Company No: SC216186 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	188,285		196,640
Tangible assets	4	651,278		694,338
Investments	5	145,018		145,018
		984,581		1,035,996
Current assets
Stocks	6	2,300,350		2,157,397
Debtors	7	1,325,986		1,654,640
Cash at bank and in hand	8	1,511,392		936,655
		5,137,728		4,748,692
Creditors: amounts falling due within one year	9	( 1,111,655)		( 1,175,880)
Net current assets		4,026,073		3,572,812
Total assets less current liabilities		5,010,654		4,608,808
Creditors: amounts falling due after more than one year	10	( 73,492)		( 83,617)
Provision for liabilities	11, 12	( 150,685)		( 152,465)
Net assets		4,786,477		4,372,726
Capital and reserves
Called-up share capital	13	152		152
Share premium account		62,616		62,616
Capital redemption reserve		148		148
Profit and loss account		4,723,561		4,309,810
Total shareholders' funds		4,786,477		4,372,726

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ten 47 Limited (registered number: SC216186) were approved and authorised for issue by the Board of Directors on 04 June 2026. They were signed on its behalf by:

Keith F Gordon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ten 47 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 2b, Frances Industrial Park, Wemyss Road, Dysart, KY1 2XZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the assembly and distribution of electrical connectors and the manufacture of polyurethane products net of VAT and trade discounts.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 - 20 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	4 years straight line
Plant and machinery etc.	3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Interests in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	33		39

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	599,683		599,683
Additions	45,991		45,991
At 31 December 2025	645,674		645,674
Accumulated amortisation
At 01 January 2025	403,043		403,043
Charge for the financial year	54,346		54,346
At 31 December 2025	457,389		457,389
Net book value
At 31 December 2025	188,285		188,285
At 31 December 2024	196,640		196,640

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2025	0		1,498,343		1,498,343
Additions	8,410		78,824		87,234
At 31 December 2025	8,410		1,577,167		1,585,577
Accumulated depreciation
At 01 January 2025	0		804,005		804,005
Charge for the financial year	1,051		129,243		130,294
At 31 December 2025	1,051		933,248		934,299
Net book value
At 31 December 2025	7,359		643,919		651,278
At 31 December 2024	0		694,338		694,338

5. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	44,968		44,968
Participating interests	100,050		100,050
	145,018		145,018

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	44,968
At 31 December 2025	44,968
Carrying value at 31 December 2025	44,968
Carrying value at 31 December 2024	44,968

	Investments in joint ventures		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	100,050		100,050
At 31 December 2025	100,050		100,050
Carrying value at 31 December 2025	100,050		100,050
Carrying value at 31 December 2024	100,050		100,050

6. Stocks

	2025		2024
	£		£
Stocks	2,243,756		2,120,332
Work in progress	56,594		37,065
	2,300,350		2,157,397

7. Debtors

	2025		2024
	£		£
Trade debtors	1,046,549		1,460,244
Amounts owed by own subsidiaries (note 15)	111,693		111,693
Amounts owed by joint ventures (note 15)	90,000		0
Other debtors	77,744		82,703
	1,325,986		1,654,640

8. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	1,511,392		936,655

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	835,701		972,511
Corporation tax	66,518		9,764
Other taxation and social security	120,426		114,864
Other creditors	89,010		78,741
	1,111,655		1,175,880

10. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	73,492		83,617

11. Provision for liabilities

	2025		2024
	£		£
Deferred tax	150,685		152,465

12. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 152,465)		( 84,721)
Credited/(charged) to the Statement of Income and Retained Earnings	1,780		( 67,744)
At the end of financial year	( 150,685)		( 152,465)

13. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
148 Ordinary shares of £ 1.00 each	148		148
2 Ordinary "A" Class shares of £ 1.00 each	2		2
2 Ordinary "B" Class shares of £ 1.00 each	2		2
	152		152

14. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
Within one year	126,396		118,219
Between one and five years	308,127		434,523
Total future minimum lease payments under non-cancellable operating leases	434,523		552,742

15. Related party transactions

Transactions with group companies

Amounts owed by own subsidiaries

	2025		2024
	£		£
Loan	111,693		111,693

Transactions with companies in which the entity itself has a participating interest

Amounts owed by joint ventures

	2025		2024
	£		£
Loan	90,000		0

The above loans are unsecured, interest free and have no fixed terms of repayment.

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

	2025		2024
	£		£
Loan	696		2,059

Advances of £11,638 have been made to the directors in this period and £13,001 has been repaid. The above loan is unsecured, interest free and will be repaid within 9 months of the year end.