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Registration number: 05361794

Purdicom Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Purdicom Limited

Contents

Company Information

1

Strategic Report

2 to 5

Directors' Report

6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Profit and Loss Account

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 24

 

Purdicom Limited

Company Information

Directors

H C G Garrod

A D R Black

M J Smith

H McNulty

Company secretary

M J Smith

Registered office

Mitchell House
Unit 4, Woolley Barns
Wantage
Oxfordshire
OX12 8TA

Auditors

UHY Ross Brooke
Chartered Accountants and Registered Auditors
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Purdicom Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is that of the wholesale distribution of electronic parts and equipment.

Objectives and strategies to achieve

At Purdicom, our mission is to deliver cutting-edge wireless, cloud, and security solutions that align seamlessly with our customers’ goals. We pride ourselves on simplifying complex challenges, embracing unique business needs, and fostering an environment where ease of doing business is a core principle.

Driven by a team of highly trained communications technology experts, we are committed to creating value for our customers, colleagues, and shareholders alike. As we continue to grow-both organically and through strategic acquisitions-we remain focused on innovation, agility, and long-term success.

As part of our ongoing strategic vision, Purdicom is committed to achieving a turnover of £50 million. This ambition is underpinned by our continued expansion of product offerings and our unwavering focus on meeting the evolving needs of our customers.

While we faced economic headwinds in 2024 that impacted our trajectory, we remain confident in our ability to reach this milestone within the next couple of years. Our resilience and adaptability have enabled us to strengthen our presence across Central Europe and Iberia, where we have deployed both warehousing infrastructure and dedicated team members within the EU. These investments are already enhancing our operational efficiency and customer service capabilities across the region.

With a clear growth strategy, a broadened portfolio, and a customer-centric approach, Purdicom is well-positioned to deliver sustainable success and long-term value.

Business model

Purdicom operates four specialised sales teams focused on the indoor wireless, outdoor wireless, security, and cloud markets. These teams have continued to perform strongly, securing significant projects and expanding our customer base across key sectors including Telecommunications Operators, ISPs, Value Added Resellers, Integrators, and Managed Service Providers (MSPs).

Our Indoor Wireless team has shown particular momentum, consistently winning new business and successfully re-engaging former customers by showcasing our value-added services and technical expertise.

In parallel, our Professional Services division has experienced robust growth. We now offer a comprehensive suite of services-from site surveys and system design -enabling us to support our partners and customers throughout the entire project lifecycle.This expansion reflects our commitment to delivering end-to-end solutions that drive customer success and long-term partnerships.
 

 

Purdicom Limited

Strategic Report for the Year Ended 31 December 2024

Trends

The global technology landscape continues to evolve at pace, with Artificial Intelligence (AI), automation, and cloud-based infrastructure driving transformation across industries. AI is rapidly becoming embedded in everyday business operations-from smart buildings and predictive analytics to enhanced cybersecurity and customer experience platforms.

Purdicom is strategically positioned to support and capitalise on these trends. Our advanced Wi-Fi solutions are enabling smarter, more connected environments, while our cloud and security offerings are helping customers build resilient, scalable, and secure digital infrastructures. These capabilities are increasingly critical as organisations seek to harness AI and data-driven technologies.

Our continued investment in product innovation and professional services has directly contributed to growth in sales, particularly in sectors embracing digital transformation. By aligning our portfolio with emerging technologies and customer needs, we are not only supporting the adoption of AI and cloud solutions but also reinforcing our role as a trusted partner in the evolving communications technology ecosystem.
 

Principal risks and uncertainties

Macroeconomic Risk: Inflation, Interest Rates & Recession

After peaking at 11.1% in 2022, UK inflation fell to 1.7% in late 2024 but has since rebounded to 3.6% as of June 2025.

Interest rates remain elevated, with the Bank of England’s base rate currently at 4%, though cuts are anticipated later this year.

While the IT and communications sectors continue to show resilience, the risk of a mild recession remains, particularly if consumer demand weakens or wage growth slows further.

Purdicom continues to mitigate these risks by diversifying its product portfolio, entering new markets, and investing in high-growth areas such as AI-enabled infrastructure and cloud services.

Political Risk

The UK’s political landscape shifted significantly with the Labour Party’s election victory in July 2024. The new government has pledged to prioritise economic growth and industrial strategy, but uncertainty remains around tax policy and public spending.

Across the EU, elections and policy shifts may also impact trade and regulatory environments. Purdicom remains agile, monitoring developments closely and adjusting its strategies accordingly.

Geopolitical Conflict

Ongoing conflicts in Ukraine and the Middle East continue to disrupt global supply chains and create volatility in pricing and logistics. These disruptions have affected the availability and cost of certain components from key partners. Purdicom is actively working with suppliers to build resilience into its supply chain and maintain continuity of service.

 

Purdicom Limited

Strategic Report for the Year Ended 31 December 2024

Exchange Rate Risk
As a business with international operations, Purdicom remains exposed to fluctuations in foreign exchange rates. The company continues to employ hedging strategies to manage this risk and protect margins.

Credit Risk

The tightening of the credit insurance market and delays in customer order fulfilment have presented challenges. Purdicom maintains strong relationships with its customers and leverages credit insurance and third-party credit agencies to set and monitor appropriate credit limits.

Technology Adoption & AI Integration

The rapid rise of Artificial Intelligence is reshaping the technology landscape. Purdicom recognises the strategic importance of AI and is actively integrating AI-driven tools into its operations to improve our efficiency & customer offering. Our Wi-Fi, cloud, and security solutions are increasingly aligned with AI-enabled environments, supporting smart infrastructure and digital transformation initiatives across our customer base.

By embracing AI and automation, Purdicom is not only enhancing its service offerings but also positioning itself to lead in a market where intelligent connectivity is becoming the norm.

Development and performance

Sales Performance Overview

The first half of 2024 presented continued challenges for Purdicom, following a slowdown in sales momentum that began in 2023. Economic headwinds - including high interest rates, inflationary pressures and cautious customer spending - contributed to a sluggish start to the year. Despite a recovery in sales by mid-2024, the rebound was not sufficient to fully offset the earlier decline. As a result, total sales for the year fell from £43.9 million in 2023 to £38.3 million in 2024.

However, 2025 has marked a clear turning point. Sales have shown strong growth across all core business areas, driven by renewed customer demand, strategic expansion into European markets, and the successful rollout of new product lines. We are currently on track to exceed our 2023 sales figures, reflecting both the resilience of our business model and the effectiveness of our growth strategy.

Operational Efficiency & Cost Management

In response to the economic headwinds experienced throughout 2023 and into early 2024, Purdicom undertook a comprehensive review of its cost base. This strategic initiative focused on improving operational efficiency while safeguarding the company’s capacity for future growth.

Through targeted cost control measures - including supplier renegotiations, process optimisation and natural attrition in headcount - Purdicom successfully reduced overheads from £5.7 million to £5.4 million. These reductions were achieved without compromising service quality or strategic capabilities, and crucially, while retaining key personnel and maintaining critical customer contracts.

This leaner cost structure has positioned Purdicom to capitalise on the growth opportunities emerging in 2025. With sales now trending above 2023 levels, the company is well-placed to scale sustainably and invest in innovation.

Our commitment to operational discipline, combined with a forward-looking investment strategy, ensures that Purdicom remains agile, competitive and prepared to meet the demands of a rapidly evolving technology landscape.

 

Purdicom Limited

Strategic Report for the Year Ended 31 December 2024

Balance Sheet

A key operational focus in 2024 was the strategic reduction of stock levels, which had grown significantly in response to the global chipset shortages experienced in 2023. At the start of the year, Purdicom held £13.7 million in inventory - an intentional buffer to ensure continuity of supply and support customer project delivery during a period of constrained availability.

As global supply chains stabilised and supplier lead times improved, we were able to transition to a more agile inventory model. By year end, stock levels were successfully reduced to £6.4 million, representing a 53% reduction. This was achieved without compromising our ability to fulfil customer orders, thanks to improved forecasting, tighter procurement controls, and enhanced supplier responsiveness.

This leaner approach to inventory has freed up working capital, reduced holding costs, and increased operational flexibility. It also reflects our broader commitment to efficiency and responsiveness, ensuring we can continue to meet customer needs reliably while adapting quickly to market conditions.

Purdicom’s balance sheet remains robust, underpinned by strong shareholder equity and disciplined financial management. As of year end 2024, shareholders’ funds stood at £13.7 million, reflecting the company’s solid capital base and long-term financial resilience.

Liquidity remains excellent, supported by healthy cash flow, prudent cost control, and efficient working capital management. Our strategic reduction in inventory levels and overheads has further strengthened our financial position, enabling us to reinvest in growth areas and maintain operational agility.

We continue to maintain strong relationships with key suppliers, ensuring reliable access to products and services across our portfolio. Our debtors ledger remains robust, with proactive credit management and close monitoring of customer accounts helping to mitigate credit risk.

In addition, Purdicom enjoys stable and supportive relationships with its finance providers, giving us the flexibility to pursue strategic investments and respond swiftly to market opportunities. This financial strength positions us well to support our growth ambitions, including our target of reaching £50 million in turnover within the next two years.
 

Approved and authorised by the Board on 14 August 2025 and signed on its behalf by:
 

.........................................
H C G Garrod
Director

 

Purdicom Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

H C G Garrod

A D R Black

M J Smith - Company secretary and director

H McNulty

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 14 August 2025 and signed on its behalf by:
 

.........................................
H C G Garrod
Director

 

Purdicom Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Purdicom Limited

Independent Auditor's Report to the Members of Purdicom Limited

Opinion

We have audited the financial statements of Purdicom Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 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 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 director's 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 original financial statements were 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 annual 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 or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

 

Purdicom Limited

Independent Auditor's Report to the Members of Purdicom Limited

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 Statement of Directors' Responsibilities [set out on page 7], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

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

Detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As such, we have considered:

 

Purdicom Limited

Independent Auditor's Report to the Members of Purdicom Limited

• the nature of the industry and sector, control environment and business performance including the company's remuneration policy, bonus levels, and performance targets;
• the company's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.

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. Also, 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.

Use of our report

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

......................................
Dean Blunden BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

14 August 2025

 

Purdicom Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

38,372,273

43,952,076

Cost of sales

 

(31,270,937)

(35,317,828)

Gross profit

 

7,101,336

8,634,248

Administrative expenses

 

(5,411,969)

(5,671,967)

Operating profit

4

1,689,367

2,962,281

Other interest receivable and similar income

19,428

1,571

Interest payable and similar expenses

9

(1)

   

19,437

1,570

Profit before tax

 

1,708,804

2,963,851

Tax on profit

8

(455,169)

(709,533)

Profit for the financial year

 

1,253,635

2,254,318

The above results were derived from continuing operations.

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

 

Purdicom Limited

(Registration number: 05361794)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

9

-

-

Tangible assets

10

160,633

280,657

 

160,633

280,657

Current assets

 

Stocks

11

6,379,874

13,698,389

Debtors

12

8,871,965

8,119,494

Cash at bank and in hand

 

4,591,900

472,299

 

19,843,739

22,290,182

Creditors: Amounts falling due within one year

14

(6,247,376)

(9,556,612)

Net current assets

 

13,596,363

12,733,570

Total assets less current liabilities

 

13,756,996

13,014,227

Provisions for liabilities

15

(85,757)

(100,068)

Net assets

 

13,671,239

12,914,159

Capital and reserves

 

Called up share capital

83

83

Share premium reserve

490

490

Capital redemption reserve

19

19

Retained earnings

13,670,647

12,913,567

Shareholders' funds

 

13,671,239

12,914,159

Approved and authorised by the Board on 14 August 2025 and signed on its behalf by:
 

.........................................
H C G Garrod
Director

 

Purdicom Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

83

490

19

11,210,937

11,211,529

Profit for the year

-

-

-

2,254,318

2,254,318

Dividends

-

-

-

(551,688)

(551,688)

At 31 December 2023

83

490

19

12,913,567

12,914,159

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2024

83

490

19

12,913,567

12,914,159

Profit for the year

-

-

-

1,253,635

1,253,635

Dividends

-

-

-

(496,555)

(496,555)

At 31 December 2024

83

490

19

13,670,647

13,671,239

 

Purdicom Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,253,635

2,254,318

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

169,438

176,625

Profit on disposal of tangible assets

-

(9,723)

Finance income

(19,428)

(1,571)

Income tax expense

8

455,169

709,533

 

1,858,814

3,129,182

Working capital adjustments

 

Decrease in stocks

11

7,318,515

1,993,347

(Increase)/decrease in trade debtors

12

(752,471)

1,114,417

Decrease in trade creditors

14

(3,285,429)

(5,876,302)

Cash generated from operations

 

5,139,429

360,644

Income taxes paid

8

(493,287)

(1,013,872)

Net cash flow from operating activities

 

4,646,142

(653,228)

Cash flows from investing activities

 

Interest received

19,428

1,571

Acquisitions of tangible assets

(49,414)

(238,923)

Proceeds from sale of tangible assets

 

-

27,512

Net cash flows from investing activities

 

(29,986)

(209,840)

Cash flows from financing activities

 

Payments to finance lease creditors

 

-

(18,852)

Dividends paid

(496,555)

(551,688)

Net cash flows from financing activities

 

(496,555)

(570,540)

Net increase/(decrease) in cash and cash equivalents

 

4,119,601

(1,433,608)

Cash and cash equivalents at 1 January

 

472,299

1,905,907

Cash and cash equivalents at 31 December

 

4,591,900

472,299

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mitchell House
Unit 4, Woolley Barns
Wantage
Oxfordshire
OX12 8TA
United Kingdom

These financial statements were authorised for issue by the Board on 14 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at an exchange rate which is updated periodically (but not daily) throughout the year. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over the life of the lease

Plant and machinery

33% straight line

Furniture, fittings and equipment

33% straight line

Motor vehicles

25% - 33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets other than goodwill

Over 36 months

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

38,372,273

43,952,076

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

169,438

176,625

Research and development cost

2,000

(2,000)

Profit on disposal of property, plant and equipment

-

(9,723)

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,331,425

3,426,006

Social security costs

381,995

425,414

Other short-term employee benefits

41,480

33,278

Pension costs, defined contribution scheme

121,011

121,657

Other employee expense

72,225

89,487

3,948,136

4,095,842

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Management

4

3

Admin

14

15

Technical support

9

9

Sales

31

36

58

63

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

437,058

438,315

Contributions paid to money purchase schemes

30,131

29,846

467,189

468,161

In respect of the highest paid director:

2024
£

2023
£

Remuneration

216,121

225,218

Company contributions to money purchase pension schemes

19,200

19,200

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

16,150

15,250


 

8

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

469,480

722,754

Deferred taxation

Arising from origination and reversal of timing differences

(14,311)

(13,221)

Tax expense in the income statement

455,169

709,533

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,708,804

2,963,851

Corporation tax at standard rate

427,201

696,505

Tax increase from effect of capital allowances and depreciation

27,861

13,515

Effect of expense not deductible in determining taxable profit (tax loss)

14,418

26,482

Tax decrease from other tax effects

(14,311)

(26,969)

Total tax charge

455,169

709,533

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated tax depreciation

-

5,757

-

5,757

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

20,068

-

20,068

9

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

180,000

180,000

At 31 December 2024

180,000

180,000

Amortisation

At 1 January 2024

180,000

180,000

At 31 December 2024

180,000

180,000

Carrying amount

At 31 December 2024

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £2,000 (2023 - £(2,000)).
 

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

28,449

149,450

349,098

208,277

735,274

Additions

-

13,995

34,557

862

49,414

At 31 December 2024

28,449

163,445

383,655

209,139

784,688

Depreciation

At 1 January 2024

21,911

87,313

265,131

80,262

454,617

Charge for the year

5,632

37,934

58,540

67,332

169,438

At 31 December 2024

27,543

125,247

323,671

147,594

624,055

Carrying amount

At 31 December 2024

906

38,198

59,984

61,545

160,633

At 31 December 2023

6,538

62,137

83,967

128,015

280,657

Included within the net book value of land and buildings above is £906 (2023 - £6,538) in respect of long leasehold land and buildings.
 

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Stocks

2024
£

2023
£

Other inventories

6,379,874

13,698,389

12

Debtors

Current

2024
£

2023
£

Trade debtors

6,390,240

5,722,672

Other debtors

2,327,218

2,236,735

Prepayments

154,507

160,087

 

8,871,965

8,119,494

13

Cash and cash equivalents

2024
£

2023
£

Cash on hand

57

103

Cash at bank

4,591,843

472,196

4,591,900

472,299

14

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

4,608,528

7,372,161

Social security and other taxes

 

767,477

797,576

Other payables

 

25,557

21,194

Accruals

 

673,447

1,169,507

Income tax liability

8

172,367

196,174

 

6,247,376

9,556,612

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Provisions for liabilities

Deferred tax
£

Other provisions
£

Total
£

At 1 January 2024

20,068

80,000

100,068

Increase (decrease) in existing provisions

(14,311)

-

(14,311)

At 31 December 2024

5,757

80,000

85,757

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £121,011 (2023 - £121,657).

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Oridnary shares of £0.01 each

8,300

83

8,300

83

       

18

Loans and borrowings

The company has a debt discounting facility which is secured against trade debtors. The facility available to the company at the reporting date was £5,000,000 (2023: £5,000,000) of which 85% can be borrowed against of which £nil (2023: £nil) was in use. The debt is repaid on successful recovery of qualifying sales invoices. The interest charges incurred can be seen on the income statement under interest payable. Hire purchase liabilities are secured against the assets to which they relate.
 

 

Purdicom Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

148,500

187,500

Later than one year and not later than five years

180,667

329,167

329,167

516,667

20

Related party transactions

Other transactions with directors


At the reporting date the director M Smith was owed £40 (2023: nil) from reimbursed expenses.

At the reporting date the director H C G Garrod was owed £170 (2023: £147) from reimbursed expenses.

Dividends totalling £317,077 (2023: £352,270) were paid in the year in respect of shares held by the company's directors.

The ultimate controlling party is H C G Garrod by virtue of a majority share holding and his position as managing director.