The Directors present the strategic report for the year ended 30 June 2026.

TIML Limited trades as Tacit Investment Management and throughout this report references to Tacit are interchangeable.

Fair review of the business

TIML Limited continues to be regulated by the Financial Conduct Authority (FCA) as a Small and Non-Interconnected (SNI) firm.

Tacit was founded as an investment company, providing investment management services for U.K. private individuals and a small number of corporate entities. As the Directors reported last year, the FCA approved an expansion of the Firm’s permitted activities to enable Tacit to develop Tacit Wealth, a holistic wealth management proposition for UK investors which combines financial advice on pensions and retirement planning, tax efficient investment, and protection and inheritance planning, with the investment of their assets.

Clients who choose Tacit Wealth pay a single annual fee calculated on the value of investment assets which includes the financial advice required for efficient structuring of total wealth. Total assets under management (AUM) on 30 June 2026 were £496.8 million, of which £56 million was in the Tacit Wealth service. The Directors are confident that the proportion of AUMs in the Wealth proposition will increase steadily in coming years, particularly as income and capital taxes in the U.K. encroach on living standards and inherited wealth.

Tacit Wealth has been developed in line with the principles of the FCA’s Consumer Duty and the Directors are confident that its products and services are fully aligned with FCA expectations for target market, price and value, customer understanding and customer support, and that its policies and processes for meeting the particular requirements of vulnerable clients are appropriate and effective. The Firm holds Charter status with the Chartered Institute for Securities and Investment (CISI) and is a member of the Consumer Duty Alliance, both of which demonstrate the Firm’s strong commitment to professionalism and excellence in the service of its clients.

Tacit undertook an internal restructuring during the year which has established three divisions to reflect the distinct requirements of the growing business. The Financial Advice Team is responsible for all aspects of the documentation of client circumstances and requirements and for the financial advice to meet the client’s needs. It is supported by a dedicated, experienced administration function.

Investment management of client assets, including client engagement on investment, is delivered through the Investment Office by dedicated investment specialists.

An Operations & Governance division is responsible for oversight of all regulated activity, and for the multi-faceted governance, legal and operational requirements of the business.

An improved benefits package has been rolled out to all employees to support retention and recruitment.

Tacit Holdings Limited, the company’s parent company, acquired a small bank of clients from Westcar Financial Planning Limited, in the second half of the year. This transaction brought 209 clients to Tacit, many of whom were already investment management clients of Tacit. This acquisition is value-enhancing and the founder, who has joined Tacit as a Senior Wealth Manager, brings additional depth and experience to the Firm’s team of advisers.

Investment performance of the core Tacit strategies has been exceptionally strong in the year, driven by the investment team’s strict adherence to our valuation driven investment philosophy. Over both 3 and 5 years, the Tacit Real Return, Steady Growth and Total Return are comfortably ranked in the top decile of their respective ARC Private Client indices.

Business plan

Tacit’s business has evolved markedly in the past two years with the incorporation of financial advice into its services and the successful building out of a holistic wealth management proposition. Succession planning for retiring Investment Directors is now fully in place as new, qualified advisers have been recruited.

The Directors are focused on driving efficiency across business operations by using technology effectively. AI-enabled commercial applications are now widely deployed in the financial services industry. Tacit is using AI technology in several routine functions to improve operational efficiency without diluting the higher-value human contribution that specialist knowledge, experience, and personal interaction bring to the client experience and to the quality of outcomes in both financial planning advice and investment management. Examples where AI is improving efficiency are in the compilation of client meeting notes from a recording of the discussion and in the gathering and formatting of research data which supports the decision making of the investment team.

With these foundations in place, and with the rapidly evolving analytical and functional capability of AI embedded in systems, the focus of the Firm will be to further enhance client experience and enrich client engagement, including with educational material to build clients’ understanding of and confidence in dealing with the range of issues that affect their wealth management. The Directors firmly believe that consistent investment management, tailored advice, and a hands-on service approach aided by technological engagement will provide strong outcomes for clients as the business evolves.

The attraction of the Tacit Wealth holistic planning and investment proposition to new and existing clients gives the Directors considerable confidence that Tacit is moving successfully from a mass affluent target market into the high net worth bracket, and that it can deliver a level of personal service and technical expertise that many U.K. investors seek but struggle to find. The Directors are alert to bringing into the business experienced and likeminded advisers with established client books that fit the Tacit profile.

Operational risk

Operational risks arise from the people, processes, and systems in use within TIML Limited, or from external events.

Regulatory environment

The FCA’s continuing focus areas for wealth management include ongoing financial crime Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) control effectiveness; embedding and evidencing Consumer Duty compliance; robust systems and controls (including third-party and outsourcing risk governance); board engagement and governance; vulnerable customer support; and timely and accurate regulatory reporting.

The FCA’s supervisory priorities for MiFID firms continue to focus on the delivery of good consumer outcomes, evidencing good client outcomes through proportionate Management Information (MI) rather than additional documentation. Firms are expected to demonstrate that their products and services deliver fair value, that vulnerable customers are identified and supported appropriately, and that client communications and journeys are tested for clarity and accessibility, particularly for clients identified as having a vulnerability. The FCA is actively reviewing how firms embed these expectations into their governance, product design, and ongoing client interactions.

Technological environment

TIML Limited relies heavily on digital technology and believes in making the best use of technology to remain competitive and to provide an excellent service to clients. The Directors are very conscious of the risks of cybercrime and data breaches. The FCA's 2026 statement with the Bank of England and HM Treasury on frontier AI and cyber resilience is directly relevant to any AI-assisted tools used in advice or operations. The Directors are making proportionate preparation for the new FCA operational-incident reporting rules taking effect in March 2027.

Tacit employs a professional IT support firm to advise on security measures and to maintain system protection software on all devices. Tacit has incorporated the UK Government’s 10 Steps to Cyber Security into our day-to-day management of the Firm, and is Cyber Essentials certified.

Economic environment

Conditions across the world have become more complex and increasingly unfamiliar during the past year. The unpredictability of Donald Trump is now generally accepted as fact of current international relations, but it is also reflected throughout the U.S. administration which seems to regard raw might, not international accords, legal frameworks, and conventions, as the basis of engagement. The result is fractured alliances, volatile trade relations, and a war with Iran which is causing problems for the global economy as it drifts on.

Climate change is a further global factor which has generated extreme weather conditions on an unprecedented level, certainly in terms of the past few centuries. Extreme heat, droughts, floods and storms have affected different regions, but all with the same consequences: ruined harvests or reduced yields; displacement of populations; destruction of property and productive assets.

The levels of national indebtedness in the U.S., the U.K. and in varying degrees across EU economies is a constant cause of concern. This concern has increased with the spectre of rising inflation from high energy prices, food shortages, and the cost of reconstruction and starting again for many. The question haunting markets is: how much more or for how much longer the global economy and investment markets can absorb these factors without cracks opening in the global finance system, and without a reset of asset prices.

Political environment

In the U.K., the strain on government funding in an already over-borrowed economy is forcing a higher tax burden on both corporations and individuals. This is not a conducive environment for entrepreneurism and growth, but it has made tax planning and advice fundamental to U.K. investors even with moderate wealth. The Tacit Wealth service is well positioned to provide the planning context and the investment content to clients who recognise the importance of both.

More generally, decades of globalisation have turned sour for many Western manufacturers who are exposed to supply chains for raw materials, energy, and processed components which have become economic weapons in a fractured, multi-polar world. The loss of manufacturing capacity in economies which benefitted from low wages, light regulation and corporate tax incentives in the emerging economies of Asia by off-shoring is now a political issue as those same emerging economies reach maturity and are in dominant positions to meet consumer demand. High unemployment and limited opportunities in the former industrial heartlands of Europe and the U.S. are fertile for populist political movements which are increasingly disruptive and threatening to social order.

Increasingly, clients recognise that having liquid reserves to weather any economic and market storms is prudent planning. Tacit offers a service in managed U.K. gilt investments to give wealthier investors both the protection and the tax efficiency they need.

Capital adequacy

As an SNI regulated firm, the company continues to be capitalised in excess of regulator-imposed minimum capital adequacy and liquidity requirements. The Firm's capital adequacy requirement is calculated based on three months’ contracted fixed costs. The Firm is well capitalised in excess of the FCA Investment Firms’ Prudential Regime (IFPR) capital and liquidity requirements.

Competitive environment, social and market forces

The company continues to operate in a competitive marketplace with many larger competitors focusing on asset growth rather than investment management as their primary objective. Consolidation and a focus on margin at the expense of the service and value-added to private investors is a helpful backdrop for Tacit to promote its personalised service and the consistent performance of its strategies over a sixteen-year run.

The Directors intend to continue to assess relevant opportunities to develop or expand the Firm’s activities, provided these are consistent with the company’s business strategy and direction.

The Company's key financial performance indicators during the year were as follows:

Unit     2026 2025

Turnover            £     2,907,605     2,327,513

Operating profit            £     950,600     682,414

Assets under management     £ 496.8m 346.4m

Tacit’s principal activity is still the investment management of (mostly) discretionary portfolios for private individuals and for some corporate entities in the form of pension funds. The Firm has a proven, clear and consistent approach to investment which focuses first on the preservation of investors’ capital and, for those investors willing and able to take a higher level of risk, to grow their wealth in absolute and real terms after fees. As has been noted in detail above, Tacit now incorporates financial advice into its client services as an essential strategic planning context for the investments which clients ask us to manage. As the need for strategic planning becomes a driver of wealth management, the enhanced revenue from the added-value of financial advice will drive profitability.

Tacit offers four core strategies in which investment risk is managed using the Growth/Stabiliser investment philosophy which Tacit has espoused consistently since its inception. These four strategies now have nearly sixteen complete years of public performance history. All four strategies have outperformed their respective CPI-Plus benchmarks and their respective peer groups as measured by the UK industry leader, Asset Risk Consultants (ARC).

Total revenue for the year was £2.91m compared with £2.33m the previous year. At the pre-tax level, the profit was £945k, compared with £680k. Total employment costs, which includes Directors’ salaries, are the largest component of the operating costs and are expected to continue to rise under competitive pressure. For this reason, the Directors will be focused on the contributions that all employees make to sustaining and growing profitability, and this will be supported by investment in training and qualifications. Four new employees were added to the payroll during the year.

Net Assets on the balance sheet increased to £818k from £623k the previous year.

Investment outcomes and client retention

The four Tacit strategies performed well in absolute and relative terms when compared to the Asset Risk Consultants Private Client Indices. This was achieved by strictly adhering to the Growth/Stabiliser framework which underpins the Tacit Investment Philosophy. The overweight Asian market exposure at the expense of U.S. equity added value. All strategies provided positive returns after all costs, over the 12 months (the performance since inception on 30 September 2010 for each strategy is shown in brackets next to the 1-year return). Conservative +6.36% (+88.33%); Real Return +21.68% (+179.59%); Steady Growth +27.72% (+236.75%); Total Return +33.98% (+369.16%).

Section 172 Statement and engagement with stakeholders

The company is a discretionary investment management firm which depends on the trust and confidence of its stakeholders to operate sustainably in the long term. It seeks to put its clients’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits for shareholders.

The Directors of the company consider that they have acted in accordance with their duties codified in law, in particular their duty to act in the way in which they consider, in good faith, would 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 section 172(1) of the Companies Act 2006.

Clients

The company considers our clients to be one of the most important stakeholder groups of our business model. Tacit places the highest emphasis on personal service to each client and regularly reviews the processes by which we establish the individual needs of each client and respond to them with investment propositions and regular communications which meet their objectives and enable them to understand the basis on which our investment decisions are made.

Suppliers

The company recognises that key suppliers and outsourced service providers can have a material impact on the long-term success of the business and so incorporates the interests of these stakeholders when making strategic long-term decisions. The company believes that having due regard to the interests of these suppliers is a dynamic and ongoing process which requires thoughtful monitoring and assessment, and a willingness to engage with those suppliers to better understand their operating constraints and business development plans.

Employees

The company is committed to being a responsible employer and the Directors recognise that for our businesses to succeed, we need to manage our employees’ performance through mentoring and structured training, and develop and encourage talent, ensuring that we operate as efficiently as possible.

High standards of business conduct

Maintaining a high standard of business conduct when dealing with stakeholders such as regulatory bodies is vital for the company. The company is regulated by the FCA and the Directors are very aware of the need to keep up to date with industry regulations and best practice. The company recognises the importance of meeting its reporting

obligations to the FCA and takes client confidentiality and data protection very seriously as set out in our privacy notice on our website which is reviewed regularly.

The community and the environment

In their decision making, the Directors need to have regard to the impact of the company’s operations on the community and environment. Wherever possible, the company encourages carbon friendly business practices as evidenced by giving all staff the ability to work from home if possible.

On behalf of the board

The Directors present their annual report and financial statements for the year ended 30 June 2026.

The principal activity of TIML Limited is to provide investment management services to private clients, pension funds and institutions providing financial advice to retail clients.

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

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £512,595. The Directors do not recommend payment of a final dividend.

Dividends declared after the year end and up to the date of approval of these financial statements totalled £119,846.

The business’s principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business's operations.

In respect of bank balances, the liquidity risk is managed by maintaining a sufficient cash reserve at the bank to allow for short term net cash outflows. The firm’s cash is held in accounts that pay a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk through the Terms & Conditions of our engagement with clients and professional advisers, and through the regular monitoring of amounts outstanding for both time and credit limits. Retail client fees are taken directly by the custodian from client accounts operated by the custodian, thus mitigating credit risk associated with this aspect of the business. Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet liabilities when they fall due.

At all times the Directors must ensure that they meet the capital adequacy requirements stipulated by the Financial Conduct Authority, which must be reported periodically via the FCA Gateway.

There have been no material events affecting TIML Limited between the balance sheet date and the signing of the report.

Just Audit Limited has completed the seventh year of appointment and the Directors intend to appoint Just Audit Limited for a further year.

So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

After making enquiries, the Directors have a firm expectation that the company has resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

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

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

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.

We have audited the financial statements of TIML Ltd (the 'company') for the year ended 30 June 2026 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 June 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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 Directors are responsible for the other information. The other information comprises the information included in the Strategic Report and Directors' Report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 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.

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.

As explained more fully in the Directors' responsibilities statement, 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.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation, and FCA regulation, recognising the regulated nature of the company's activities. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

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.

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

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

The company has no recognised gains or losses for the year other than the results above.

TIML Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 14 Hanover Square, London, W1S 1HN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 flows and related notes and disclosures;

The financial statements of the company are consolidated in the financial statements of Tacit Holdings Limited. These consolidated financial statements are available from its registered office, 14 Hanover Square, London, W1S 1HN.

After making enquiries, the trueDirectors have a firm expectation that income is expected to continue at at least current levels and that together with reserves the company has resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

Discretionary fund management income

Ongoing discretionary portfolio management charges and fund management charges, based on the value of assets invested, are recognised during the period the assets are held in the portfolio of investment fund. Turnover is shown net of VAT and other sales related taxes.

Investment consultancy services

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

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

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

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax 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.

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.

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

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.

In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

The preparation of the financial statements can require management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the

amounts reported for revenues and expenses during the year.

In the opinion of the Directors, there are no critical judgements that have a significant effect on amounts recognised in the financial statements.

An analysis of the company's turnover is as follows:

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

Their aggregate remuneration comprised:

1 Director participated in the pension scheme during the year (2025: 2).

Directors are also remunerated by dividends paid by the parent company, Tacit Holdings Limited. Dividends paid to the Directors of TIML Limited and their spouses totalled £231,070 (2025: £190,639).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The following are the major deferred tax liabilities and assets recognised by the company:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

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

During the year ended 30 June 2026, the company paid £110,000 for consultancy services (2025: £110,000) to another company owned by a director and shareholder of the parent company, Tacit Holdings Limited. As at 30 June 2026, no amounts were owed to that company (2025: £nil).

During the year transactions were made with a director as detailed in the table below. These amounts were interest free and repayable on demand.

The company is controlled by Tacit Holdings Limited which owns 100% of the called up share capital.