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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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TAMPNET UK LIMITED
COMPANY INFORMATION
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TAMPNET UK LIMITED
CONTENTS
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TAMPNET UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the strategic report and the audited financial statements on Tampnet UK Limited (also referred to as the ''company'') for the year ended 31 December 2025.
The company was incorporated on 4 April 2014 following the Tampnet group’s focus to extend business on the UK continental shelf, and started trading on 1 August 2014. The principal activity of the company is the provision of high speed communication networks offshore and to offer future-oriented communication solutions to oil and gas operators. The services are provided through the Tampnet group's infrastructure in the North Sea consisting of submarine fibre optic cables, radio links and 4G base stations and satellite technology such as LEO.
The profit for the financial year ended 31 December 2025 was £13,273,031 and net assets at that date were £142,162,850. Going concern assessment for the period to 30 June 2027 The company and group are supported through being self-sufficient on future cashflows in order to secure continued operations. The company and the group meet its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty, due to the continued war in Ukraine, but we also saw a continued good level of oil and gas demand and oil and gas prices leading to increased demand for the group’s products. The group’s forecasts and projections, considering reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current and recently extended bank facilities. Having assessed the principal risks and the other relevant matters, the directors consider it appropriate to adopt the going concern basis of accounting in preparing its consolidated financial statements. Most of the income is contracted and fixed and scenarios have been run assuming very little income from variable revenue, but which still demonstrate liquidity and compliance within debt covenants. Further information on the group’s borrowings is given in note 9 to the consolidated financial statements. The group's telecom infrastructure plays a key role in enabling new and cost-effective ways of operating offshore assets. The modern oil industry is developing remote and intelligent operations where more manpower and expertise can be placed onshore and decision making is both improved and accelerated. Consequently, the offshore market demand for low latency, high capacity and reliable telecommunication services is fundamentally strong. In 2025 the market started well and has been strong throughout the year. As a result, investments, and the activity level has been high in general in the offshore industry. This does not only relate to the Oil and Gas Industry but also in Maritime operations. We have seen uneven demand in the energy transition areas such as windfarms but there are still early signs of demand coming in the Carbon Capture area. Decommissioning of fixed production units are normal and exploration activity has been on a normal level. These factors have impacted our revenue growth positively. The group has continued high expectations for the increasing coverage of the group's 4G network which continued in 2025 as well as preparing for the rollout of 5G for the future, in addition to the increased coverage from further extending our Fibre Optic Cable (FOC) network. We have also accelerated using new satellite technology, Low Earth Orbit (LEO), especially for the Rig market. Entering the offshore renewable energy sector is a key strategic priority and although early in our development, successful inroads were made into these new markets during the year and we are expecting this development continue going forward. Our network operations centre performed well delivering continued high-quality services and uptimes to our clients and proving the robustness of our well invested network infrastructure, despite the usual weather related challenges.
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TAMPNET UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Board of Directors are satisfied with the development of group and the company and results for the period.
The company aims to deliver sustainable value by identifying and responding successfully to risks. Risk management is integrated into the process of planning and performance management at a group level. Monitoring and accountability for the management of these risks occur through quarterly performance reviews at a group level.
Prices and markets Being a provider of telecommunication services to the offshore industry where the oil and gas industry is a large part, the group is susceptible to changes in the oil price. Oil, gas, product prices and margins can be very volatile, and are subject to international supply and demand. A decrease in these prices is likely to have an adverse effect on revenues for our customers, with an increasing risk of delay of offshore projects, decommissioning of oil producing installations or possible insolvency of clients. The company actively seeks to enter into long term agreements with its clients and has a base of such agreements with highly solvent clients. The oil price has been relatively stable during 2024 and 2025 and together with the oil consumption have in general been quite positive for investments in the sector. The impact on clients and thus revenue have been positive, with clients requiring more services than previous year. Compliance and control risks Regulatory The company remains exposed to changes in the regulatory environment such as new laws and regulations (whether imposed by international treaty whereby national or local government in the jurisdiction in which it operates), changes in tax or royalty regimes. Such factors could reduce the company's profitability, limit its opportunities for new access, require it to divest or write down certain assets or curtail certain operations, or affect the adequacy of its provisions, tax, environmental and legal liabilities. Reporting External reporting of financial and non-financial data is reliant on the integrity of systems and people. Failure to report data accurately and in compliance with external standards could result in regulatory action, legal liability and damage to the company's reputation. Safety and operational risks The nature of the company’s operations exposes the company to a limited range of health, safety, security and environmental risks. In many of the group’s major structural projects, risk allocation and management is shared with third parties, such as contractors, sub-contractors and associates.
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TAMPNET UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The parent company is a holding company and is reliant on its subsidiaries to be profitable. The group revenue is driven by the total capacity of telecommunication services provided annually to the offshore industry. In 2025 the market started well and has been stable throughout the year. As a result, investments have returned to normal, and the activity level has been high in general in the offshore industry. This does not only relate to the Oil and Gas Industry but to some degree in the energy transition areas such as windfarms as well as early signs of demand coming in the Carbon Capture area. Decommissioning of fixed production units are back to normal and exploration activity has been on a normal level. These factors have impacted our revenue growth positively.
The group has continued to identify and acquire new contract opportunities in the sector and continues to create sales initiatives that are increasing the total capacity of offshore telecommunication services provided to customers. The group has a high focus on quality of our services and performance of our network, as we provide critical infrastructure to our customers. Policies and procedures are implemented to ensure that this meets the standards required by our customers. Risks are identified and monitored, and actions are taken to mitigate the risks to an acceptable level. The group has established policies and procedures to ensure that the customer satisfaction level is monitored, and actions are taken to improve when needed. The employees are key resources for the group, and we have implemented QHSE policies and procedures which includes monitoring of the work environment, employee satisfaction, turnover and sick-leave statistics, and other issues related to human resources. 2025 2024 £'000 £'000 Profit before tax 15,172 13,985 Net assets 142,163 130,340 Gross margin 88% 90% Liquidity ratio 11.23 8.34
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TAMPNET UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors consider, both individually and collectively, that they have acted in the way they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in 172(1)(a-f) of the Companies Act 2006) in the decisions taken during the period.
This includes considering the interests of our customers, vendors, and employees, maintaining high standards of business conduct, and considering our impacts on local communities and the environment. Employees Involvement We consider that our employees are a significant asset to our business. Frequent Management meetings chaired by the Chief Executive Officer and live-streamed Townhalls attended by the CEO facilitate two-way communications with employees. Employees are encouraged to submit suggestions which include where we can improve safety and operating efficiency. We invest in developing future leaders of the company and promote a mindset of continuous improvement to achieve the Company’s vision and goals. Business relationships – suppliers, customers We work closely with our customers and suppliers to delivery our services at a high-quality level with high reliability and safety. We engage regularly with operators and partners to share knowledge, offer support, and use our influence to establish best practices. We treat suppliers equally, without discrimination, promoting a ‘one-team’ culture. Community and environment We comply with all relevant legislation in the areas where we have our operations and disclose all necessary information. The Group’s external advisors provide advice in respect of changes to legislation or regulation and advise the Management directly. Business conduct We comply with the relevant legislation regarding ethical issues, including anti-bribery legislation, tax legislation and safety regulations. We conduct our business in a responsible manner to the benefit of the society in which we operate, our employees, our customers, and other stakeholders.
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TAMPNET UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Environmental matters
The company's subsidiaries provide telecommunications through fibre optic cables and antennas. The company has HESQ procedures and policies in place and manages HESQ issues accordingly. Our activity shall always be in accordance with applicable environmental laws and regulations, regardless of where we operate. No environmental or human incidents have been registered in the last 5 years. Tampnet has established Environmental, Social and Governance (ESG) strategy approved by the board describing Tampnet's contribution to sustainable operation by ensuring our customers access to affordable, reliable, sustainable and modern telecommunications solutions. Our most important contribution is to offer services that enable digitization and remote offshore operations, with the goal of reducing carbon footprint. In addition to increased and systematic awareness internally, we require that our suppliers and partners commit themselves to the UN's Sustainable Development Goals. The company itself has a limited environmental impact. The largest contributors of CO2 emissions in the company are from travel, office activities such as waste management and energy usage and energy consumption related to equipment operations. Despite a limited carbon footprint, we have identified areas for improvement both in our own operations and in our supplier base and set targets for emissions reductions. For this, data is collected, analysed and reported systematically. The company has aligned itself to the Corporate Sustainability Reporting Directive (CSRD) framework, however is not captured by the requirements under current legislation. The company is exempt from Streamlined Energy and Carbon Reporting (SECR) because none of the entities within the group are individually required to comply with SECR reporting. The company's employees The company has 14 employees. The group has 157 employees where 9 are part-time employees and 148 are full-time employees. Gender equality and equal opportunities are ensured through our policies and procedures. The company has 2 Directors where all are male, and none are female. The group has 31 female employees and 133 male employees. The company focus on the employees’ health and well-being and have achieved a sick leave percentage below average for 2025. The retention rate in the company is very high resulting in a stable, skilled and driven workforce. Community issues The company and the subsidiaries contribute to the communities in which it operates by its activities, including employment of staff, rental of property, purchase of goods and services, and payment of taxes. Social matters and Respect for human rights The company has adopted policies to support the UN sustainability targets including social matters for the communities in which we operate. Anti-corruption and anti-bribery matters The company has established and implemented anti-corruption and anti-bribery policies, including whistle-blower policy.
This report was approved by the board on 8 June 2026 and signed on its behalf.
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TAMPNET UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £13,273,031 (2024 - £12,823,182).
The company has continued to develop its infrastructure and telecom service contracts during the financial year. This confirms the company’s competitiveness in the offshore market place, and that there are long-term contract opportunities available in the market which supports the company’s growth and investment plans.
The Board of Directors are satisfied with the development of the company and results for the year. No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
In 2025 the market started well and has been stable throughout the year. As a result, investments levels are stable, and the activity level has been good in general in the offshore industry. This does not only relate to the Oil and Gas Industry but also especially in the energy transition areas such as windfarms as well as early signs of demand coming in the Carbon Capture area. Decommissioning of fixed production units are normal and exploration activity has been on a normal level. These factors have impacted our revenue growth positively.
Qualifying third party indemnity provisions The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date. The Company maintains directors' and officers' liability insurance for its directors and officers.
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TAMPNET UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Liquidity risk
Liquidity risk arises as a result of the repayments related to bank borrowings. As the group has agreed debt covenants with the credit facility providers and deems that the operating funds are sufficient to meet cash flow demands, liquidity risk is considered to be acceptable. No covenant breaches are forecast. Interest rate risk The group uses interest swaps to reduce interest risk related to bank funding. The majority proportion of the group's loans are hedged by such swaps, changing the interest rates from floating to fixed, and as such reducing the group's total interest rate movement exposure to a minimum. Foreign currency risk Financial risk management is dealt with at a group level. The group has operations with significant exposure in GBP and USD. The risk arising from currency fluctuations is hedged by financing the operations in the corresponding currency. The unhedged currency risk is assessed to be insignificant for the group. Credit risk Credit risk is assessed to be insignificant as the group does not have any significant concentrations of credit risk and receives upfront payments on the majority of its contracts.
The company and the group does not have any research and development activities.
Energy and carbon report As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
The auditors, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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TAMPNET UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TAMPNET UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAMPNET UK LIMITED
We have audited the financial statements of Tampnet UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TAMPNET UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAMPNET UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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TAMPNET UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAMPNET UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are the Companies Act 2006, UK tax legislation, and UK Health & Safety legislation.
∙We understood how the Company is complying with those frameworks by performing enquiries from management and those responsible for legal and compliance procedures. We corroborated our enquiries through the review of the following documentation or completion of the following procedures:
°Review of all minutes of management meetings held during the year through the most recent meeting held prior to the approval of these financial statements;
°Review of the Company’s code of conduct in their employee handbook setting out the key principles and requirements for all staff in relation to compliance with laws and regulations;
°Review of accounting policies and disclosures for compliance with FRS 102 and Companies Act 2006 requirements; and
°Review of relevant correspondence received from regulatory bodies.
∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by holding a discussion within the audit team which included identification of related parties, understanding the Company’s business and its control environment, and assessing the inherent risk for relevant assertions at the significant account level. We also held discussions with management to gain an understanding of those areas of the financial statements which were susceptible to fraud, as identified by management. Following these procedures, the fraud risk identified was around manipulation of revenue recognition to increase revenue. We then considered the controls that the Company established to address risks identified by the entity or that otherwise seek to prevent, deter, or detect fraud. We gained an understanding of the entity level controls and policies that the Company applies.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved performing detailed analytical reviews, reviewing accounting estimates for evidence of management bias, testing of journal entries and enquiries of management regarding their knowledge of any instances of non-compliance with laws and regulations that could impact the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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TAMPNET UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAMPNET UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
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TAMPNET UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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TAMPNET UK LIMITED
REGISTERED NUMBER: 08979990
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 32 form part of these financial statements.
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TAMPNET UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies
Tampnet UK Limited is a private company in the United Kingdom, limited by shares, domiciled and incorporated in England and Wales. The registered office is 1 Park Row, Leeds, Yorkshire, England, LS1 5AB. The principal place of business is 12A Carden Place, Aberdeen, AB10 1UR.
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. Accounting policies have been applied consistently in the current and previous year.
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 on the historical cost convention, except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. This 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: • Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares; • 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’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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. The financial statements of the company are consolidated in the financial statements of Colombo Investment Holdings Limited. These consolidated financial statements are available from its registered office, 1 Park Row, Leeds, England, LS1 5AB. The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
The company and group are supported through being self-sufficient on future cashflows in order to secure continued operations. The company and the group meet its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty, due to geopolitical developments, but we also saw a continued good level of oil and gas demand and oil and gas prices leading to increased demand for the group’s products. The group’s forecasts and projections, considering reasonably possible changes in trading performance, show that the group should be able to operate within the level of its current and recently extended bank facilities.
Having assessed the principal risks and the other relevant matters, the directors consider it appropriate to adopt the going concern basis of accounting in preparing its financial statements. Most of the income is contracted and fixed and scenarios have been run assuming very little income from variable revenue, but which still demonstrate liquidity and compliance within debt covenants. The group's telecom infrastructure plays a key role in enabling new and cost-effective ways of operating offshore assets. The modern oil industry is developing remote and intelligent operations where more manpower and expertise can be placed onshore and decision making is both improved and accelerated. Consequently, the offshore market demand for low latency, high capacity and reliable telecommunication services is fundamentally strong. In 2025 the market started well and has been strong throughout the the year. As a result, investments and the activity level has been high in general in the offshore industry. This does not only relate to the Oil and Gas Industry but also to some degree in the energy transition areas such as windfarms as well as early signs of demand coming in the Carbon Capture area. Decommissioning of fixed production units are normal and exploration activity has been on a normal level. These factors have impacted our revenue growth positively. The group has high expectations for the increasing coverage of the group's 4G network which continued in 2025 as well as starting to plan for the rollout of 5G for the future, in addition to the increased coverage from further extending our Fibre Optic Cable (FOC) network. We have also started to make inroads using new satellite technology, LEO, especially for the Rig market. Entering the offshore renewable energy sector is a key strategic priority and although early in our development, successful inroads were made into these new markets during the year and we are expecting this development to accelerate during the year. Our network operations centre performed well delivering continued high-quality services and uptimes to our clients and proving the robustness of our well invested network infrastructure, despite the usual weather related challenges. The Board of Directors are satisfied with the development of group and the company and results for the period.
Page 17
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business i.e the provision of telecommunication services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of services is recognised when the significant risks and rewards have passed to the buyer (as the telecommunication services are provided), the amount of revenue can be measured reliably and 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.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Costs incurred in constructing the infrastructure for such long term contracts are recorded as tangible fixed assets and subsequently depreciated over the period of the initial contract term.
Tangible fixed assets are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount unless it is defined as day-to-day maintenance. The carrying amount of any component accounted for separately is derecognized when replaced. Day-to-day repairs and maintenance are charged to profit or loss as they are incurred.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Assets under construction are recognised as such class of tangible fixed asset during the construction phase. Once the infrastructure has been completed, those costs are re-classified as plant and machinery. Assets under construction are not depreciated. 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 machinery 12 years straight line Fixtures, fittings & equipment 3 years straight line Computer equipment 3 years straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Page 18
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting year end date, the company reviews the carrying amounts of its fixed 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.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Page 19
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments with the exception of interest rate swaps.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Other financial assets Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Trade debtors}, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. 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.
Page 20
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities, including creditors}, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 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. Other financial liabilities Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Derecognition of financial liabilities Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Page 21
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 and expense that are taxable and 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. The company records a tax charge or credit in the profit and loss account calculated at the tax rate prevailing in the year for tax payable to HM Revenue and Customs, or for Group relief to surrender to or to be received from other Group undertakings, and for which payment may be requested. 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 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.
Page 22
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
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 leases asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the date of 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.
Non-monetary assets and liabilities denominated in foreign currencies are translated using rates of exchange at the date of transactions. No subsequent translations are made once this has occurred. Any foreign currency amounts outstanding at 31 December 2025 are to be translated at the relevant rate of exchange prevailing at the year end.
When a financial liability is recognised initially, the Company measures it at its fair value plus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. After initial recognition, an entity measures all financial liabilities at amortised cost using the effective interest method.
Balances with other companies wholly owned by the Colombo Topco Limited Group are stated gross, unless both of the following conditions are met:
(i) Currently there is a legally enforceable right to set off the recognised amounts; and (ii) There is intent either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Page 23
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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. 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. Tangible Assets The estimated useful life of the fibre asset cable, currently 12 years, has been provided by the directors of the company, and is assumed to have a residual value of nil.
Analysis of turnover by country of destination:
Page 24
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors' remuneration is paid by the group, which makes no recharge to the entity. Both are directors of the parent and a number of fellow subsidiaries and it is not possible to make a reasonable apportionment of their compensation in respect of each of the subsidiaries. Accordingly, the above details include no compensation in respect of the directors. Their total compensation is included in the aggregate of key management personnel compensation disclosed in the consolidated financial statements of the parent.
Page 25
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
Page 27
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 28
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 31
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TAMPNET UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The shares of the company are wholly owned by Colombo Investment Holdings Limited, a company registered in the United Kingdom. Colombo Investment Holdings Limited prepares group financial statements and copies can be obtained from the entity's registered office at 1 Park Row, Leeds, England, LS1 5AB. This is both the largest and smallest group undertakings for which group financial statements are prepared.
The directors regard Colombo Topco Limited, a company incorporated in the United Kingdom, as the ultimate parent undertaking with that ultimate parent undertaking being jointly controlled by 3i Infrastructure plc and Arbejdsmarkedets Tilægspension (ATP).
Page 32
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