Company registration number 07071956 (England and Wales)
TEEMILL TECH LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
TEEMILL TECH LTD
COMPANY INFORMATION
Directors
M Drake-Knight
R Drake-Knight
R P Howard
J S Blériot
Company number
07071956
Registered office
Rapanui Clothing
Hooke Hill
FRESHWATER
Isle of Wight
PO40 9BG
Auditor
Old Mill Audit Limited
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
Bankers
Lloyds Bank
234 High Street
EXETER
Devon
EX4 3NL
TEEMILL TECH LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 31
TEEMILL TECH LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 202 5.

Introduction

Teemill Tech Ltd was founded in 2009. It has evolved from an ethical online clothing brand to a digital-first full service business enabling thousands of individuals, charities and businesses to quickly and easily create a branded online store and start selling their own designed and sustainable products at no cost to them. The company also markets and processes its own Rapanui and Shirtbox branded products direct to consumers.

The Company operates from the Isle of Wight but also utilises technology to enable orders to be printed, packed and shipped by third parties in the UK and overseas with minimal capital expenditure.

From the outset, the founders’ objectives have been to build an ethically and environmentally responsible business with sustainability at its core. This has been achieved through the use of certified organic materials, minimising waste and enabling circularity whereby every product is designed to be sent back when no longer required and remade into new products through the Remill Recovery Program.

Review of the business

The company delivered strong revenue growth of 9% in 2025 driven by the continued focus on customer requirements and investment in digital marketing. Margin enhancement initiatives and rigorous cost control meant that this revenue growth translated into exceptional growth in pre-tax profits of +83% despite the widely publici s ed increases in employment costs.

Principal risks and uncertainties

The macroeconomic and geopolitical risks faced by the Company are common to those faced by other businesses, in particular continuing inflationary and taxation pressures impacting consumer confidence and spending.

Inflationary pressures also have a direct impact on the operational costs of the business. The significant impact of the recent increases in employment costs were well managed and this will continue. The business is noted for its resilience and agility in changing circumstances and aims to offset any resulting cost increases through operational efficiencies and control of promotional activity ensuring pricing remains competitive.

Supply chain risks are closely managed by regularly reviewing the supply base, and foreign exchange risks are limited as most transactions are denominated in sterling.

Key performance indicators

The directors monitor the performance of the business on a regular basis using a number of key financial and other performance indicators. In summary, the following are key financial performance indicators for the year:

£000 | 2025 | 2024 | 2023
Sales | 29,352 | 27,026 | 19,776
Gross profit | 13,068 | 10,477 | 7,209
EBITDA | 3,118 | 1,707 | 397
Net Cash | 5,413 | 3,991 | 2,509

Outlook

Despite a challenging trading environment, the Company is well positioned to make further progress to build on the record results achieved in 2025 with achievement of long term growth whilst ensuring environmental sustainability that is a foundation of the business. Focus will be on further innovation and development of facilities to enable the company to build on the growing demand for the company’s services.

TEEMILL TECH LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

On behalf of the board

.............................................
R Drake-Knight
Director
Date: .............................................
TEEMILL TECH LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of an online clothing brand and technology business, with a proprietary cloud-based software platform which enables individuals, charities and businesses to quickly create a branded online store. The company also markets and processes its own Rapanui branded products direct to consumers.

Results and dividends

The results for the year are set out on page 8.

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

Directors

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

M Drake-Knight
R Drake-Knight
W A Hobhouse
(Resigned 8 December 2025)
R P Howard
J S Blériot
Auditor

Old Mill Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
R Drake-Knight
Director
15 July 2026
TEEMILL TECH LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 then apply them consistently;

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

TEEMILL TECH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEEMILL TECH LTD
- 5 -
Opinion

We have audited the financial statements of Teemill Tech Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the 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's 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

TEEMILL TECH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEEMILL TECH LTD (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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's responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TEEMILL TECH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEEMILL TECH LTD (CONTINUED)
- 7 -

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.

David Jones MSc FCA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited, Statutory Auditor
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
15 July 2026
TEEMILL TECH LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
29,351,690
27,026,152
Cost of sales
(16,283,927)
(16,548,915)
Gross profit
13,067,763
10,477,237
Administrative expenses
(10,627,711)
(9,106,510)
Other operating income
71,595
15,975
Operating profit
4
2,511,647
1,386,702
Interest receivable and similar income
8
139
694
Interest payable and similar expenses
9
(36,574)
(44,808)
Profit before taxation
2,475,212
1,342,588
Tax on profit
10
(590,367)
(99,098)
Profit for the financial year
1,884,845
1,243,490

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TEEMILL TECH LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year
1,884,845
1,243,490
Other comprehensive income
-
-
Total comprehensive income for the year
1,884,845
1,243,490
TEEMILL TECH LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
255,724
178,272
Tangible assets
12
1,363,384
1,484,869
1,619,108
1,663,141
Current assets
Stocks
13
4,579,728
3,498,387
Debtors
14
863,861
1,150,833
Cash at bank and in hand
5,821,008
4,545,323
11,264,597
9,194,543
Creditors: amounts falling due within one year
15
(6,189,197)
(5,752,430)
Net current assets
5,075,400
3,442,113
Total assets less current liabilities
6,694,508
5,105,254
Creditors: amounts falling due after more than one year
16
(329,778)
(634,245)
Provisions for liabilities
Deferred tax liability
19
272,831
263,955
(272,831)
(263,955)
Net assets
6,091,899
4,207,054
Capital and reserves
Called up share capital
21
960
960
Share premium account
249,790
249,790
Profit and loss reserves
5,841,149
3,956,304
Total equity
6,091,899
4,207,054

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

The financial statements were approved by the board of directors and authorised for issue on 15 July 2026 and are signed on its behalf by:
R Drake-Knight
Director
Company registration number 07071956 (England and Wales)
TEEMILL TECH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
960
249,790
2,712,814
2,963,564
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,243,490
1,243,490
Balance at 31 December 2024
960
249,790
3,956,304
4,207,054
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
1,884,845
1,884,845
Balance at 31 December 2025
960
249,790
5,841,149
6,091,899
TEEMILL TECH LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,758,153
1,633,268
Interest paid
(36,574)
(44,808)
Income taxes refunded
-
0
87,977
Net cash inflow from operating activities
1,721,579
1,676,437
Investing activities
Purchase of intangible assets
(246,573)
(146,193)
Proceeds from disposal of intangibles
86,992
-
0
Purchase of tangible fixed assets
(145,872)
(89,392)
Proceeds from disposal of tangible fixed assets
6,383
22,985
Interest received
139
694
Net cash used in investing activities
(298,931)
(211,906)
Financing activities
Repayment of bank loans
(76,679)
(79,480)
Payment of finance leases obligations
(70,284)
(99,349)
Net cash used in financing activities
(146,963)
(178,829)
Net increase in cash and cash equivalents
1,275,685
1,285,702
Cash and cash equivalents at beginning of year
4,545,323
3,259,621
Cash and cash equivalents at end of year
5,821,008
4,545,323
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Teemill Tech Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rapanui Clothing, Hooke Hill, FRESHWATER, Isle of Wight, PO40 9BG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- The Company has transferred the significant risks and rewards of ownership to the buyer;

- The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- The amount of revenue can be measured reliably;

- It is probable that the Company will receive the consideration due under the transaction; and

- The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- It is probable that the Company will receive the consideration due under the contract;

- The stage of completion of the contract at the end of the reporting date can be measured reliably;

- The costs incurred and the costs to complete the contract can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
5 years straight line
Platform content
5 years straight line
Customer data & access rights
3 years straight line
Art packs
10 years straight line
Trademarks
10 years straight line
Intellectual property
5 years straight line
1.6
Tangible fixed assets

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

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

Freehold land and buildings
2-10% straight line
Short-term leasehold property
Over the term of the lease
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
Office equipment
20% straight line
Carousels
10% straight line

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.

1.7
Impairment of fixed assets

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

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.8
Stocks

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

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

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

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

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

Current tax

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

Deferred tax

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

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

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

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

1.16
Leases
As lessee

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

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

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

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

The company's stock largely comprises goods for printing through its online retail platform. Based on recent review there are no significant stock holdings that are considered to be impaired when assessing cost relative to expected value. The carrying value of stock at 31 December 2025 was £4,579,728 (2024: £3,498,387).

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
25,962,033
22,566,755
Europe
1,623,984
1,733,027
Rest of world
1,765,673
2,726,370
29,351,690
27,026,152
2025
2024
£
£
Other revenue
Interest income
139
694
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
5,342
28,237
Research and development costs
5,406
24,444
Depreciation of tangible fixed assets
262,911
275,560
Profit on disposal of tangible fixed assets
(1,937)
(11,456)
Amortisation of intangible assets
64,996
44,499
Loss on disposal of intangible assets
17,133
-
Operating lease charges
129,900
129,481
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,000
23,900
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
6
Employees

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

2025
2024
Number
Number
Administration
22
25
Sales and marketing
63
61
Production
160
116
Total
245
202

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,619,004
4,654,975
Social security costs
479,225
423,359
Pension costs
125,554
115,293
5,223,783
5,193,627
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
409,753
387,630
Company pension contributions to defined contribution schemes
37,000
35,000
446,753
422,630

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
184,875
175,000
Company pension contributions to defined contribution schemes
18,500
17,500
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
139
694
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
139
694
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
26,872
33,241
Other finance costs
Interest on finance leases and hire purchase contracts
9,702
11,567
36,574
44,808
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
583,451
1,960
Adjustments in respect of prior periods
(1,960)
(35,644)
Total current tax
581,491
(33,684)
Deferred tax
Origination and reversal of timing differences
8,876
132,782
Total tax charge
590,367
99,098
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,475,212
1,342,588
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 19%)
618,803
255,092
Effects of:
Expenses that are not deductible in determining taxable profit
1,329
6,986
Income not taxable in determining taxable profit
(6,745)
-
0
Change in unrecognised deferred tax assets
(27,847)
(140,555)
Adjustments in respect of prior years
(1,960)
(35,645)
Change in corporation tax rate
-
0
2,252
Fixed asset timing differences
6,998
10,968
Adjustments to tax charge in respect of previous periods - deferred tax
(211)
-
0
Taxation charge in the financial statements
590,367
99,098
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
11
Intangible fixed assets
Software
Platform content
Customer data & access rights
Art packs
Trademarks
Intellectual property
Total
£
£
£
£
£
£
£
Cost
At 1 January 2025
135,255
105,012
-
0
6,203
15,688
-
262,158
Additions
-
0
-
0
85,808
-
0
1,407
159,358
246,573
Disposals
(107,768)
-
0
-
0
-
0
(320)
-
(108,088)
At 31 December 2025
27,487
105,012
85,808
6,203
16,775
159,358
400,643
Amortisation and impairment
At 1 January 2025
24,233
55,034
-
0
2,528
2,091
-
83,886
Amortisation charged for the year
6,526
21,002
16,685
620
1,571
18,592
64,996
Disposals
(3,928)
-
0
-
0
-
0
(35)
-
(3,963)
At 31 December 2025
26,831
76,036
16,685
3,148
3,627
18,592
144,919
Carrying amount
At 31 December 2025
656
28,976
69,123
3,055
13,148
140,766
255,724
At 31 December 2024
111,022
49,978
-
0
3,675
13,597
-
178,272
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
12
Tangible fixed assets
Freehold land and buildings
Short-term leasehold property
Plant and equipment
Fixtures and fittings
Motor vehicles
Office equipment
Carousels
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2025
966,211
166,196
1,015,117
310,354
12,260
192,239
64,646
2,727,023
Additions
6,636
56,869
58,485
6,367
-
0
17,515
-
0
145,872
Disposals
-
0
-
0
(33,453)
-
0
-
0
(3,966)
-
0
(37,419)
At 31 December 2025
972,847
223,065
1,040,149
316,721
12,260
205,788
64,646
2,835,476
Depreciation and impairment
At 1 January 2025
51,574
142,710
585,944
241,122
12,260
149,123
59,421
1,242,154
Depreciation charged in the year
7,023
20,181
154,834
47,610
-
0
28,039
5,224
262,911
Eliminated in respect of disposals
-
0
-
0
(30,507)
-
0
-
0
(2,466)
-
0
(32,973)
At 31 December 2025
58,597
162,891
710,271
288,732
12,260
174,696
64,645
1,472,092
Carrying amount
At 31 December 2025
914,250
60,174
329,878
27,989
-
0
31,092
1
1,363,384
At 31 December 2024
914,637
23,486
429,173
69,232
-
0
43,116
5,225
1,484,869
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Tangible fixed assets
(Continued)
- 26 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
127,532
175,359
13
Stocks
2025
2024
£
£
Raw materials and consumables
255,342
182,767
Work in progress
22,698
52,689
Finished goods and goods for resale
4,301,688
3,262,931
4,579,728
3,498,387
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
587,792
766,672
Other debtors
98,198
5,417
Prepayments and accrued income
177,871
378,744
863,861
1,150,833
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
19,388
74,270
Obligations under finance leases
18
58,570
70,284
Trade creditors
2,264,881
3,260,069
Corporation tax
583,450
1,959
Other taxation and social security
1,218,217
841,910
Deferred income
435,652
415,201
Other creditors
175,924
82,637
Accruals and deferred income
1,433,115
1,006,100
6,189,197
5,752,430

Bank loans are secured by fixed and floating charges over all property and undertakings of the company.

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
329,778
351,575
Obligations under finance leases
18
-
0
58,570
Trade creditors
-
0
224,100
329,778
634,245
Creditors which fall due after five years are payable as follows:
Payable by instalments
252,224
283,661

Bank loans are secured by fixed and floating charges over all property and undertakings of the company.

17
Loans and overdrafts
2025
2024
£
£
Bank loans
349,166
425,845
Payable within one year
19,388
74,270
Payable after one year
329,778
351,575
18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
58,570
70,284
After more than one year
-
0
58,570
58,570
128,854
2025
2024
Future minimum lease payments due:
£
£
Within one year
58,570
70,284
In two to five years
-
0
58,570
58,570
128,854
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Finance lease obligations
(Continued)
- 28 -

Securities over the assets held under hire purchase and finance lease agreements are as follows:

- An unlimited debenture dated 27/03/2017 incorporating a fixed and floating charge.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fixed asset timing differences
283,703
266,063
Short term timing differences
(10,872)
(2,108)
272,831
263,955
2025
Movements in the year:
£
Liability at 1 January 2025
263,955
Charge to profit or loss
8,876
Liability at 31 December 2025
272,831

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,554
115,293

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £54,595(2024: £22,820) were payable to the fund at the reporting date.

TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
677,110
677,110
960
960
Deferred shares of 0.1p each
283,000
283,000
-
0
-
0

Ordinary shares carry the right to 1 vote per share.

Deferred shares carry no rights to any dividend or distribution and carry no rights to vote.

22
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
13,080
14,390
Years 2-5
9,808
-
0
22,888
14,390
As lessor - operating leases
2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
2,460
-
0
23
Events after the reporting date

After the year end, the Company repurchased 200,000 ordinary shares of £0.001 each. The shares are held in treasury.

24
Related party transactions
Transactions with related parties
Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Other related parties
1,708,526
-
0
600,000
-
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Related party transactions
(Continued)
- 30 -
Rent received
2025
2024
£
£
Other related parties
24,000
-

During the year, a company controlled by a close family member of a director and shareholder, provided the company with gardening services of £1,798 (2024 £1,781)

2025
2024
Amounts due to related parties
£
£
Other related parties
454,858
-
25
Ultimate controlling party

The ultimate controlling parties are M Drake-Knight & R Drake-Knight by virtue of their shareholding and directorship.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,884,845
1,243,490
Adjustments for:
Taxation charged
590,367
99,098
Finance costs
36,574
44,808
Investment income
(139)
(694)
Gain on disposal of tangible fixed assets
(1,937)
(11,456)
Loss on disposal of intangible assets
17,133
-
Amortisation and impairment of intangible assets
64,996
44,499
Depreciation and impairment of tangible fixed assets
262,911
275,560
Movements in working capital:
Increase in stocks
(1,081,341)
(103,988)
Decrease/(increase) in debtors
286,972
(771,162)
(Decrease)/increase in creditors
(322,679)
1,024,518
Increase/(decrease) in deferred income
20,451
(211,405)
Cash generated from operations
1,758,153
1,633,268
TEEMILL TECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
27
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
4,545,323
1,275,685
5,821,008
Borrowings excluding overdrafts
(425,845)
76,679
(349,166)
Lease liabilities
(128,854)
70,284
(58,570)
3,990,624
1,422,648
5,413,272
2025-12-31 2025-01-01 false false false CCH Software CCH Accounts Production 2026.200 M Drake-Knight R Drake-Knight W A Hobhouse R P Howard J S Blériot 07071956 2025-01-01 2025-12-31 07071956 bus:Director1 2025-01-01 2025-12-31 07071956 bus:Director2 2025-01-01 2025-12-31 07071956 bus:Director4 2025-01-01 2025-12-31 07071956 bus:Director5 2025-01-01 2025-12-31 07071956 bus:Director3 2025-01-01 2025-12-31 07071956 bus:RegisteredOffice 2025-01-01 2025-12-31 07071956 bus:Agent1 2025-01-01 2025-12-31 07071956 2025-12-31 07071956 2024-01-01 2024-12-31 07071956 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07071956 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 07071956 core:IntangibleAssetsOtherThanGoodwill 2025-12-31 07071956 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 07071956 core:ComputerSoftware 2025-12-31 07071956 core:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 07071956 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-12-31 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