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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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TIOGA LIMITED
COMPANY INFORMATION
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TIOGA LIMITED
CONTENTS
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TIOGA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The principal activity of the Company during the year continued to be design and manufacture of low volume, high value, complex electronic equipment.
The Company’s turnover for the year to March 2026 was £17.8m (2025: £20.1m). EBITDA for the year was £1.8m (2025: £2.2m). Our order book is now continuing to grow and the 2026-2027 period is looking promising with many new opportunities to pursue with both new and existing customers.
The world has become a very volatile place, economically and geopolitically, with some unpredicted global events affecting major markets and commodities. We monitor situations as they develop and consider the impact on the Company’s business. We also continue to be mindful of the wider effect on our customers’ markets and on certain supply chains.
We saw some gradual decreases in interest rates during the year. These have stalled somewhat, following the impact of developments in the Middle East. Any future changes are likely to be small and gradual. The directors monitor the cost of existing facilities and the overall level of gearing within the business and are mindful of the potential impact that changes in interest rates will have on the cost of finance. The Company does have an indirect risk exposure to US Dollar/Sterling exchange rates within its supply chain as currency trends and fluctuations work through to Sterling prices. Customers have been understanding where there has been a need to raise prices. The Company does not currently hedge currency exposure and the directors do not see this as a major problem.
Financial key performance indicators are turnover and EBITDA before exceptional items. These are discussed in the business review section above.
This report was approved by the board on 7 September 2026 and signed on its behalf.
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TIOGA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent;
∙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.
The profit for the year, after taxation, amounted to £703,865 (2025 - £1,165,141).
Dividends totalling £1,092,191 (2025 - £3,841,000) were paid during the year. The directors do not recommend the payment of any further dividends in respect of the year.
The directors who served during the year were:
These are discussed in the business review section of the Strategic report.
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TIOGA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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TIOGA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIOGA LIMITED
We have audited the financial statements of Tioga Limited (the 'Company') for the year ended 31 March 2026, 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.
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.
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TIOGA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIOGA LIMITED (CONTINUED)
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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TIOGA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIOGA 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.
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:
Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgments made;
∙management override of control;
∙posting of unusual journals or transactions
We focused on those area that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud.
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. In particular, a review of the stock provisions and provision for doubtful debts (see note 3).
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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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TIOGA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIOGA 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
Statutory Auditors
Prospect House
1 Prospect Place
Pride Park
DE24 8HG
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TIOGA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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TIOGA LIMITED
REGISTERED NUMBER: 03167564
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 29 form part of these financial statements.
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TIOGA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Company is a private company limited by shares and incorporated in England. The Company's registered office is St. Thomas House, St. Mary's Wharf, Mansfield Road, Derby, England, DE1 3TN. The Company registration number is 03167564. The nature of the Company's operations and principal activities is the design and manufacture of low volume, high value, complex electronic equipment.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company has prepared it's financial statements to the nearest £.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Sigma 032023 Limited as at 31st March 2026 and these financial statements may be obtained from Companies House.
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
In considering the appropriateness of the going concern basis of the preparation of the financial statements the directors have prepared detailed profit and cashflow forecasts covering the period of at least 12 months from the date of approval of these financial statements. These show an ability to operate within agreed funding facilities, which principally consist of bank debt in respect of long-term capital projects, an invoice discounting facility in respect of working capital and an overdraft facility.
Although a combination of uneven customer demand on large projects arising from the contract manufacturing in which the Company is engaged and continuing investment to fund growth within the Company, can lead to low levels of headroom at certain times, the directors are satisfied that the Company will continue to meet its obligations as they fall due. The energy price increases currently do not pose any risk to profit due to the group having in place fixed price energy contracts that extend to summer 2026. However, the directors are conscious of the long term effect of energy cost and continue to monitor the energy market situation and any relevant government intervention. Overall, the Company’s performance, the procedures put in place and the additional support provided by the Company’s bank has given the directors reasonable confidence and expectation that the Company has sufficient resources to continue to operate for the foreseeable future and as such, the Company continues to adopt the going concern basis in preparing its financial statements.
Functional and presentation currency
Transactions and balances
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer on collection of goods;
∙the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Research and development expenditure is written off in the year in which it is incurred.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, the directors review the carrying amounts of it's tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than it's carrying amount, the carrying amount of the asset is reduced to it's recoverable amount. Any impairment loss is recognised as an expense immediately. Repairs and maintenance are charged to the profit and loss during the year in which they are incurred.
Short-term debtors are measured at transaction price, less impairment.
Cash is represented by cash in hand and deposits with financial insitutions repayable without penalty on notice of not more than 24 hours.
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are addressed below. There are considered to be no judgements that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The following are the Company's key sources of estimation uncertainty: Carrying value of stocks Management review the market value of and demand for its stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. Management use their knowledge of the market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices (see note 14). Recoverability of trade debtors and amounts due from group companies Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer credit worthiness, current economic trends and changes in customer payment terms when making a judgment to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account (see note 15). In respect of amounts owed by fellow group members, the Company liaises closely with the Board of Directors of Sigma 032023 Limited in order to understand the financial position of other group members in so far as their performance may impact upon amounts due to the company (see note 15).
The whole of the turnover is attributable to the Company's principal activity.
Analysis of turnover by country of destination:
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 19
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
11.Taxation (continued)
There were no factors that may affect future tax charges.
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 22
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
13.Tangible fixed assets (continued)
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
13.Tangible fixed assets (continued)
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 25
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 26
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 27
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Share premium account
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £207,405 (2025: £256,936) . Contributions totalling £39,804 (2025: £46,214) were payable to the fund at the balance sheet date and are included in creditors.
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TIOGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The ultimate parent undertaking is Sigma 032023 Limited, a company registered in England and Wales.
The ultimate controlling party is Tioga EOT Trust.
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