Company registration number SC336557 (Scotland)
Tennant Scotland Limited
Annual report and financial statements
For the year ended 31 December 2024
Tennant Scotland Limited
Company information
Directors
Kathryn Garrison
(Appointed 22 January 2024)
Kevin O'Riordan
(Appointed 22 January 2024)
Peter Tye
Company number
SC336557
Registered office
115 George Street
Edinburgh
Scotland
United Kingdom
EH2 4JN
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Tennant Scotland Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17
Tennant Scotland Limited
Strategic report
For the year ended 31 December 2024
- 1 -

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

Review of the business

As a non-trading entity, commentary regarding business activities is not considered applicable.

On behalf of the board

Kathryn Garrison
Director
31 July 2025
Tennant Scotland Limited
Directors' report
For the year ended 31 December 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of a non-trading holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Thomas Stueve
(Resigned 22 January 2024)
Kristin Stokes
(Resigned 22 January 2024)
Kathryn Garrison
(Appointed 22 January 2024)
Kevin O'Riordan
(Appointed 22 January 2024)
Peter Tye
Auditor

In accordance with the company's articles, a resolution proposing that DJH Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Kathryn Garrison
Director
31 July 2025
Tennant Scotland Limited
Directors' responsibilities statement
For the year ended 31 December 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Tennant Scotland Limited
Independent auditor's report
To the members of Tennant Scotland Limited
- 4 -
Opinion

We have audited the financial statements of Tennant Scotland Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Tennant Scotland Limited
Independent auditor's report (continued)
To the members of Tennant Scotland Limited
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Tennant Scotland Limited
Independent auditor's report (continued)
To the members of Tennant Scotland Limited
- 6 -

As part of our planning process

 

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974 and General Data Protection Regulations (GDPR).

 

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

 

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

 

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

 

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of investments.

 

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

 

- Documenting and verifying all significant related party balances and transactions.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the director of the entity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Tennant Scotland Limited
Independent auditor's report (continued)
To the members of Tennant Scotland Limited
- 7 -

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.

Richard Askey (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
12 August 2025
Tennant Scotland Limited
Income statement
For the year ended 31 December 2024
- 8 -
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(7,144)
(81)
Operating loss
(7,144)
(81)
Other gains and losses
5
(8,549,012)
-
Loss before taxation
(8,556,156)
(81)
Tax on loss
6
-
0
-
0
Loss for the financial year
(8,556,156)
(81)

The income statement has been prepared on the basis that all operations are continuing operations.

Tennant Scotland Limited
Statement of comprehensive income
For the year ended 31 December 2024
- 9 -
2024
2023
£
£
Loss for the year
(8,556,156)
(81)
Other comprehensive income
-
-
Total comprehensive income for the year
(8,556,156)
(81)
Tennant Scotland Limited
Statement of financial position
As at 31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
7,173,292
15,722,304
Current assets
Cash at bank and in hand
14,987
15,226
Creditors: amounts falling due within one year
9
(6,905)
-
Net current assets
8,082
15,226
Net assets
7,181,374
15,737,530
Capital and reserves
Called up share capital
10
101
101
Share premium account
11
250,000
250,000
Other reserves
11
-
0
7,916,679
Profit and loss reserves
11
6,931,273
7,570,750
Total equity
7,181,374
15,737,530

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
Kathryn  Garrison
Director
Company registration number SC336557 (Scotland)
Tennant Scotland Limited
Statement of changes in equity
For the year ended 31 December 2024
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
101
250,000
7,916,679
7,570,831
15,737,611
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(81)
(81)
Balance at 31 December 2023
101
250,000
7,916,679
7,570,750
15,737,530
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(8,556,156)
(8,556,156)
Reserve transfer
-
-
(7,916,679)
7,916,679
-
Balance at 31 December 2024
101
250,000
-
6,931,273
7,181,374
Tennant Scotland Limited
Notes to the financial statements
For the year ended 31 December 2024
- 12 -
1
Accounting policies
Company information

Tennant Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is 115 George Street, Edinburgh, Scotland, United Kingdom, EH2 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

 

 

1.2
Going concern

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

1.3
Fixed asset investments

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

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Tennant Scotland Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Tennant Scotland Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Tennant Scotland Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

The preparation of financial statements in accordance with FRS 102 requires estimates and assumptions by the directors. These estimates and assumptions might affect the reported amount of assets and liabilities, contingent liabilities and contingent assets at the reporting date as well as income and expenses during the reporting period. The actual outcomes and results may differ from these estimates and assumptions.

 

Estimates and underlying assumptions are reviewed on an ongoing basis. Impacts from revision to accounting estimates are recognised in the period in which the estimates are revised and for any future periods affected.

 

Key estimation and judgement areas are as follows:

 

- Carrying value of investments

 

The carrying value of investments is reviewed annually by reference to a discounted cash flow model prepared by the directors.

3
Auditors' Remuneration

Auditors' remuneration has been borne by another group undertaking.

4
Employees

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

2024
2023
Number
Number
Directors
3
3
5
Other gains and losses
2024
2023
£
£
Other gains and losses
(8,549,012)
-

The company's subsidiary, Applied Sweepers Holdings Limited, was dissolved on 10 December 2024. The above loss represents the value of the investment disposed after all final asset distributions had been made.

6
Taxation
No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Tennant Scotland Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 16 -
7
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
8
7,173,292
15,722,304
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
15,722,304
Additions
7,173,292
Return of investment
(7,173,292)
Disposals
(8,549,012)
At 31 December 2024
7,173,292
Carrying amount
At 31 December 2024
7,173,292
At 31 December 2023
15,722,304
8
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Tennant UK Cleaning Solutions Ltd
115 George Street, Edinburgh, Scotland, EH2 4JN
Ordinary
100.00
-
Vaclensa Ltd
115 George Street, Edinburgh, Scotland, EH2 4JN
Ordinary
0
100.00
9
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
6,905
-
0
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101
Tennant Scotland Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 17 -
11
Reserves
Share premium

Share premium reserve consists of the non-distributable premium paid on the issue of shares for cash.

Other reserves

Other reserves consists of the non-distributable merger relief reserve arising on the issue of share capital via share for share exchange.

Profit and loss reserves

All other net gains and losses and transactions with owners not recognised elsewhere.

12
Ultimate controlling party

The Company is a subsidiary of the ultimate parent undertaking, Tennant Company which is incorporated in the United States. The registered office of the parent company is 10400 Clean Street, Eden Prairie, MN, 55344-2650. The consolidated financial statements of Tennant Company are available to the public and may be obtained from http://investors.tennantco.com/overview/default.aspx.

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