| REGISTERED NUMBER: |
| PDT Limited |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Period 1 July 2023 to 31 December 2024 |
| REGISTERED NUMBER: |
| PDT Limited |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Period 1 July 2023 to 31 December 2024 |
| PDT Limited (Registered number: 04211478) |
| Contents of the Financial Statements |
| for the Period 1 July 2023 to 31 December 2024 |
| Page |
| Company information | 1 |
| Strategic report | 2 |
| Report of the directors | 3 |
| Report of the independent auditors | 5 |
| Statement of comprehensive income | 9 |
| Balance sheet | 10 |
| Statement of changes in equity | 11 |
| Cash flow statement | 12 |
| Notes to the financial statements | 13 |
| PDT Limited |
| Company Information |
| for the Period 1 July 2023 to 31 December 2024 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| Chartered Accountants |
| & Statutory Auditors |
| Mynshull House |
| 78 Churchgate |
| Stockport |
| SK1 1YJ |
| PDT Limited (Registered number: 04211478) |
| Strategic Report |
| for the Period 1 July 2023 to 31 December 2024 |
| The directors present their strategic report for the period 1 July 2023 to 31 December 2024. |
| Review of business |
| The company's principal activity continued to be that of the import and distribution of electronic products. |
| The results of the company for the year, as set out in the Statement of Comprehensive Income on page 9, and key performance indicators detailed below. |
| Principal risks and uncertainties |
| The process of risk acceptance and risk management is addressed by an ongoing review by the directors and senior management. |
| Business risks and uncertainties affecting the company include the uncertain outcome of future trading arrangements with Europe. |
| Financial risk management |
| Credit Risk - This is managed by the constant monitoring of our internal systems to ensure debts are collected in a timely manner. |
| Liquidity Risk - The company maintains strong cash balances to ensure liabilities are met promptly. |
| Future developments |
| The directors consider that the company is well placed to take advantage of any increased levels of activity. |
| Key performance indicators |
| The company's key performance indicators during the year were as follows: |
| 2024 | 2023 |
| Gross Profit | £5,824,611 | £3,142,125 |
| Operating Profit | £3,987,753 | £2,001,288 |
| Profit Before Tax | £4,031,032 | £2,001,731 |
| Shareholder's Funds | £9,537,744 | £7,930,620 |
| Gross Profit | 17.0% | 14.4% |
| On behalf of the board: |
| PDT Limited (Registered number: 04211478) |
| Report of the Directors |
| for the Period 1 July 2023 to 31 December 2024 |
| The directors present their report with the financial statements of the company for the period 1 July 2023 to 31 December 2024. |
| Dividends |
| An interim dividend of £ |
| The total distribution of dividends for the period ended 31 December 2024 will be £ |
| Directors |
| The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
| Going concern |
| The directors consider that the company is well placed to continue as a going concern for the foreseeable future. Further details are disclosed in the notes to the financial statements. |
| Directors' responsibilities statement |
| The directors are responsible for preparing the Strategic report, the Report of the directors 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. |
| 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 as to disclosure of information to auditors |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| PDT Limited (Registered number: 04211478) |
| Report of the Directors |
| for the Period 1 July 2023 to 31 December 2024 |
| Auditors |
| The auditors, Warr & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| On behalf of the board: |
| Report of the Independent Auditors to the Members of |
| PDT Limited |
| Opinion |
| We have audited the financial statements of PDT Limited (the 'company') for the period ended 31 December 2024 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement and Notes to the financial statements, 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 our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period 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 Auditors' 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 in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors 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 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. |
| Report of the Independent Auditors to the Members of |
| PDT Limited |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Report of the directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Directors' responsibilities statement set out on page three, 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 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. |
| Report of the Independent Auditors to the Members of |
| PDT Limited |
| Auditors' 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 a Report of the auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We worked closely with the directors and senior management to identify the relevant laws and regulations and compliance therewith. Our procedures and sampling were designed to identify irregularities and remove the risk of material misstatements. |
| As part of an audit in accordance with ISA's (UK), we exercise professional judgement and maintain |
| professional scepticism throughout the audit. We also: |
| - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks, and obtain audit evidence that is |
| sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material |
| misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, |
| forgery, intentional omissions, misrepresentations, or the override of internal control. |
| - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. |
| - Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates and related disclosures made by the directors. |
| - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based |
| on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may |
| cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material |
| uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the |
| financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based |
| on the audit evidence obtained up to te date of our auditor's report. However, future events or conditions may |
| cause the company to cease to continue as a going concern. |
| - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
| - Obtain sufficient appropriate audit evidence regarding the financial information of the entries or business activities within the company to express an opinion on the financial statements. We are responsible for our audit opinion. |
| - We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, including any significant deficiencies in internal control that we identified during the audit. |
| Report of the Independent Auditors to the Members of |
| PDT Limited |
| 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 Report of the auditors. |
| 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 a Report of the auditors 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 |
| Chartered Accountants |
| & Statutory Auditors |
| Mynshull House |
| 78 Churchgate |
| Stockport |
| SK1 1YJ |
| PDT Limited (Registered number: 04211478) |
| Statement of Comprehensive |
| Income |
| for the Period 1 July 2023 to 31 December 2024 |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| Notes | £ | £ |
| Turnover | 4 |
| Cost of sales | ( |
) | ( |
) |
| Gross profit |
| Administrative expenses | ( |
) | ( |
) |
| Operating profit | 6 |
| Interest receivable and similar income |
| 4,031,032 | 2,002,740 |
| Amounts written off investments | 7 | - | (1,009 | ) |
| Profit before taxation |
| Tax on profit | 8 | ( |
) | ( |
) |
| Profit for the financial period |
| Other comprehensive income | - | - |
| Total comprehensive income for the period |
| PDT Limited (Registered number: 04211478) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 30.6.23 |
| Notes | £ | £ |
| Fixed assets |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| Current assets |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank | 15 |
| Creditors |
| Amounts falling due within one year | 16 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities | 18 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 19 |
| Retained earnings | 20 |
| Shareholders' funds |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PDT Limited (Registered number: 04211478) |
| Statement of Changes in Equity |
| for the Period 1 July 2023 to 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 July 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 June 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| PDT Limited (Registered number: 04211478) |
| Cash Flow Statement |
| for the Period 1 July 2023 to 31 December 2024 |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 23 |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Equity dividends paid | ( |
) | ( |
) |
| Loans from group undertakings | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | 1,954,200 | (762,576 | ) |
| Cash and cash equivalents at beginning of period |
24 |
1,627,627 |
| Effect of foreign exchange rate changes | 167 | 544 |
| Cash and cash equivalents at end of period |
24 |
2,819,962 |
865,595 |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements |
| for the Period 1 July 2023 to 31 December 2024 |
| 1. | Statutory information |
| PDT Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking. The company which draws up group accounts is Storit Limited, a company registered in the Republic of Ireland. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Turnover |
| Revenue from the sale of goods is recognised when the company has transferred the risks and rewards of ownership to the buyer; normally when the goods are delivered to the customer. The company also recognises revenue when goods are sold on consignment and the buyer has accepted delivery at a shipping port and therefore the risks and rewards of ownership have passed from the seller to buyer. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 2. | Accounting policies - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company contributes to a defined contribution pension scheme. Contributions payable are charged to profit or loss in the period to which they relate. |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 2. | Accounting policies - continued |
| Hire purchase and leasing commitments |
| Rentals under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. |
| Fixed asset investments |
| Investments in company shares are stated at fair value at each balance sheet date. Fair value gains and losses are taken to the profit and loss account. |
| Going concern |
| The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The view of the directors is that, despite prevailing global economic uncertainties, the company is well placed to negotiate the conditions facing the worldwide economy. |
| In reaching their conclusion, the directors have considered their cash flow for a period of 12 months from the date of signing the financial statements. Recent management information has been very positive and the company has continued to trade effectively. The directors are confident that the company will continue as a going concern for a period of at least 12 months from the signing of the financial statements and after consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements. |
| 3. | Critical accounting judgements and key sources of estimation uncertainty |
| The directors consider the key accounting estimates to be provisions for obsolete stock, provisions for trade debtors and sales rebates and the estimation of the useful lives of fixed assets. |
| In determining the recoverable value of stock the directors consider the age and current market demand on an individual product basis. |
| The directors estimate the provision for trade debtors and sales rebates based on an assessment of specific accounts and use their knowledge of the customers and the market to ensure the correct judgements are applied. |
| Management have used their expectation of the estimated useful lives of each category of assets |
| in order to ensure the appropriate provision is made for depreciation. Details of the estimated useful |
| lives are noted in the accounting policies and the depreciation provision is stated in note 11. |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 4. | Turnover |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| United Kingdom |
| Europe |
| United States of America |
| Asia |
| Rest of the world | 617,403 | 31,163 |
| 5. | Employees and directors |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 5. | Employees and directors - continued |
| The average number of employees during the period was as follows: |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| Administrative staff |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Directors' remuneration |
| 6. | Operating profit |
| The operating profit is stated after charging/(crediting): |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Foreign exchange gains and losses | ( |
) |
| 7. | Amounts written off investments |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Amounts written off investment | - | 1,009 |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 8. | Taxation |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Deferred tax provision | - | 4,874 |
| Total tax charge | 1,009,404 | 413,510 |
| 9. | Dividends |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 10. | Intangible fixed assets |
| Patents |
| and |
| licences |
| £ |
| Cost |
| At 1 July 2023 |
| Exchange differences | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 30 June 2023 |
| 11. | Tangible fixed assets |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 July 2023 |
| Additions |
| Exchange differences | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 July 2023 |
| Charge for period |
| Exchange differences | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 30 June 2023 |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 12. | Fixed asset investments |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 July 2023 |
| Disposals | ( |
) |
| At 31 December 2024 |
| Provisions |
| At 1 July 2023 | 258,448 |
| Eliminated on disposal | (258,448 | ) |
| At 31 December 2024 | - |
| Net book value |
| At 31 December 2024 |
| At 30 June 2023 |
| The company's investments at the Balance sheet date in the share capital of companies include the following: |
| The company held 100% of ordinary shares in Tech-Note International Limited, a company registered in the United Kingdom, until it was dissolved at Companies House on 5 September 2023. |
| 13. | Stocks |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Stocks |
| The value of stock held is stated net of a stock provision at the year end of £33,948 (2023 £243,037). |
| 14. | Debtors: amounts falling due within one year |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 15. | Cash at bank |
| There is a fixed charge in place over the company's assets from RBS Invoice Financing for any liabilities due. At the year end, £39,340 was owed to RBS Invoice Financing (2023 £385). |
| 16. | Creditors: amounts falling due within one year |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 283,019 | 53,135 |
| Other creditors |
| Accrued expenses |
| 17. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 18. | Provisions for liabilities |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2023 |
| Balance at 31 December 2024 |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 19. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 30.6.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 20. | Reserves |
| Retained |
| earnings |
| £ |
| At 1 July 2023 |
| Profit for the period |
| Dividends | ( |
) |
| At 31 December 2024 |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 21. | Related party disclosures |
| During the year PDT Limited sold goods amounting to £3,055,135 (2023 £1,713,091) and purchased goods amounting to £2,634,072 (2023 £1,716,346) with CMS Distribution Limited (Great Britain). A loan of £1,593,880 was made in the year from PDT to CMS Distribution Limited (Great Britain), with interest charged at 3%. Interest of £43,279 was receivable in the year. A balance of £4,405,556 (2023 £2,011,319) was receivable at the balance sheet date. Dividends totalling £1,060,878 (2023 £1,436,243) were paid to CMS Distribution Limited (Great Britain) in the year. |
| During the year, PDT Limited sold goods amounting to £6,053,918 (2023 £1,346,110) and purchased goods amounting to £4,907,612 (2023 £1,146,387) with VLC Distribution Co. Inc, a non UK subsidiary of CMS Distribution Limited. A balance of £2,112 (2023 receivable £211,787) was payable at the balance sheet date. |
| During the year, PDT Limited sold goods amounting to £249,541 (2023 £345,253) and purchased goods amounting to £163,687 (2023 £4,769) with CMS Distribution Limited (Ireland), a company ultimately controlled by Frank Salmon. A balance of £86,768 (2023 receivable £55,674) was payable at the balance sheet date. |
| During the year, PDT Limited sold goods amounting to £28,633 (2023 £nil) and purchased goods amounting to £24,761 (2023 £nil) with CMS Distribution SAS, a company ultimately controlled by Frank Salmon. A balance of £988 (2023 £nil) was receivable at the balance sheet date. |
| During the year, PDT Limited sold goods amounting to £8,170 (2023 £nil) and purchased goods amounting to £5,768 (2023 £nil) with CMS Distribution BV, a company ultimately controlled by Frank Salmon. A balance of £5,801 (2023 £nil) was receivable at the balance sheet date. |
| The company sold goods amounting to £414,737 (2023 £70,317) and purchased goods amounting to £337,300 (2023 £76,597) with Clever Stuff International Limited, a company controlled by Frank Salmon. A balance of £179,522 (2023 £77,528) was receivable at the balance sheet date. |
| The company sold goods amounting to £27,271 (2023 £nil) with Newgen Distribution AB, a company controlled by Frank Salmon. A balance of £27,271 (2023 £nil) was receivable at the balance sheet date. |
| The company made payments amounting to £239,157 (2023 £166,035) to HFT Holdings Limited in respect of directors services provided by D Holder. Dividends totalling £353,626 (2023 £478,747) were paid to HFT Holdings Limited in the year. Consultancy costs of £239,312 (2023 £166,035) were also paid to Holder Consultancy Limited during the year. Both HFT Holdings Limited and Holder Consultancy Limited are companies controlled by D Holder. |
| 22. | Ultimate controlling party |
| The company's immediate controlling party is CMS Distribution Limited whose parent company is Storit Limited, a company registered in the Republic of Ireland. Storit Limited prepare consolidated financial statements which are publicly available at Companies Registration Office Dublin. The company's ultimate controlling party is Frank Salmon, a director and majority shareholder of Storit Limited. |
| PDT Limited (Registered number: 04211478) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 31 December 2024 |
| 23. | Reconciliation of profit before taxation to cash generated from operations |
| Period |
| 1.7.23 |
| to | Year ended |
| 31.12.24 | 30.6.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Loss on revaluation of fixed assets | - | 1,009 |
| Finance income | (43,279 | ) | (1,452 | ) |
| 4,002,534 | 2,011,244 |
| Decrease in stocks |
| Decrease in trade and other debtors |
| Increase in trade and other creditors |
| Cash generated from operations |
| 24. | Cash and cash equivalents |
| The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts: |
| Period ended 31 December 2024 |
| 31.12.24 | 1.7.23 |
| £ | £ |
| Cash and cash equivalents | 2,819,962 | 865,595 |
| Year ended 30 June 2023 |
| 30.6.23 | 1.7.22 |
| £ | £ |
| Cash and cash equivalents | 865,595 | 1,627,627 |
| 25. | Analysis of changes in net funds |
| At 1.7.23 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 865,595 | 1,954,367 | 2,819,962 |
| 865,595 | 1,954,367 | 2,819,962 |
| Total | 865,595 | 1,954,367 | 2,819,962 |