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Registration number: 04697211

Tallis Amos Group Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Tallis Amos Group Limited

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5 to 7
Statement of Directors' Responsibilities | 8
Independent Auditor's Report | 9 to 12
Profit and Loss Account | 13
Balance Sheet | 14
Statement of Changes in Equity | 15
Statement of Cash Flows | 16
Notes to the Financial Statements | 17 to 32

Tallis Amos Group Limited

Company Information

Directors | B J Tallis C Mcintyre SCG Amos M G Blackburn M Thompson T W Shakeshaft

Registered office | Hinton-On-The-Green Evesham Worcestershire United Kingdom WR11 2QT

Auditors | Clement Rabjohns Limited Registered Auditors and Chartered Accountants111/113 High Street Evesham Worcestershire WR11 4XP

Tallis Amos Group Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is the sale and maintenance of agricultural machinery

Fair review of the business

The company is majority owned by the Tallis and Amos families, with managing director Ben Tallis based at the Evesham head office and Simon Amos based at Leominster, jointly leading the company as partners. The company operated six sites in the year which employs approximately 180 people. In January 2026, the Llanllwni site was consolidated into the nearby Narberth operation and thus the company now has 5 operational sites in 2026. All customers and employees were successfully transferred as part of a strategic restructuring initiative designed to reduce overhead costs, improve operational efficiency, and strengthen customer service delivery within the region.
The company has seen a significant improvement in the results compared to last year with a profit before tax of £496k achieved (2024 loss: £1,166k). This is reflective of the action plan successfuly implemented by the board to increase liquidity as well as continued support from John Deere. Whilst broader economic conditions remain uncertain due to ongoing geopolitical instability and inflationary pressures, the board remains optimistic. Government support and incentives within the sector are expected to help maintain market stability and support future demand.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent wholesalers and retailers, employee retention and product availability.

Section 172(1) statement

The revised UK Corporate Governance Code (‘2018 Code’) was published in July 2018 and applies to accounting periods beginning on or after January 1, 2019. The Companies (Miscellaneous Reporting) Regulations 2018 (‘2018 MRR’) require Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 (‘S172’) when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. This S172 statement, explains how Tallis Amos Group Limited Directors:
- have engaged with our stakeholders
- have had regard to our stakeholders interests and the effect on principal decisions taken by the company during the financial year.
The S172 statement focuses on matters of strategic importance to Tallis Amos Group Limited, and the level of information disclosed is consistent with the size and the complexity of the business.

Engagement with employees

The board engages with the employees through regular meetings with senior department managers who in turn engage directly with the employees to ensure that their interests are maintained and that they are consulted and considered on principal decisions.

Tallis Amos Group Limited

Strategic Report for the Year Ended 31 December 2025

Engagement with suppliers, customers and other relationships

The board engages with customers through regular contact between sales managers and the customers. This enables good relationships to be fostered and that the customer always has access to the business so that the board is able to incorporate their views in long term decision making. The business also sponsors a variety of local events such as ploughing matches and sports teams to involve the local community within the business decision making process.
The board engages with the major suppliers by undertaking annual meetings to review forecasts and busienss plans. This enables good relationships with suppliers to be maintained and the regular contact ensures suppliers are considered in principal business decisions.

Non-financial and sustainability information

Energy and carbon report

We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Tallis Amos Group Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.

Governance

The business is straightforward and does not have complex climate related risks or opportunties.

Emissions and energy consumption

Summary of greenhouse gas emissions and energy consumption for the year ended 31 December 2025:

Description of energy usage | Metric and / or KPI | Unit of measurement | 2025 CO2e | 2024 CO2e
Electricity usage | Per depot | Kgs | 13,529.00 | 12,532.00
Gas usage | Per depot | Kgs | 7,108.00 | 6,873.00
Diesel usage | Per depot | Kgs | 125,401.00 | 119,422.00
Kerosene usage | Per depot | Kgs | 762.00 | 2,370.00
Propane usage | Per depot | Kgs | 9,727.00 | 10,843.00
|  |  | 156,527.00 | 152,040.00

Approved and authorised by the Board on 4 June 2026 and signed on its behalf by:

Tallis Amos Group Limited

Strategic Report for the Year Ended 31 December 2025

......................................... B J Tallis Director
......................................... SCG Amos Director

Tallis Amos Group Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the company

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

B J Tallis

C Mcintyre

SCG Amos

M G Blackburn

M Thompson

T W Shakeshaft

Financial instruments

Objectives and policies

The company’s activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the company’s policies approved by the board of directors. The company does not use derivative financial instruments for speculative purposes.

Tallis Amos Group Limited

Directors' Report for the Year Ended 31 December 2025

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The company is exposed to commodity price risk. The company does not manage its exposure to commodity price risk due to cost benefit considerations.
Credit risk
The company’s principal financial assets are bank balances and cash, trade and other debtors.
The company’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
The company has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.
Cash flow risk
The company’s activities expose it primarily to the financial risks of non paying customers. The company has implemented good credit control procedures and ability to offer credit for customers from credit agencies to mitigate this risk.

Going concern

The financial statements have been prepared on a going concern basis despite the loss generated in the year. The Directors have considered the going concern status and believe from results in the financial year to date that the financial position of the entity as at the audit report date has improved. Reviewing the company’s cashflow forecasts for the next 12 months along with support from the company’s bankers have assured the Directors that it remains appropriate for the financial statements to be prepared on a going concern basis.

Disclosure of information to the auditors

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

Tallis Amos Group Limited

Directors' Report for the Year Ended 31 December 2025

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clement Rabjohns Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 4 June 2026 and signed on its behalf by:

......................................... B J Tallis Director
......................................... SCG Amos Director

Tallis Amos Group Limited

Statement of Directors' Responsibilities

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

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

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Tallis Amos Group Limited

Independent Auditor's Report to the Members of Tallis Amos Group Limited

Opinion

We have audited the financial statements of Tallis Amos Group Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Tallis Amos Group Limited

Independent Auditor's Report to the Members of Tallis Amos Group Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of 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 Directors' Report.

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 8], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Tallis Amos Group Limited

Independent Auditor's Report to the Members of Tallis Amos Group Limited

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• | We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.
• | We obtained an understanding of how the company is complying with these frameworks through discussions with management.
• | We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.
• | We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.
• | We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

Tallis Amos Group Limited

Independent Auditor's Report to the Members of Tallis Amos Group Limited

......................................
Philip Parsons FCA (Senior Statutory Auditor)
For and on behalf of Clement Rabjohns Limited, Statutory Auditor
111/113 High Street
Evesham
Worcestershire
WR11 4XP

4 June 2026

Tallis Amos Group Limited

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 96,585,634 | 99,464,086
Cost of sales |  | (89,678,844) | (93,548,714)
Gross profit |  | 6,906,790 | 5,915,372
Administrative expenses |  | (5,549,173) | (5,608,478)
Other operating income | 4 | 12,000 | -
Operating profit | 6 | 1,369,617 | 306,894
Other interest receivable and similar income | 7 | 6,811 | -
Interest payable and similar expenses | 8 | (879,953) | (1,472,835)
|  | (873,142) | (1,472,835)
Profit/(loss) before tax |  | 496,475 | (1,165,941)
Tax on profit/(loss) | 12 | (117,910) | 271,008
Profit/(loss) for the financial year |  | 378,565 | (894,933)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Tallis Amos Group Limited

(Registration number: 04697211)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 13 | 66,617 | 78,517
Tangible assets | 14 | 4,575,147 | 4,723,797
|  | 4,641,764 | 4,802,314
Current assets |  |  |
Stocks | 15 | 25,455,723 | 31,533,717
Debtors | 16 | 5,581,803 | 7,599,987
Cash at bank and in hand |  | 4,327 | 3,079
|  | 31,041,853 | 39,136,783
Creditors: Amounts falling due within one year | 18 | (24,434,293) | (33,658,349)
Net current assets |  | 6,607,560 | 5,478,434
Total assets less current liabilities |  | 11,249,324 | 10,280,748
Creditors: Amounts falling due after more than one year | 18 | (3,119,702) | (2,596,539)
Provisions for liabilities | 19 | (664,109) | (567,261)
Net assets |  | 7,465,513 | 7,116,948
Capital and reserves |  |  |
Called up share capital |  | 176 | 176
Share premium reserve |  | 2,224,088 | 2,224,088
Capital redemption reserve |  | 16 | 16
Retained earnings |  | 5,241,233 | 4,892,668
Shareholders' funds |  | 7,465,513 | 7,116,948

Approved and authorised by the Board on 4 June 2026 and signed on its behalf by:

......................................... B J Tallis Director
......................................... SCG Amos Director

Tallis Amos Group Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Share premium £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 January 2025 | 176 | 2,224,088 | 16 | 4,892,668 | 7,116,948
Profit for the year | - | - | - | 378,565 | 378,565
Dividends | - | - | - | (30,000) | (30,000)
At 31 December 2025 | 176 | 2,224,088 | 16 | 5,241,233 | 7,465,513

| Share capital £ | Share premium £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 January 2024 | 176 | 2,224,088 | 16 | 6,087,601 | 8,311,881
Loss for the year | - | - | - | (894,933) | (894,933)
Dividends | - | - | - | (300,000) | (300,000)
At 31 December 2024 | 176 | 2,224,088 | 16 | 4,892,668 | 7,116,948

Tallis Amos Group Limited

Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit/(loss) for the year |  | 378,565 | (894,933)
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 6 | 912,780 | 811,613
Profit on disposal of tangible assets | 5 | (36,498) | (58,522)
Finance income | 7 | (6,811) | -
Finance costs | 8 | 882,832 | 1,490,258
Income tax expense | 12 | 117,910 | (271,008)
|  | 2,248,778 | 1,077,408
Working capital adjustments |  |  |
Decrease in stocks | 15 | 6,077,994 | 11,466,463
Decrease in trade debtors | 16 | 1,833,513 | 2,713,326
Decrease in trade creditors | 18 | (7,839,818) | (10,554,827)
Decrease in provisions | 19 | (21,062) | (26,590)
Cash generated from operations |  | 2,299,405 | 4,675,780
Income taxes received/(paid) | 12 | 184,671 | (184,673)
Net cash flow from operating activities |  | 2,484,076 | 4,491,107
Cash flows from investing activities |  |  |
Interest received | 7 | 6,811 | -
Acquisitions of tangible assets |  | (933,786) | 12,521
Proceeds from sale of tangible assets |  | 218,054 | 409,755
Net cash flows from investing activities |  | (708,921) | 422,276
Cash flows from financing activities |  |  |
Interest paid | 8 | (882,832) | (1,490,258)
Proceeds from bank borrowing draw downs |  | 2,100,001 | -
Repayment of bank borrowing |  | (872,341) | (657,236)
Payments to finance lease creditors |  | (1,152,361) | (2,908,078)
Dividends paid | 24 | (30,000) | (300,000)
Net cash flows from financing activities |  | (837,533) | (5,355,572)
Net increase/(decrease) in cash and cash equivalents |  | 937,622 | (442,189)
Cash and cash equivalents at 1 January |  | (1,850,690) | (1,408,501)
Cash and cash equivalents at 31 December |  | (913,068) | (1,850,690)

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Hinton-On-The-Green
Evesham
Worcestershire
WR11 2QT
United Kingdom

These financial statements were authorised for issue by the Board on 4 June 2026.

2 | 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, refunds, rebates and discounts and after eliminating sales recharges within the company.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and goods have been delivered or service completed.

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
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 Company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

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

Depreciation

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

Asset class | Depreciation method and rate
Tenants improvements | Straight line over 15 years
Furniture, fittings and equipment | 15% / 33% straight line
Motor vehicles | 25% reducing balance
Other property, plant and equipment | 1% straight line per month

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company'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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Asset class | Amortisation method and rate
Goodwill | 20 years

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 is established when there is objective evidence that the Company 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.

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 Company 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.

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company 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.

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 95,243,615 | 97,904,121
Commissions received | 1,342,019 | 1,559,965
| 96,585,634 | 99,464,086

The analysis of the company's turnover for the year by class of business is as follows:

| 2025 £ | 2024 £
Equipment sales | 76,695,622 | 81,224,125
Hire sales | 686,681 | 420,658
Service and part sales | 19,203,331 | 17,819,303
| 96,585,634 | 99,464,086

The analysis of the company's turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 94,817,784 | 98,004,504
Europe | 1,375,911 | 631,386
Rest of world | 391,939 | 828,196
| 96,585,634 | 99,464,086

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Miscellaneous other operating income | 12,000 | -

5 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain on disposal of tangible assets | 36,498 | 58,522

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

6 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 900,880 | 799,713
Amortisation expense | 11,900 | 11,900
Profit on disposal of property, plant and equipment | (36,498) | (58,522)

7 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other finance income | 6,811 | -

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 216,416 | 190,378
Interest on obligations under finance leases and hire purchase contracts | 186,471 | 164,044
Interest expense on other finance liabilities | 479,945 | 1,135,836
Foreign exchange losses | (2,879) | (17,423)
| 879,953 | 1,472,835

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

9 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 6,811,184 | 6,955,727
Social security costs | 831,363 | 674,284
Pension costs, defined contribution scheme | 246,134 | 247,357
Other employee expense | 250,407 | 263,551
| 8,139,088 | 8,140,919

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 161 | 157
Administration and support | 26 | 24
| 187 | 181

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 498,034 | 597,568
Contributions paid to money purchase schemes | 66,203 | 71,500
| 564,237 | 669,068

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 6 | 6

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 100,000 | 124,000
Benefits under long-term incentive schemes (excluding shares) | 1,231 | 983
Company contributions to money purchase pension schemes | 37,418 | 37,300

11 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 18,000 | 20,456

12 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax adjustment to prior periods | - | (184,696)
Deferred taxation |  |
Arising from origination and reversal of timing differences | 117,910 | (86,312)
Tax expense/(receipt) in the income statement | 117,910 | (271,008)

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit/(loss) before tax | 496,475 | (1,165,941)
Corporation tax at standard rate | 124,119 | (291,485)
Tax increase/(decrease) from effect of capital allowances and depreciation | 15,178 | (126,457)
Tax increase/(decrease) from other short-term timing differences | 2,809 | (405)
Effect of tax losses | (131,535) | 204,239
Deferred tax expense/(credit) from unrecognised tax loss or credit | 117,910 | (68,518)
Tax (decrease)/increase from other tax effects | (10,571) | 11,618
Total tax charge/(credit) | 117,910 | (271,008)

Deferred tax

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Difference between accumulated depreciation, amortisation and capital allowances | - | 772,934
General provisions | - | 6,962
Tax losses available | 106,534 | -
| 106,534 | 779,896

2024 | Asset £ | Liability £
Difference between accumulated depreciation, amortisation and capital allowances | - | 775,987
General provisions | - | 17,534
Tax losses available | 238,069 | -
| 238,069 | 793,521

13 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 January 2025 | 238,000 | 238,000
At 31 December 2025 | 238,000 | 238,000
Amortisation
At 1 January 2025 | 159,483 | 159,483
Amortisation charge | 11,900 | 11,900
At 31 December 2025 | 171,383 | 171,383
Carrying amount
At 31 December 2025 | 66,617 | 66,617
At 31 December 2024 | 78,517 | 78,517

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

14 | Tangible assets

| Land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2025 | 1,039,024 | 865,075 | 1,900,221 | 3,692,454 | 7,496,774
Additions | 73,294 | 93,922 | 84,352 | 682,218 | 933,786
Disposals | - | - | (46,763) | (641,209) | (687,972)
At 31 December 2025 | 1,112,318 | 958,997 | 1,937,810 | 3,733,463 | 7,742,588
Depreciation
At 1 January 2025 | 122,597 | 357,907 | 721,016 | 1,571,457 | 2,772,977
Charge for the year | 57,799 | 139,601 | 191,912 | 511,568 | 900,880
Eliminated on disposal | - | - | (25,989) | (480,427) | (506,416)
At 31 December 2025 | 180,396 | 497,508 | 886,939 | 1,602,598 | 3,167,441
Carrying amount
At 31 December 2025 | 931,922 | 461,489 | 1,050,871 | 2,130,865 | 4,575,147
At 31 December 2024 | 916,427 | 507,168 | 1,179,205 | 2,120,997 | 4,723,797

Included within the net book value of land and buildings above is £931,923 (2024 - £916,428) in respect of freehold land and buildings.

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Motor vehicles, other property, plant and equipment | 2,220,676 | 2,078,843

15 | Stocks

| 2025 £ | 2024 £
Work in progress | 177,049 | 240,525
Stocks | 25,278,674 | 31,293,192
| 25,455,723 | 31,533,717

16 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 3,774,626 | 5,852,022
Other debtors |  | 472,268 | -
Prepayments |  | 1,333,179 | 1,561,564
Income tax asset | 12 | 1,730 | 186,401
|  | 5,581,803 | 7,599,987

17 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 1,948 | 1,503
Cash at bank | 2,379 | 1,576
| 4,327 | 3,079
Bank overdrafts | (917,395) | (1,853,769)
Cash and cash equivalents in statement of cash flows | (913,068) | (1,850,690)

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

18 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 22 | 2,471,493 | 3,855,731
Trade creditors |  | 20,095,492 | 24,589,128
Amounts due to related parties | 25 | 456,555 | 573,465
Social security and other taxes |  | 187,308 | 1,491,432
Outstanding defined contribution pension costs |  | 37,101 | 58,325
Accruals |  | 1,186,344 | 3,090,268
|  | 24,434,293 | 33,658,349
Due after one year |  |  |
Loans and borrowings | 22 | 3,119,702 | 2,596,539

19 | Provisions for liabilities

| Warranties £ | Deferred tax £ | Total £
At 1 January 2025 | 11,810 | 555,451 | 567,261
Additional provisions | 67,202 | 117,910 | 185,112
Provisions used | (88,264) | - | (88,264)
At 31 December 2025 | (9,252) | 673,361 | 664,109

20 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £246,134 (2024 - £247,356).
Contributions totalling £37,101 (2024 - £58,325) were payable to the scheme at the end of the year and are included in creditors.

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

21 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £0.01 each | 10,000 | 100 | 10,000 | 100
Ordinary B shares of £0.01 each | 5,000 | 50 | 5,000 | 50
Ordinary C shares of £0.01 each | 2,647 | 26 | 2,647 | 26
| 17,647 | 176 | 17,647 | 176

22 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 1,736,414 | 400,000
Hire purchase contracts | 1,383,288 | 2,196,539
| 3,119,702 | 2,596,539

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 342,010 | 450,764
Bank overdrafts | 917,395 | 1,853,769
Hire purchase contracts | 1,032,088 | 1,371,198
Other borrowings | 180,000 | 180,000
| 2,471,493 | 3,855,731

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Bank borrowings

Bank loan is denominated in sterling with a nominal interest rate of 3% over base, and the final instalment is due on 31 May 2025. The carrying amount at year end is £Nil (2024 - £600,000).
Business recovery loan is denominated in sterling with a nominal interest rate of 3.99% over base, and the final instalment is due on 31 May 2026. The carrying amount at year end is £79,509 (2024 - £250,764). The loan is secured by a legal charge over leasehold property known as Land at Hinton On The Green, Evesham, Worcestershire as well as a debenture over all present and future assets of the business.
Bank loan is denominated in Sterling with a nominal interest rate of 2.8% above base rate, and the final instalment is due on 30 May 2033. The carrying amount at year end is £1,998,914 (2024 - £Nil). The loan is secured by way of a legal charge over property, plant and equipment.

Other borrowings

The Alexander and Duncan Limited loan note is denominated in sterling with a nominal interest rate of 5.25%, and the final instalment is due on 31 December 2026. The carrying amount at year end is £180,000 (2024 - £180,000).

The Tallis Property Investments Limited loan note is denominated in sterling with a nominal interest rate of 5.25%, and the final instalment is due on 31 March 2027. The carrying amount at year end is £196,925 (2024 - £200,000).

23 | Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 1,032,087 | 1,371,198
Later than one year and not later than five years | 1,383,288 | 2,196,539
| 2,415,375 | 3,567,737

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 244,750 | 262,250
Later than one year and not later than five years | 978,250 | 1,118,250
Later than five years | 2,324,250 | 2,906,500
| 3,547,250 | 4,287,000

Tallis Amos Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The amount of non-cancellable operating lease payments recognised as an expense during the year was £262,250 (2024 - £262,250).

24 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £1.70 (2024 - £17.00) per each Ordinary A shares |  | 17,000 |  | 170,000
Interim dividend of £1.70 (2024 - £17.00) per each Ordinary B shares |  | 8,500 |  | 85,000
Interim dividend of £1.70 (2024 - £17.00) per each Ordinary C shares |  | 4,500 |  | 45,000
|  | 30,000 |  | 300,000

25 | Related party transactions

Summary of transactions with related parties

Tallis Property Investments Limited The following amounts were included in expenditure during the period: £141,284 (2024 £141,284) The following amounts were payable at the reporting date: £196,925 (2024 £299,000)
Alexander and Duncan Limited The following amounts were included in revenue during the period: £1,597,900 (2024 £1,317,276) The following amounts were included in expenditure during the period: £1,889,499 (2024 £814,159) The following amounts were payable at the reporting date: £246,007 (2024 £451,827)

26 | Parent and ultimate parent undertaking

The ultimate controlling party is B Tallis and S Amos, both directors of the company.