Panorama Antennas Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 01203531

Panorama Antennas Limited

Financial Statements

31 December 2024

Panorama Antennas Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	7

Independent auditor's report to the members	10

Consolidated income statement	14

Consolidated statement of comprehensive income	15

Consolidated statement of financial position	16

Company statement of financial position	17

Consolidated statement of changes in equity	18

Company statement of changes in equity	20

Consolidated statement of cash flows	21

Notes to the financial statements	22

Panorama Antennas Limited

Officers and Professional Advisers

The board of directors	J L Jesman
	M E Jesman
	R A Jesman
	S C Jesman
	V L Wilson
	T A Jesman

Company secretary	S C Jesman

Registered office	Frogmore
	Wandsworth
	London
	SW18 1HF

Auditor	Moore Kingston Smith LLP
	Chartered accountants & statutory auditor
	10 Orange Street
	London
	United Kingdom
	WC2H 7DQ

Panorama Antennas Limited

Strategic Report

Year ended 31 December 2024

Principal Activity Panorama Antennas designs, develops, manufactures and distributes antennas and coaxial cables for radio communications for public and private sector applications. Business Review 2024 was another year of modest sales growth in the group. Both the EU and UK Sales Units exceeded their sales target with France, Germany and the UK all achieving record years. This growth was mostly achieved through smart metering in Germany and public safety in the UK. In contrast the US market struggled in 2024 with the sluggish OEM market that characterised 2023 continuing into the year and increasing stocking in the territory both taking longer to put in place and not delivering increased growth as quickly as expected. This resulted in the US unit coming in below its sales target. Due to the US being our most significant geographical market, the performance of other units was unable to offset this and sales for the group came in 8% below the £35m target. The UK and Singapore production team focussed upon increasing capacity and reducing lead times in 2024. It achieved this through the embracing of technology, automation and streamlining process. The Order Processing and Planning teams reduced delivery times and improved order confirmation times through system improvements, implementation of MOQs and other controls. Efforts continued to reduce stock holdings, especially in third party warehouses through better stock management in the French and US warehouses. Product Development made several significant product launches in 2024 including the Megalodon (L X M X M8 X-6-60) for public safety and transportation, Great Hammerhead (DWMM8-6-60) for site branch offices and enterprise failover applications and the CASEANT4, 4G/5G antenna for deployable cases. These launches helped to ensure the long-term viability of the company and shore up our presence in key markets. Panorama Antennas published our first SBTi near term target in 2024 of "Panorama Antennas commits to reduce scope 1 and scope 2 GHG emissions 42% by 2030 from a 2023 base year, and to measure and reduce its scope 3 emissions." We intend to further develop a Net Zero target in future. A 130kWp Solar System was installed at the 61 Frogmore facility in 2024 to reduce the Carbon Footprint of the facility and electricity costs.

Key Performance Indicators The principal KPIs adopted for the group were group sales turnover, gross profitability and working capital management. The turnover for the group saw an increase of 3% on the previous year to £32,229,744. This was behind target by approximately £2.8m due to the US sales unit again significantly missing it's $25m target, achieving only $19.6m. Nevertheless, the US sales unit has developed significant OEM relationships, placed more stock in the market and reorientated the sales team towards spending more time in market, which is strengthening the pipeline for 2025 and there is greater confidence their 2025 sales target will be met. Working capital management was considered a key target for the company in 2024, with maintenance of days being generally sought. Debtor days across the group saw a decrease from 47 days at year end 2023 to 41 days at year end 2024. This was due to the accounts team's efforts in improving collections performance. Creditor days fell significantly by 20 days from year end 2023 to year end 2024, with the accounts team settling creditor accounts in a timely manner to ensure good relationships with our supply chain continue to be fostered. Group inventory days saw an increase from 140 days at year end 2023 to 165 days at year end 2024. This was caused by a mixture of stock reductions due to the continued running down of inventory built up to counter supply chain issues during the COVID pandemic and semi-conductor shortage, as well as efforts to use old stock through circular manufacturing at manufacturing sites. These reductions were countered by planned increases in finished goods inventory in distribution sites resulting in an overall increase. These movements resulted in a minor increase in cash reserves of £96,258 and are considered beneficial to future turnover growth by the board. Group gross profit margin shrunk by 2% in 2024 to 48%. This was largely driven by a change in product mix with large volumes of low margin products accounting for a good deal of EU turnover growth. As this market and our share within it is only expected to grow in future years, we intend to nurture higher profit sales in other geographies and market verticals to increase gross profitability in future. Future Developments We expect that Panorama will achieve a turnover growth of 10% in 2026 across the group. In the EU this will be primarily driven by the continued growth of smart metering roll outs, building on relationships with existing customers and cultivating new ones. In the US the main driver will be OEM relationships established in 2024 converting into sales, development of our distributor network and greater market penetration delivered by changes to sales team make-up, activity expectations and incentives. We expect OEM relationships in particular to deliver long term sustainable business for the future. The Middle East Market is a promising geographical market for 2026 after considerable growth in the first half of 2025 and will be a focus for further development of long-term customer relationships. The Marketing Team has been bolstered in 2025 with the recruitment of Global Head of Marketing to develop the function. Further investment, especially in process automation and brand building, is to continue in 2026 with the intention to transition marketing from a service provider to a revenue generator, delivering leads and acting as a more direct force multiplier in the sales process. The process of reshoring product lines from the Far East to the UK or Singapore will continue in 2025 and 2026 with 71% of imports to the US scheduled for reshoring by year end 2025. Considerable manufacturing process and supply chain improvements have occurred as part of this process and more are required, resulting in increased investment in fixed assets and production engineering resources. Labour costs have become subject to increasing scrutiny in 2025 and will be reviewed in 2026 due to 20% increases in headcount across the group between January 2024 and July 2025, strong wage growth in the US, especially Texas, and increases in the minimum wage and payroll taxes in the UK after the election of the Labour government in July 2024. Gross profit margin will be improved in 2026 by developing our current Make-To-Stock/Make-To-Order system into a true Sales and Operation Planning System (S&OP) to increase lot sizes in owned production, reduce risk and improve pricing in the procurement process. The New Product Introduction (NPI) System will also be further defined in 2026 to increase efficiencies in the process and maximise the profitability and revenues generated by new products. We will also improve expertise in our purchasing department to ensure that long term, efficient and more profitable supplier relationships are developed and maintained.

Principal Risks and Uncertainties Global Politics/Economy - Our financial performance and growth is subject to risks related to global economic and political developments. We trade in over 45 countries and in 5 currencies with the majority of our revenues being generated outside of the UK. In contrast the majority of our employment costs are incurred in the UK and it is vital we have suitable GBP currency to ensure our employees can be paid. Our performance and the successful execution of our business strategies and plans are, therefore, always influenced by global, regional and local economic movements, policy decisions and supply chain conditions as well as by geopolitical events such as war, natural disaster and public health emergencies. Our currency risk is controlled through rolling contracts to ensure that suitable GBP funds are available for UK employee salaries while balancing the need for USD funds to pay suppliers. While inflationary forces cooled significantly in 2024, market uncertainty and the struggle of central banks to continue slowing inflation continued in all markets where Panorama has a business footprint. If inflationary pressure increased significantly and particularly if we are unable to increase pricing to offset it, profitability and cashflow will be adversely affected. Economic sentiment has also been quite unsettled in many key geographical markets and industry segments in 2024 and this presents a significant risk. Further deterioration of economic conditions or sentiment may adversely affect the demand for our product or sales price and profitability. Panorama is actively targeting market and product development to mitigate these risks by diversifying sources of revenues. Recent global instability, particularly in the Middle East, has demonstrated that supply chains remain fragile and open to disruption with possibility for significant impacts on the availability of materials and cost of sales. Panorama is engaged in an active programme of supply chain diversification to mitigate this risk, establishing near-shored and on-shored sources of supply for key components, as well as a programme to optimise stock holdings and freight flows to enable more sea shipments and reduce unnecessary goods movements. Further conflict in the Middle East could also impact revenues generated by projects in the Gulf States and could call our ability to achieve the 2025 and 2026 sales targets into question. Continuing economic protectionism in the US has a notable negative impact gross profit in the country and has the potential to stifle sales, further uncertainty arises from the constant process of tariff modification the US government is undertaking. Panorama actively monitors tariff changes, employs first sale invoicing and is undertaking an active programme of supply chain diversification and product reshoring to mitigate these impacts. Cybersecurity - Increased cybersecurity threats and more sophisticated and targeted computer crime pose significant risks to the business. These threats could have extreme negative impacts on operational capacity, financial performance and reputation at Panorama and endanger sensitive information belonging to employees, customers and suppliers, impacting on their fundamental rights. Panorama employs extensive monitoring of indicators, active countermeasures and practiced recovery methods to counter this threat. We are also committed to a process of continual improvement when it comes to information security, with headcount specifically devoted to it in 2025 and Cyber Essentials achieved in the year. We have plans to acquire further information security certifications, starting with ISO 27001 in 2026. Competitive environment - Panorama is dependent on maintaining competitive advantage for revenue and earnings growth. The RF solutions industry has seen a large amount of market consolidation over recent years with multiple acquisitions of antenna companies by larger electronics and RF businesses and the development of in-house antenna lines by several gateway providers. This combined with competitors increasing focus on key geographical markets, most notably the USA, has resulted in fierce competition across a number of market sectors. It is expected that this trend for consolidation and market entry to continue which creates a risk to Panorama's sales growth and profitability. The introduction of disruptive and innovative technology in the markets in which we operate also poses the risk of new competitors emerging, including new entrants from outside our traditional industries, substitutions of existing products, niche players, new business models and competitors that are faster to market with new or more cost-effective products. Panorama is responding to these risks by increasing investment in the long term in product development, marketing and test assets to increase product and service innovation, including a £1m investment specifically in R&D over the next 3 years. These investments will be used to help secure the long-term future of the business, increase customer satisfaction and improve technical and environmental information available to the end user.

This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

S C Jesman Director

Registered office:

Frogmore

Wandsworth

London

SW18 1HF

Panorama Antennas Limited

Directors' Report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

J L Jesman
M E Jesman
R A Jesman
S C Jesman
V L Wilson
T A Jesman
A P Jesman	(Resigned 8 November 2024)

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Financial risk management objectives and policies

The group's principal financial instruments are bank balances, trade payables and trade receivables.

The group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.

Cash flow risk

The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The group has a policy of buying and selling in the same currency with foreign exchange expenditure being matched with income. With the significant level of exports, the weakness of the GB£ plays in favour of the group. On occasion the foreign currency transactions are covered by suitable currency contracts to minimise exposure to exchange rate volatility but the group does not enter into any formal hedging arrangements.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. All export credit is underwritten and the level of bad debts has been very low.

The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

The relationship with the bank is strong reducing liquidity risk and ensuring that sufficient funds are available for ongoing operations and future developments.

Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in the Statement of accounting policies in the financial statement.

Disclosure of information in the strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, various matters previously dealt with in the Directors' Report are now included in the Strategic Report, including future developments.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

S C Jesman Director

Registered office:

Frogmore

Wandsworth

London

SW18 1HF

Panorama Antennas Limited

Independent Auditor's Report to the Members of Panorama Antennas Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Panorama Antennas Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

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 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group. We obtained an understanding of the group's activities, controls and laws and regulations and assessed the susceptibility of the group's financial statements to material misstatement from irregularities, including fraud. We determined that the laws and regulations that are most significant to the group are those relating to the reporting framework (FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland') and the Companies Act 2006 and relevant tax compliance regulations in which the group operates. Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries on the management; journal entry testing; review of bank letters; review of board minutes; review of component auditor's working papers; review of transactions for any undisclosed related party transactions; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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, 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 group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' 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 group's or the parent 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 the date of our auditor’s report. However, future events or conditions may cause the group or the parent 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 entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Tim Hardy

(Senior Statutory Auditor)

For and on behalf of

Moore Kingston Smith LLP

Chartered accountants & statutory auditor

10 Orange Street

London

United Kingdom

WC2H 7DQ

30 September 2025

Panorama Antennas Limited

Consolidated Income Statement

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	32,229,744	31,231,092

Cost of sales	( 16,605,721)	( 15,707,247)
	-------------	-------------
Gross profit	15,624,023	15,523,845

Administrative expenses		( 12,353,440)	( 11,416,692)
Other operating income	5	18,371	10,423
		-------------	-------------
Operating profit	6	3,288,954	4,117,576

Loss on financial assets at fair value through profit or loss		( 101,299)	( 152,089)
Other interest receivable and similar income	10	26,363	31,850
Interest payable and similar expenses	11	( 12,592)	( 26,779)
		-------------	-------------
Profit before taxation		3,201,426	3,970,558

Tax on profit	12	( 981,005)	( 765,846)
		------------	------------
Profit for the financial year		2,220,421	3,204,712
		------------	------------

All the activities of the group are from continuing operations.

Panorama Antennas Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

	2024	2023
	£	£
Profit for the financial year	2,220,421	3,204,712

Revaluation of tangible assets	1,401,537	–
Foreign currency retranslation	42,205	( 389,755)
Tax relating to components of other comprehensive income	( 187,489)	( 24,819)
	------------	------------
Other comprehensive income for the year	1,256,253	( 414,574)
	------------	------------
Total comprehensive income for the year	3,476,674	2,790,138
	------------	------------

Panorama Antennas Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	14		10,630,790		9,066,136

Current assets

Stocks	16	4,782,749	4,063,282
Debtors	17	5,474,755	4,808,250
Cash at bank and in hand		7,587,983	7,491,725
		-------------	-------------
		17,845,487	16,363,257

Creditors: amounts falling due within one year	18	( 3,543,029)		( 4,156,058)
		-------------		-------------
Net current assets			14,302,458		12,207,199
			-------------		-------------
Total assets less current liabilities			24,933,248		21,273,335

Creditors: amounts falling due after more than one year	19		( 32,208)		–

Provisions	20	( 1,428,936)	( 1,134,225)
		-------------	-------------
Net assets		23,472,104	20,139,110
		-------------	-------------

Capital and reserves

Called up share capital	24	1,437	1,437
Revaluation reserve	25	5,575,665	4,531,617
Foreign currency translation reserve	25	( 372,307)	( 414,512)
Profit and loss account	25	18,267,309	16,020,568
		-------------	-------------
Shareholders funds		23,472,104	20,139,110
		-------------	-------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

T A JESMAN S C JESMAN

DIRECTOR DIRECTOR

Company registration number: 01203531

Panorama Antennas Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	14	5,936,298	4,467,412
Investments	15	23,982	23,982
		------------	------------
		5,960,280	4,491,394

Current assets

Stocks	16	2,264,018	2,582,367
Debtors	17	7,238,551	6,904,090
Cash at bank and in hand		4,342,410	3,525,945
		-------------	-------------
		13,844,979	13,012,402

Creditors: amounts falling due within one year	18	( 2,970,887)		( 3,916,492)
		-------------		-------------
Net current assets			10,874,092		9,095,910
			-------------		-------------
Total assets less current liabilities			16,834,372		13,587,304

Creditors: amounts falling due after more than one year	19		( 32,208)		–

Provisions	20	( 1,153,284)	( 871,062)
		-------------	-------------
Net assets		15,648,880	12,716,242
		-------------	-------------

Capital and reserves

Called up share capital	24	1,437	1,437
Revaluation reserve	25	4,040,320	3,175,320
Profit and loss account	25	11,607,123	9,539,485
		-------------	-------------
Shareholders funds		15,648,880	12,716,242
		-------------	-------------

The profit for the financial year of the parent company was £ 2,041,318 (2023: £ 635,461 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

T A JESMAN S C JESMAN

DIRECTOR DIRECTOR

Company registration number: 01203531

Panorama Antennas Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

			Called up share capital	Revaluation reserve	Foreign currency translation reserve	Profit and loss account	Total
Note			£	£	£	£	£
At 1 January 2023			1,437	4,726,436	( 24,757)	12,789,536	17,492,652

Profit for the year						3,204,712	3,204,712
Other comprehensive income for the year:
	Foreign currency retranslation		–	–	( 389,755)	–	( 389,755)
	Reclassification from revaluation reserve to profit and loss account relating to depreciation		–	( 170,000)	–	170,000	–
	Tax relating to components of other comprehensive income	12	–	( 24,819)	–	–	( 24,819)
			-------	------------	---------	-------------	-------------
Total comprehensive income for the year			–	( 194,819)	( 389,755)	3,374,712	2,790,138

Dividends paid and payable		13	–	–	–	( 143,680)	( 143,680)
			-------	------------	---------	-------------	-------------
Total investments by and distributions to owners			–	–	–	( 143,680)	( 143,680)

At 31 December 2023			1,437	4,531,617	( 414,512)	16,020,568	20,139,110

Profit for the year						2,220,421	2,220,421
Other comprehensive income for the year:
	Revaluation of tangible assets	14	–	1,401,537	–	–	1,401,537
	Foreign currency retranslation		–	–	42,205	–	42,205
	Reclassification from revaluation reserve to profit and loss account relating to depreciation		–	( 170,000)	–	170,000	–
	Tax relating to components of other comprehensive income	12	–	( 187,489)	–	–	( 187,489)
			-------	------------	---------	-------------	-------------
Total comprehensive income for the year			–	1,044,048	42,205	2,390,421	3,476,674

Panorama Antennas Limited

Consolidated Statement of Changes in Equity (continued)

Year ended 31 December 2024

		Called up share capital	Revaluation reserve	Foreign currency translation reserve	Profit and loss account	Total
Note		£	£	£	£	£
Dividends paid and payable	13	–	–	–	( 143,680)	( 143,680)
		----	----	----	---------	---------
Total investments by and distributions to owners		–	–	–	( 143,680)	( 143,680)

		-------	------------	---------	-------------	-------------
At 31 December 2024		1,437	5,575,665	( 372,307)	18,267,309	23,472,104
		-------	------------	---------	-------------	-------------

Panorama Antennas Limited

Company Statement of Changes in Equity

Year ended 31 December 2024

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 January 2023			1,437	3,345,320	8,877,704	12,224,461

Profit for the year					635,461	635,461
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account relating to depreciation		–	( 170,000)	170,000	–
			-------	------------	------------	-------------
Total comprehensive income for the year			–	( 170,000)	805,461	635,461

Dividends paid and payable		13	–	–	( 143,680)	( 143,680)
			-------	------------	------------	-------------
Total investments by and distributions to owners			–	–	( 143,680)	( 143,680)

At 31 December 2023			1,437	3,175,320	9,539,485	12,716,242

Profit for the year					2,041,318	2,041,318
Other comprehensive income for the year:
	Revaluation of tangible assets	14	–	1,210,000	–	1,210,000
	Reclassification from revaluation reserve to profit and loss account relating to depreciation		–	( 170,000)	170,000	–
	Tax relating to components of other comprehensive income	12	–	( 175,000)	–	( 175,000)
			-------	------------	------------	-------------
Total comprehensive income for the year			–	865,000	2,211,318	3,076,318

Dividends paid and payable		13	–	–	( 143,680)	( 143,680)
			----	----	---------	---------
Total investments by and distributions to owners			–	–	( 143,680)	( 143,680)

			-------	------------	-------------	-------------
At 31 December 2024			1,437	4,040,320	11,607,123	15,648,880
			-------	------------	-------------	-------------

Panorama Antennas Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	2,220,421	3,204,712

Adjustments for:
Depreciation of tangible assets	540,642	513,141
Government grant income	( 4,323)	–
Loss on financial assets at fair value through profit or loss	101,299	152,089
Other interest receivable and similar income	( 26,363)	( 31,850)
Interest payable and similar expenses	12,592	26,779
Tax on profit	981,005	765,846
Accrued expenses	174,859	306,444
Exchange differences on retranslation of net assets of subsidiary undertakings	42,205	(389,755)

Changes in:
Stocks	( 719,467)	1,732,960
Trade and other debtors	( 655,465)	150,951
Trade and other creditors	( 880,740)	605,408
	------------	------------
Cash generated from operations	1,786,665	7,036,725

Interest paid	( 12,592)	( 26,779)
Interest received	26,363	31,850
Tax paid	( 861,062)	( 1,373,397)
	------------	------------
Net cash from operating activities	939,374	5,668,399
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 703,759)	( 222,539)
	------------	------------
Net cash used in investing activities	( 703,759)	( 222,539)
	------------	------------

Cash flows from financing activities

Repayments of borrowings	–	( 1,140,828)
Government grant income	4,323	–
Dividends paid	( 143,680)	( 212,807)
	------------	------------
Net cash used in financing activities	( 139,357)	( 1,353,635)
	------------	------------

Net increase in cash and cash equivalents	96,258	4,092,225
Cash and cash equivalents at beginning of year	7,491,725	3,399,500
	------------	------------
Cash and cash equivalents at end of year	7,587,983	7,491,725
	------------	------------

Panorama Antennas Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Frogmore, Wandsworth, London, SW18 1HF. The principal activities of the company during the year was the manufacture and distribution of antennas for mobile radio communications for private and public sectors applications.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The amounts in the financial statements are presented to the nearest £1, unless otherwise stated.

Going concern

In the directors' opinion, based on the current forecasts of the group, its good order books, positive cash balances and its working capital requirements, the group has sufficient funds to meet its liabilities for at least twelve months from approval of these accounts. Therefore, the accounts have been prepared on the going concern basis.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102, in respect of the parent company's individual accounts: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Panorama Antennas Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Stock provision Provision is made for obsolete or defective items where appropriate. Slow moving stock is provided where the current stock level exceeds the quantity sold during the year. The stock provision for the year was £1,428,662 (2023: £1,944,806). Property valuation The properties are stated at fair value based on the valuations performed by independent professional valuers, Vause Cribb Chartered Surveyors (UK), CBRE (France) and Paramount Property Analysts (USA), with recent experience in the location and category of property valued. The valuers used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. This involved a degree of judgement in determining the valuation at 31 December 2024.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. The assets and liabilities of foreign operations are translated into sterling at the rates of exchange ruling at the balance sheet date. The turnover and expenses of foreign operations are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are recognised in other comprehensive income.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	4% straight line
Long leasehold property	-	4% straight line
Short leasehold property	-	30% straight line
Plant and machinery	-	20% reducing balance

Motor vehicles	-	25% straight line
Equipment	-	15% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. The cost of stock is measured using the weighted average cost formula, in accordance with FRS 102.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. 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 Group after deducting all of its liabilities. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Equity instruments Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Trade and other debtors Trade and other debtors are initially recorded at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts expect where the effect of discounting would be immaterial. In such cases, receivables and stated at cost less impairment losses for bad and doubtful debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Trade and other creditors Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. Derivative financial instruments The group uses forward foreign contracts to reduce exposure to foreign exchange rates. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and subsequently re-measured at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in profit and loss. The group does not apply hedge accounting for foreign exchange derivatives.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments on the balance sheet.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	31,451,799	30,651,386
Freight and carriage	777,945	579,706
	-------------	-------------
	32,229,744	31,231,092
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	10,422,305	11,123,046
North America	18,318,642	17,842,316
Africa and Middle East	912,601	430,848
Asia	434,650	237,400
Australasia	1,677,568	1,067,529
South America	463,978	529,953
	-------------	-------------
	32,229,744	31,231,092
	-------------	-------------

5. Other operating income

	2024	2023
	£	£
Government grant income	4,323	–
Rental income	14,048	10,423
	--------	--------
	18,371	10,423
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	540,642	513,141
Impairment of trade debtors	–	(3,202)
Foreign exchange differences	96,643	( 60,711)
Operating lease rentals	430,288	418,689
Foreign exchange loss / (gain) - (cost of sales)	123,580	362,544
	---------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	88,200	71,250
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	19,280	29,325
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	58	66
Administrative staff	56	50
Management staff	7	7
Sales and marketing staff	19	18
Design staff	11	8
	----	----
	151	149
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	8,140,508	7,552,176
Social security costs	890,805	810,862
Other pension costs	274,769	299,456
	------------	------------
	9,306,082	8,662,494
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	2,043,626	1,920,417
Company contributions to defined contribution pension plans	37,800	34,560
	------------	------------
	2,081,426	1,954,977
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	6	6
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	339,256	302,261
Company contributions to defined contribution pension plans	6,330	5,760
	---------	---------
	345,586	308,021
	---------	---------

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	5,971	17,187
Interest on cash and cash equivalents	3,530	54
Interest receivable	6,087	14,609
Interest on tax	10,775	–
	--------	--------
	26,363	31,850
	--------	--------

11. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	84	79
Interest on other loans	–	19,047
Interest on tax	12,508	7,653
	--------	--------
	12,592	26,779
	--------	--------

12. Tax on profit

Major components of tax expense

	2024		2023
	£		£

Current tax:

UK current tax expense	623,092	249,321
Adjustments in respect of prior periods	( 15,360)	13,293
	---------	---------
Total UK current tax	607,732	262,614

Foreign current tax income	235,661	371,507
Adjustments in respect of prior periods	30,390	121,434
	---------	---------
Total foreign tax	266,051	492,941
	---------	---------
Total current tax	873,783	755,555
	---------	---------

Deferred tax:

Origination and reversal of timing differences	107,222	9,682
Impact of change in tax rate	–	609
	---------	--------
Total deferred tax	107,222	10,291
	---------	---------
Tax on profit	981,005	765,846
	---------	---------

Tax recognised as other comprehensive income or equity

The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £187,489 (2023: £ 24,819 ).

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	3,201,426	3,970,558
	------------	------------
Profit on ordinary activities by rate of tax	800,356	933,898
Adjustment to tax charge in respect of prior periods	15,030	134,727
Effect of expenses not deductible for tax purposes	76,324	58,697
Unused tax losses	56,228	( 2,333)
Research & Development tax credit	( 9,057)	( 13,496)
Impact of change in tax rate	–	609
Other differences	64,460	( 319,422)
Higher rate of tax on overseas earnings	( 22,336)	( 26,834)
	------------	------------
Tax on profit	981,005	765,846
	------------	------------

13. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	143,680	143,680
	---------	---------

14. Tangible assets

Group	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	8,991,455	1,849,796	29,405	586,394	11,457,050
Additions	395,016	268,841	–	39,902	703,759
Revaluations	559,007	–	–	–	559,007
	------------	------------	--------	---------	-------------
At 31 December 2024	9,945,478	2,118,637	29,405	626,296	12,719,816
	------------	------------	--------	---------	-------------
Depreciation
At 1 January 2024	744,691	1,152,297	26,342	467,584	2,390,914
Charge for the year	350,299	164,554	3,063	22,726	540,642
Revaluations	( 842,530)	–	–	–	( 842,530)
	------------	------------	--------	---------	-------------
At 31 December 2024	252,460	1,316,851	29,405	490,310	2,089,026
	------------	------------	--------	---------	-------------
Carrying amount
At 31 December 2024	9,693,018	801,786	–	135,986	10,630,790
	------------	------------	--------	---------	-------------
At 31 December 2023	8,246,764	697,499	3,063	118,810	9,066,136
	------------	------------	--------	---------	-------------

Company	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	4,250,000	1,532,766	29,405	476,032	6,288,203
Additions	332,964	209,936	–	22,455	565,355
Revaluations	700,000	–	–	–	700,000
	------------	------------	--------	---------	------------
At 31 December 2024	5,282,964	1,742,702	29,405	498,487	7,553,558
	------------	------------	--------	---------	------------
Depreciation
At 1 January 2024	340,000	1,038,919	26,342	415,530	1,820,791
Charge for the year	175,449	116,318	3,063	11,639	306,469
Revaluations	( 510,000)	–	–	–	( 510,000)
	------------	------------	--------	---------	------------
At 31 December 2024	5,449	1,155,237	29,405	427,169	1,617,260
	------------	------------	--------	---------	------------
Carrying amount
At 31 December 2024	5,277,515	587,465	–	71,318	5,936,298
	------------	------------	--------	---------	------------
At 31 December 2023	3,910,000	493,847	3,063	60,502	4,467,412
	------------	------------	--------	---------	------------

Land and buildings includes freehold property of £6,359,327 (2023: £5,296,642), long leasehold property of £2,936,706 (2023: £2,929,531) and short leasehold property of £ 396,985 (2023: £20,591).

Tangible assets held at valuation

The UK freehold property was professionally valued on 20 August 2024 by Vause Cribb Chartered Surveyors, an independent valuer, for £4,950,000. In the opinion of the directors, the property did not materially change in value between the valuation date and the year end. The freehold property has been pledged to secure the borrowings of the company. The French freehold property was professionally valued on 31 October 2024 by CBRE, an independent valuer for €1,700,000 (£1,409,327). In the opinion of the directors, the property did not materially change in value between the valuation date and the year end. The leasehold property was professionally valued on 28 October 2024 by Paramount Property Analysts, an independent valuer, for $3,690,000 (£2,936,706). In the opinion of the directors, the property did not materially change in value between the valuation date and the year end.

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group	Land and buildings
	£
At 31 December 2024
Aggregate cost	3,626,047
Aggregate depreciation	(1,025,465)
	------------
Carrying value	2,600,582
	------------

At 31 December 2023
Aggregate cost	3,626,047
Aggregate depreciation	(864,851)
	------------
Carrying value	2,761,196
	------------

Company	Land and buildings
	£
At 31 December 2024
Aggregate cost	654,984
Aggregate depreciation	(654,984)
	---------
Carrying value	–
	---------

At 31 December 2023
Aggregate cost	654,984
Aggregate depreciation	(654,984)
	---------
Carrying value	–
	---------

15. Investments

The group has no investments.

Company	Subsidiary undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	23,982
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 1 January 2024 and 31 December 2024	23,982
	--------
At 31 December 2023	23,982
	--------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Panorama Antennas PTY Limited	Ordinary	100
Panorama Antennas Inc	Ordinary	100
Panorama Holding SAS	Ordinary	100
Panorama Antennas PTE Limited	Ordinary	100
Panorama Antennas SAS	Ordinary	100
Panorama Cedrus SAS	Ordinary	100

The company owns six subsidiary companies at 31 December 2024, of which two are held indirectly. The company owns 100% of the ordinary share capital of all subsidiaries. Panorama Antennas Pty Ltd is incorporated in Australia. The registered office address of Panorama Antennas PTY Limited is Unit 1, 5 Jaggs Way, Kardinya, WA 6163, Australia. The principal activity during the year was the manufacture and distribution of antennas for mobile radio communication. Panorama Antennas Inc is incorporated in the United Statement of America. The registered office address of Panorama Antennas Inc is 1500 Heritage Parkway, Mansfield, TX 76063, USA. The principal activity during the year was the manufacture and distribution of antennas for mobile radio communication. Panorama Antennas SAS is incorporated in France. The registered office of Panorama Antennas SAS is 7 rue Suzanne Bernard, 33700 Mérignac, Bordeaux, France. The principal activity during the year was the manufacture and distribution of antennas for mobile radio communication. Panorama Antennas PTE Limited is incorporated in Singapore. The registered office of Panorama Antennas PTE Limited is 18 Tampines Industrial Crescent, 528605, Singapore. The principal activity during the year was the manufacture and distribution of antennas for mobile radio communication and logistics centre for Panorama Antennas Limited Panorama Holdings SAS is incorporated in France. The registered office of Panorama Antennas SAS is 7 rue Suzanne Bernard, 33700 Mérignac, Bordeaux, France. The principal activity of the company was as a holding company. Panorama Cedrus SAS is incorporated in France. The registered office of Panorama Antennas SAS is 7 rue Suzanne Bernard, 33700 Mérignac, Bordeaux, France. The principal activity of the company was as a property investment company.

16. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	1,952,693	945,896	1,653,804	951,522
Finished goods and goods for resale	2,830,056	3,117,386	610,214	1,630,845
	------------	------------	------------	------------
	4,782,749	4,063,282	2,264,018	2,582,367
	------------	------------	------------	------------

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	3,579,386	3,979,852	942,288	1,493,107
Amounts owed by group undertakings	–	–	4,726,856	4,716,667
Prepayments and accrued income	286,167	256,843	225,073	222,208
Corporation tax repayable	209,697	222,418	819	177,776
Derivative financial assets	79,380	55,619	79,380	55,619
Other debtors	1,320,125	293,518	1,264,135	238,713
	------------	------------	------------	------------
	5,474,755	4,808,250	7,238,551	6,904,090
	------------	------------	------------	------------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts owed by group undertakings	–	–	1,100,114	1,316,088
Derivative financial assets	7,886	17,152	7,886	17,152
	-------	--------	------------	------------
	7,886	17,152	1,108,000	1,333,240
	-------	--------	------------	------------

Derivative financial instruments - forward contracts The company entered into foreign currency contracts to mitigate exchange rate risk. At 31 December 2024,the company is committed to buy €6,089,868 at a fixed rate. The contracts mature between March 2025 and September 2026. The contracts give rise to a derivative liability of £119,733. At 31 December 2024, the company is committed to buy $4,950,000 at a fixed rate. The contracts mature between March 2025 and March 2026. The contracts give rise to a derivative asset of £79,380 and a derivative liability of £5,327. The forward currency contract is measured at fair value using quoted forward exchange rates.

18. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	2,408,868	2,975,310	2,256,812	2,876,196
Amounts owed to group undertakings	–	–	–	98,706
Accruals and deferred income	804,370	629,511	595,588	593,228
Social security and other taxes	108,322	353,558	–	237,198
Derivative financial liability	92,852	–	92,852	–
Other creditors	128,617	197,679	25,635	111,164
	------------	------------	------------	------------
	3,543,029	4,156,058	2,970,887	3,916,492
	------------	------------	------------	------------

Bank borrowings are secured by a legal charge over the property of the company. See note 17 for derivative financial instruments.

19. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Derivative financial liability	32,208	–	32,208	–
	--------	----	--------	----

See note 17 for derivative financial instruments.

20. Provisions

Group	Deferred tax (note 21)
	£
At 1 January 2024	1,134,225
Charge against provision	294,711
	------------
At 31 December 2024	1,428,936
	------------

Company	Deferred tax (note 21)
	£
At 1 January 2024	871,062
Charge against provision	282,222
	------------
At 31 December 2024	1,153,284
	------------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 20)	1,428,936	1,134,225	1,153,284	871,062
	------------	------------	------------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	243,604	136,382	243,604	136,382
Revaluation of tangible assets	1,185,332	997,843	909,680	734,680
	------------	------------	------------	---------
	1,428,936	1,134,225	1,153,284	871,062
	------------	------------	------------	---------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 274,769 (2023: £ 299,456 ).

The company has withdrawn loans from the pension scheme. Further details are provided in note 28. No contributions were paid to the Amity Retirement Fund during the year (2023: £nil).

23. Government grants

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2024	2023	2024	2023
£	£	£	£

Recognised in other operating income:

Government grants recognised directly in income	4,323	–	–	–
	-------	----	----	----

24. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.01 each	143,680	1,437	143,680	1,437
	---------	-------	---------	-------

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

25. Reserves

The revaluation reserve represents the cumulative effect of revaluations of freehold property which are revalued to fair value, after taking account of depreciation and deferred tax. The profit and loss reserve includes all current and prior retained profits and losses. The foreign currency translation reserve has arisen on retranslation of the net assets of the subsidiary undertakings.

26. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	7,491,725	96,258	7,587,983
	------------	--------	------------

27. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	81,152	345,834	–	268,000
Later than 1 year and not later than 5 years	56,553	116,118	–	–
	---------	---------	----	---------
	137,705	461,952	–	268,000
	---------	---------	----	---------

Panorama Antennas Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

28. Related party transactions

Group

The group was under the control of the directors throughout the current and previous year. During the year, the company withdrew loans of £nil from its pension fund, Amity Retirement Fund (2023: £nil). At 1 January 2024, an amount of £nil (2023: £733,963) was owed to the pension fund. During 2024, the company repaid loans of £nil (2023: £733,963) leaving amounts of £nil (2023: £nil) included in creditors falling due within one year, and £nil (2023: £nil) included within creditors falling due after one year. Interest paid on the loan during the year was £nil (2023: £19,047). Interest accrued on the loans during the year amounts to £nil (2023 - £nil). Rent of £269,798 (2023 - £268,000) was paid by the company to the Amity Retirement Fund. Dividends paid to the directors in their capacity as shareholders during the period totalled £143,680 (2023: £143,680). During the year, salaries paid to close family members of directors totalled £101,111 (2023: £85,836). The total remuneration for directors and other key management personnel during the year was £2,081,426 (2023: £1,952,391). During the year, the company made an advance of £nil (2023: £nil) to a director, R Jesman. Repayments have been made during the year of £nil (2023: £6,000). An amount of £nil (2023: £nil) was outstanding at the year end. The advance was unsecured and no interest accrued.