Company Registration No. 05369874 (England and Wales)
ATELIER TEN (SCOTLAND) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
ATELIER TEN (SCOTLAND) LIMITED
CONTENTS
Page
Company information
1
Directors' report
2 - 4
Independent auditor's report
5 - 9
Income statement
10
Statement of financial position
11 - 12
Statement of changes in equity
13
Notes to the financial statements
14 - 31
ATELIER TEN (SCOTLAND) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. W. McCumiskey
Mr. D. Campbell
Mr. N. Kienzl
Mr. D. Seel
Secretary
Mr. A. McColl
Company number
05369874
Registered office
19 Perseverance Works
38 Kingsland Road
London
E2 8DD
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
ATELIER TEN (SCOTLAND) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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 consulting in building services, engineering and design.

Branches

The financial statements include a branch that operates in the UK. The branch trading results are included in the company financial statements.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £800,000 (2024: £2,500,000). 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:

Mr. P. Kerr
(Resigned 28 February 2025)
Mr. W. Ritchie
(Resigned 6 August 2025)
Mr. W. McCumiskey
Mr. D. Cameron
(Resigned 17 March 2025)
Mr. D. Campbell
(Appointed 27 March 2025)
Mr. N. Kienzl
(Appointed 27 March 2025)
Mr. D. Seel
(Appointed 3 September 2025)
Political donations

The company made no political donations or incurred any political expenditure in the year.

Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade Receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

ATELIER TEN (SCOTLAND) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Research and development

Whilst the company does not undertake specific research and development activities, some of the company's expenditure qualifies as research and development for taxation purposes and therefore attracts government grants.

Future developments

The directors are optimistic that the business can retain its market share and are forecasting modest growth during 2026 based on confirmed projects and known opportunities. This is discussed further in the strategic report. The directors are confident that the business will deliver favourable results to all stakeholders.

Auditor

The auditor, Verallo, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 FRS 101 Reduced Disclosure Framework. 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;

- state whether applicable FRS 101 Reduced Disclosure Framework have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

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.

ATELIER TEN (SCOTLAND) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
Mr. W. McCumiskey
Director
23 July 2026
ATELIER TEN (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ATELIER TEN (SCOTLAND) LIMITED
- 5 -
Opinion

We have audited the financial statements of A telier Ten (Scotland) Limited (the 'company') for the y ear ended 31 December 2025 which comprise the income statement, the statement of financial position, statement of changes in equity 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 101 ‘Reduced Disclosure Framework’ (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

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 the date of approval of the financial statements.

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.

However, because not all events or conditions can be predicted, this conclusion is not a guarantee as to the company’s ability to continue as a going concern.

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

ATELIER TEN (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ATELIER TEN (SCOTLAND) LIMITED
- 6 -

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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

ATELIER TEN (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ATELIER TEN (SCOTLAND) LIMITED
- 7 -
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, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- identify and assess the risks of material misstatement of the entity’s financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

- obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control;

- evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors;

- conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the company to cease to continue as a going concern; and

- evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

ATELIER TEN (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ATELIER TEN (SCOTLAND) LIMITED
- 8 -

Our approach was as follows:

- w e identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations;

- w e considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- w e considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- w e communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- w e considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to 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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

ATELIER TEN (SCOTLAND) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ATELIER TEN (SCOTLAND) LIMITED
- 9 -

Use of our report

This report is made solely to the company’s member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.

Michelle Hewitt-Dutton FCCA (Senior Statutory Auditor)
For and on behalf of Verallo
Statutory Auditor
Office:
Henley-on-Thames
Date:
24 July 2026
ATELIER TEN (SCOTLAND) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Revenue
4
6,036,590
5,749,829
Cost of sales
(3,073,601)
(3,009,858)
Gross profit
2,962,989
2,739,971
Administrative expenses
(2,316,368)
(2,776,475)
Other operating income
259,624
321,299
Operating profit
5
906,245
284,795
Investment income
8
9,089
19,744
Finance costs
9
(13,883)
(11,837)
Profit before taxation
901,451
292,702
Tax on profit
10
(62,601)
(95,494)
Profit and total comprehensive income for the financial year
21
838,850
197,208

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 31 form part of these financial statements
ATELIER TEN (SCOTLAND) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
48,474
79,635
Right-of-use asset
227,539
346,934
276,013
426,569
Current assets
Trade and other receivables
13
1,371,203
1,628,240
Cash and cash equivalents
1,537,797
893,115
2,909,000
2,521,355
Current liabilities
Trade and other payables
16
377,639
140,340
Taxation and social security
546,403
446,414
Lease liabilities
17
107,217
119,813
1,031,259
706,567
Net current assets
1,877,741
1,814,788
Total assets less current liabilities
2,153,754
2,241,357
Non-current liabilities
(110,222)
(236,675)
Provisions for liabilities
Deferred tax liabilities
18
(10,982)
(10,982)
Net assets
2,032,550
1,993,700
Equity
Called up share capital
20
100
100
Retained earnings
21
2,032,450
1,993,600
Total equity
2,032,550
1,993,700
ATELIER TEN (SCOTLAND) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 23 July 2026 and are signed on its behalf by:
Mr. W. McCumiskey
Director
Company Registration No. 05369874
ATELIER TEN (SCOTLAND) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2024
100
4,296,392
4,296,492
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
197,208
197,208
Dividends
11
-
(2,500,000)
(2,500,000)
Balance at 31 December 2024
100
1,993,600
1,993,700
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
838,850
838,850
Dividends
11
-
(800,000)
(800,000)
Balance at 31 December 2025
100
2,032,450
2,032,550
The notes on pages 14 to 31 form part of these financial statements
ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Atelier Ten (Scotland) Limited (05369874) is a private company limited by shares incorporated in England and Wales. The registered office is 19 Perseverance Works, 38 Kingsland Road, London, E2 8DD. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- the effect of financial instruments on the statement of comprehensive income;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- disclosure of information about leases in a single note;

- comparative narrative information;

- related party disclosures for transactions with the parent or wholly owned members of the group; and

- certain disclosures required under IFRS 15 Revenue from Contracts with Customers, including disaggregation of revenue, details of changes in contract assets and liabilities, and details of incomplete performance obligations

Where required, equivalent disclosures are given in the group accounts of Atelier Ten Limited. The group accounts of Atelier Ten Limited are available to the public and can be obtained as set out in note 24.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.true

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Revenue

Revenue represents the amounts receivable for services provided in the normal course of business, net of VAT.

In accordance with IFRS15 'Revenue from contracts with customers' issued by the Accounting Standards Board, revenue is recognised relative to performance obligations identified in the contract. These performance obligations are typically linked to milestones through the delivery of technical drawings and reports.

At the year end, p r ofessional judgement is applied by the directors, in reviewing the s tage of completion of each performance obligation, as detailed within the contracts. The overall transaction price is allocated between these specific obligations as per the contract and amounts receivable in respect of service contracts in progress are accrued accordingly based on the stage of completion of each performance obligation.

When revenue recognised is more than amounts invoiced on account, a contract asset is recognised. When fees are rendered in advance of work being carried out at the year end, the amount of income is excluded from revenue and is treated as deferred income. This is shown in the balance sheet as contract liabilities.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Leasehold land and buildings
straight line over the lease term
Fixtures and fittings
25% straight line
Computers
25% straight line
Right-of-use assets
straight line over the lease term

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 income statement.

Land is not subject to depreciation.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company 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). 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.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or 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 of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Equity instruments

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

1.10
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 when the company has 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.

1.11
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 inventories or non-current 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.

1.12
Retirement benefits

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

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.14
Grants

Government grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the Company recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets (including property, plant and equipment) are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognised in profit or loss in the period in which they become receivable. The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

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.

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
2
Adoption of new and revised standards and changes in accounting policies

The Company have adopted the new and updated IFRS implemented for the current fiscal year, where the effective date of the standard was for periods commencing on or after, 1 January 2025. The application of such IFRSs, have been considered, but have not had any significant effect on the Company’s accounting policies or financial statements.

3
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Critical judgements
Right-of-use assets

In determining the lease term the company assesses whether it is reasonably certain to exercise, or not to exercise, options to extend or terminate a lease. This assessment is made at the start of the lease and is reassessed if significant events of changes in circumstances occur that are within the lessee's control.

Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease, if that rate be determined, or the company's incremental borrowing rate if not. The company used a rate of 5% for its office leases.

A 1% increase or decrease in the discount rate would result in a difference of £2,416 on the lease liability.

Contract assets and liabilities

The company often enters in to long term service contracts with its customers. The company recognises revenue, and therefore profit, on service contracts in progress at the year-end where reasonable confidence can be taken in the profitable completion. At the year-end, professional judgement is applied, by the directors, in reviewing the stage of completion of each project, in conjunction with the milestones met and billed, fee forecast and billing schedule, to determine the revenue that should be recognised in the current year. The review of the completion and billing continues to be reviewed on a monthly basis, with any variances being released to the profit and loss as they arise.

Expected credit loss

The directors review the expected credit loss provision on an annual basis and apply professional judgement, combined with customer knowledge and prior period trends to quantify an expected credit loss provision. The provision continues to be reviewed on a monthly basis, with any variances being released to the profit and loss as they arise.

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Critical accounting estimates and judgements
(Continued)
- 21 -
RDEC

Within other income, a provision of £180 k has been recognised regarding the Atelier Ten (Scotland) Limited 202 5 R&D claim, that is subject to finalisation. Management have taken the 202 4 qualifying expenditure, and calculated this as a percentage of total revenue for the year. This percentage has then been applied to the 202 5 revenue, to give the anticipated qualifying expenditure. The 20% credit has then been recognised in other income.

A 1% increase or decrease in the qualifying expenditure would result in a £1,800 change in the credit to be recognised.

Key sources of estimation uncertainty
Global minimum top-up tax

The G roup is subject to the global minimum top-up tax under Pillar Two Tax Legislation. Under the Pillar Two model rules, the Pillar Two Effective Tax Rate (“ETR”) is assessed on a jurisdictional basis and top-up tax is payable if the jurisdictional ETR is below 15%. Transitional Country-by-Country Safe Harbour rules (“TCSH”) have also been developed to provide temporary relief from compliance obligations during the initial implementation period. Under the TCSH, the top-up tax for such jurisdiction is deemed to be zero if certain tests can be met for the selected jurisdiction.

Certain jurisdictions where the Group operates have implemented the Pillar Two legislation with effect from 1 January 2024. As of 31 December 202 5, the Group has assessed on a high-level basis that these jurisdictions have either met the tests under TCSH rules or did not require material top up tax in the United Kingdom. Accordingly, no material tax provision has been recognised for the financial year ended 31 December 2024.

The Group continues to monitor and evaluate the domestic implementation of the Pillar Two rules in the jurisdictions in which it operates. The implementation of legislation that is enacted or substantively enacted but not yet in effect is not expected to have a material impact on the Group’s global effective tax rate for FY 202 5. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top up tax and accounts for it as a current tax when it is incurred.

4
Revenue
2025
2024
£
£
Revenue analysed by class of business
Sales of Services
6,036,590
5,749,829
2025
2024
£
£
Other significant revenue
RDEC credits received
259,624
321,299
ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the company's auditor for the audit of the company's financial statements
9,500
9,500
Depreciation of property, plant and equipment
159,610
149,120
Impairment loss recognised on trade receivables
(22,725)
-
0
Reversal of impairment loss recognised on trade receivables
(97,045)
-
0

Depreciation charges on the company's right-of-use assets of £119,395 (2024: £103,969) are included within the total of depreciation disclosed above and is recognised within administrative expenses.

6
Employees

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

2025
2024
Number
Number
Technical
46
55
Administration
7
8
Directors
4
4
Total
57
67

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,483,342
3,672,539
Social security costs
422,143
438,730
Pension costs
174,787
154,029
4,080,272
4,265,298
ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
115,577
556,655
Company pension contributions to defined contribution schemes
1,929
11,437
117,506
568,092

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:
Remuneration for qualifying services
n/a
186,986
Company pension contributions to defined contribution schemes
n/a
5,719

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
5,097
13,208
Other interest income
3,992
6,536
Total income
9,089
19,744
9
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on other loans
-
0
135
Interest on other financial liabilities:
Interest on lease liabilities
13,883
11,702
Total interest expense
13,883
11,837
ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
45,000
69,317
Adjustments in respect of prior periods
17,601
38,580
Total UK current tax
62,601
107,897
Deferred tax
Origination and reversal of temporary differences
-
0
(5,586)
Adjustment in respect of prior periods
-
0
(6,817)
-
0
(12,403)
Total tax charge
62,601
95,494

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
901,451
292,702
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
225,363
73,176
Effect of expenses not deductible in determining taxable profit
858
3,512
Group relief
(226,221)
-
0
Research and development tax credit
-
0
(35,325)
Under/(over) provided in prior years
17,601
38,580
Deferred tax adjustments in respect of prior years
-
(6,817)
Provision adjustment
-
22,368
Tax on RDEC credits received
45,000
-
Taxation charge for the year
62,601
95,494
ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
11
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Final dividend paid
80.00
250.00
800,000
2,500,000
ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
12
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Computers
Right-of-use assets
Total
£
£
£
£
£
Cost
At 31 December 2024
81,769
49,054
178,780
821,479
1,131,082
Additions
-
0
979
8,075
-
0
9,054
At 31 December 2025
81,769
50,033
186,855
821,479
1,140,136
Accumulated depreciation and impairment
At 31 December 2024
45,650
39,129
145,189
474,545
704,513
Charge for the year
19,257
2,958
18,000
119,395
159,610
At 31 December 2025
64,907
42,087
163,189
593,940
864,123
Carrying amount
At 31 December 2025
16,862
7,946
23,666
227,539
276,013
At 31 December 2024
36,119
9,925
33,591
346,934
426,569

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2025
2024
£
£
Net values
Office buildings
213,196
322,451
IT equipment
14,343
24,483
227,539
346,934
Additions
-
177,440
Depreciation charge for the year
Office buildings
109,255
99,719
IT equipment
10,140
4,250
119,395
103,969

The gross carrying amount of fully depreciated property, plant and equipment that is still in use is £157,794 (2024: £137,009).

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
13
Trade and other receivables
2025
2024
£
£
Trade receivables
889,386
1,152,727
Expected credit loss
-
(119,770)
889,386
1,032,957
Contract assets (note 15)
41,850
264,017
Corporation tax recoverable
353,486
163,183
Amount owed by parent undertaking
19,376
63,385
Other receivables
10,584
12,083
Prepayments and accrued income
56,521
92,615
1,371,203
1,628,240

Amounts due from parent undertakings are unsecured, interest-free, have no fixed date of repayments and are repayable on demand.

14
Trade receivables - credit risk
Fair value of trade receivables
Carrying value
Fair value
2025
2024
2025
2024
£
£
£
£
Trade receivables net of allowances
889,386
1,032,957
-
0
-
Contract assets
41,850
264,017
-
-
Other debtors
10,584
12,083
-
-
Prepayments
56,521
92,615
-
0
-
998,341
1,401,672
-
-

No significant receivable balances are impaired at the reporting end date.

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Trade receivables - credit risk
(Continued)
- 28 -
Movement in the allowances for doubtful debts
2025
2024
£
£
Balance at 1 January 2025
119,770
119,770
Amounts written off as uncollectible
(22,725)
-
Amounts recovered in the year
(97,045)
-
Balance at 31 December 2025
-
119,770
15
Contracts with customers
Analysis of contract assets
2025
2024
£
£
Contract assets
41,850
264,017

The contract assets primarily relate to the company's rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to the advance consideration received from customers.

16
Trade and other payables
2025
2024
£
£
Trade payables
7,559
14,420
Amount owed to parent undertaking
27,109
21,179
Accruals and deferred income
314,903
87,789
Other payables
28,068
16,952
377,639
140,340

Amounts due from parent undertakings are unsecured, interest-free, have no fixed date of repayments and are repayable on demand.

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
17
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
107,217
119,813
In two to five years
110,222
236,675
Total undiscounted liabilities
217,439
356,488

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
107,217
119,813
Non-current liabilities
110,222
236,675
217,439
356,488
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
13,883
11,702

The company leases land and buildings for its offices under agreements of between five and ten years with, in some cases, on renewal, the terms of leases are renegotiated. The company also leases office equipment for a period of three years.

The company leases office equipment under agreements of five years. These leases are of low value, so have been expensed as incurred and not capitalised as right-of-use assets.

Total cash outflow for leases for the year was £110,852 (2024: £122,499).

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Deferred tax liability at 1 January 2024
23,385
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(12,403)
Deferred tax liability at 1 January 2025 and 31 December 2025
10,982
19
Retirement benefit schemes
Defined contribution schemes

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.

The total costs charged to income in respect of defined contribution plans is £174,787 (2024 - £154,029).

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100

The company has one class of ordinary shares which carry full rights with respect to voting, dividends and distributions.

21
Reserves

The following describes the nature and purpose of each reserve within equity:

Reserve Description and purpose

Share capital Nominal value of share capital subscribed for.

Retained earnings All net gains and losses and transactions with owners (e.g. dividends).

ATELIER TEN (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
22
Events after the reporting date

Since the year end, geopolitical tensions in the middle east have escalated. The company has assessed the potential impact of these events and while no material financial effect has been identified at the date of approval of these financial statements, the situation remains uncertain and is being monitored.

Subsequent to the year end, the Company transferred its Manchester branch to another group undertaking, as part of an internal reorganisation of the operating structure. The transfer became effective on 1 January 2026.

As this is a non-adjusting event, no amounts have been recognised in these financial statements. Any impact of the transfer will be reflected in the Company’s financial statements for the year ending 31 December 2026.

23
Related party transactions
Remuneration of key management personnel

Atelier Ten (Scotland) Limited has taken advantage of the exemption under FRS 101 paragraph 8(j) not to disclose this information.

Other transactions with related parties

The company has taken advantage of the exemption under FRS 101 paragraph 8(k) not to disclose information about transactions entered into between two or more members of the group where any subsidiary which is a party to the transactions is wholly owned by such a member.

24
Controlling party

The Company is a subsidiary of Atelier Ten Limited, incorporated in England and Wales, which is the smallest group into which the Company is consolidated.

The ultimate parent undertaking and controlling party is Surbana Jurong Pte. Ltd, a company incorporated in Singapore, which is the largest group into which the Company is consolidated.

Copies of the consolidated financial statements of Atelier Ten Limited are available from their registered offices at 19 Perseverance Works, 38 Kingsland Road, London, E2 8DD.

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