Registration number:
Tennants Holdings Limited
for the Year Ended 30 November 2025
Tennants Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Tennants Holdings Limited
Company Information
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Director |
Mr Jeremy James Curtis |
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Registered office |
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Auditors |
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Tennants Holdings Limited
Strategic Report for the Year Ended 30 November 2025
The director presents his strategic report for the year ended 30 November 2025.
Principal activity
The principal activity of the group is the manufacture, design and distribution of number plates and road traffic signs, and the distribution of reflective sheeting.
Fair review of the business
The director reports that due to challenging conditions within the industry, the group annual turnover reduced to £13.3m (2024: £14.4m). Gross profit margin also decreased, again due to the challenging conditions to 25.4% (2024: 26.0%), with pre-tax profits decreasing from £1.7m (2024) to £1.4m (2025). Despite these decreases the company is still in a strong position for future expansion and further investment in research and development.
The group balance sheet also shows a satisfactory position overall, with net assets being maintained at a level required to adequately finance the group £10.0m (2024: £9.0m).
Future developments
The group constantly looks at the products it provides in order to maintain or increase market share. The board are focused on improving profitability and efficiencies in the business.
Research and development
The group continues to carry out research and develop new print solutions for reflective media.
Tennants Holdings Limited
Strategic Report for the Year Ended 30 November 2025
Principal risks and uncertainties
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks affecting the group are considered to relate to competition and the supply of raw materials. Competition puts pressure on the gross profit margin, and current events in Eastern Europe and more recently the Middle East have had or are expected to have an impact on the supply chain. In order to minimise the impact of the inherent risks management continue to review pricing and material availability to improve supply chain management, to manage gross margin and reduce the risk of stock shortages.
Interest Rate Risk
The group has no borrowings or finance leases. The directors believe the risk associated with interest rate alterations is not significant to the group.
Credit Risk
The group has significant trade debtor balances at any point in time. The director, assisted by the finance team, keep close control of customer credit limits and use credit insurance to help reduce the credit risk to an acceptable level.
Liquidity Risk
The group maintains adequate cash and bank balances to meet its day to day working capital requirement. The director views the main risk to liquidity is if the group fails to collect trade debtor balances in a timely fashion. The director manages this as part of the credit risk procedures by monitoring customer credit, and in turn taking advantage of supplier credit where necessary.
Foreign Currency Risk
The group sources some materials from overseas and has some overseas customers. The director manages foreign currency risk by buying foreign currency in anticipation of requirement. The group does not hold excessive amounts of foreign currency, beyond expected operational use.
Inflation Risk
The group has experienced inflationary increases in direct costs during the financial year. It is expected inflationary pressures will continue in the next financial year. The directors are anticipating cost of sale price increases. Inflation risk is mitigated by regular product sales price adjustments in line with cost price increases.
Approved and authorised by the
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Tennants Holdings Limited
Director's Report for the Year Ended 30 November 2025
The director presents his report and the for the year ended 30 November 2025.
Director of the group
The director who held office during the year was as follows:
Dividends
The director recommends a final dividend payment of £Nil be made in respect of the financial year ended 30 November 2025. This dividend has not been recognised as a liability in the financial statements.
Going concern
The financial statements have been prepared on a going concern basis.
Disclosure of information to the auditor
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the groups auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Atkinson Evans Limited as auditors of the group is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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Tennants Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Tennants Holdings Limited
Independent Auditor's Report to the Members of Tennants Holdings Limited
Opinion
We have audited the financial statements of Tennants Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 November 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Tennants Holdings Limited
Independent Auditor's Report to the Members of Tennants Holdings Limited
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Tennants Holdings Limited
Independent Auditor's Report to the Members of Tennants Holdings Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included, but were not limited to, compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following:
- obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
- obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
- an understanding of the entity's risk assessment process, including the risk of fraud;
- designing our audit procedures to respond to our risk assessment; and;
- performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, specifically the carrying value of stock and recoverability of trade debtors.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.
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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Tennants Holdings Limited
Independent Auditor's Report to the Members of Tennants Holdings Limited
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For and on behalf of
Chartered Certified Accountants
The Old Drill Hall
10 Arnot Hill Road
Arnold
Nottinghamshire
NG5 6LJ
Tennants Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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169,106 |
246,134 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
Tennants Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Tennants Holdings Limited
(Registration number: 12304158)
Consolidated Balance Sheet as at 30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,552 |
2,552 |
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Other reserves |
2,699,472 |
2,699,472 |
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Retained earnings |
7,328,569 |
6,272,429 |
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Equity attributable to owners of the company |
10,030,593 |
8,974,453 |
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Shareholders' funds |
10,030,593 |
8,974,453 |
Approved and authorised by the
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Tennants Holdings Limited
(Registration number: 12304158)
Balance Sheet as at 30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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- |
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Investment property |
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- |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,552 |
2,552 |
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Retained earnings |
5,422,158 |
4,443,846 |
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Shareholders' funds |
5,424,710 |
4,446,398 |
The company made a profit after tax for the financial year of £978,312 (2024 - profit of £920,102).
Approved and authorised by the
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Tennants Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 November 2025
Equity attributable to the parent company
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Share capital |
Merger reserve |
Retained earnings |
Total |
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At 1 December 2024 |
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Profit for the year |
- |
- |
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At 30 November 2025 |
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Total equity |
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At 1 December 2024 |
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Profit for the year |
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At 30 November 2025 |
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Share capital |
Merger reserve |
Retained earnings |
Total |
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At 1 December 2023 |
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Profit for the year |
- |
- |
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At 30 November 2024 |
2,552 |
2,699,472 |
6,272,429 |
8,974,453 |
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Total equity |
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At 1 December 2023 |
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Profit for the year |
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At 30 November 2024 |
8,974,453 |
Tennants Holdings Limited
Statement of Changes in Equity for the Year Ended 30 November 2025
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Share capital |
Retained earnings |
Total |
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At 1 December 2024 |
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Profit for the year |
- |
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At 30 November 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 December 2023 |
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Profit for the year |
- |
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At 30 November 2024 |
2,552 |
4,443,846 |
4,446,398 |
Tennants Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Finance income |
( |
( |
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Finance costs |
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- |
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Income tax expense |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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Decrease in trade debtors |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Acquisition of investment properties |
( |
- |
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Net cash flows from investing activities |
( |
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Cash flows from financing activities |
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Interest paid |
( |
- |
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Net (decrease)/increase in cash and cash equivalents |
( |
|
|
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Cash and cash equivalents at 1 December |
|
|
|
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Cash and cash equivalents at 30 November |
5,315,283 |
5,348,685 |
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Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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General information |
Tennants Holdings Limited is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Judgements
In the application of the group's accounting policies, the director is 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 profit 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. |
Revenue recognition
Turnover is recognised at 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.
The following accounting policies are applied to the principal revenue generating activities of the group:
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 despatch 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. Where consideration is received in advance of the performance of obligations being satisfied, a contract liability is recognised.
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property income represents rents receivable from investment properties and is recognised as it falls due, in accordance with the lease to which it relates.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 group operates and generates taxable income.
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
2% on cost |
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Improvements to property |
2% on cost |
|
Plant and machinery |
20% on cost |
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Fixtures and fittings |
10% on cost |
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Motor vehicles |
25% on cost |
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Office equipment |
25% on cost |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
Fully depreciated |
|
Trademarks, patents and licences |
20% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rental income from investment property |
|
- |
|
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of tangible assets |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Research and development cost |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
- |
|
Foreign exchange gains |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
168,465 |
126,674 |
|
Other employee expense |
12,789 |
25,010 |
|
|
|
The average number of persons employed by the company (including the director) during the year, was
The average number of persons employed by the group (including directors) during the year were; Production 31 (2024 = 33) and Administration and support 25 (2024 = 27). Giving a total of 56 (2024 = 60)
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
26,515 |
47,957 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
8,000 |
7,500 |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
309,625 |
438,181 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Total tax charge |
|
|
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Intangible assets |
Group
|
Goodwill |
Trademarks, patents and licenses |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2024 |
|
|
|
|
At 30 November 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 December 2024 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 30 November 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 November 2025 |
- |
|
|
|
At 30 November 2024 |
- |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Tangible assets |
Group
|
Land and buildings |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
||||
|
Cost or valuation |
|||||||
|
At 1 December 2024 |
- |
|
|
|
|||
|
Additions |
|
- |
|
|
|||
|
Disposals |
- |
- |
- |
( |
|||
|
At 30 November 2025 |
|
|
|
|
|||
|
Depreciation |
|||||||
|
At 1 December 2024 |
- |
|
|
|
|||
|
Charge for the year |
- |
|
|
|
|||
|
Eliminated on disposal |
- |
- |
- |
( |
|||
|
At 30 November 2025 |
- |
|
|
|
|||
|
Carrying amount |
|||||||
|
At 30 November 2025 |
|
|
|
|
|||
|
At 30 November 2024 |
- |
|
|
|
|||
|
Office equipment |
Motor vehicles |
Total |
|||||
|
Cost or valuation |
|||||||
|
At 1 December 2024 |
|
|
|
||||
|
Additions |
|
|
|
||||
|
Disposals |
- |
( |
( |
||||
|
At 30 November 2025 |
|
|
|
||||
|
Depreciation |
|||||||
|
At 1 December 2024 |
|
|
|
||||
|
Charge for the year |
|
|
|
||||
|
Eliminated on disposal |
- |
( |
( |
||||
|
At 30 November 2025 |
|
|
|
||||
|
Carrying amount |
|||||||
|
At 30 November 2025 |
|
|
|
||||
|
At 30 November 2024 |
|
|
|
||||
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Company
|
Land and buildings |
Total |
|
|
Cost or valuation |
||
|
Additions |
|
|
|
At 30 November 2025 |
|
|
|
Depreciation |
||
|
Carrying amount |
||
|
At 30 November 2025 |
|
|
Included within the net book value of land and buildings above is £891,492 (2024 - £Nil) in respect of freehold land and buildings.
|
Investment properties |
Group
|
2025 |
|
|
Additions |
|
|
At 30 November 2025 |
|
Investment property was valued on a fair value basis on 30th November 2025 by the director.
Company
|
2025 |
|
|
Additions |
|
|
At 30 November 2025 |
|
Investment property was valued on a fair value basis on 30th November 2025 by the director.
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 November 2025 |
|
|
At 30 November 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Tennant House, Mount Street, New Basford, Nottingham, NG7 7HX England |
|
|
|
|
Subsidiary undertakings |
|
Tennants UK Limited The principal activity of Tennants UK Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Finished goods and goods for resale |
|
|
- |
- |
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
- |
|
|
Income tax liability |
181,260 |
276,129 |
59,303 |
56,468 |
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 November 2025 |
|
|
|
|
||
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,552 |
|
2,552 |
|
Reserves |
Group
Retained earnings
The retained earnings account represents profits and loss retained on consolidation.
Merger reserve
An accounting reserve which arose on the application of accounting for a business acquisition.
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating lease commitments have reduced following the acquesition of the land and buildings at note 13, that were previously leased from a related party.
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
|
- |
Total contingent rents recognised as income in the period are £Nil (2024 - £Nil).
During the year the company acquired investment properties which were subject to lease to tenants under operating lease agreements.
Leases to companies within the Tennants Holdings Limited group have been removed from this disclosure.
Company
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
|
- |
Total contingent rents recognised as income in the period are £Nil (2024 - £Nil).
During the year the company acquired investment properties which were subject to lease to tenants under operating lease agreements.
|
Related party transactions |
Group
The group has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A not to disclose related party transactions with wholly owned members of its group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Purchase of property or other assets |
|
|
Leases |
|
|
|
|
|
|
|
Tennants Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
2024 |
Other related parties |
|
Leases |
|
|
|
|
Company
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Purchase of property or other assets |
|
|
|
|