Company registration number 04544886 (England and Wales)
RADIOCOMS SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
RADIOCOMS SYSTEMS LIMITED
COMPANY INFORMATION
Directors
Mr M J Blythe
Mr R Van Waveren
Mr B S Sidhu
Mr S M Kennedy
(Appointed 13 February 2025)
Secretary
Mr R Van Waveren
Company number
04544886
Registered office
Unit 3
The Chase Centre
8 Chase Road
Park Royal
London
NW10 6QD
Auditor
Xeinadin Audit Limited
Chartered Accountants
Level 5A, Maple House
149 Tottenham Court Road
London
W1T 7NF
RADIOCOMS SYSTEMS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
RADIOCOMS SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Review of the business

Having delivered moderate growth in both turnover and strong growth in profit in 2024, the main objective for 2025 was to accelerate turnover growth whilst maintaining higher margins through purchasing efficiencies and scale. This objective has been achieved with an increase in turnover to £38.63m (2024 £23.01m) and net profit to £3.17m (2024 £2.16m).

The company ("Radiocoms") has maintained a high win rate from the long-term framework agreements which have delivered a material number of large projects which Radiocoms forecasts will continue for the foreseeable future especially in 2026. In addition, Radiocoms has seen modest growth from its expansion technology offering, most notably the sales of body worn video.

Radiocoms’ operating procedures remain robust even with a sharp increase in overheads to support the additional business. It is anticipated that the overheads will continue to grow in 2026 as Radiocoms invests in additional sales and engineering resources to generate and support increased revenues and makes further investment in its expansion technology offering. This expansion is being carefully managed, and it is anticipated that a material return on investment will be seen in the 2026-27 financial year.

Principal risks and uncertainties

The global component shortage continues to ease, however there remain challenges with some core products taking 9-12 weeks to deliver, and there is a risk that deliveries may be affected further by global geopolitical challenges. Radiocoms continues to manage product delivery delays and long lead times by placing large stock orders well in advance, which enables the company to supply customer demands in a shorter time than most competitors. It is anticipated that this stock policy will continue for the foreseeable future.

The UK economy is forecast to achieve negligible growth in the next 12-18 months and although there are clear indications of government spending restrictions to meet published fiscal restraints, spending in defence is forecast to grow. Government restrictions may result in departments extending the life of their equipment in use and delaying implementing projects involving capital expenditure when not considered critical.

The increased taxes on business through the increase in employers’ National Insurance contributions in 2024 took full effect in the 24/25 financial year and added materially to the cost of employment. There is a short to medium-term risk of further tax increases.

The directors have identified the existence of the above risks and are confident that they have strategies in place to manage and mitigate their effects.

Analysis of Key Performance

Radiocoms’ performance improved at all levels during 2025: £15.62m (68%) increase in turnover, a £1.4 3 m (45%) increase in operating profit and a £1.52m (5 2%) increase in profit before tax.

Position at the year end

The directors are forecasting continued growth of both turnover and profits in 2026 and with strong visibility of orders are certain of achieving the budget for the first half of the financial year and have a high degree of confidence that the budget for the whole year will be exceeded.

Having de-geared the business as at September 2024, material levels of free cash have now been up-streamed to the holding company where it is retained. The healthy cash position has enabled the business to complete a small acquisition in September 2025 (PTT Systems) and leaves the company well placed to complete further acquisitions if the opportunity arises.

RADIOCOMS SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

On behalf of the board

Mr M J Blythe
Director
13 February 2026
RADIOCOMS SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company continued to be that of voice & data communications engineering.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,250,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr M J Blythe
Mr R Van Waveren
Mr B S Sidhu
Mr S M Kennedy
(Appointed 13 February 2025)
Auditor

Xeinadin Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

Statement of disclosure to auditor

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

RADIOCOMS SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M J Blythe
Director
13 February 2026
RADIOCOMS SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RADIOCOMS SYSTEMS LIMITED
- 5 -
Opinion

We have audited the financial statements of Radiocoms Systems Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

RADIOCOMS SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RADIOCOMS SYSTEMS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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'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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Health and Safety legislation, Employment Law, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

RADIOCOMS SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RADIOCOMS SYSTEMS LIMITED (CONTINUED)
- 7 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

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.

Marc Franks BSc FCA FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
Level 5A, Maple House
149 Tottenham Court Road
London
W1T 7NF
20 February 2026
RADIOCOMS SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
38,625,956
23,009,860
Cost of sales
(32,271,353)
(18,631,151)
Gross profit
6,354,603
4,378,709
Administrative expenses
(1,724,236)
(1,175,635)
Operating profit
3
4,630,367
3,203,074
Income from shares in group undertakings
6
-
0
42,000
Other interest receivable and similar income
6
97,517
19,728
Other interest payable and similar expenses
7
(51,276)
(106,165)
Amounts written off investments
8
(200,000)
(200,000)
Profit before taxation
4,476,608
2,958,637
Tax on profit
9
(1,300,873)
(803,563)
Profit for the financial year
3,175,735
2,155,074

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RADIOCOMS SYSTEMS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
88,067
25,527
Tangible assets
13
1,185,451
1,098,134
Investments
14
1,852,151
1,894,858
3,125,669
3,018,519
Current assets
Stocks
16
3,745,356
3,091,191
Debtors
17
3,681,635
3,333,618
Cash at bank and in hand
1,062,955
1,203,068
8,489,946
7,627,877
Creditors: amounts falling due within one year
18
(6,138,991)
(5,132,181)
Net current assets
2,350,955
2,495,696
Total assets less current liabilities
5,476,624
5,514,215
Creditors: amounts falling due after more than one year
19
(21,687)
(29,725)
Provisions for liabilities
Deferred tax liability
22
257,546
212,834
(257,546)
(212,834)
Net assets
5,197,391
5,271,656
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
5,197,291
5,271,556
Total equity
5,197,391
5,271,656

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 February 2026 and are signed on its behalf by:
Mr M J Blythe
Director
Company registration number 04544886 (England and Wales)
RADIOCOMS SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2023
100
3,816,482
3,816,582
Year ended 30 September 2024:
Profit and total comprehensive income
-
2,155,074
2,155,074
Dividends
10
-
(700,000)
(700,000)
Balance at 30 September 2024
100
5,271,556
5,271,656
Year ended 30 September 2025:
Profit and total comprehensive income
-
3,175,735
3,175,735
Dividends
10
-
(3,250,000)
(3,250,000)
Balance at 30 September 2025
100
5,197,291
5,197,391
RADIOCOMS SYSTEMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
4,815,839
2,020,948
Interest paid
(51,276)
(106,165)
Income taxes paid
(1,091,932)
(460,841)
Net cash inflow from operating activities
3,672,631
1,453,942
Investing activities
Purchase of intangible assets
(67,667)
-
0
Purchase of tangible fixed assets
(601,963)
(482,344)
Proceeds from disposal of tangible fixed assets
2,500
-
0
Purchase of subsidiaries
(157,293)
-
0
Repayment of loans
(300,456)
-
0
Interest received
97,517
19,728
Dividends received
-
0
42,000
Net cash used in investing activities
(1,027,362)
(420,616)
Financing activities
Repayment of bank loans
(16,667)
(469,085)
Payment of finance leases obligations
(36,213)
(44,822)
Dividends paid
(3,250,000)
(700,000)
Net cash used in financing activities
(3,302,880)
(1,213,907)
Net decrease in cash and cash equivalents
(657,611)
(180,581)
Cash and cash equivalents at beginning of year
1,020,756
1,201,337
Cash and cash equivalents at end of year
363,145
1,020,756
Relating to:
Cash at bank and in hand
1,062,955
1,203,068
Bank overdrafts included in creditors payable within one year
(699,810)
(182,312)
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
1
Accounting policies
Company information

Radiocoms Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, The Chase Centre, 8 Chase Road, Park Royal, London, NW10 6QD.

1.1
Accounting convention

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

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

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company's turnover consists of revenue generated from sale of radio communication equipment, maintenance services, and hire of equipment. Sale of goods is recognised when the company has delivered the products to the customers and the title has passed.

The company sells maintenance services. Revenue from sale of maintenance services is recognised when services are rendered.

The company also provides hire of equipment. Revenue from hire of equipment is recognised in the period the hire is provided, using a straight-line basis over the term of the contract.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -

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

Software
20% reducing balance
1.5
Tangible fixed assets

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

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

Land and buildings Leasehold
Over the remaining period of the lease
Plant and machinery
Reducing balance over 1 and 5 years or 20% on cost
Computer equipment
20% Reducing balance method
Motor vehicles
25% Reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leased assets are depreciated over the shorter of the lease term and the estimated useful life of the asset.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Sales
33,327,324
17,331,594
Hire
2,615,923
2,417,174
Maintenance
1,652,741
1,702,713
Other
1,029,968
1,558,379
38,625,956
23,009,860
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2
Turnover and other revenue
(Continued)
- 17 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
37,958,381
17,965,035
Rest of the world
667,575
5,044,825
38,625,956
23,009,860
2025
2024
£
£
Other revenue
Interest income
97,517
19,728
Dividends received
-
42,000
3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
500
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
37,000
32,750
Depreciation of owned tangible fixed assets
511,764
473,609
Loss on disposal of tangible fixed assets
382
-
Amortisation of intangible assets
5,127
6,408
Operating lease charges
499,963
439,933
4
Employees

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

2025
2024
Number
Number
Engineering
38
34
Sales
25
24
Finance
3
3
Total
66
61
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
4
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,881,861
3,366,719
Social security costs
479,590
385,394
Pension costs
63,770
58,112
4,425,221
3,810,225
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
413,297
365,940
Company pension contributions to defined contribution schemes
7,432
5,349
420,729
371,289
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
160,405
169,740
Company pension contributions to defined contribution schemes
4,717
2,817
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
48,712
19,728
Other interest income
48,805
-
0
Total interest revenue
97,517
19,728
Income from fixed asset investments
Income from shares in group undertakings
-
0
42,000
Total income
97,517
61,728
Disclosed on the profit and loss account as follows:
Income from shares in group undertakings
-
0
42,000
Other interest receivable and similar income
97,517
19,728
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
48,712
19,728
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,786
10,806
Interest on invoice finance arrangements
44,369
64,391
Other interest on financial liabilities
-
0
120
49,155
75,317
Other finance costs:
Interest on finance leases and hire purchase contracts
2,121
30,848
51,276
106,165
Disclosed on the profit and loss account as follows:
Other interest payable and similar expenses
51,276
106,165
8
Amounts written off investments
2025
2024
£
£
Other gains and losses
(200,000)
(200,000)
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,256,161
774,042
Adjustments in respect of prior periods
-
0
25,542
Total current tax
1,256,161
799,584
Deferred tax
Origination and reversal of timing differences
44,712
3,979
Total tax charge
1,300,873
803,563

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

2025
2024
£
£
Profit before taxation
4,476,608
2,958,637
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,119,152
739,659
Tax effect of expenses that are not deductible in determining taxable profit
296,133
170,004
Change in unrecognised deferred tax assets
44,712
3,979
Group relief
(4,904)
-
0
Permanent capital allowances in excess of depreciation
(154,220)
(125,121)
Under/(over) provided in prior years
-
0
25,542
Dividend income
-
0
(10,500)
Taxation charge for the year
1,300,873
803,563

From 1 April 2023, the corporation tax rate increased from 19% to 25% for companies with profits over £250,000. A small profits rate of 19% for companies with profits of £50,000 or less and companies with profits between £50,000 and £250,000 will pay tax at the main rate, reduced by a marginal relief. These rates remain unchanged with reference to 2025 Autumn Budget.

10
Dividends
2025
2024
£
£
Final paid
3,250,000
700,000
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 21 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Fixed asset investments
14
200,000
200,000
Recognised in:
Amounts written off investments
200,000
200,000

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

12
Intangible fixed assets
Software
£
Cost
At 1 October 2024
119,441
Additions
67,667
At 30 September 2025
187,108
Amortisation and impairment
At 1 October 2024
93,914
Amortisation charged for the year
5,127
At 30 September 2025
99,041
Carrying amount
At 30 September 2025
88,067
At 30 September 2024
25,527
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
13
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2024
206,548
3,693,149
438,832
66,815
4,405,344
Additions
8,215
542,436
51,312
-
0
601,963
Disposals
-
0
-
0
-
0
(7,250)
(7,250)
At 30 September 2025
214,763
4,235,585
490,144
59,565
5,000,057
Depreciation and impairment
At 1 October 2024
61,970
2,896,294
322,452
26,494
3,307,210
Depreciation charged in the year
21,894
450,654
29,130
10,086
511,764
Eliminated in respect of disposals
-
0
-
0
-
0
(4,368)
(4,368)
At 30 September 2025
83,864
3,346,948
351,582
32,212
3,814,606
Carrying amount
At 30 September 2025
130,899
888,637
138,562
27,353
1,185,451
At 30 September 2024
144,578
796,855
116,380
40,321
1,098,134

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
580,345
530,681
14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
1,852,151
1,894,858
Fixed asset investments not carried at market value

Fixed asset investments comprise unquoted equity shares in Radiocoms Products Limited and Push To Talk Systems Limited, a wholly owned subsidiary acquired on 29 August 2025, with both investments stated at cost less impairment.

RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
14
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2024
2,294,858
Additions
157,293
At 30 September 2025
2,452,151
Impairment
At 1 October 2024
400,000
Impairment losses
200,000
At 30 September 2025
600,000
Carrying amount
At 30 September 2025
1,852,151
At 30 September 2024
1,894,858
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
London Communications Limited
Level 5a Maple House, 149 Tottenham Court Road, London W1T 7NF
Ordinary
0
100.00
Radiocoms Products Ltd
Unit 3 The Chase Centre, Chase Road, London,
Ordinary
100.00
-
Push To Talk Systems Limited
Unit 3 The Chase Centre, Chase Road, London,
Ordinary
100.00
-

On 29 August 2025, the company acquired Push To Talk Systems Limited.

16
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,745,356
3,091,191
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,779,075
2,496,751
Corporation tax recoverable
81,787
81,787
Amounts owed by group undertakings
5,241
-
0
Other debtors
305,427
2,620
Prepayments and accrued income
410,105
400,809
3,581,635
2,981,967
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
100,000
351,651
Total debtors
3,681,635
3,333,618

Included in other debtors an amount of £300,456 (2024: £251,651) due from a director. This balance will be repaid within nine months after the reporting date.

18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
20
699,810
198,979
Obligations under finance leases
21
8,038
36,213
Trade creditors
2,767,391
1,699,314
Amounts owed to group undertakings
-
0
210,241
Corporation tax
643,889
479,660
Other taxation and social security
142,374
281,736
Other creditors
29,983
14,203
Accruals and deferred income
1,847,506
2,211,835
6,138,991
5,132,181

Net obligation on assets held under finance leases which are secured o n the assets concerned.

19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
21
21,687
29,725

Net obligation on assets held under finance leases which are secured o n the assets concerned.

RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
20
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
16,667
Bank overdrafts
699,810
182,312
699,810
198,979
Payable within one year
699,810
198,979

B ank loans and overdrafts consists of:

[1] Customer financing arrangement with the bank such that 75% of the amount to be paid by customer can be drawn down in advance. Effectively, this acts as an overdraft facility.

B ank loans and overdrafts are secured as follows:

[1] Debenture on the banks standard form.

[2] Limited guarantee for £100,000 given by the directors of the company.

[3] Charge over the credit balances.

[4] Cross guarantee and debenture between London Communications Limited and Radiocoms Products Limited.

21
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
8,038
36,214
In two to five years
21,687
29,724
29,725
65,938

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated Capital Allowances
257,546
212,834
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
22
Deferred taxation
(Continued)
- 26 -
2025
Movements in the year:
£
Liability at 1 October 2024
212,834
Charge to profit or loss
44,712
Liability at 30 September 2025
257,546
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,770
58,112

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

24
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
25
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
397,200
320,918
Years 2-5
666,475
738,937
After 5 years
175,906
111,884
1,239,581
1,171,739
RADIOCOMS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
26
Related party transactions
Transactions with related parties

During the year, the company acquired licences totalling £67,667 from LDRN (UK) Ltd, a company under common control. The transaction was undertaken in the normal course of business.

The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members that are wholly owned within the group.

27
Ultimate controlling party

The parent company is Radiocoms Holdings Limited, a company incorporated in England and Wales, and registered office at Unit 3, the Chase Centre, Chase Road, London. NW10 6QD.

The largest and smallest group in to which the company's financial statements are consolidated is Radiocoms Holdings Limited. The financial statements are available at Companies House.

28
Cash generated from operations
2025
2024
£
£
Profit after taxation
3,175,735
2,155,074
Adjustments for:
Taxation charged
1,300,873
803,563
Finance costs
51,276
106,165
Investment income
(97,517)
(61,728)
Loss on disposal of tangible fixed assets
382
-
Amortisation and impairment of intangible assets
5,127
6,408
Depreciation and impairment of tangible fixed assets
511,764
473,609
Other gains and losses
200,000
200,000
Movements in working capital:
Increase in stocks
(654,165)
(1,017,574)
Increase in debtors
(47,561)
(477,979)
Increase/(decrease) in creditors
369,925
(166,590)
Cash generated from operations
4,815,839
2,020,948
29
Analysis of changes in net funds
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
1,203,068
(140,113)
1,062,955
Bank overdrafts
(182,312)
(517,498)
(699,810)
1,020,756
(657,611)
363,145
Borrowings excluding overdrafts
(16,667)
16,667
-
Lease liabilities
(65,938)
36,213
(29,725)
938,151
(604,731)
333,420
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