Company registration number 15762635 (England and Wales)
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
COMPANY INFORMATION
Directors
Mr L M Coyne
Mr P Lawson
(Appointed 5 November 2024)
Mr R Galbraith
(Appointed 5 November 2024)
Secretary
Mr L M Coyne
Company number
15762635
Registered office
Foundry Park Lows Lane
Stanton-By-Dale
Ilkeston
United Kingdom
DE7 4QU
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group income statement
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
Notes to the financial statements
14 - 31
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the period ended 30 June 2025.

Review of the business

The directors are pleased to report strong operational performance during the period. The group successfully delivered a wide range of projects and services while continuing to invest in its plant and vehicle fleet. These strategic investments strengthen our operational capability, support efficient delivery, and enhance our ability to compete for new contracts while maintaining high levels of customer satisfaction.

Turnover for the period was £10.9m, supported by healthy demand across core service lines. The Group achieved a gross profit margin of 21.7%, illustrating the effectiveness of its cost‑management initiatives and project‑delivery disciplines.

The Group’s financial position remains sound, with net assets of £2.1m. This stable capital base provides a strong platform from which to pursue future growth opportunities.

Principal risks and uncertainties

The construction sector continues to face uncertainty due to policy and tax changes, along with persistent shortages of skilled labour. The company addresses these challenges by investing in training, driving operational efficiency, and sustaining a strong pipeline of secured contracts.

In addition, we remain cautious of the growing instability in the Middle East and the conflict‑driven disruptions around the Strait of Hormuz leading to increased global fuel and logistics costs. As fuel is a major input in manufacturing and transporting construction materials, these increases are contributing directly to higher material and project delivery costs across the sector.

Outlook

While the competitive landscape remains dynamic, the directors anticipate continued demand within the utilities sector, supported by long‑term contractual relationships and ongoing infrastructure and renewable energy requirements. The directors remain optimistic about the company’s prospects and are confident that its strategy, capabilities, and committed workforce will support continued success in the year ahead.

On behalf of the board

Mr P Lawson
Director
30 March 2026
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of maintenance and installation in the utility sectors covering electrics, water, telecoms, gas, Local Government maintenance and recycling of building materials being used in the utility sector.

Results and dividends

The results for the period are set out on page 7.

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

Directors

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

Mr L M Coyne
Mr P Lawson
(Appointed 5 November 2024)
Mr R Galbraith
(Appointed 5 November 2024)
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group 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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr P Lawson
Director
30 March 2026
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2025
- 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
- 4 -
Opinion

We have audited the financial statements of TUM Holdings 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2025 and of the group's profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial period 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.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Kirsty Mackie BAcc CA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Titanium 1
Kings Inch Place
Renfrew
PA4 8WF
30 March 2026
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2025
- 7 -
2025
ended
30 June
2025
Notes
£
Turnover
3
10,854,946
Cost of sales
(8,402,420)
Gross profit
2,452,526
Administrative expenses
(1,033,856)
Operating profit
4
1,418,670
Interest receivable and similar income
6
97,243
Interest payable and similar expenses
7
(237,323)
Profit before taxation
1,278,590
Tax on profit
8
(444,042)
Profit for the financial period
23
834,548
Profit for the financial period is all attributable to the owner of the parent company.
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2025
- 8 -
2025
ended
30 June
2025
£
Profit for the period
834,548
Other comprehensive income
-
Cash flow hedges gain arising in the period
-
0
Total comprehensive income for the period
834,548
Total comprehensive income for the period is all attributable to the owner of the parent company.
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
Notes
£
£
Fixed assets
Goodwill
9
515,798
Total intangible assets
515,798
Tangible assets
10
1,992,855
2,508,653
Current assets
Stocks
13
717,693
Debtors
14
1,915,432
Cash at bank and in hand
2,687,915
5,321,040
Creditors: amounts falling due within one year
15
(3,150,172)
Net current assets
2,170,868
Total assets less current liabilities
4,679,521
Creditors: amounts falling due after more than one year
16
(2,110,807)
Provisions for liabilities
Deferred tax liability
19
483,966
(483,966)
Net assets
2,084,748
Capital and reserves
Called up share capital
21
200
Share premium account
22
1,250,000
Profit and loss reserves
23
834,548
Total equity
2,084,748

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

The financial statements were approved by the board of directors and authorised for issue on 30 March 2026 and are signed on its behalf by:
30 March 2026
Mr P Lawson
Director
Company registration number 15762635 (England and Wales)
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
Notes
£
£
Fixed assets
Investments
11
3,750,000
3,750,000
Current assets
Debtors
14
200
Cash at bank and in hand
3,055
3,255
Creditors: amounts falling due within one year
15
(1,161,050)
Net current liabilities
(1,157,795)
Total assets less current liabilities
2,592,205
Creditors: amounts falling due after more than one year
16
(1,400,875)
Net assets
1,191,330
Capital and reserves
Called up share capital
21
200
Share premium account
22
1,250,000
Profit and loss reserves
23
(58,870)
Total equity
1,191,330

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £58,870.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 March 2026 and are signed on its behalf by:
30 March 2026
Mr P Lawson
Director
Company registration number 15762635 (England and Wales)
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2024
-
0
-
0
-
0
-
0
Period ended 30 June 2025:
Profit and total comprehensive income
-
-
834,548
834,548
Issue of share capital
21
200
1,250,000
-
1,250,200
Balance at 30 June 2025
200
1,250,000
834,548
2,084,748
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2024
-
0
-
0
-
0
-
0
Period ended 30 June 2025:
Profit and total comprehensive income
-
-
(58,870)
(58,870)
Issue of share capital
21
200
1,250,000
-
1,250,200
Balance at 30 June 2025
200
1,250,000
(58,870)
1,191,330
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2025
- 13 -
2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
28
1,540,022
Interest paid
(237,323)
Income taxes refunded
207,604
Net cash inflow from operating activities
1,510,303
Investing activities
Purchase of intangible assets
(557,619)
Purchase of tangible fixed assets
(4,964,490)
Proceeds from disposal of tangible fixed assets
2,322,351
Loans made to other entities
(200)
Interest received
97,243
Net cash used in investing activities
(3,102,715)
Financing activities
Proceeds from issue of shares
200
Share issue costs
1,250,000
Repayment of bank loans
1,766,468
Payment of finance leases obligations
1,263,859
Net cash generated from financing activities
4,280,527
Net increase in cash and cash equivalents
2,688,115
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
2,687,915
CASH FLOW OUT OF BALANCE BY:
200
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
- 14 -
1
Accounting policies
Company information

TUM Holdings 2 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of TUM Holdings 2 Limited and all of its subsidiaries.

1.1
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2
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 a mounts 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.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TUM Holdings 2 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
at varying rates on cost
Motor vehicles
25% on cost
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.13
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.

1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
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 group 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 group after deducting all of its liabilities.

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 paymen ts 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.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
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 th r ough 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 group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue and margin recognition

The Company's revenue recognition and margin recognition policies, which are set out in note 2, are central to how the Company values the work it has carried out in each financial year.

These policies require forecasts to be made of the outcomes on long-term contracts, which require estimates to be made of both cost and income recognition on each contract. On the cost side, estimates of forecasts are made on the final out-turn of each contract in addition to potential costs to be incurred for any maintenance and defects liabilities. On the income side, estimates are made on variations to consideration which typically include variations due to changes in scope of work, recoveries of claim income from customers, and potential liquidated damages that may be levied by customers. The Company continues to regularly assess these estimates.

As at 30 June 2025, the Company's contract assets (long term contracts WIP and amounts recoverable on long term contracts) and contract liabilities (accrued expenses) amounted to £445,527, £1,597,400 and £743,839 respectively as set out in notes 12, 13 and 14. The Company has considered the nature of estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Company's assumptions applied as at 30 June 2025 and could require a material adjustment to the carrying amount of these assets and liabilities in the next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across a large portfolio of contracts at different stages of their contract life, it is impractical to provide a quantitative analysis of the aggregated estimates that are applied at a portfolio level.

3
Turnover and other revenue
2025
£
Turnover analysed by class of business
Sale of services
10,854,946
2025
£
Turnover analysed by geographical market
United Kingdon
10,854,946
2025
£
Other revenue
Interest income
97,243
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 22 -
4
Operating profit
2025
£
Operating profit for the period is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
19,850
Depreciation of owned tangible fixed assets
(434,931)
Depreciation of tangible fixed assets held under finance leases
1,102,386
Profit on disposal of tangible fixed assets
(18,171)
Amortisation of intangible assets
41,821
Operating lease charges
122,216
5
Employees

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

Group
Company
2025
2025
Number
Number
Direct Labour
46
-
Supervisors and backup office staff
16
-
Accounts/Clerical
4
-
Directors
3
-
Total
69
0

Their aggregate remuneration comprised:

Group
Company
2025
2025
£
£
Wages and salaries
2,046,342
-
0
Social security costs
275,861
-
Pension costs
81,443
-
0
2,403,646
-
0
6
Interest receivable and similar income
2025
£
Interest income
Interest on bank deposits
97,242
Other interest income
1
Total income
97,243
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
6
Interest receivable and similar income
(Continued)
- 23 -
2025
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
97,242
7
Interest payable and similar expenses
2025
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
405
Other interest on financial liabilities
133,802
134,207
Other finance costs:
Interest on finance leases and hire purchase contracts
71,150
Other interest
31,966
Total finance costs
237,323
8
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
464,017
Deferred tax
Origination and reversal of timing differences
(19,975)
Total tax charge
444,042

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2025
£
Profit before taxation
1,278,590
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
319,648
Tax effect of expenses that are not deductible in determining taxable profit
124,394
Taxation charge
444,042
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 24 -
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2024
-
0
Additions
557,619
At 30 June 2025
557,619
Amortisation and impairment
At 1 October 2024
-
0
Amortisation charged for the period
41,821
At 30 June 2025
41,821
Carrying amount
At 30 June 2025
515,798

10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2024
-
0
-
0
-
0
-
0
Business combinations
156,800
1,600,445
3,207,245
4,964,490
At 30 June 2025
156,800
1,600,445
3,207,245
4,964,490
Depreciation and impairment
At 1 October 2024
-
0
-
0
-
0
-
0
Depreciation charged in the period
16,742
173,869
476,844
667,455
Eliminated in respect of disposals
-
0
-
0
(107,458)
(107,458)
Transfers
85,837
1,148,758
1,177,043
2,411,638
At 30 June 2025
102,579
1,322,627
1,546,429
2,971,635
Carrying amount
At 30 June 2025
54,221
277,818
1,660,816
1,992,855
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
10
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2025
£
£
Plant and equipment
258,452
-
0
Motor vehicles
3,153,608
-
0
3,412,060
-
11
Fixed asset investments
Group
Company
2025
2025
Notes
£
£
Investments in subsidiaries
12
-
0
3,750,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2024
-
Additions
3,750,000
At 30 June 2025
3,750,000
Carrying amount
At 30 June 2025
3,750,000
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
TUM Holdings Limited
Foundry Park, Lows Lane, Stanton-By-Dale, Derbyshire, DE7 4QU
Intermediate holidng company
Orindary
0
100.00
Trust Utility Management Ltd
Foundry Park, Lows Lane, Stanton-By-Dale, Derbyshire, DE7 4QU
Construction of utility projects
Ordinary
0
100.00
Trust Electrical Connections Ltd
Foundry Park, Lows Lane, Stanton-By-Dale, Derbyshire, DE7 4QU
Dormant
Ordinary
0
100.00
Utility Management Group Ltd
Foundry Park, Lows Lane, Stanton-By-Dale, Derbyshire, DE7 4QU
Intermediate holidng company
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
12
Subsidiaries
(Continued)
- 26 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
TUM Holdings Limited
3,750,000
-
0
Trust Utility Management Ltd
4,128,607
1,274,450
Trust Electrical Connections Ltd
2
-
0
Utility Management Group Ltd
3,773,721
(57)
0
13
Stocks
Group
Company
2025
2025
£
£
Raw materials and consumables
272,166
-
Work in progress
445,527
-
717,693
-
14
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
1,597,400
-
0
Other debtors
200
200
Prepayments and accrued income
317,832
-
0
1,915,432
200
15
Creditors: amounts falling due within one year
Group
Company
2025
2025
Notes
£
£
Bank loans
17
365,593
355,073
Obligations under finance leases
18
553,927
-
0
Trade creditors
1,135,229
-
0
Amounts owed to group undertakings
-
0
805,977
Corporation tax payable
167,680
-
0
Other taxation and social security
140,322
-
Other creditors
43,582
-
0
Accruals and deferred income
743,839
-
0
3,150,172
1,161,050
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 27 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2025
Notes
£
£
Bank loans and overdrafts
17
1,400,875
1,400,875
Obligations under finance leases
18
709,932
-
0
2,110,807
1,400,875
17
Loans and overdrafts
Group
Company
2025
2025
£
£
Bank loans
1,766,468
1,755,948
Payable within one year
365,593
355,073
Payable after one year
1,400,875
1,400,875

The long-term loans are secured by fixed and floarting charges over all the property and undertakings of the group.

18
Finance lease obligations
Group
Company
2025
2025
£
£
Future minimum lease payments due under finance leases:
Within one year
553,927
-
0
In two to five years
709,932
-
0
1,263,859
-
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 28 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2025
Group
£
Accelerated capital allowances
503,941
Other timing differences
(19,975)
483,966
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the period:
£
£
Asset at 1 October 2024
-
-
Credit to profit or loss
(19,975)
-
Other
503,941
-
Liability at 30 June 2025
483,966
-
20
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
81,443

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
of £1 each
200
200
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 29 -
22
Share premium account
Group
Company
2025
2025
£
£
At the beginning of the period
-
0
-
0
Share issue expenses
1,250,000
1,250,000
At the end of the period
1,250,000
1,250,000
23
Profit and loss reserves
Group
Company
2025
2025
£
£
At the beginning of the period
-
-
Profit/(loss) for the period
834,548
(58,870)
At the end of the period
834,548
(58,870)
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2025
£
£
Within one year
136,576
-
Between two and five years
368,767
-
505,343
-
25
Events after the reporting date

On 17 October 2025 Trust Utility Management Ltd purchased the entire share capital of Wayne For Drains Ltd for £287,000.

TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 30 -
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
£
Aggregate compensation
75,000
27
Controlling party

The ultimate controlling party is Mr Liam Coyne by virtue of his shareholding.

28
Cash generated from group operations
2025
£
Profit after taxation
834,548
Adjustments for:
Taxation charged
444,042
Finance costs
237,323
Investment income
(97,243)
Gain on disposal of tangible fixed assets
(18,171)
Amortisation and impairment of intangible assets
41,821
Depreciation and impairment of tangible fixed assets
667,455
Movements in working capital:
Increase in stocks
(717,693)
Increase in debtors
(1,915,032)
Increase in creditors
2,062,972
Cash generated from operations
1,540,022
29
Cash generated from operations - company
2025
£
Loss after taxation
(58,870)
Movements in working capital:
Decrease in debtors
200
Increase in creditors
805,977
Cash generated from operations
747,307
TUM HOLDINGS 2 LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 31 -
30
Analysis of changes in net debt - group
1 October 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
-
2,687,915
2,687,915
Borrowings excluding overdrafts
-
(1,766,468)
(1,766,468)
Obligations under finance leases
-
(1,263,859)
(1,263,859)
-
(342,412)
(342,412)
31
Analysis of changes in net debt - company
1 October 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
-
3,055
3,055
Borrowings excluding overdrafts
-
(1,755,948)
(1,755,948)
-
(1,752,893)
(1,752,893)
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