Company registration number 01923808 (England and Wales)
TET LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
TET LIMITED
COMPANY INFORMATION
Directors
D A Joyce
W Pickett
Secretary
W Pickett
Company number
01923808
Registered office
Unit 6, Brent Trade Park
390 North Circular Road
Wembley
London
NW10 0JF
Auditor
Goldwyns Audit LLP
No. 1 Royal Exchange
London
EC3V 3DG
Solicitors
Cripps Harris Hall
Number 22,
Mount Ephraim Road
Tunbridge Wells
Kent
TN1 1EG
TET LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 8
Independent auditor's report
9 - 11
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 31
TET LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

Introduction

TET Limited is an established independent IT v alue a dded r eseller in the United Kingdom capable of delivering goods and services world-wide. Our aim is to deliver a good service and maximise the value customers obtain from their investment in IT.

Our ability to do this is based on five key attributes:

Experience

Our teams are experienced and qualified IT professionals with many years’ experience in providing ICT solutions.

Track record

We have successfully delivered IT projects, solutions and effective support for a wide range of customers in many different locations.

Vendor accreditations

We are accredited by main vendors including Microsoft Gold Partner, HPE Partner, HP I nc. Partner, NetApp Gold Partner, Vmware by Broadcom Solutions Partner, Cisco Premier Partner and Citrix.

Quality

TET management systems are accredited for ISO 9001, ISO 14001 and ISO 27001.

Account management

Every customer is assigned a dedicated account manager, responsible for the overall relationship with the customer.

Our focus is on listening to customers and providing tailored solutions that match requirements, better enabling strategic, financial and quality benefits to be realised. Backed by vendor accreditations TET’s trained and experienced staff aim to provide the very highest level of service to their customers.

Principal activities

The company’s principal activity is the sale and provisioning of IT networking and infrastructure hardware and software including implementation and technical support.

Review of the business

The c ompany had a successful year in 2025.

Turnover increased to £74.0m (2024: £69.9m) and increase in g ross p rofit to £9.4 m (2024: £8.5m).

The t urnover and g ross p rofit improvements were driven with the increase in existing clients and the onboarding of new business during the year across both public and private sector. All business increases are result of organic growth and hardwork by the dedicated staff at TET.

During the year we have continued to develop solution offerings and we have strengthened relationships with key stakeholders.

Management considers the k ey p erformance i ndicators of the company to be g ross p rofit and o perating p rofit.

The g roup profit and loss account for the year is set out on page 12 and shows an o perating p rofit for the year of £1.4 m (2024: £1.4 m).

The company b alance s heet remains strong and is shown on page 15 in the financial statements.

The g roup's t otal a ssets have increased to £24.5m (2024: £17.2m) and the s hareholder's f unds have i ncreased to £9.3 m (2024: £8.0m).

TET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

The management team at TET has identified the following factors as major potential risks normally associated with technology companies in dynamic and changing markets. Some, such as innovation, quality of service, staffing, are specific risks that require specific, identified actions to mitigate their effects. Others, such as the impact of competition, are areas addressed through strategic planning and operational management processes.

The extent to which worldwide politics and the situation in the Middle East will affect our future operations is not known with any certainty but we have taken action to protect our staff and to implement business continuity plans to limit the disruption to our business in the supply chain.

TET has embraced the new world of h ybrid working. Our staff are able to work from home comfortably and productively.

We continue to monitor our cash collections and credit limits of our customers to manage the risk of default. The company has continued to operate effectively and the directors will continue to monitor and manage the risk. The management agenda has been well balanced between maintaining our operational resilience, monitoring our staff mental wellbeing and planning for the future.

Cost inflation and legislative change

TET’s operational costs are affected by underlying cost inflation, legislative and fiscal policy changes in relation to, for example wages, rates and rent.

Competition in technology sector

The IT product and services market continues to be competitive. The company seeks to manage the risk of losing key customers to competitors by the provision of added value services, improving response times in the supply of products and the handling of customer queries and by maintaining strong relationships whilst promoting the strong values in the Code of Conduct of employees and key stakeholders.

The IT industry is witnessing a significant change in how businesses access and process information. There is an accelerating trend towards accessing data via the cloud and customers are seeing IT more as an operating expense rather than a capital expense. In moving our own infrastructure and experiencing at first hand the company has given our technical team the first hand experiences to enable them in delivering suitable solutions.

Economic uncertainty

The business can be adversely affected by political or economic changes. The impact can be on both the availability in the supply chain and the market prices of IT products. The continued uncertainty surrounding the relationship with the EU and the impact of the war in the Middle East will have a direct impact on customer confidence to invest and the ability to manufactures to supply. The directors believe the group is well placed to manage the business through this difficult scenario.

The sales performance of the business continued to be strong throughout the first half of 2026.

Attracting and retaining key employees

The failure to hire, retain and motivate executives and other key employees could have a significant impact on its operations. The company continues to support our staff in the development of their skills and experience. We have undertaken part in an a pprenticeship tr aining p rogramme both in s ales and t echnical skills to train the staff for the future.

Failure or unavailability of operational infrastructure

Cyber risk is a serious consideration in the business affecting all stakeholders in the business including s uppliers, c ustomers and staff. Any risk of financial loss, disruption or damage to the reputation of the company from a failure of our infrastructure or that of a customer is assisted by our technical support team. No organisation can provide complete guarantees of nullifying the exposure to this risk. The business t echnical team enforces processes of m onitoring, d etecting and r esolving any threats to our business or customers that we support. Failure to supply products and provide services to meet customer requirements for innovation and quality could have adverse effect on its results. TET is working closely with our IT c hannel p artners to identify, forecast and seek alternative solutions wherever possible to assist our customers.

TET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Key performance indicators

Key f inancial performance indicator includes monitoring and management of profitability and monetary working capital.

Financial Data |  | 2025 | 2024 | Measure
Revenues | Up 5.9% | £74.0m | £69.9m |
Gross Profit | Up 10.6% | £9.4m | £8.5m |
Return on Capital |  | 13.80% | 14.30% | Profit after Tax / Net Assets
Current Ratio |  | 1.6 | 1.87 | Current Assets / Current Liabilities
Sales / Employee £000 |  | £1.19m | £1.23m | Turnover / Av. No. of Employees

The company's performance remains solid with improvements in t urnover and g ross profit. The s ales / e mployee have fallen but the decrease was expected as a result of continued recruitment of new staff on a pprenticeship training programmes in both s ales and t echnical in last 12 months.

The d irectors have taken steps to encourage continuity and a level of sustainability with the entrustment of the m anagement t eam to focus on the day to day management of the business and the improvement of processes, systems and procedures. Our people and their relationships in the supply chain are considered to be very important to the overall success of the business.

TET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
SECTION 172 STATEMENT

The d irectors of the g roup, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:

-The likely consequences of any decisions in the long term;

-The interests of the company's employees;

-The need to foster the company's business relationships with suppliers, customers and others;

-The impact of the company's operations on the community and environment;

-The desirability of the company maintaining a reputation for high standards of business conduct; and

-The need to act fairly as between shareholders of the company.

As part of their induction, a d irector is briefed on their duties so that they can fulfil their duties. As the b oard of d irectors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct.

As Directors we fulfil our duties as follows:

Risk management

We effectively identify, evaluate, manage and mitigate the risk we face.

The management team has identified some factors as major potential risks normally associated with trading in a dynamic and changing world market. Some, such as innovation, quality service, staffing, are specific risks that require specific, identified actions to mitigate their effects. Others, such as the impact of competition, are areas addressed through strategic planning and operational management processes.

Our people

The c ompany is committed to being a responsible business. Our behaviour is aligned with the expectations of our people. People are at the heart of our services. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business.

Our business relationships with customers, suppliers and others

For our growth, we develop and maintain strong client relationships. We value all of our suppliers and have year on year contracts with our key suppliers. Managing these relationships is critical in ensuring the c ompany delivers on its strategy. Where these relationships are tested, steps are taken to ensure that they are addressed promptly and successfully.

Community and environment

Our plans take into account the impact of the company's operations on the community and environment and our wider social responsibilities. The c ompany's approach is to use its position of strength to create positive change for the people and communities with which it interacts.

Our shareholders

The b oard seeks to ensure that communications are clear and its actions are in accordance with the c ompany's strategic aims to promote the long term success of the c ompany. The b oard is continually seeking ways in which to engage with shareholders and investors.

On behalf of the board

D A Joyce
Director
22 July 2026
TET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

Results and dividends

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:

D A Joyce
W Pickett
E Iyikan
(Resigned 2 April 2026)
Financial risk management
Financial instruments

The c ompany’s financial instruments are its w orking c apital instruments including t rade d ebtors and t rade c reditors.

Credit risk

All customers are credit assessed at the outset of the commencement any business and regularly credit checked thereafter. The business exposure to customers debt is monitored continually whilst assessing the risk of any significant bad debts. A review of s uppliers is also carried out regularly to ensure that we have a robust supply chain to be able to deliver to our customers.

Liquidity risk

The group has no external funding. The cashflow streams are generated from our business activities and management monitor the w orking c apital closely to ensure that the company maintains a high liquidity ratio. Debtor days are monitored regularly and are considered to be at a satisfactory level.

Employees involvement

The company operates an open office environment where all employees have access to management. The company encourages the involvement of its employees in its management through regular meetings and open discussion, which have the responsibility for the dissemination of information of particular concern to employees and for receiving their views on important matters of policy.

The directors recognise that the c ompany achievements are entirely due to the interaction and team work of all of our employees. We have a relatively small team of 62 employees (202 4: 57) all of whom approach their responsibilities with enthusiasm and are capable of resolving any issues presented to them with an innovative spirit.

Management pay particular attention to the training and career development of our staff with a view to encourage their active role in the growth of the company. We continue to support the a pprenticeship training programme in both the s ales and t echnical environment.

Equal opportunity

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event that a member of staff becomes disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the company policy that training, career development and promotion of all staff is in line with e mployment law.
Code of conduct

TET employees are exceptional people who work together working within our c ode of c onduct; t eamwork and r equest, i ntegrity, ac countability, i nnovation, l earning and s ocial r esponsibility. The values within this c ode provides us with the framework to guide our decisions and behaviour. They maintain our business standards of ethical, honest and legal practices. We expect all staff to adhere to the code and we require that our business partners and stakeholders abide by the c ode of c onduct.

TET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

TET supplier code of conduct

TET s upplier c ode of c onduct takes into account the established principles of sustainability, human rights and c orporate c ompliance. TET expects all of its suppliers and sub-contractors to share its principles which are expressed in the s upplier c ode of c onduct. We expect our suppliers to replicate these standards in the supply chain.

Sustainability policy

Whilst TET Group does not manufacture any goods, the management are conscious of the impact that our actions have on the planet. The company tries wherever possible to reduce wastage and recycle waste products whenever possible. The use of alternative energy sources and energy saving devices is encouraged.

Human r ights p olicy

TET upholds the international recognised principles of human rights and working conditions.

Corporate c ompliance p olicy

The c orporate c ompliance policy outlines key legal areas where the ethically and legally compliant behaviour of TET employees is of utmost importance to the company’s well-being.

Post reporting date events

On 2 April 2026, the company repurchased and cancelled 2,500 Ordinary Shares of £1 each for total consideration of £3.7m.

Subsequently, the company declared a dividend for £2.5m.

Also, after the year-end, the company acquired the entire issued share capital of TET iP Limited for £489k.

Energy and carbon report

The company's environmental performance information is presented in accordance with the Streamlined Energy and Carbon Reporting (“SECR”) Policy. The table below represents the company's energy use and greenhouse gas (GHG) emissions from electricity and fuel for the annual reporting period from 1 January 2025 to 31 December 2025. The scope of the reporting includes all UK operations.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
574
453
- Electricity purchased
48,199
57,666
48,773
58,119
TET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
0.12
0.08
- Fuel consumed for owned transport
9.20
10.70
9.32
10.78
Scope 2 - indirect emissions
- Electricity purchased
8.53
11.94
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
88.09
106.24
Total gross emissions
105.94
128.96
Intensity ratio
Tonnes CO2e per employee
1.63
2.26
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

Measures taken to improve energy efficiency

The company has taken a number of steps during the year to improve energy efficiency and reduce energy consumption across its operations. These include:

- Recycling pallets and packaging materials used in operations

- Promoting cycle‑to‑work salary sacrifice schemes

- Promoting electric vehicle salary sacrifice schemes

- Reducing business travel and increasing the use of virtual meetings (e.g. Microsoft Teams)

- Reducing paper usage and increasing the use of electronic document execution (e.g. DocuSign)

In addition, the company has undertaken broader environmental initiatives, including investment in tree planting projects to help offset carbon emissions, and support for programmes focused on water conservation.

TET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
D A Joyce
Director
22 July 2026
TET LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TET LIMITED
- 9 -
Opinion

We have audited the financial statements of TET Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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:

- T he 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.

TET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TET LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

The objectives of our audit with regards to fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; design and perform procedures that respond appropriately to identified or suspected fraud; and obtain audit evidence regarding the risks of material misstatement of the financial statements due to fraud.

However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

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

- obtain an understanding of the nature of the industry, the performance of the business, and of the design of the entity's policies for the remuneration of the management;

- consider the internal control environment to mitigate the risk of fraud or non-compliance with laws and regulations;

- identify laws and regulations applicable to the group and the parent company through discussions with management and from our commercial knowledge and sector experience, and assess the extent of compliance with laws and regulations from making enquiries of management;

- obtain an understanding of the legal and regulatory framework within which the group and the parent company operate focusing on the most significant laws and regulations that have a direct impact on the financial statements and the operations of the entity including FRS 102, the Companies Act 2006 and tax compliance regulations;

- communication of identified laws and regulations to our audit team and remain alert to any indications of non-compliance throughout the audit; and

- ensure that the audit engagement team have the capability, competence and skill to identify non-compliance with laws and regulations.

TET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TET LIMITED
- 11 -

To address the risk of non-compliance with laws and regulations, including fraud we performed the following audit procedures:

- analytical procedures to identify unusual patterns or inconsistencies, and potential indicators of fraud or non-compliance;

- testing of journal entries to identify unusual transactions and investigating the rationale behind unusual transactions;

- assessing whether judgements and assumptions made in determining accounting estimates are indicative of bias;

- reviewing the disclosures in the financial statements and agreeing to supporting documentation; and

- enquiries with management and reviewing the minutes of meetings with management and those charged with governance.

Taking into consideration the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from transactions reflected in the financial statements, the less likely we would become aware of non-compliance. Also, auditing standards limit the procedures required to identify non-compliance with laws and regulations to the inspection of regulatory and legal correspondence, if any, and enquiry of management. This risk is higher in respect of irregularities arising from fraud, as such practices may involve deliberate concealment, collusion, forgery, or intentional misrepresentations.

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Martin Myers (Senior Statutory Auditor)
For and on behalf of Goldwyns Audit LLP, Statutory Auditor
Chartered Accountants
No. 1 Royal Exchange
London
EC3V 3DG
22 July 2026
TET LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
Turnover
3
74,024,405
69,945,070
Cost of sales
(64,615,039)
(61,445,813)
Gross profit
9,409,366
8,499,257
Administrative expenses
(8,232,962)
(7,531,238)
Other operating income
271,699
438,439
Operating profit
4
1,448,103
1,406,458
Interest receivable and similar income
8
315,490
213,301
Interest payable and similar expenses
9
(26,726)
-
0
Profit before taxation
1,736,867
1,619,759
Tax on profit
10
(455,490)
(464,153)
Profit for the financial year
1,281,377
1,155,606
Profit for the financial year is all attributable to the owners of the parent company.
TET LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
£
£
Profit for the year
1,281,377
1,155,606
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,281,377
1,155,606
Total comprehensive income for the year is all attributable to the owners of the parent company.
TET LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
272,630
164,969
272,630
164,969
Current assets
Stocks
15
869,057
416,222
Debtors
16
11,164,653
8,325,411
Cash at bank and in hand
12,162,291
8,248,879
24,196,001
16,990,512
Creditors: amounts falling due within one year
17
(15,143,385)
(9,076,256)
Net current assets
9,052,616
7,914,256
Total assets less current liabilities
9,325,246
8,079,225
Provisions for liabilities
Deferred tax liability
18
38,151
38,151
(38,151)
(38,151)
Net assets
9,287,095
8,041,074
Capital and reserves
Called up share capital
20
11,250
11,250
Share premium account
17,500
17,500
Capital redemption reserve
11,250
11,250
Other reserves
(26,190)
9,166
Profit and loss reserves
9,273,285
7,991,908
Total equity
9,287,095
8,041,074
The financial statements were approved by the board of directors and authorised for issue on 22 July 2026 and are signed on its behalf by:
22 July 2026
D A Joyce
W Pickett
Director
Director
Company registration number 01923808 (England and Wales)
TET LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 15 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
272,630
164,969
Investments
13
4,251
4,251
276,881
169,220
Current assets
Stocks
15
869,057
411,107
Debtors
16
9,943,492
8,332,785
Cash at bank and in hand
11,934,545
7,769,005
22,747,094
16,512,897
Creditors: amounts falling due within one year
17
(14,132,101)
(8,987,527)
Net current assets
8,614,993
7,525,370
Total assets less current liabilities
8,891,874
7,694,590
Provisions for liabilities
Deferred tax liability
18
38,151
38,151
(38,151)
(38,151)
Net assets
8,853,723
7,656,439
Capital and reserves
Called up share capital
20
11,250
11,250
Share premium account
17,500
17,500
Capital redemption reserve
11,250
11,250
Profit and loss reserves
8,813,723
7,616,439
Total equity
8,853,723
7,656,439

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,197,284 (2024 - £974,191 profit).

The financial statements were approved by the board of directors and authorised for issue on 22 July 2026 and are signed on its behalf by:
22 July 2026
D A Joyce
W Pickett
Director
Director
Company registration number 01923808 (England and Wales)
TET LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
Share capital
Share premium account
Capital redemption reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2024
12,500
17,500
10,000
-
0
8,136,302
8,176,302
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
-
1,155,606
1,155,606
Dividends
11
-
-
-
-
(300,000)
(300,000)
Own shares acquired
-
-
-
-
(1,000,000)
(1,000,000)
Redemption of shares
20
(1,250)
-
1,250
-
-
-
0
Reduction in share capital
-
-
-
9,166
-
9,166
Balance at 31 December 2024
11,250
17,500
11,250
9,166
7,991,908
8,041,074
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
-
1,281,377
1,281,377
Other movements
-
-
-
(35,356)
-
(35,356)
Balance at 31 December 2025
11,250
17,500
11,250
(26,190)
9,273,285
9,287,095
TET LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
12,500
17,500
10,000
7,942,249
7,982,249
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
974,190
974,190
Dividends
11
-
-
-
(300,000)
(300,000)
Own shares acquired
-
-
-
(1,000,000)
(1,000,000)
Redemption of shares
20
(1,250)
-
1,250
-
-
0
Balance at 31 December 2024
11,250
17,500
11,250
7,616,439
7,656,439
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
1,197,284
1,197,284
Balance at 31 December 2025
11,250
17,500
11,250
8,813,723
8,853,723
TET LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
4,250,253
3,300,415
Interest paid
(26,726)
-
0
Income taxes paid
(378,559)
(620,486)
Net cash inflow from operating activities
3,844,968
2,679,929
Investing activities
Purchase of tangible fixed assets
(211,690)
(92,378)
Interest received
315,490
213,301
Net cash generated from investing activities
103,800
120,923
Financing activities
Purchase of own shares
-
0
(1,000,000)
Dividends paid to equity shareholders
-
0
(300,000)
Net cash used in financing activities
-
(1,300,000)
Net increase in cash and cash equivalents
3,948,768
1,500,852
Cash and cash equivalents at beginning of year
8,248,879
6,738,861
Effect of foreign exchange rates
(35,356)
9,166
Cash and cash equivalents at end of year
12,162,291
8,248,879
TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
1
Accounting policies
Company information

TET Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 6, Brent Trade Park, 390 North Circular Road, Wembley, London, NW10 0JF.

The group consists of TET Limited and all of its subsidiaries.

1.1
Basis of preparation

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:

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TET Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

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

TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue form the sale of software licences is recognised when the significant risks and rewards of ownership of the software licence have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

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

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

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

1.5
Tangible fixed assets

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

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

Plant and equipment
33% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance

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 recognised in the profit and loss account.

1.6
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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).

TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
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.

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.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset and 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 m ethod 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.

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 group 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.

TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

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 group’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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 23 -
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.

1.15
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.

1.16

Leases

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 d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Provision for doubtful debts

The company makes an estimate of the recoverable value of trade receivables and other debtors. When assessing impairment of trade receivables and other receivables, management considers factors including the ageing profile of receivables and historical experience.

TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible assets

The annual depreciation charge for tangible fixed assets is affected by changes in the estimated useful economic lives and residual values of assets. The economic lives and residual values are assessed periodically. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilization and the physical condition of the assets.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
IT networking and infrastructure hardware and software, and technical support sales
74,024,405
69,945,070
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
68,639,315
63,209,832
Other European countries
2,163,287
3,113,069
Rest of the world
3,221,803
3,622,169
74,024,405
69,945,070
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(92,241)
(989)
Depreciation of owned tangible fixed assets
95,060
60,884
Loss on disposal of tangible fixed assets
8,969
-
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 group and company
40,000
40,028
TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
62
57
62
57

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,433,331
5,185,185
5,433,331
5,185,185
Social security costs
742,841
620,453
742,841
620,453
Pension costs
329,715
158,907
329,715
158,907
6,505,887
5,964,545
6,505,887
5,964,545
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
512,141
669,732
Company pension contributions to defined contribution schemes
50,917
20,167
563,058
689,899

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
187,243
337,930
Company pension contributions to defined contribution schemes
41,472
1,321
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
315,490
213,301
TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
26,726
-
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
435,157
374,119
Foreign current tax on profits for the current period
11,134
51,883
Adjustments in foreign tax in respect of prior periods
9,199
-
0
Total current tax
455,490
426,002
Deferred tax
Origination and reversal of timing differences
-
0
38,151
Total tax charge
455,490
464,153

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
1,736,867
1,619,759
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
434,217
404,940
Tax effect of expenses that are not deductible in determining taxable profit
38,276
35,859
Tax effect of utilisation of tax losses not previously recognised
-
0
2,983
Unutilised tax losses carried forward
5,456
419
Permanent capital allowances in excess of depreciation
(11,230)
(8,355)
Effect of overseas tax rates
(11,229)
(9,844)
Deferred tax
-
0
38,151
Taxation charge
455,490
464,153
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
-
300,000
TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
259,957
168,560
51,407
479,924
Additions
29,313
473
181,904
211,690
Disposals
(23,800)
-
0
-
0
(23,800)
At 31 December 2025
265,470
169,033
233,311
667,814
Depreciation and impairment
At 1 January 2025
164,779
109,546
40,630
314,955
Depreciation charged in the year
37,945
8,945
48,170
95,060
Eliminated in respect of disposals
(14,831)
-
0
-
0
(14,831)
At 31 December 2025
187,893
118,491
88,800
395,184
Carrying amount
At 31 December 2025
77,577
50,542
144,511
272,630
At 31 December 2024
95,178
59,014
10,777
164,969
Company
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
259,957
168,560
51,407
479,924
Additions
29,313
473
181,904
211,690
Disposals
(23,800)
-
0
-
0
(23,800)
At 31 December 2025
265,470
169,033
233,311
667,814
Depreciation and impairment
At 1 January 2025
164,779
109,546
40,630
314,955
Depreciation charged in the year
37,945
8,945
48,170
95,060
Eliminated in respect of disposals
(14,831)
-
0
-
0
(14,831)
At 31 December 2025
187,893
118,491
88,800
395,184
Carrying amount
At 31 December 2025
77,577
50,542
144,511
272,630
At 31 December 2024
95,178
59,014
10,777
164,969
TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
4,251
4,251
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
4,251
Carrying amount
At 31 December 2025
4,251
At 31 December 2024
4,251
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TET (US) INC.
USA
Ordinary
100.00
TET (Europe) S.A.R.L
France
Ordinary
100.00
TET Europe B.V.
Netherlands
Ordinary
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
869,057
416,222
869,057
411,107
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
10,950,330
8,080,734
9,665,552
8,044,925
Amounts owed by group undertakings
-
0
-
0
63,617
51,617
Other debtors
29,088
52,950
29,088
50,039
Prepayments and accrued income
185,235
191,727
185,235
186,204
11,164,653
8,325,411
9,943,492
8,332,785
TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
5,282,500
5,000,960
4,536,289
4,996,441
Corporation tax payable
208,335
131,404
179,990
70,741
Other taxation and social security
1,616,067
747,466
1,581,964
737,984
Other creditors
892,129
798,843
892,129
798,843
Accruals and deferred income
7,144,354
2,397,583
6,941,729
2,383,518
15,143,385
9,076,256
14,132,101
8,987,527
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
38,151
38,151
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
38,151
38,151
There were no deferred tax movements in the year.
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
329,715
158,907

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,250
11,250
11,250
11,250
21
Operating lease commitments

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
273,833
244,526
273,833
244,526
Between two and five years
784,258
933,040
784,258
933,040
In over five years
208,418
333,469
208,418
333,469
1,266,509
1,511,035
1,266,509
1,511,035
22
Events after the reporting date

On 2 April 2026, the company repurchased and cancelled 2,500 Ordinary Shares of £1 each for total consideration of £3.7m.

Subsequently, the company declared a dividend for £2.5m.

Also, after the year-end, the company acquired the entire issued share capital of TET iP Limited for £489k.

23
Related party transactions
Remuneration of key management personnel

During the year, total remuneration of key management personnel, including close family members, amounted to £2,569,119 (2024:£2,287,261).

Transactions with related parties

During the year, no dividends were paid to the directors (2024: £300,000).

During the year, the company purchased telephony services from a connected company for £63,195 (2024: £57,000).

Also during the year, TET Limited provided management and support services to the connected company for £70,387 (2024: £65,000).

The director shareholders of the company are also director shareholders of the connected company.

TET LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
24
Controlling party

At 31 December 2025, the ultimate controlling party was Mr D Joyce.

In April 2026, control of the company passed to the trustees of The Joyce Family Trust 2026.

25
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,281,377
1,155,606
Adjustments for:
Taxation charged
455,490
464,153
Finance costs
26,726
-
0
Investment income
(315,490)
(213,301)
Loss on disposal of tangible fixed assets
8,969
-
Depreciation and impairment of tangible fixed assets
95,060
60,884
Movements in working capital:
(Increase)/decrease in stocks
(452,835)
335,738
(Increase)/decrease in debtors
(2,839,242)
2,797,722
Increase/(decrease) in creditors
5,990,198
(1,300,387)
Cash generated from operations
4,250,253
3,300,415
26
Analysis of changes in net funds - group
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
£
£
£
£
Cash at bank and in hand
8,248,879
3,948,768
(35,356)
12,162,291
2025-12-31 2025-01-01 false false CCH Software CCH Accounts Production 2026.100 D A Joyce E Iyikan E Iyikan W Pickett false 01923808 bus:Consolidated 2025-01-01 2025-12-31 01923808 2025-01-01 2025-12-31 01923808 bus:Director1 2025-01-01 2025-12-31 01923808 bus:CompanySecretaryDirector1 2025-01-01 2025-12-31 01923808 bus:CompanySecretary1 2025-01-01 2025-12-31 01923808 bus:Director2 2025-01-01 2025-12-31 01923808 bus:Director3 2025-01-01 2025-12-31 01923808 bus:RegisteredOffice 2025-01-01 2025-12-31 01923808 bus:Agent1 2025-01-01 2025-12-31 01923808 2025-12-31 01923808 bus:Consolidated 2025-12-31 01923808 bus:Consolidated 2024-01-01 2024-12-31 01923808 2024-01-01 2024-12-31 01923808 bus:Consolidated 2024-12-31 01923808 2024-12-31 01923808 core:PlantMachinery bus:Consolidated 2025-12-31 01923808 core:FurnitureFittings bus:Consolidated 2025-12-31 01923808 core:MotorVehicles bus:Consolidated 2025-12-31 01923808 core:PlantMachinery bus:Consolidated 2024-12-31 01923808 core:FurnitureFittings bus:Consolidated 2024-12-31 01923808 core:MotorVehicles bus:Consolidated 2024-12-31 01923808 core:PlantMachinery 2025-12-31 01923808 core:FurnitureFittings 2025-12-31 01923808 core:MotorVehicles 2025-12-31 01923808 core:PlantMachinery 2024-12-31 01923808 core:FurnitureFittings 2024-12-31 01923808 core:MotorVehicles 2024-12-31 01923808 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-12-31 01923808 core:CurrentFinancialInstruments bus:Consolidated 2024-12-31 01923808 core:ShareCapital bus:Consolidated 2025-12-31 01923808 core:ShareCapital bus:Consolidated 2024-12-31 01923808 core:SharePremium bus:Consolidated 2025-12-31 01923808 core:SharePremium bus:Consolidated 2024-12-31 01923808 core:CapitalRedemptionReserve bus:Consolidated 2025-12-31 01923808 core:CapitalRedemptionReserve bus:Consolidated 2024-12-31 01923808 core:OtherMiscellaneousReserve bus:Consolidated 2025-12-31 01923808 core:OtherMiscellaneousReserve bus:Consolidated 2024-12-31 01923808 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-12-31 01923808 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-12-31 01923808 core:ShareCapital 2025-12-31 01923808 core:ShareCapital 2024-12-31 01923808 core:SharePremium 2025-12-31 01923808 core:SharePremium 2024-12-31 01923808 core:CapitalRedemptionReserve 2025-12-31 01923808 core:CapitalRedemptionReserve 2024-12-31 01923808 core:RetainedEarningsAccumulatedLosses 2025-12-31 01923808 core:RetainedEarningsAccumulatedLosses 2024-12-31 01923808 core:ShareCapital bus:Consolidated 2023-12-31 01923808 core:SharePremium bus:Consolidated 2023-12-31 01923808 core:CapitalRedemptionReserve bus:Consolidated 2023-12-31 01923808 core:ForeignCurrencyTranslationReserve bus:Consolidated 2023-12-31 01923808 2023-12-31 01923808 core:ForeignCurrencyTranslationReserve bus:Consolidated 2024-12-31 01923808 core:ForeignCurrencyTranslationReserve bus:Consolidated 2025-12-31 01923808 core:ShareCapital 2023-12-31 01923808 core:SharePremium 2023-12-31 01923808 core:CapitalRedemptionReserve 2023-12-31 01923808 core:RetainedEarningsAccumulatedLosses 2023-12-31 01923808 bus:Consolidated 2023-12-31 01923808 core:PlantMachinery 2025-01-01 2025-12-31 01923808 core:FurnitureFittings 2025-01-01 2025-12-31 01923808 core:MotorVehicles 2025-01-01 2025-12-31 01923808 core:UKTax bus:Consolidated 2025-01-01 2025-12-31 01923808 core:UKTax bus:Consolidated 2024-01-01 2024-12-31 01923808 core:ForeignTax bus:Consolidated 2025-01-01 2025-12-31 01923808 core:ForeignTax bus:Consolidated 2024-01-01 2024-12-31 01923808 bus:Consolidated 1 2025-01-01 2025-12-31 01923808 bus:Consolidated 1 2024-01-01 2024-12-31 01923808 core:PlantMachinery bus:Consolidated 2024-12-31 01923808 core:FurnitureFittings bus:Consolidated 2024-12-31 01923808 core:MotorVehicles bus:Consolidated 2024-12-31 01923808 bus:Consolidated 2024-12-31 01923808 core:PlantMachinery 2024-12-31 01923808 core:FurnitureFittings 2024-12-31 01923808 core:MotorVehicles 2024-12-31 01923808 2024-12-31 01923808 core:PlantMachinery bus:Consolidated 2025-01-01 2025-12-31 01923808 core:FurnitureFittings bus:Consolidated 2025-01-01 2025-12-31 01923808 core:MotorVehicles bus:Consolidated 2025-01-01 2025-12-31 01923808 core:Subsidiary1 2025-01-01 2025-12-31 01923808 core:Subsidiary2 2025-01-01 2025-12-31 01923808 core:Subsidiary3 2025-01-01 2025-12-31 01923808 core:Subsidiary1 1 2025-01-01 2025-12-31 01923808 core:Subsidiary2 2 2025-01-01 2025-12-31 01923808 core:Subsidiary3 3 2025-01-01 2025-12-31 01923808 core:CurrentFinancialInstruments bus:Consolidated 2025-12-31 01923808 core:CurrentFinancialInstruments 2025-12-31 01923808 core:CurrentFinancialInstruments 2024-12-31 01923808 core:CurrentFinancialInstruments bus:Consolidated 1 2025-12-31 01923808 core:CurrentFinancialInstruments bus:Consolidated 1 2024-12-31 01923808 core:CurrentFinancialInstruments 2 2025-12-31 01923808 core:CurrentFinancialInstruments 2 2024-12-31 01923808 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-12-31 01923808 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 01923808 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01923808 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01923808 bus:FRS102 2025-01-01 2025-12-31 01923808 bus:Audited 2025-01-01 2025-12-31 01923808 bus:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 01923808 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP