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Company registration number: 04125178
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2024
| TAILOR MADE TECHNOLOGIES LIMITED
TAILOR MADE TECHNOLOGIES LIMITED |  |
COMPANY INFORMATION
Directors | I C Brown (resigned 4 March 2026)
| S M Fenner
| T A Houston (resigned 28 June 2024)
| S P McCarthy
| D J Scott-Healey
| L J Whitcher
| S R Weedon
| C N Barnett (appointed 4 March 2026)
| M P Twigg (appointed 4 March 2026)
| J Routledge (appointed 4 March 2026)
| J Swaite (appointed 4 March 2026)
Registered number | 04125178
Registered office | Forum 5 Solent Business Park
| Whiteley
| Fareham
| Hampshire
| PO15 7PA
Independent auditors | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
TAILOR MADE TECHNOLOGIES LIMITED |  |
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11 - 12
Notes to the Financial Statements | 13 - 27
TAILOR MADE TECHNOLOGIES LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their Strategic Report for the Year Ended 31st December 2024. The Group consists of a holding company, Solent Group Holdings Limited (“SGH”), trading entity, Tailor Made Technologies Limited (“TMT”) and a dormant company, Peach Technologies Limited (“Peach”). For the purpose of this report, the results discussed are for the Group however, the review of the Company is focussed on Company only. SGH is one of the largest privately owned IT managed services and communications providers for SME’s in the UK. The Group’s strapline is “Powering Business Success with Managed IT, Cyber Security and Communications”. TMT’s innovative services and solutions coupled with both a highly customer-centric approach and “one-stop-shop” capability is why organisations choose TMT to deliver transformative IT, Communications and Cyber solutions.
Review of the Company’s business
Turning to the key results and KPIs for the period under review: Revenue on a statutory basis increased 3% to £15.66m (FY2023: £15.35m) and gross profit increased by 6% to £5.3m (FY23: £4.9m) and to 34% (FY23: 32%) of revenues. 2024 was a strong year for the Company, winning more net new IT logos than in both previous years combined. As a result, we are expecting the start of several strong years for the Company's financial results. The Company's recurring revenues improved by 13% to £10.6m, with some notable growth success. Core IT managed services grew 9% YoY – showcasing the trust customers have put into the Company's services teams, and hosted telephony grew over 16% YoY reflecting the increasing market trend for cloud based telephony services moving away from more capital intensive on prem solutions. Recurring revenues continue to account by far the majority of the Company's revenues at circa 68% of the total. Overall Hosted and Cloud services now represent circa 23% of the Company's overall recurring revenues. During 2024 the Company continued its investment in it’s innovate range of cyber security services and capability tailored for the SME market, and as a result of strong demand the revenues of its cyber managed services grew by 22%. Overall Adjusted EBITDA for period grew to circa to c £1.16m, further growth was achieved in both revenue and EBITDA for 2025. This is expected to continue in 2026, assisted by the majority investment from Global 4 Communications Limited. The Company remains confident in its ambitions to become one of the leading Managed Service Providers for IT, Communications and Cyber dedicated to SME organisations in Southern England. The directors are satisfied with the net asset position of the Company.
Future developments
During March 2026 the Group received a majority investment from Global 4 Communications Limited. The way in which we support our customers will remain unchanged. This investment will bring additional strength, scale and long-term backing behind the scenes. The group will be made up of more than 280 technology specialists. Working alongside Global 4 gives us the platform to keep improving, keep investing and keep supporting our clients as their needs evolve.
Principal risks and uncertainties
The Company faces a number of regular business risks and uncertainties including potential changes to the economic and regulatory environment in its target markets. The Company is impacted by external macro factors that affect the UK economy and in particular SME organisations. The Company considers itself relatively well protected against significant customer risk due to its diverse customer base. The Company seeks to mitigate such risks by adapting its own commercial activities and procedures. Page 1
TAILOR MADE TECHNOLOGIES LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern
In considering going concern, the Directors have considered the Group as a whole. For the year ended 31 December 2024 the consolidated group is showing a net current liability position and a net loss for the year. This is due to bank loans of £3,285,500 being due for renewal at the balance sheet date and £1,091,378 of other loans which technically may be called due in less than 12 months but are due to shareholders who have committed to continue support of the business. As described in Note 28, subsequent to year end a partial sale of the Group occurred. As part of this transaction the bank loans were cleared in full and £891,378 was repaid against other loans. The remaining £200,000 of other loans remains due to a shareholder who remains committed to continuing support of the business. Following the other loans repayment, interest accrued on these loans was also paid amounting to £942,770 which is showing within other creditors. The underlying trade of the group is profitable, with losses arising only after recognising interest payable of £550,282 and goodwill amortisation of £725,496. The Group has a stable and substantial customer base with no major reliance in any one customer. The Group forecasts show an expected increase in both revenue and profitability over the next 12 months which is reflection of a growing order book. After reviewing the Group’s forecasts and projections the Directors have a reasonable expectation that the group has adequate facilities to continue in operational existence for the foreseeable future and not less than twelve months from the approval of the financial statements. The Group and company therefore continue to adopt the going concern basis in preparing its consolidated financial statements This report was approved by the board and signed on its behalf.
................................................ D J Scott-Healey Director
Date: 5 March 2026
Page 2
TAILOR MADE TECHNOLOGIES LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
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 judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
Results and dividends
The profit for the year, after taxation, amounted to £900,822 (2023 - £915,936).
Directors
The directors who served during the year were:
I C Brown (resigned 4 March 2026)
S M Fenner
T A Houston (resigned 28 June 2024)
S P McCarthy
D J Scott-Healey
L J Whitcher
S R Weedon
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information.
Post balance sheet events
As described in Note 28, subsequent to year end a partial sale of the Group occurred. Page 3
TAILOR MADE TECHNOLOGIES LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Auditors
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ D J Scott-Healey Director
Date: 5 March 2026
Page 4
TAILOR MADE TECHNOLOGIES LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES LIMITED
Opinion
We have audited the financial statements of Tailor Made Technologies Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 December 2024 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 Auditors' 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.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 5
TAILOR MADE TECHNOLOGIES LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES LIMITED (CONTINUED)
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.
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: ∙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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement 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. Page 6
TAILOR MADE TECHNOLOGIES LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES LIMITED (CONTINUED)
Auditors' 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 Auditors' 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: ∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. ∙We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. ∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. ∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: °Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; °Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; °Challenging assumptions and judgments made by management in its significant accounting estimates; and °Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. ∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: °Posting of unusual journals and complex transactions. °Misappropriation of funds through fraudulent purchase ledger and payroll activity. °Manipulation of amounts subject to significant judgment or estimate. ∙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 Auditors' Report. Page 7
TAILOR MADE TECHNOLOGIES LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES 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 Auditors' 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. Mr James Hadfield FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 5 March 2026 Page 8
TAILOR MADE TECHNOLOGIES LIMITED |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover |  | 15,663,157 | 15,348,743
Cost of sales |  | (10,339,810) | (10,330,035)
Gross profit |  | 5,323,347 | 5,018,708
Administrative expenses |  | (4,296,598) | (4,183,375)
Other operating income | 5 | 426 | 11
Operating profit | 6 | 1,027,175 | 835,344
Interest receivable and similar income | 10 | 1,093 | 236
Interest payable and similar expenses | 11 | (6,563) | (10,323)
Profit before tax |  | 1,021,705 | 825,257
Tax on profit | 12 | (120,883) | 90,679
Profit for the financial year |  | 900,822 | 915,936
The notes on pages 13 to 27 form part of these financial statements.
Page 9
TAILOR MADE TECHNOLOGIES LIMITED REGISTERED NUMBER:04125178 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 31,417 |  | 76,573
Tangible assets | 15 |  | 115,893 |  | 157,438
|  |  | 147,310 |  | 234,011
Current assets |  |  |  |  |
Stocks | 16 | 65,437 |  | 103,602 |
Debtors: amounts falling due within one year | 17 | 5,410,996 |  | 5,035,786 |
Cash at bank and in hand | 18 | 38,637 |  | 396,369 |
|  | 5,515,070 |  | 5,535,757 |
Creditors: amounts falling due within one year | 19 | (2,293,680) |  | (2,637,962) |
Net current assets |  |  | 3,221,390 |  | 2,897,795
Total assets less current liabilities |  |  | 3,368,700 |  | 3,131,806
Creditors: amounts falling due after more than one year |  |  | (70,834) |  | (84,762)
Net assets |  |  | 3,297,866 |  | 3,047,044
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 9,886 |  | 9,886
Share premium account | 22 |  | 1,198 |  | 1,198
Capital redemption reserve | 22 |  | 560 |  | 560
Profit and loss account | 22 |  | 3,286,222 |  | 3,035,400
|  |  | 3,297,866 |  | 3,047,044
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ D J Scott-Healey
Director
Date: 5 March 2026
The notes on pages 13 to 27 form part of these financial statements. Page 10
TAILOR MADE TECHNOLOGIES LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 9,886 | 1,198 | 560 | 3,035,400 | 3,047,044
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 900,822 | 900,822
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (650,000) | (650,000)
At 31 December 2024 | 9,886 | 1,198 | 560 | 3,286,222 | 3,297,866
| The notes on pages 13 to 27 form part of these financial statements.
Page 11
TAILOR MADE TECHNOLOGIES LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 9,886 | 1,198 | 560 | 2,119,464 | 2,131,108
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 915,936 | 915,936
At 31 December 2023 | 9,886 | 1,198 | 560 | 3,035,400 | 3,047,044
| The notes on pages 13 to 27 form part of these financial statements.
Page 12
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Tailor Made Technologies Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the Companys' operations and its principle activities are set out in the directors' report. 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 Company's functional and presentational currency is GBP. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment 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 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Solent Group Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Forum 5 Solent Business Park, Whiteley, Fareham, Hampshire, United Kingdom, PO15 7PA.. Page 13
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
In considering going concern, the Directors have considered the Group as a whole. For the year ended 31 December 2024 the consolidated group is showing a net current liability position and a net loss for the year. This is due to bank loans of £3,285,500 being due for renewal at the balance sheet date and £1,091,378 of other loans which technically may be called due in less than 12 months but are due to shareholders who have committed to continue support of the business. As described in Note 28, subsequent to year end a partial sale of the Group occurred. As part of this transaction the bank loans were cleared in full and £891,378 was repaid against other loans. The remaining £200,000 of other loans remains due to a shareholder who remains committed to continuing support of the business. The underlying trade of the group is profitable, with losses arising only after recognising interest payable of £550,282 and goodwill amortisation of £725,496. The Group has a stable and substantial customer base with no major reliance in any one customer. The Group forecasts show an expected increase in both revenue and profitability over the next 12 months which is reflection of a growing order book. After reviewing the Group’s forecasts and projections the Directors have a reasonable expectation that the group has adequate facilities to continue in operational existence for the foreseeable future and not less than twelve months from the approval of the financial statements. The Group and company therefore continue to adopt the going concern basis in preparing its consolidated financial statements
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue 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 revenue 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. Page 14
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Taxation
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 reporting date in the countries where the Company operates and generates income. Page 15
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - |  | 10 years
|  |  |  | Computer Software | - |  | 4 - 10 years
| 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 as shown in the below table: Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures, fittings and equipment | - | 5 - 25% straight line or over the lease term
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 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 16
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | 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 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 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. 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. Page 17
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
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.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at board meetings.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements: To determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
4. | Turnover
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sales of hardware & software | 3,997,257 | 3,757,217
| Services | 11,665,900 | 11,591,526
|  | 15,663,157 | 15,348,743
| All turnover arose within the United Kingdom.
Page 18
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | 426 | 11
|  | 426 | 11
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating lease rentals | 217,972 | 190,582
| Depreciation | 64,575 | 96,146
| Amortisation | 45,156 | 99,823
7. | Auditors' remuneration
| The Company has taken advantage of the exemption not to disclose amounts paid for audit and non-audit services as these are disclosed in the consolidated accounts of the parent Company.
8. | Employees
| The average number of employees during the year was:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Staff | 104 | 105
| Directors | 6 | 7
|  | 110 | 112
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Gross wages | 4,903,113 | 4,658,983
| Employers national insurance | 529,983 | 541,574
| Employers pension costs | 146,857 | 144,557
|  | 5,579,953 | 5,345,114
Page 19
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors salaries | 553,917 | 723,830
| Directors pension costs - defined contrib'n sch. | 12,180 | 22,177
| Benefits in kind | 6,928 | 1,102
|  | 573,025 | 747,109
| During the year retirement benefits were accruing to 6 directors (2023 - 7) in respect of defined contribution pension schemes. The highest paid director received remuneration from the Group of £114,583 (2023 - £125,000). The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).
10. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 1,093 | 236
|  | 1,093 | 236
11. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other loan interest payable | 628 | 4,707
| Finance leases and hire purchase contracts | 5,935 | 5,616
|  | 6,563 | 10,323
Page 20
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 121,235 | 34,118
| Adjustments in respect of previous periods | (352) | (124,797)
|  | 120,883 | (90,679)
| Total current tax | 120,883 | (90,679)
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit | 120,883 | (90,679)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,021,705 | 825,257
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 255,426 | 194,100
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,118 | 3,605
| Adjustments to tax charge in respect of prior periods | (352) | (124,797)
| Deferred tax not provided for | 4,167 | -
| Other permanent differences | 2,654 | (127)
| Changes in provisions leading to an increase (decrease) in the tax charge | - | 775
| Group relief | (145,130) | (164,235)
| Total tax charge for the year | 120,883 | (90,679)
Page 21
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Exceptional items
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Reorganisation costs | - | 8,178
| Redundancy costs | - | 15,202
| R&D related professional fees | - | 10,000
| Stock write off | 38,767 | 37,721
|  | 38,767 | 71,101
14. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 151,222 | 503,408 | 654,630
| At 31 December 2024 | 151,222 | 503,408 | 654,630
| Amortisation |  |  |
| At 1 January 2024 | 85,265 | 492,792 | 578,057
| Charge for the year on owned assets | 34,540 | 10,616 | 45,156
| At 31 December 2024 | 119,805 | 503,408 | 623,213
| Net book value |  |  |
| At 31 December 2024 | 31,417 | - | 31,417
| At 31 December 2023 | 65,957 | 10,616 | 76,573
Page 22
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Tangible fixed assets
|  | Motor vehicles | Fixtures, fittings and equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 113,471 | 310,514 | 423,985
| Additions | - | 23,030 | 23,030
| At 31 December 2024 | 113,471 | 333,544 | 447,015
| Depreciation |  |  |
| At 1 January 2024 | 21,276 | 245,271 | 266,547
| Charge for the year on owned assets | 19,270 | 45,305 | 64,575
| At 31 December 2024 | 40,546 | 290,576 | 331,122
| Net book value |  |  |
| At 31 December 2024 | 72,925 | 42,968 | 115,893
| At 31 December 2023 | 92,195 | 65,243 | 157,438
16. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 65,437 | 103,602
|  | 65,437 | 103,602
Page 23
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 793,344 | 688,524
| Amounts owed by group undertakings | 1,990,805 | 1,787,231
| Amounts owed by participating interests | 1,547,264 | 1,547,264
| Other debtors | 21,045 | 112,012
| Prepayments and accrued income | 1,058,538 | 900,755
|  | 5,410,996 | 5,035,786
| The restatement to debtors, is a result of a correction to the classification of the ageing of the amounts owed by participating interests balance of £1,547,264.
18. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 38,637 | 396,369
| Less: bank overdrafts | (35,590) | -
|  | 3,047 | 396,369
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 35,590 | -
| Trade creditors | 785,882 | 1,114,862
| Corporation tax | 147,356 | 34,118
| Other taxation and social security | 624,495 | 684,917
| Obligations under finance lease and hire purchase contracts | 13,928 | 13,298
| Other creditors | 295,350 | 356,203
| Accruals and deferred income | 391,079 | 434,564
|  | 2,293,680 | 2,637,962
| The obligations under finance lease and hire purchase contracts are secured against the asset they are specified to.
Page 24
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 70,834 | 84,762
|  | 70,834 | 84,762
| The obligations under finance lease and hire purchase contracts are secured against the asset they are specified to.
21. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 80,000 (2023 - 80,000) Ordinary A shares of £0.10 each | 8,000 | 8,000
|  | 11,430 (2023 - 11,430) Ordinary B shares of £0.10 each | 1,143 | 1,143
|  | 7,430 (2023 - 7,430) Ordinary C shares of £0.10 each | 743 | 743
|  |  | 9,886 | 9,886
| Each Ordinary share has equal voting and dividend rights.
22. | Reserves
Share premium account The share premium account includes the premium on issue of equity shares, net of any issue costs. Capital redemption reserve The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled. Profit and loss account The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. Page 25
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Share-based payments
| Under the group plan, 108,853 share options were granted between six employees in 2019 and 44,230 share options were granted to one employee in 2020. 39,235 options were forfeited during the previous year. In the current year, 44,230 options were forfeited. The remaining share options held at the end of 2024 amount to 5,362. All other options remain outstanding at the year end. The employees are only entitled to exercise the share options on an exit event and if the market and non-market conditions are met. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are forfeited if the employee leaves the group before the share options become exercisable.
|  | Weighted average exercise price (pence) 2024 | Number 2024 | Weighted average exercise price (pence) 2023 | Number 2023
| Outstanding at the beginning of the year | 62.00 | 49,592 | 62.00 | 88,827
| Forfeited during the year | 62.00 | (44,230) | 62.00 | (39,235)
| Outstanding at the end of the year |  | 5,362 |  | 49,592
| Non-vesting conditions have been taken into account when estimating the fair value of the option at grant date. Service conditions are taken into account by adjusting the number of options expected to vest at each reporting date. The options outstanding as at 31 December 2024 had an exercise price of £0.62 each and an expiry date of 14 November 2029. No charge has been made to the profit or loss account in respect of this, on the grounds of materiality.
24. | 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 £149,508 (2023 - £144,557). Contributions totalling £25,445 (2023 - £24,796) were payable to the fund at the reporting date and are included within other creditors. Page 26
TAILOR MADE TECHNOLOGIES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
25. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 222,394 | 227,587
| Later than 1 year and not later than 5 years | 139,041 | 371,523
|  | 361,435 | 599,110
| Amounts expensed within the Statement of Comprehensive Income, relating to operating leases were £217,972 (2023 - £190,582).
26.Other financial commitments The group, consisting of Solent Group Holdings Limited, Tailor Made Technologies Limited and Peach Technologies Limited have in place a group overdraft facility of £300,000 (2023 - £300,000). Each of the members of the group has entered into a cross guarantee agreement in respect of this facility. At the year end the amount drawn on the facility across the group was £Nil (2023 - £Nil).
27. | Related party transactions
| The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
28. | Post balance sheet events
During March 2026 a partial sale of the Company’s ultimate parent occurred which resulted in the exit of certain shareholders and additional funds being invested into the Group. As part of this transaction a debtor due from a current shareholder to the Company for £1,547,264 was written off in full. In addition the wider Group’s bank loans were cleared in full and a shareholder loan of £891,000 plus accrued interest was repaid to an exiting shareholder.
29. | Controlling party
The parent of Tailor Made Technologies Limited is Solent Group Holdings Limited and its registered office is as follows: Forum 5 Solent Business Park, Whiteley, Fareham, Hampshire, United Kingdom, PO15 7PA. Solent Group Holdings Limited is the smallest company for which consolidated accounts, including this company are prepared. Consolidated accounts are available from its registered office as stated above As described in Note 28, subsequent to year end a partial sale of Solent Group Holdings occurred resulting in Global 4 Communications Limited, a company incorporated in the United Kingdom, becoming the ultimate parent undertaking and C N Barnett becoming the ultimate controlling party.
Page 27