Financial Statements
For the year ended 31 December 2025
Registered number: 02819039
Company Information
Contents
Strategic report
For the year ended 31 December 2025
Sales remained strong, with modest growth at £10.8m for 2025 (2024: £10.7m). Despite the highly competitive market, gross margin have remained consistent at 33.5% compared with 33.8% in the prior year. The Company’s financial position remains strong with net assets of £5.6m (2024: £5.7m).
Economic risk
The risk of increased interest rates and/or inflation having an adverse impact on served markets. The risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the Company and its principal customers. The risk of adverse exchange movements. These risks are managed by innovative product sourcing and strict control of costs.
The risk of increased interest rates and/or inflation having an adverse impact on served markets. The risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the Company and its principal customers. The risk of adverse exchange movements. These risks are managed by innovative product sourcing and strict control of costs.
Supply chain disruption and geopolitical risk
The Company is exposed to risks arising from global geopolitical instability and supply chain disruption. Ongoing international tensions and shifts in global trade policies increase the possibility of delays, shortages, and cost volatility across the supply chain. The Company mitigates the risks through supplier diversification, maintaining strong relationships with logistics partners, and continually monitoring geopolitical and market developments to adjust sourcing strategies where necessary.
Competition risk
The directors of the Company manage competition risk through close attention to maintaining excellent customer service levels and providing innovative product offerings.
Financial risk
The Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk.
Foreign exchange transactional currency exposure
The Company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-GBP currencies. The net exposure of each currency is monitored and managed by the Company on a continuous basis.
The Company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-GBP currencies. The net exposure of each currency is monitored and managed by the Company on a continuous basis.
Liquidity
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations, the company has credit facilities available.
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Strategic report (continued)
For the year ended 31 December 2025
The directors are responsible for preparing the Strategic report, the 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 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 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:
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 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 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
On behalf of the board
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Directors' report
For the year ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £944,439 (2024 - £1,029,519).
The directors declared dividends in the amount of £1.1m (2024: £1.5m). No dividends were declared post year-end.
The directors who served during the year were:
Since the year end, the Company has continued to perform in line with expectations. On 30 May 2026, the Company completed its planned hive-up into CMS Distribution Ltd as part of an internal group reorganisation.
Since the year end, the Company has continued to trade strongly and deliver growth in line with expectations. On 30 May 2026, the Company completed its planned hive-up into CMS Distribution Ltd as part of an internal group reorganisation. Following this transaction, the activities of the business continue within CMS Distribution Ltd.
No research and development expenditure was incurred during the year.
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Directors' report (continued)
For the year ended 31 December 2025
Subsequent to the balance sheet date, the Company completed its planned hive-up into CMS Distribution Ltd on 30 May 2026 as part of an internal group reorganisation. Other than this transaction, no significant post balance sheet events have been identified by the directors.
The auditor, Grant Thornton, have indicated their willingness to stay in office in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Directors' responsibilities statement
For the year ended 31 December 2025
On behalf of the board
Tom Burke
Director
Date: 18 August 2026
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Independent auditor's report to the members of Cables Direct Limited
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 the date 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.
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Independent auditor's report to the members of Cables Direct Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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 Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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, 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.
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Independent auditor's report to the members of Cables Direct Limited (continued)
The objectives of an auditor 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 their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's 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 auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations including data protection requirements in the jurisdictions in which the Company operates and holds data and environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognised non-compliance with the laws and regulations. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
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Independent auditor's report to the members of Cables Direct Limited (continued)
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.
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
Statutory Auditors
Dublin 2
Date:
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Statement of comprehensive income
For the year ended 31 December 2025
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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 August 2026 .
The notes on pages 13 to 26 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2025
Statement of changes in equity
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2025
Cables Direct Limited (“the Company”) is a private company, limited by shares, incorporated and registered in United Kingdom with registered office at Part First Floor, Unit 6 Como Building, Lake View Drive, Annesley, England, NG15 0ED
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances.
Judgements
Recoverability of stocks
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Notes to the financial statements
For the year ended 31 December 2025
Analysis of turnover by country of destination:
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
15.Creditors: Amounts falling due within one year (continued)
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Notes to the financial statements
For the year ended 31 December 2025
The A and B Redeemable shares are redeemable at the option of the Company at any future point in time.
Capital redemption reserve
Profit and loss account
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Notes to the financial statements
For the year ended 31 December 2025
The Company's immediate parent undertaking is CMS Distribution Ltd , a company incorporated in the United Kingdom, with the ultimate parent company being Storit Limited , incorporated in the Republic of Ireland.
The largest and smallest consolidated accounts to include the results of the Company are prepared byStorit Limited and are publicly available at the Companies Registration Office, Dublin 1.
The Company's ultimate controlling party isMr. Frank Salmon , a director and majority shareholder of the parent company, Storit Limited.
The largest and smallest consolidated accounts to include the results of the Company are prepared by
The Company's ultimate controlling party is
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