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Registered number: 05131474 TEAM TELECOMMUNICATIONS GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
TEAM TELECOMMUNICATIONS GROUP LIMITED COMPANY INFORMATION
Directors | P Williams
| P Burridge
Company secretary | P Williams
Registered number | 05131474
Registered office | Field House
| Uttoxeter Old Road
| Derby
| DE1 1NH
Independent auditors | PKF Smith Cooper Audit Limited
| Statutory Auditors
| Cornerblock
| 2 Cornwall Street
| Birmingham
| B3 2DX
Bankers | HSBC Bank PLC
| Yorkshire Corporate Bank Centre
| 4th Floor, City Point
| 29 King Street
| Leeds
| LS1 2HL
TEAM TELECOMMUNICATIONS GROUP LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 22
TEAM TELECOMMUNICATIONS GROUP LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The Directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006. The principal activity of the Company is that of a holding company.
Business review
The Company's balance sheet is set out on page 11. The Directors consider that the financial position of the Company is satisfactory. The results for the Company show a pre-tax profit of £4,590,000 (2024 - £137,000) and profit after tax of £4,590,000 (2024 - £137,000). The Company owns directly or indirectly 3 trading companies; Simoco EMEA Limited, Simoco Systems Limited (formerly Thorcom Systems Limited) and Simoco Wireless Solutions PTY Limited. The TTG Global Solutions Group Limited group, referred to herein as “the Group”, of which the Company is a part, is a global provider of critical communications solutions. The Group is a telecommunications group providing telecommunication services to a number of sectors internationally. The three main trading companies of the group are Simoco EMEA Limited, Simoco Systems Limited (formerly Thorcom Systems Limited) and Simoco Wireless Solutions PTY Limited. The directors of the business are satisfied with the development, performance and position of the Company. The financial statements have been prepared on a going concern basis as explained on page 14 of the financial statements. The cash position of the Group shows a positive position with cash of £0.9m at the end of the year (2024 - £0.6m). The Group has adequate funding facilities in place to fulfil the needs and requirements of the Group.
Principal risks and uncertainties
The principal risks and uncertainties of the Company are: • The value of the Company's investments
Financial key performance indicators
As the Company does not trade the Directors do not consider any KPIs to be relevant for the Company. Page 1
TEAM TELECOMMUNICATIONS GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Going concern
The Company is part of the TTG Global Solutions Group Limited group. The Company and Group have procedures in place for reviewing future performance including budgeted and forecast trading and profitability. These forecasts include reasonable assumptions and predictions over trading; they take a prudent view of the costs of the business. Overall the Group saw revenues of £15.8m in 2024/25 and trading profit of £0.2m. The Group has seen strong trading results during the start of 2025-26 and with a healthy pipeline and new product offerings coming online, we therefore expect steady turnover growth in the coming years, which should drive the profitability of the business. In addition, the Group has cash resources and banking facilities in place to enable it to continue in operational existence for the 12 months from the signing of these accounts. The Group, like most other trading groups, is exposed to fluctuations in trading and the need to continually win and deliver new contracts on a profitable basis to new and existing customers to ensure it's continued success and survival. The Directors believe that their forecasts give a reasonable expectation to assume that the Group will have adequate resources to continue in existence for the 12 months from the signing of these accounts. The company has net current liabilities of £0.1m at 31 October 2025. The directors have received confirmation, in the form of a letter of support from the ultimate parent company, TTG Global Solutions Group Limited, that fellow group companies intend to provide support as required to enable the company to meet its obligations as they fall due. Taking the matters above into account, and having reviewed these forecasts, for the 12 months from the date of this report, and as a result of that review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the 12 months from the signing of the financial statements. Accordingly, the going concern basis of preparation has been adopted in the financial statements. Future developments The Directors do not anticipate any factors likely to significantly impact the business in the coming 12 months. This report was approved by the board on 20 July 2026 and signed on its behalf.
P Williams Director
Page 2
TEAM TELECOMMUNICATIONS GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £4,590,000 (2024 - £137,000). The directors do not propose a dividend for the year. There have been no dividends proposed since the year end (2024: £nil).
Financial risk management objectives and policies
The Company's financial risk management objectives and policies are considered on a group basis. The Group's activities expose it to a number of financial risks including cash flow risk, credit risk, interest rate risk and liquidity risk. The Group has a robust set of internal control and risk management systems in relation to financial reporting, with the underlying records being maintained by individuals with adequate levels of role segregation, with these records and management accounts being reviewed by senior financial executives. The management accounts together with supporting reports are presented and reviewed by the Board on a monthly basis. Cash flow risk The Company considers cash flow risk at a Group level. The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates, interest rates and requirement for capital expenditure. Credit risk The Company considers credit risk at a Group level. The Group’s principal financial assets are bank balances and cash, trade and other receivables. Page 3
TEAM TELECOMMUNICATIONS GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. 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 companies in the Group have historically had little experience of debts going bad principally as they work for large and blue chip companies. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Liquidity risk The Company considers liquidity risk at a Group level. 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. For long-term contracts, the Group normally sets payment terms that are in line with the procurement process minimising the level of risk the Group is exposed to in terms of cash flow and working capital at any one time. Interest rate risk The Company’s activities expose it primarily to the financial risks of changes in interest rates which are managed through long term agreements or at fixed rates to limit uncertainty of cash flows.
Directors indemnity
The Company has made qualifying third-party indemnity provisions for the benefits of it's Directors which were in place throughout the period and remain in force at the date of this report.
Directors
The directors who served during the year were:
M Norfield (resigned 26 January 2025)
P Williams
P Burridge
Future developments
Comments on future developments are disclosed in the Strategic Report.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 4
TEAM TELECOMMUNICATIONS GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Auditors
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 20 July 2026 and signed on its behalf.
P Williams Director
Page 5
TEAM TELECOMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM TELECOMMUNICATIONS GROUP LIMITED
Opinion
We have audited the financial statements of Team Telecommunications Group Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 October 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 6
TEAM TELECOMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM TELECOMMUNICATIONS GROUP LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
TEAM TELECOMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM TELECOMMUNICATIONS GROUP LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Company and industry in which it operates, key laws and regulations that we identified included: ∙Tax legislation. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: ∙Management bias in respect of accounting estimates and judgements made; ∙Management override of controls; and ∙Posting of unusual journals or transactions. We focused on those areas that could give rise to a material misstatement in the Company's financial statements. Our procedures included, but were not limited to: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non-compliance with laws and regulations and fraud; ∙Reviewing minutes of meetings of those charged with governance, where available; ∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 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. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 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. Page 8
TEAM TELECOMMUNICATIONS GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAM TELECOMMUNICATIONS GROUP LIMITED (CONTINUED) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Richard Haydon (Senior Statutory Auditor) for and on behalf of PKF Smith Cooper Audit Limited Statutory Auditors Cornerblock 2 Cornwall Street Birmingham B3 2DX 20 July 2026 Page 9
TEAM TELECOMMUNICATIONS GROUP LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £000 | £000
Amounts written off investments |  | (95) | -
Interest receivable and similar income | 6 | 124 | 137
Reversal of impairment of investments |  | 4,561 | -
Profit before tax |  | 4,590 | 137
Tax on profit | 7 | - | -
Profit for the financial year |  | 4,590 | 137
Other comprehensive income for the year |  |  |
Currency translation (loss) on loans to group companies |  | (43) | (60)
Other comprehensive (loss) for the year |  | (43) | (60)
Total comprehensive income for the year |  | 4,547 | 77
The notes on pages 13 to 22 form part of these financial statements.
Page 10
TEAM TELECOMMUNICATIONS GROUP LIMITED REGISTERED NUMBER: 05131474 BALANCE SHEET AS AT 31 OCTOBER 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 8 |  | 6,539 |  | 2,116
|  |  | 6,539 |  | 2,116
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 9 | 461 |  | 337 |
|  | 461 |  | 337 |
Creditors: amounts falling due within one year | 10 | (563) |  | (563) |
Net current liabilities |  |  | (102) |  | (226)
Total assets less current liabilities |  |  | 6,437 |  | 1,890
Net assets |  |  | 6,437 |  | 1,890
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | - |  | -
Profit and loss account | 12 |  | 6,437 |  | 1,890
|  |  | 6,437 |  | 1,890
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Williams
Director
Date: 20 July 2026
The notes on pages 13 to 22 form part of these financial statements. Page 11
TEAM TELECOMMUNICATIONS GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 November 2023 | - | 1,813 | 1,813
Comprehensive income for the year |  |  |
Profit for the year | - | 137 | 137
Currency translation difference on loans to group companies | - | (60) | (60)
Total comprehensive income for the year | - | 77 | 77
At 1 November 2024 | - | 1,890 | 1,890
Comprehensive income for the year |  |  |
Profit for the year | - | 4,590 | 4,590
Currency translation difference on loans to group companies | - | (43) | (43)
Total comprehensive income for the year | - | 4,547 | 4,547
At 31 October 2025 | - | 6,437 | 6,437
| The notes on pages 13 to 22 form part of these financial statements.
Page 12
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Team Telecommunications Group Limited is a private limited company, limited by shares and incorporated in England and Wales, United Kingdom. The address of the registered office is given in the company information of these financial statements. The Company's registration number is 05131474. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The financial statements are prepared in Sterling which is the functional currency of the company and are rounded to the nearest thousand pounds. The Company is itself a subsidiary company and is exempt from the requirement to prepare consolidated accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about the group of which it is a part. The parent for which group accounts are prepared is TTG Global Solutions Group Limited. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of TTG Global Solutions Group Limited as at 31 October 2025 and these financial statements may be obtained from Companies House. Page 13
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Company is part of the TTG Global Solutions Group Limited group. The Company and Group have procedures in place for reviewing future performance including budgeted and forecast trading and profitability. These forecasts include reasonable assumptions and predictions over trading; they take a prudent view of the costs of the business. Overall the Group saw revenues of £15.8m in 2024/25 and trading profit of £0.2m. The Group has seen strong trading results during the start of 2025-26 and with a healthy pipeline and new product offerings coming online, we therefore expect steady turnover growth in the coming years, which should drive the profitability of the business. In addition, the Group has cash resources and banking facilities in place to enable it to continue in operational existence for the 12 months from the signing of these accounts. The Group, like most other trading groups, is exposed to fluctuations in trading and the need to continually win and deliver new contracts on a profitable basis to new and existing customers to ensure it's continued success and survival. The Directors believe that their forecasts give a reasonable expectation to assume that the Group will have adequate resources to continue in existence for the 12 months from the signing of these accounts. The company has net current liabilities of £0.1m at 31 October 2025. The directors have received confirmation, in the form of a letter of support from the ultimate parent company, TTG Global Solutions Group Limited, that fellow group companies intend to provide support as required to enable the company to meet its obligations as they fall due. Taking the matters above into account, and having reviewed these forecasts, for the 12 months from the date of this report, and as a result of that review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the 12 months from the signing of the financial statements. Accordingly, the going concern basis of preparation has been adopted in the financial statements.
| 2.4 | Foreign currency translation
Transactions in foreign currencies are recognised in the Statement of Comprehensive Income at the exchange rates prevailing on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the relevant exchange rates prevailing at the balance sheet date. Gains and losses are taken to other comprehensive income.
| 2.5 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 14
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.7 | Taxation
Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit ('CGU') to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Page 15
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
| 2.13 | Equity instruments
Equity instruments are measured at 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of Team Telecommunications Group Limited’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Company’s accounting policies The directors do not consider there to be any critical accounting judgements that must be applied Key source of estimation uncertainty in applying the Company’s accounting policies A key source of estimation and uncertainty relates to the valuation of investments that has the most significant effect on the amounts recognised in the financial statements. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the investment and a suitable discount rate in order to calculate present values. If there is an indication of impairment, it is provided for in full. The carrying value of the intercompany receivables is an area of estimation uncertainty. The value calculation requires the entity to estimate the ability of the debtor to be able to repay the outstanding amounts by generation of taxable profits through trading, and this estimation determines the carrying value of the intercompany receivables. At 31 October 2025, the carrying value of intercompany receivables was £2,439,000 (2024: £2,358,0000). Page 16
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | Auditors' remuneration
| The auditor's remuneration for the audit of the Company's annual accounts of £2,000 (2024 - £2,000) has been borne by Simoco EMEA Limited, another undertaking of the TTG Global Solutions Group Limited group.
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
5. | Directors and employees
| None of the Directors received any emoluments in respect of their services to the Company. The emoluments of directors are disclosed in the financial statements of Simoco Wireless Solutions Limited. No benefits are accruing to any Directors under defined contribution or defined benefit pension scheme arrangements. The Company had no employees during the year (2024 - none).
6. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Interest receivable from group companies | 124 | 137
|  | 124 | 137
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Total current tax | - | -
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit | - | -
Page 17
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 7.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 4,590 | 137
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,148 | 34
| Effects of: |  |
| Income not chargeable for tax purposes | (1,119) | -
| Double taxation relief | (13) | (15)
| Group relief | (16) | (19)
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 18
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Fixed asset investments
|  | Investments in subsidiary companies | Loans to subsidiary companies | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 November 2024 (as previously stated) | 9,687 | - | 9,687
| Prior Year Adjustment | (824) | 2,021 | 1,197
| At 1 November 2024 (as restated) | 8,863 | 2,021 | 10,884
| Foreign exchange movement | - | (43) | (43)
| At 31 October 2025 | 8,863 | 1,978 | 10,841
| Impairment |  |  |
| At 1 November 2024 (as previously stated) | 9,592 | - | 9,592
| Prior Year Adjustment | (824) | - | (824)
| At 1 November 2024 (as restated) | 8,768 | - | 8,768
| Charge for the period | 95 | - | 95
| Reversal of impairment losses | (4,561) | - | (4,561)
| At 31 October 2025 | 4,302 | - | 4,302
| Net book value |  |  |
| At 31 October 2025 | 4,561 | 1,978 | 6,539
| At 31 October 2024 (as restated) | 95 | 2,021 | 2,116
| Loans to subsidiary companies are charge interest at 3% above Australian base rate (Australian base rate at 31 October 2025 - 3.60%), unsecured and repayable on demand.
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TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Holding
| Simoco EMEA Limited* | UK | Radio Developer and Integrator | 100%
| Simoco Wireless Solutions Pty Limited | Australia | Radio Developer and Integrator | 100%
| Team Simoco Australia Pty Limited* | Australia | Dormant | 100%
| Simoco Australasia, Taiwan Branch | Taiwan | Radio Products | 100%
| TMC Radio Pty Limited | Australia | Dormant | 100%
| Simoco Limited | UK | Dormant | 100%
| Team Telecom Group Australia Pty Limited* | Australia | Dormant | 100%
| Simoco Systems Limited (formerly Thorcom Systems Limited)* | UK | Radio Developer and Integrator | 100%
| The UK companies all have their registered office at Field House, Uttoxeter Old Road, Derby, DE1 1NH, except Simoco Systems Limited (formerly Thorcom Systems Limited) whose registered office is Unit 4, 96b Blackpole Trading Estate West, Worcester, WR3 8TJ. The Australian companies all have their registered office at 1270 Ferntree Gully Road, Scoresby, Victoria, 3179, Australia. The registered address for Taiwan is 10F, No 167, Fushing South Road, Sec.2, Taipei, Taiwan. * denotes direct shareholding.
9. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed by group undertakings | 461 | 337
|  | 461 | 337
| Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed to group undertakings | 563 | 563
|  | 563 | 563
| Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.
Page 20
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
12. | Reserves
Profit and loss account The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
13. | Prior year adjustment
During the year, management reviewed the presentation of the amount receivable of £2,021,000 from a subsidiary to the Company and concluded that the balance should have been disclosed as a long term loan, included within investments, given there is no intention for the balance to be settled in the foreseeable future. There is no impact on the Statement of Comprehensive Income in the prior year. On the Balance sheet as at 1 November 2023 Debtors: amounts owed by group undertakings, Current assets and Net current assets decreased by £2,081,000 and investments increased by £2,081,000. On the Balance sheet at 31 October 2024 Debtors: amounts owed by group undertakings, Current assets and Net current assets decreased by £2,021,000 and investments increased by £2,021,000. During the year, management identified the disposal of a subsidiary in previous years had not been reflected in the amounts disclosed in the fixed asset investments note. There is no impact on the Statement of Comprehensive Income in the prior year. On the Balance sheet as at 1 November 2023 and 31 October 2024, cost of investments in subsidiaries decreased by £824,000 and impairment of investments in subsidiaries decreased by £824,000.
14. | Contingent liabilities
The Company has entered into an unlimited cross-party bank guarantee between itself and certain of its fellow subsidiary companies. The resultant guarantee amounts to £1,830,000 at the balance sheet date (2024 - £1,500,000) and is secured against the assets of the Group. The Company is also a member of a VAT group. and as such is jointly and severally liable for the amount of VAT owed by Simoco EMEA Limited and Simoco Wireless Solutions Limited, at the balance sheet date the contingent liability was £76,000 (2024 - £101,000).
15. | Related party transactions
| The Company has taken advantage of the exemption under Section 33 of FRS 102, Related Party Disclosures, not to disclose transactions with wholly-owned entities that are part of TTG Global Solutions Group Limited group.
Page 21
TEAM TELECOMMUNICATIONS GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. | Controlling party
The immediate parent undertaking is TTG Global Solutions Limited which is registered in England and Wales. The ultimate parent company is TTG Global Solutions Group Limited. The Company's registered office address is Field House, Uttoxeter Old Road, Derby, DE1 1NH. The smallest and largest group in which the results of the company are consolidated is that headed by TTG Global Solutions Group Limited, which is the only entity that prepares consolidated financial statements. The consolidated financial statements of TTG Global Solutions Group Limited are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. The directors consider that there is no ultimate controlling party.
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