in taxation, whether direct or indirect, together with uncertainty surrounding the Government’s longer-term fiscal and economic direction, represents an additional burden for businesses. The effect can be felt both through the direct impact on profitability and through reduced confidence, making investment decisions and forward financial planning even more difficult. More broadly, policies perceived by many businesses as adding cost or regulation rather than encouraging investment and growth may further constrain the ability of companies to expand, employ and commit capital with confidence.

International conflicts, notably those involving Ukraine and the Middle East, remain a significant source of uncertainty. In addition to restricting access to specific markets and disrupting established trading arrangements, such conflicts can materially influence corporate investment decisions and government economic policy. In the absence of clear and lasting resolutions, the directors expect geopolitical tensions to remain a constraint on global economic activity for some time.

Although COVID-19 has become part of the broader landscape of common illnesses, its consequences have not disappeared. The effects of the pandemic on government and corporate finances, together with lasting changes in working practices and employee expectations, will continue to influence the commercial environment for the foreseeable future.

The Company’s international activities expose it to movements in exchange rates. This exposure is mitigated in most cases by aligning direct contractual costs with the currency in which the related revenue is generated.

The Company’s established financial controls and strong financial position have provided valuable protection during periods of economic volatility. Continued attention is therefore given to compliance, credit management and debtor exposure, together with the preservation of sufficient cash flow and liquidity to support normal operations. The Company continues to operate comfortably within its existing financing arrangements.

Looking forward, the Company faces many of the same challenges encountered by businesses operating in competitive and uncertain markets. These include maintaining close relationships with key customers, broadening the client base, obtaining appropriate technical and market expertise across different jurisdictions, and attracting and retaining the high-quality personnel required to support future development.

The combination of economic uncertainty, geopolitical disruption, changing regulation and an unpredictable domestic policy environment means that forecasting over the next twelve months remains particularly difficult.

The directors will therefore continue to monitor the Company’s activities closely and adjust its approach where circumstances require. The executive team remains focused on developing the established core business while selectively pursuing niche opportunities capable of contributing to the Company’s longer-term performance, profitability and resilience.

Page 3

 
TANGENT INTERNATIONAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

Directors' statement of compliance with duty to promote the success of the Company
 
The directors recognise their responsibility to act in the manner which they consider, in good faith, is most likely to promote the success of the Company for the benefit of its members as a whole.

Tangent is fundamentally a people-focused business, and the directors recognise that maintaining constructive relationships with employees, customers, suppliers, business partners and other stakeholders is essential to its continued success. Building and sustaining these relationships is therefore an integral part of the Company’s everyday activities.

Corporate social responsibility and sustainability (CSR) remain essential elements of the Company’s approach and form a core part of Tangent’s values. The objective is to create a positive impact within the Tangent community and the wider society, while seeking to maximise the shared value generated for shareholders, employees, clients, suppliers and other stakeholders. The CSR programme also seeks to support cost efficiency and productivity improvements while maintaining proper regard for employee wellbeing.

The CSR programme is led by the company but is designed to involve employees throughout the organisation. It incorporates policies and procedures designed to ensure that social, environmental, ethical, human rights and customer considerations are appropriately reflected in the Company’s operations and wider business strategy.

As part of this approach, the Company maintains an ongoing two-way dialogue with employees. Personnel are regularly encouraged to put forward ideas and suggestions for improvement and may do so anonymously where preferred. This provides an important means of identifying practical improvements and encouraging engagement across the organisation.

These principles and policies, together with consideration of their implications for the short, medium and longer-term interests of the company and its stakeholders, form an important part of the directors’ strategic decision-making process. Accordingly, the principal decisions taken during the year were made within this overall framework.


This report was approved by the board and signed on its behalf.



W J Wright
Director

Date: 14 October 2026
Page 4

 
TANGENT INTERNATIONAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 for the Company's financial statements and then apply them consistently;

∙make judgements 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activities of the Company 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 Company and its branches as appropriate.

Results and dividends

The profit for the year, after taxation, amounted to £221,803 (2025 - £215,408).

The results include Tangent International Limited registered in England and Wales as well as its branches Tangent Innovation registered in the United Arab Emirates, and Tangent South Africa registered in the Republic of South Africa.

The dividends paid in the year, including those proposed and approved at the year-end but not yet paid, are disclosed in Note 13.
Page 5

 
TANGENT INTERNATIONAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026


Directors

The directors who served during the year were:

N A T Chaplin 
S S Dear 
K P Martin 
W J Smallbone 
W J Wright 

Qualifying third-party indemnity provisions

Qualifying third party indemnity provision is in place for the benefit of all directors of the Company. These provisions remain in force at the reporting date.

Matters covered in the 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
 

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'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's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 





W J Wright
Director

Date: 14 October 2026
Page 6

 
TANGENT INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of Tangent International Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 Company's affairs as at 31 March 2026 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 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 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 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED (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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


Matters on which we are required to report by exception
 


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.


Page 8

 
TANGENT INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED (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 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:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙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 and reviewing accounting estimates for bias;
∙Performing audit procedures in response to the presumed risk of fraud in revenue recognition, including testing the occurrence and cut off of revenue through a combination of controls testing and substantive testing. 
∙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. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TANGENT INTERNATIONAL LIMITED (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
 
Colchester, United Kingdom

Date: 15 October 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). 
Page 10

 
TANGENT INTERNATIONAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026

2026
2025
Note
£
£

  

Turnover
 4 
63,076,003
63,457,845

Cost of sales
  
(57,183,399)
(57,505,663)

Gross profit
  
5,892,604
5,952,182

Administrative expenses
  
(5,489,134)
(5,422,506)

Other operating income
 5 
4,195
5,425

Operating profit
 6 
407,665
535,101

Interest receivable and similar income
 10 
70,619
72,609

Interest payable and similar expenses
 11 
(232,832)
(312,663)

Profit before tax
  
245,452
295,047

Tax on profit
 12 
(23,649)
(79,639)

Profit for the financial year
  
221,803
215,408

Other comprehensive income for the year
  

Currency translation differences
  
(6,295)
(3,169)

Other comprehensive income for the year
  
(6,295)
(3,169)

Total comprehensive income for the year
  
215,508
212,239

The notes on pages 16 to 33 form part of these financial statements.
Page 11

 
TANGENT INTERNATIONAL LIMITED
REGISTERED NUMBER: 01552284

BALANCE SHEET
AS AT 31 MARCH 2026

2026
2025
Note
£
£

Fixed assets
  

Tangible assets
 14 
114,464
127,264

  
114,464
127,264

Current assets
  

Debtors: amounts falling due within one year
 15 
14,875,003
15,754,202

Cash at bank and in hand
 16 
173,662
405,666

  
15,048,665
16,159,868

Creditors: amounts falling due within one year
 17 
(11,970,310)
(12,763,757)

Net current assets
  
 
 
3,078,355
 
 
3,396,111

Total assets less current liabilities
  
3,192,819
3,523,375

Creditors: amounts falling due after more than one year
 18 
(335,000)
(344,530)

Provisions for liabilities
  

Deferred tax
 20 
(1,141)
-

  
 
 
(1,141)
 
 
-

Net assets
  
2,856,678
3,178,845


Capital and reserves
  

Called up share capital 
 21 
127,796
127,796

Share premium account
 22 
15,033
15,033

Profit and loss account
 22 
2,713,849
3,036,016

  
2,856,678
3,178,845


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2026.




S S Dear
W J Wright
Director
Director

The notes on pages 16 to 33 form part of these financial statements.
Page 12

 
TANGENT INTERNATIONAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2024
127,796
15,033
3,777,812
3,920,641


Comprehensive income for the year

Profit for the year

-
-
215,408
215,408

Currency translation differences
-
-
(3,169)
(3,169)


Other comprehensive income for the year
-
-
(3,169)
(3,169)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(954,035)
(954,035)



At 1 April 2025
127,796
15,033
3,036,016
3,178,845


Comprehensive income for the year

Profit for the year

-
-
221,803
221,803

Currency translation differences
-
-
(6,295)
(6,295)


Other comprehensive income for the year
-
-
(6,295)
(6,295)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(537,675)
(537,675)


At 31 March 2026
127,796
15,033
2,713,849
2,856,678


The notes on pages 16 to 33 form part of these financial statements.
Page 13

 
TANGENT INTERNATIONAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026

2026
2025
£
£

Cash flows from operating activities

Profit for the financial year
221,803
215,408

Adjustments for:

Depreciation of tangible assets
60,345
55,746

Interest paid
232,832
312,663

Interest received
(70,619)
(72,609)

Taxation charge
23,649
79,639

Decrease in debtors
918,674
318,932

(Decrease) in creditors
(155,343)
(690,664)

Corporation tax (paid)/received
(143,807)
62,469

Foreign exchange
(6,295)
(3,169)

Net cash generated from operating activities

1,081,239
278,415


Cash flows from investing activities

Purchase of tangible fixed assets
(47,545)
(24,035)

Interest received
70,619
72,609

Net cash from investing activities

23,074
48,574

Cash flows from financing activities

Repayment of/new finance leases
(18,699)
(25,694)

Dividends paid
(537,675)
(954,035)

Interest paid
(232,832)
(312,663)

Net cash used in financing activities
(789,206)
(1,292,392)

Net increase/(decrease) in cash and cash equivalents
315,107
(965,403)

Cash and cash equivalents at beginning of year
(5,742,471)
(4,777,068)

Cash and cash equivalents at the end of year
(5,427,364)
(5,742,471)
Page 14

 
TANGENT INTERNATIONAL LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026


2026
2025

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
173,662
405,666

Other finance included in "Creditors: Amounts falling due within one year"
(5,601,026)
(6,148,137)

(5,427,364)
(5,742,471)


The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

1.


General information

Tangent International Limited is a private company limited by shares, incorporated in England and Wales, registration number 01552284. 

The registered office and principal place of business is at 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Tangent International Group Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Directors have reviewed Forecasts covering at least twelve months from the date of approval of these Financial Statements, taking account of reduced trading activity since year-end, mitigating actions and available banking facilities. Having assessed the availability of the funding, the Directors consider that the Company has adequate resources to continue in operational existence throughout this period and that no material uncertainties exist which may cast significant doubt on its ability to continue as a going concern. Accordingly, the Financial Statements have been prepared on a going concern basis.

Page 16

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Great British Pounds ("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.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company 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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.8

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.

  
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.11

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 operates and generates 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.


Page 18

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.12

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 and computer equipment
-
3-10 years

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.

 
2.13

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.

 
2.14

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 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 Company's cash management.

 
2.15

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.

 
2.16

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.

Page 19

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company 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 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 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
Page 20

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim and Final equity 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 21

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

3.


Judgements in applying accounting policies 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.

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 Company'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 Company has recognised provisions in its 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 22

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

4.


Turnover

An analysis of turnover by class of business is as follows:


2026
2025
£
£

Staff and recruitment services
63,076,003
63,457,845

63,076,003
63,457,845


Analysis of turnover by country of destination:

2026
2025
£
£

United Kingdom
4,012,306
4,377,754

Rest of Europe
4,668,968
5,448,089

Rest of the world
54,394,729
53,632,002

63,076,003
63,457,845



5.


Other operating income

2026
2025
£
£

Sundry income
4,195
5,425

4,195
5,425



6.


Operating profit

The operating profit is stated after charging:

2026
2025
£
£

Depreciation of owned tangible fixed assets
33,160
21,236

Depreciation of tangible fixed assets under finance leases
27,185
34,510

Exchange differences
68,005
99,257

Other operating lease rentals
185,909
184,613

Page 23

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2026
2025
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
41,700
39,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2026
2025
£
£

Wages and salaries
3,524,703
3,494,741

Social security costs
403,053
360,284

Cost of defined contribution scheme
108,921
105,708

4,036,677
3,960,733


The average monthly number of employees, including the directors, during the year was as follows:


        2026
        2025
            No.
            No.







Administration and management
27
29



Resources and technical
28
33

55
62

Page 24

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

9.


Directors' remuneration

2026
2025
£
£

Directors' emoluments
880,949
911,394

Company contributions to defined contribution pension schemes
59,568
59,114

940,517
970,508


During the year retirement benefits were accruing to 4 directors (2025 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £292,473 (2025 - £308,076).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,287 (2025 - £21,833).


10.


Interest receivable

2026
2025
£
£


Interest receivable from group companies
68,430
64,098

Other interest receivable
2,189
8,511

70,619
72,609


11.


Interest payable and similar expenses

2026
2025
£
£


Other loan interest payable
228,882
311,589

Group interest payable
3,449
-

Finance leases and hire purchase contracts
501
1,074

232,832
312,663

Page 25

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

12.


Taxation


2026
2025
£
£

Corporation tax


Current tax on profits for the year
19,594
81,826

Adjustments in respect of previous periods
621
-


20,215
81,826


Total current tax
20,215
81,826

Deferred tax


Origination and reversal of timing differences
4,059
(1,531)

Prior year adjustment
(625)
(656)

Total deferred tax
3,434
(2,187)


23,649
79,639

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:

2026
2025
£
£


Profit on ordinary activities before tax
245,452
295,047


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)
61,363
73,762

Effects of:


Expenses not deductible for tax purposes
14,259
6,438

Adjustments to tax charge in respect of prior periods
-
(561)

Adjustments to tax charge in respect of prior periods - deferred tax
(625)
-

Adjustments to tax charge in respect of prior periods
621
-

Foreign permanent establishment exemption
(52,343)
-

Group relief
374
-

Total tax charge for the year
23,649
79,639

Page 26

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
 
12.Taxation (continued)


Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.


13.


Dividends

2026
2025
£
£


Final proposed and approved
76,492
500,000


Interim paid
461,183
454,035

537,675
954,035

Included within creditors, are dividends of £450,891 (2025: £448,509) which Tangent International Limited were liable to pay at the Balance Sheet date. Of this amount £115,891 relating to the balance payable for the dividends declared for 31 March 2026 is shown as a creditor falling due within one year and £335,000 relating to balance payable for dividend declared in a previous period is shown as a creditor falling due after one year. 

Page 27

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

14.


Tangible fixed assets


Office and computer equipment

£



Cost or valuation


At 1 April 2025
839,148


Additions
47,545


Disposals
(521,189)



At 31 March 2026

365,504



Depreciation


At 1 April 2025
711,884


Charge for the year on owned assets
33,160


Charge for the year on financed assets
27,185


Disposals
(521,189)



At 31 March 2026

251,040



Net book value



At 31 March 2026
114,464



At 31 March 2025
127,264

Page 28

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2026
2025
£
£



Office and computer equipment
37,548
64,733

37,548
64,733


15.


Debtors

2026
2025
£
£


Trade debtors
7,845,985
8,718,430

Amounts owed by group undertakings
1,703,183
1,214,956

Other debtors
75,844
127,027

Prepayments and accrued income
5,208,223
5,691,496

Corporation tax recoverable
41,768
-

Deferred taxation
-
2,293

14,875,003
15,754,202



16.


Cash and cash equivalents

2026
2025
£
£

Cash at bank and in hand
173,662
405,666

Other finance included in 'Creditors: Amounts falling due within one year'
(5,601,026)
(6,148,137)

(5,427,364)
(5,742,471)


At the year end, there were undrawn financing facilities totalling £1,385,142 (2025: £1,317,115).

Page 29

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

17.


Creditors: Amounts falling due within one year

2026
2025
£
£

Trade creditors
651,867
495,618

Amounts owed to group undertakings
26,446
24,219

Corporation tax
-
81,824

Other taxation and social security
40,124
9,919

Obligations under finance lease and hire purchase contracts
9,530
18,699

Other creditors
5,754,669
6,318,071

Accruals and deferred income
5,487,674
5,815,407

11,970,310
12,763,757


Included within other creditors is an amount of £5,601,026 (2025: £6,148,137) relating to a finance creditor which is secured primarily on the trade debtors and secondly by a fixed and floating charge over the assets of the Company and Tangent International Group Limited.

Obligations under finance leases are secured against the assets to which they relate.


18.


Creditors: Amounts falling due after more than one year

2026
2025
£
£

Net obligations under finance leases and hire purchase contracts
-
9,530

Other creditors
335,000
335,000

335,000
344,530


Obligations under finance leases are secured against the assets to which they relate.

Page 30

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2026
2025
£
£


Within one year
9,530
18,699

Between 1-5 years
-
9,530

9,530
28,229

Finance lease payments represent rentals payable by the Company for certain items of office equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of 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.


20.


Deferred taxation




2026
2025


£

£






At beginning of year
2,293
762


Charged to profit or loss
(3,434)
1,531



At end of year
(1,141)
2,293

The deferred taxation balance is made up as follows:

2026
2025
£
£


Accelerated capital allowances
(17,102)
(13,039)

Other short term timing differences
15,961
15,332

(1,141)
2,293

Page 31

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

21.


Share capital

2026
2025
£
£
Allotted, called up and fully paid



127,796 (2025 - 127,796) Ordinary Shares of £1.00 each
127,796
127,796

All ordinary shares rank equally with regard to the Company's residual assets. Holders of these shares are entitled to dividends as declared and are entitled to one vote per share at general meetings of the Company.



22.


Reserves

Share premium account

The share premium account represents the consideration received for shares issued above their nominal value net of transaction costs.

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.


23.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £108,921 (2025: £105,708). Contributions of £30,665 (2025: £38,357) were payable to the fund at the balance sheet date.


24.


Commitments under operating leases

At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2026
2025
£
£


Not later than 1 year
203,540
205,829

Later than 1 year and not later than 5 years
65,325
234,021

268,865
439,850

Page 32

 
TANGENT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

25.


Related party transactions

The Company has taken advantage of the exemption in Section 33.1A under FRS 102 not to disclose transactions with wholly owned members of the Group.

The Company has taken advantage of the exemption in Section 33.7A under FRS 102 not to disclose remuneration of Key Management Personnel, as this information has already been reported in the Directors' remuneration section of these accounts.

During the year the Company received consultancy services of £45,326 (2025: £47,911) from AJS Recruitment Services LLC. This company is controlled by A Smallbone, a Director of Tangent International Group Limited, the parent company of Tangent International Limited. The amount owing at the year end was £Nil (2025: £Nil).


26.


Post balance sheet events

There were no post balance sheet events to report.


27.


Controlling party

The Company's immediate and ultimate parent company is Tangent International Group Ltd, a company registered and incorporated in England and Wales. The registered office address is 11 Woodbrook Crescent, Billericay, Essex, CM12 0EQ. This is the smallest and largest group for which consolidated accounts are drawn up that include Tangent International Limited.

Copies of the consolidated accounts are publicly available from Companies House.
 
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