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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMELIT-PAC LIMITED
COMPANY INFORMATION
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COMELIT-PAC LIMITED
CONTENTS
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COMELIT-PAC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Comelit UK Ltd was incorporated on 26 October 2001. The company has changed its name to Comelit-PAC Ltd after the acquisition of PACGDX in 2021.
The company is under the control of Barzasi and Brasi families who, together, hold the 54% of the capital of Comelit Group Spa, the ultimate parent undertaking, registered in Italy. For over 20 years, Comelit-PAC Ltd has partnered with consultant engineers, architects, distributors, and installers to meet evolving security needs. Since 2001, the company has increased its market presence through organic growth, expansion of product ranges and diversificaiton into the new market segments. Comelit-PAC Ltd is an industry leader in integrated solutions, Video Door Entry, Access Control, Fire Safety Systems, Video Surveillance, Intruder Alarms, Fire Protection, and Home Automation.
During the reporting period, the company-maintained focus on its core strategic objectives: revenue growth, operational efficiency, product innovation and customer experience enhancement.
Although challenging, 2025 represented a strong year of performance. Revenue increased by nearly £0.6m versus 2024. Net profit before tax also improved significantly year-on-year, demonstrating the positive impact of disciplined cost control and operational improvements implemented over the past two years. Since acquisition of PAC GDX, the business has operated under a dual-division structure but will transition to a single-division operating model in 2026. The company has worked towards becoming one fully integrated organisation by implementing several initiatives including cross- training technical, customer service and sales teams to support full product portfolio across divisions. These initiatives have enhanced collaboration, reduced operational silos and improved customer experience, positioning the company for a smooth structural transition in 2026 . Research and development remains a key business priority during the year. Investment in product innovation, regulatory compliance and product roadmap planning ensures that the company retains its leading position within the sector and is well positioned to capitalise on future growth opportunities in both UK and export markets.
The macro-economic environment continued to present challenges. High interest rates, inflationary pressures and ongoing geopolitical instability across Europe and the Middle East. However, the effects of these challenges were mitigated through efficient negotiations and planning specifically around stock purchasing.
The construction and social housing sectors, which represent core markets for the company, remain sensitive to funding constraints and project delays. However, the company’s diversified product range and broad customer base help mitigate sector-specific risks. As the company prepares to transition to a single-division operating model in 2026, change management and operational continuity remain key considerations. The Directors are confident that the cross-training, collaboration and structural planning undertaken will provide a strong foundation for this evolution. Supply chain resilience, inventory management and cost inflation continue to be monitored closely. Strategic stock levels are maintained to ensure continuity of supply and to mitigate manufacturing lead times.
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COMELIT-PAC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company’s total turnover was £18.3m (2024: £17.7m), representing 3.2% growth compared with the previous year. EBITDA for 2025 was £830k, compared to £483k in 2024, representing a strong year-on-year improvement. This was primarily driven by increased sales, which contributed to higher gross profit and improved operational leverage. Finance and depreciation costs were high due to the following factors:
• £5.7m loan awarded by Comelit Group S.p.a. to fund an acquisition of PACGDX business. Loan repayable over 11 years in equal instalments with an interest rate of 2%. The loan outstanding amount, including interest, was £3.6m at the balance sheet date. • £4.6m intangible assets brought in as part of the acquired PACGDX. The acquired assets are amortised on straight line basis over the 5 years with £930k annual amortisation being recognised in annual Profit & Loss Statement. The loss for the financial year was £62k (2024: £806k) as a result. Net assets at the balance sheet date were £4.72m (2024: £4.78m), representing a slight decrease year-on-year. The net asset position includes inventory of £4.0m
Non-financial performance measures remain central to the company’s long-term strategy. The Directors monitored:
• Employee engagement and cross-functional collaboration • Operational efficiencies across planning, procurement, logistics and customer support • Quality assurance and service delivery metrics • Training investment and professional development outcomes • Customer satisfaction and repeat business levels Looking ahead to the divisional transition in 2026, leadership structure will change from two divisional managing directors to: • One director of Product, Engineering and Operations will oversee R&D, Product Management, Technical Support, Product Marketing, Operations (Planning, Procurement & QA) and Logistics. • One managing director with responsibility for all sales functions. This structure is designed to simplify decision-making, enhance accountability, strengthen product roadmap delivery and drive operational efficiency across UK and overseas markets.
The Directors continue to act in good faith to promote the success of the Company for the benefit of its stakeholders.
This report was approved by the board on 18 May 2026 and signed on its behalf.
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COMELIT-PAC LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The director who served during the year was:
The auditors, Ashings Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 18 May 2026 and signed on its behalf.
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COMELIT-PAC LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
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COMELIT-PAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMELIT-PAC LIMITED
We have audited the financial statements of COMELIT-PAC LIMITED (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.
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COMELIT-PAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMELIT-PAC LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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COMELIT-PAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMELIT-PAC LIMITED (CONTINUED)
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 Auditors' 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance including the design of the Company’s remuneration policies, key drivers for Directors’ remuneration, bonus levels and performance targets; • results of our enquiries of management and the Audit and Risk Committee about their own identification and assessment of the risks of irregularities; • any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: – identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; – detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; – the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, real estate and pensions regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in management’s incentive is management override and lack of segregation of duties. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code, pension and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. The key laws and regulations we considered in this context included the Health and Safety Act. As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations. In addition to the above, our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • enquiring of management concerning actual and potential litigation and claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance where available, reviewing correspondence
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COMELIT-PAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMELIT-PAC LIMITED (CONTINUED)
with HMRC; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Northside House
Mount Pleasant
Herts
EN4 9EB
18 May 2026
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COMELIT-PAC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMELIT-PAC LIMITED
REGISTERED NUMBER: 04311885
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2026.
The notes on pages 14 to 31 form part of these financial statements.
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