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TWM Technology Limited
Annual Report and Financial Statements
Year Ended 30 June 2025

Registration number: 02696553

TWM Technology Limited

Contents

Company Information | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 7
Profit and Loss Account | 8
Balance Sheet | 9
Notes to the Financial Statements | 10 to 15

TWM Technology Limited

Company Information

Directors | D K Douglas S A Beckett J C Wakeford C Jones

Company secretary | D K Douglas

Registered office | The Eurotech Group plc Dinan Way Exmouth EX8 4RZ

Solicitors | Ashfords LLP Ashford House Grenadier Road Exeter Devon EX1 3LH

Bankers | HSBC plc Exeter Commercial Ground Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS

Auditors | PKF Francis Clark Statutory AuditorCentenary House Peninsula Park Rydon Lane Exeter EX2 7XE

TWM Technology Limited

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Directors of the company

The directors who held office during the year were as follows:

D K Douglas

S A Beckett

J C Wakeford

C Jones

Principal activity

The principal activity of the company is the manufacture of precision metal packages for the electronics industry.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 18 December 2025 and signed on its behalf by:

......................................... D K Douglas Director

TWM Technology Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• | select suitable accounting policies and 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 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.

TWM Technology Limited

Independent Auditor's Report to the Members of TWM Technology Limited

Opinion

We have audited the financial statements of TWM Technology Limited (the 'company') for the year ended 30 June 2025, which comprise the Profit and Loss Account, Balance Sheet, and Notes to the Financial Statements, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) incorporating the requirements of Section 1A.

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 30 June 2025 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

TWM Technology Limited

Independent Auditor's Report to the Members of TWM Technology Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where 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; or
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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.

TWM Technology Limited

Independent Auditor's Report to the Members of TWM Technology Limited

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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety regulations, environmental regulations, breaches of quality control regulations and The Control of Substances Hazardous to Health Regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation (Corporation Tax, VAT etc.). We considered the extent to which non-compliance with these laws and regulations may have a material effect on the financial statements.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
● Enquiries to members of Senior Management, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;
● Review of minutes of meetings of Senior Management, and those charged with governance;
● Review of any health and safety incidents which have been reported under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;
● Review of certifications confirming compliance following audits conducted by the Regulator (British Standards Institute);
● Challenging assumptions and judgements made by management in its significant accounting estimates; and
● Testing the recognition of revenue and costs, in particular around the year end date, including a revenue matching exercise between the company's ordering, despatching and invoicing system;
● Reviewing draft tax computations and involving the use of our specialists as required (e.g. VAT);
● Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
● Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

TWM Technology Limited

Independent Auditor's Report to the Members of TWM Technology Limited

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

Use of our report

This report is made solely to the company’s 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.

......................................
Neil Hitchings (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

18 December 2025

TWM Technology Limited

Profit and Loss Account

Year Ended 30 June 2025

| Note | 2025 £ 000 | 2024 £ 000
Turnover |  | 2,487 | 2,766
Cost of sales |  | (1,461) | (1,453)
Gross profit |  | 1,026 | 1,313
Distribution costs |  | (14) | (13)
Administrative expenses |  | (456) | (444)
Operating profit |  | 556 | 856
Interest payable and similar expenses |  | (7) | -
Profit before tax | 4 | 549 | 856
Tax on profit |  | (2) | (12)
Profit for the financial year |  | 547 | 844

TWM Technology Limited

Balance Sheet

30 June 2025

| Note | 2025 £ 000 | 2024 £ 000
Fixed assets |  |  |
Tangible assets | 5 | 506 | 482
Current assets |  |  |
Stocks | 6 | 1,231 | 1,366
Debtors | 7 | 1,903 | 1,023
Cash at bank and in hand |  | 1 | 1
|  | 3,135 | 2,390
Creditors: Amounts falling due within one year | 8 | (669) | (356)
Net current assets |  | 2,466 | 2,034
Total assets less current liabilities |  | 2,972 | 2,516
Creditors: Amounts falling due after more than one year | 8 | - | (93)
Provisions for liabilities |  | (77) | (75)
Net assets |  | 2,895 | 2,348
Capital and reserves |  |  |
Profit and loss account |  | 2,895 | 2,348
Shareholders' funds |  | 2,895 | 2,348

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 18 December 2025 and signed on its behalf by:

.........................................

D K Douglas

Director

Company Registration Number: 02696553

TWM Technology Limited

Notes to the Financial Statements

Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
The Eurotech Group plc
Dinan Way
Exmouth
EX8 4RZ

The principal place of business is:
Heathpark Way
Heathpark Industrial Estate
Honiton
EX14 1BB

2 | Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are presented in Sterling (£). The figures, unless otherwise stated, have been presented in round thousands.

Going concern

Having considered the availability of working capital and the current and projected trading performance of the company, directors have concluded that the financial statements should continue to be prepared on a going concern basis.

TWM Technology Limited

Notes to the Financial Statements

Year Ended 30 June 2025

2 | Accounting policies (continued)

Judgements

Revenue from long term contracts is recognised by reference to the stage of completion as assessed by management. Provisions are made within amounts recoverable on contracts so that the proportion of contracted revenue recognised is proportional to the total expected costs to complete the project.

Revenue recognition

Turnover represents amounts chargeable in respect of the sale of goods and services to customers. Turnover on the sale of goods is recognised at the point of dispatch to the customer. Service revenue is recognised in line with the work performed.
Revenue from long term contracts is recognised by reference to the stage of completion as assessed by management. Provisions are made within amounts recoverable on contracts so that the proportion of contracted revenue recognised is proportional to the total expected costs to complete the project.

Tax

Income tax expense for the period represents the sum of the current tax currently payable and deferred tax. Tax is recognised in profit of loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 10% - 25% straight line
Office equipment | 10% - 25% straight line

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

TWM Technology Limited

Notes to the Financial Statements

Year Ended 30 June 2025

2 | Accounting policies (continued)

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
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 net assets of the company.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
The company holds the following financial instruments:
• Short term trade debtors and creditors;
• Long term intra group debtors and creditors;
All of the financial instruments of the company are considered to be basic financial instruments. Such instruments are initially measured at transaction price, including transaction costs. Those instruments considered current are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Long term instruments are subsequently measured at amortised cost using the effective interest rate method with the exception that intercompany loans are not discounted on the grounds of materiality.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2024 - 23).

TWM Technology Limited

Notes to the Financial Statements

Year Ended 30 June 2025

4 | Profit before tax

Arrived at after charging/(crediting)

| 2025 £ 000 | 2024 £ 000
Depreciation expense | 93 | 85
Auditor's remuneration | 7 | 6

5 | Tangible assets

| Furniture, fittings and equipment £ 000 | Other property, plant and equipment £ 000 | Total £ 000
Cost or valuation
At 1 July 2024 | 70 | 1,176 | 1,246
Additions | 1 | 116 | 117
Disposals | (1) | (6) | (7)
At 30 June 2025 | 70 | 1,286 | 1,356
Depreciation
At 1 July 2024 | 62 | 702 | 764
Charge for the year | 3 | 90 | 93
Eliminated on disposal | (1) | (6) | (7)
At 30 June 2025 | 64 | 786 | 850
Carrying amount
At 30 June 2025 | 6 | 500 | 506
At 30 June 2024 | 8 | 474 | 482

6 | Stocks

| 2025 £ 000 | 2024 £ 000
Raw materials and consumables | 46 | 40
Work in progress | 515 | 698
Finished goods and goods for resale | 670 | 628
| 1,231 | 1,366

TWM Technology Limited

Notes to the Financial Statements

Year Ended 30 June 2025

7 | Debtors

| 2025 £ 000 | 2024 £ 000
Trade debtors | 421 | 381
Amounts owed by group undertakings | 1,090 | -
Prepayments | 62 | 54
Other debtors | 330 | 588
| 1,903 | 1,023

8 | Creditors

Creditors: amounts falling due within one year

|  | 2025 £ 000 | 2024 £ 000
Due within one year |  |  |
Loans and borrowings |  | 263 | -
Trade creditors |  | 203 | 214
Amounts due to group undertakings |  | 109 | 105
Taxation and social security |  | 78 | 29
Accrued expenses |  | 16 | 7
Other creditors |  | - | 1
|  | 669 | 356

Creditors: amounts falling due after more than one year

| 2025 £ 000 | 2024 £ 000
Due after one year |  |
Amounts owed to group undertakings | - | 93

TWM Technology Limited

Notes to the Financial Statements

Year Ended 30 June 2025

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ 000 | 2024 £ 000
Not later than one year | 20 | 40
Later than one year and not later than five years | - | 20
| 20 | 60

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,000 (2024 - £40,000).

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 2 | 2 | 2 | 2

11 | Parent and ultimate parent undertaking

The company's immediate parent is The Eurotech Group plc, incorporated in England. The address of the parent company is Salterton Industrial Estate, Salterton Road, Exmouth, EX8 4RZ.
The smallest group producing publicly available financial statements is The Eurotech Group plc. These financial statements are available upon request from Companies House.
The ultimate controlling party is D K Douglas.