Company registration number 09628622 (England and Wales)
TENON FACILITY MANAGEMENT UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
TENON FACILITY MANAGEMENT UK LIMITED
COMPANY INFORMATION
Directors
Mr M Rajain
Mr A Rajain
(Appointed 29 April 2025)
Company number
09628622
Registered office
Harman House
Ground Floor
1 George Street
Uxbridge
Middlesex
UB8 1QQ
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
TENON FACILITY MANAGEMENT UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 20
TENON FACILITY MANAGEMENT UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Review of the business

The company has generated revenue in 2026 of £96,000 in line with the prior year.
The company achieved an operating profit of £3,571 (2025: loss £144,507)

Principal risks and uncertainties

The company's financial instruments are Group borrowings and bank loans. These are monitored and controlled within the company using cash forecasting and projections. Debtor are receivable from group undertakings.

Further details regarding risk has been disclosed in the Directors Report.

Key performance indicators

Given the straightforward nature of the holding company, the directors are of the opinion that analysis using key performance indicators is not necessary.

Promoting the success of the company

In accordance with section 172 of the Companies Act, each of our directors acts in the way he considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. Our directors have regard, amongst other matters, to the:

- likely consequences of any decisions in the long term;

- interests of the company's employees;

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

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

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

- need to act fairly as between members of the company.

As is normal for large companies, we delegate authority for day to day management of the company to senior managers and then engage management in setting, approving and overseeing the execution of strategy and related policies. During the year, we reviewed the company's financial and operational performance, key transactions, regulations, funding and pension matters, mechanisms of stakeholders engagement and diversity and inclusion. The Board review, discuss and approve, as necessary, all of these matters.

Fostering Business Relationships with Suppliers, Customers, and Others

During the financial year, the directors of the company have had regard to the need to foster strong, collaborative relationships with our clients, suppliers, and other stakeholders, recognising that these relationships are essential as a holding company.

Key actions have included:

- Servicing debt from group and banks.

- Managing the UK group companies.

As set out above, decisions taken by the Board consider the interests of our key stakeholders and the impacts of these decisions.

On behalf of the board

Mr A Rajain
Director
30 July 2026
TENON FACILITY MANAGEMENT UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the company continued to be that of providing business and management consultancy services and investment holding company.

Results and dividends

The results for the year are set out on page 7.

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

Directors

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

Mr S K Gupta
(Resigned 30 April 2025)
Mr M Rajain
Mr A Rajain
(Appointed 29 April 2025)
Post reporting date events

There have been no significant events after the reporting period which require disclosure.

Future developments

The company will continue to support the group and service its debt.

Auditor

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

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.

TENON FACILITY MANAGEMENT UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
Statement of directors' responsibilities

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

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Mr A Rajain
Director
30 July 2026
TENON FACILITY MANAGEMENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TENON FACILITY MANAGEMENT UK LIMITED
- 4 -
Opinion

We have audited the financial statements of Tenon Facility Management UK Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

TENON FACILITY MANAGEMENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TENON FACILITY MANAGEMENT UK LIMITED (CONTINUED)
- 5 -
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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collecti vely had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the se rvices sector in which the group operate;

- we focused on specific laws and regulations which we considered m ay ha v e a direct material effect on the financ ial statements or the operations of the company, including the Companies act 2006, taxation legislation and other re levant regulations;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of no n-compliance throughout the audit.

TENON FACILITY MANAGEMENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TENON FACILITY MANAGEMENT UK LIMITED (CONTINUED)
- 6 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to ac tual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Antony Federer FCA FCCA CF (Senior Statutory Auditor)
For and on behalf of Rayner Essex LLP, Statutory Auditor
Chartered Accountants
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
30 July 2026
TENON FACILITY MANAGEMENT UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
2026
2025
Notes
£
£
Revenue
3
96,000
96,000
Gross profit
96,000
96,000
Administrative expenses
(92,429)
(240,507)
Operating profit/(loss)
4
3,571
(144,507)
Finance costs
7
500,846
(53,725)
Profit/(loss) before taxation
504,417
(198,232)
Income tax expense
8
(56,987)
-
Profit/(loss) and total comprehensive income for the year
447,430
(198,232)
TENON FACILITY MANAGEMENT UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2026
31 March 2026
- 8 -
2026
2025
Notes
£
£
ASSETS
Non-current assets
Investments
9
8,105,444
8,105,444
Current assets
Trade and other receivables
11
1,093,120
1,193,120
Cash and cash equivalents
3,277
6,480
1,096,397
1,199,600
Total assets
9,201,841
9,305,044
EQUITY
Called up share capital
16
1
1
Retained earnings
(5,656,900)
(6,104,330)
Total equity
(5,656,899)
(6,104,329)
LIABILITIES
Non-current liabilities
Trade and other payables
15
8,269,921
9,031,608
Current liabilities
Trade and other payables
15
6,522,483
6,258,030
Current tax liabilities
56,987
-
0
Borrowings
13
9,349
119,735
6,588,819
6,377,765
Total liabilities
14,858,740
15,409,373
Total equity and liabilities
9,201,841
9,305,044
The financial statements were approved by the board of directors and authorised for issue on 30 July 2026 and are signed on its behalf by:
Mr A Rajain
Director
Company registration number 09628622 (England and Wales)
TENON FACILITY MANAGEMENT UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2024
1
(5,906,098)
(5,906,097)
Year ended 31 March 2025:
Loss and total comprehensive income
-
(198,232)
(198,232)
Balance at 31 March 2025
1
(6,104,330)
(6,104,329)
Year ended 31 March 2026:
Profit and total comprehensive income
-
447,430
447,430
Balance at 31 March 2026
1
(5,656,900)
(5,656,899)
TENON FACILITY MANAGEMENT UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(393,663)
258,167
Interest paid
500,846
(53,725)
Net cash inflow from operating activities
107,183
204,442
Financing activities
Repayment of bank loans
(110,386)
(212,772)
Net cash used in financing activities
(110,386)
(212,772)
Net decrease in cash and cash equivalents
(3,203)
(8,330)
Cash and cash equivalents at beginning of year
6,480
14,810
Cash and cash equivalents at end of year
3,277
6,480
TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
1
Accounting policies
Company information

Tenon Facility Management UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Harman House, Ground Floor, 1 George Street, Uxbridge, Middlesex, UB8 1QQ. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 conventi on. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Tenon Facility Management UK Limited is a wholly owned subsidiary of and the results of Tenon Facility Management UK Limited are included in the consolidated financial statements of Tenon Facility Management (India) Private Limited which are available from Plot 458, Phase IV, Udyog Vihar, Sector 19, Gurugram, Haryana 122022, India.

1.2
Going concern

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

1.3
Revenue

Revenue is recognised to the extent that is probable that the economic benefits will flow to the company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty.

The revenue in the profit and loss account represents receivable for management and consultancy services provided during the year, net of trade discounts, VAT and other sales and related taxes.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.4
Non-current investments

Investments held as fixed assets are stated at cost. Under IAS 36 the value of these assets is assessed annually in an impairment review and adjusted as necessary.

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 12 -
1.6
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 at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

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.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

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.

1.7
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 either 'financial liabilities at fair value through profit or loss' or '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.

1.8
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.

1.9
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.

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.

TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
2
Adoption of new and revised standards and changes in accounting policies

In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:

Practice Statement 1
Management Commentary
Annual reporting periods beginning on or after 23
June 2025 (voluntary adoption)
IAS 21 Lack of Exchangeability
The effects of changes in foreign exchange rates - lack of - effective 01/01/2025
Disclosures about uncertainties in the financial statements
Disclosure of climate related and other uncertainties in the financial statements - no effective date
Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):

Amendments to IFRS 9 and IFRS 7
Amendments to the Classification and Measurement of
Financial Instruments mandatorily effective from 01/01/2026
IFRS 9 and IFRS 7 amendments to contracts referencing Nature dependent Electricity
Financial instruments: Disclosures - financial effects of power purchase agreements in naure dependent contracts
Annual improvements to IFRS accounting standards - volume 11
Improvements to clarify working in IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 - mandatorily effective from 01/01/2026
IFRS 18 Presentation and disclosure in financial statements
Published 9 April 2024 and effective for reporting periods beginning on or after 1 January 2027.
IFRS 19 Subsidiares without public accountability disclosures
Publised 9 May 2024 and effective for reporting periods beginning on or after 1 January 2027.
Amendments to IAS 21 Translation to a hyperinflationary presentation currency
Effective for reporting periods beginning on or after 1 January 2027.
IFRS for SME's Accounting standard - Third Edition
Effectove for reporting periods beginning on or after 1
January 2027 (mandatory for entities applying
IFRS for SMEs Accounting Standard)
TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
3
Revenue
2026
2025
£
£
Revenue analysed by class of business
Management charge
96,000
96,000

The entire revenue relates to work performed in the UK.

4
Operating profit/(loss)
2026
2025
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Foreign exchange (gains) / loss
(944,769)
(416,542)
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
91,278
120,000
6
Employees

There were no staff employed by the company other than its directors, of which received no remuneration in year (2025 - £nil)

7
Finance costs
2026
2025
£
£
Interest on bank overdrafts and loans
4,841
14,927
Other interest payable
(505,687)
38,798
Total interest expense
(500,846)
53,725
TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
8
Income tax expense
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
56,987
-
0

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

2026
2025
£
£
Profit/(loss) before taxation
504,417
(198,232)
Expected tax charge/(credit) based on a corporation tax rate of 25.00% (2025: 25.00%)
126,104
(49,558)
Group relief
-
0
113,598
Transfer pricing adjustment
(69,117)
(64,040)
Taxation charge for the year
56,987
-
9
Investments
Current
Non-current
2026
2025
2026
2025
£
£
£
£
Investments in subsidiaries
-
0
-
0
8,105,444
8,105,444

For the purpose of impairment testing, investments in subsidiary is considered as cash generating unit and the same is compared to its recoverable value. No impairment indicators were identified during the year.

10
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Indirect
Elite Cleaning & Environmental Services Ltd
United Kingdom
Non trading / group services
Ordinary
100.00
-
Office & General Group Limited
United Kingdom
Investment company
Ordinary
100.00
-
Tenon FM Limited
United Kingdom
Cleaning and related services
Ordinary
0
100.00
TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
11
Trade and other receivables
2026
2025
£
£
Amounts owed by fellow group undertakings
993,120
993,120
Prepayments
100,000
200,000
1,093,120
1,193,120
12
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

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

13
Borrowings
2026
2025
£
£
Borrowings held at amortised cost:
Bank loans
9,349
119,735

The HSBC term loan is secured by charge over the assets of the company. There is an inter-company cross guarantee dated 8 April 2022 with accession made between Tenon Facility Management UK Limited and Office & General Group Limited in respect of this loan.

14
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

Less than 1 month
1 – 3 months
3 months to 1 year
1 – 5 years
Total
£
£
£
£
£
At 31 March 2025
Loans
9,978
19,956
89,801
-
119,735
Amounts owed to fellow group undertakings
-
-
6,258,030
9,031,608
15,289,638
9,978
19,956
6,347,831
9,031,608
15,409,373
At 31 March 2026
Loans
9,349
-
-
-
9,349
Amounts owed to fellow group undertakings
-
-
6,522,483
8,269,921
14,792,404
Other payables
56,987
-
-
-
56,987
66,336
-
6,522,483
8,269,921
14,858,740
TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
15
Trade and other payables
Current
Non-current
2026
2025
2026
2025
£
£
£
£
Amount owed to parent undertaking
-
0
-
0
8,269,921
9,031,608
Amounts owed to fellow group undertakings
6,522,483
6,258,030
-
-
6,522,483
6,258,030
8,269,921
9,031,608

Amounts payable to fellow group companies shown as non current carry an interest rate of 7%.

16
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
17
Capital risk management

The company is not subject to any externally imposed capital requirements.

18
Events after the reporting date

There have been no significant events after the reporting period requiring disclosure.

19
Related party transactions

The following amounts were outstanding at the reporting end date:

2026
2025
Amounts due to related parties
£
£
Parent company
8,269,921
9,031,608
Other related parties
6,522,483
6,258,030
14,792,404
15,289,638

The following amounts were outstanding at the reporting end date:

2026
2025
Amounts due from related parties
£
£
Subsidiaries
993,120
993,120
Other related parties
100,000
200,000
1,093,120
1,193,120
TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
19
Related party transactions
(Continued)
- 19 -

Related party | Balance at 31.03.25 | Balance at 31.03.2 5
Tenon Facility Management (India) Private Limited (Ultimate parent) | (£8,269,921) | (£9,031,608)
Tenon FM Limited (Subsidiary) | (£2,927,183) | (£2,662,730)
Office & General Group Ltd (Subsidiary) | £993,120 | £993,120
Elite Cleaning & Environmental Services Ltd (Subsidiary) | (£3,595,300) | (£3,595,300)
AMR Advisory UK Ltd (Under common control) | £1 00,000 | £200,000

Management fee charged to Tenon FM Limited £96,000 (2025: £96,000)

Interest of 7% per annum is charged on the loan with the parent company, During the year interest of £439,082 (2025: £416,542) was charged by Tenon Facility Management (India) Private Limited

20
Controlling party

The parent company and controlling party is Tenon Facility Management (India) Private Limited, a company registered in India. The address is Plot 458, Phase IV, Udyog Vihar, Sector 19, Gurugram, Haryana 122022, India.

21
Cash (absorbed by)/generated from operations
2026
2025
£
£
Profit/(loss) for the year before taxation
504,417
(198,232)
Adjustments for:
Finance costs
(500,846)
53,725
Movements in working capital:
Decrease in trade and other receivables
100,000
80,494
(Decrease)/increase in trade and other payables
(497,234)
322,180
Cash (absorbed by)/generated from operations
(393,663)
258,167
TENON FACILITY MANAGEMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 20 -
22
Analysis of changes in net debt
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
6,480
(3,203)
3,277
Borrowings excluding overdrafts
(119,735)
110,386
(9,349)
(113,255)
107,183
(6,072)
1 April 2024
Cash flows
31 March 2025
Prior year:
£
£
£
Cash at bank and in hand
14,810
(8,330)
6,480
Borrowings excluding overdrafts
(332,507)
212,772
(119,735)
(317,697)
204,442
(113,255)
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