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COMPANY REGISTRATION NUMBER: 11291704
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
FINANCIAL STATEMENTS
31 December 2023
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Strategic report
1
Director's report
2
Independent auditor's report to the members
4
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2023
Introduction The Director presents his strategic report for the year ended 31 December 2023. Ryan Driscoll became company director after the resignation of former director Charles Gray. Business review The principal activities of Teradyne International UK Holdings Ltd during the year were to act as holding and finance company. Teradyne International UK holding received from Teradyne Ltd a total of US$207.000.000 (Oct 27th 2023) as dividend. Teradyne International UK Holdings Ltd contributed US$5.000.000 (Jun 7th 2023) in capital to Mobile Industrial Robots A/S (MIR). Teradyne International UK Holdings Ltd gave an interco loan of US$20.000.000 (June 2023) to Universal Robots A/S. Principal risks and uncertainties The risks the Company runs in relation to holding and financing activities are represented by risk of impairment of the investments in its subsidiaries. Financial key performance indicators For the year ended 31 December 2023 the Company generated a profit after taxation of US$209.037.470 mainly due to the dividend received from Teradyne Ltd of US$207.000.000. Other key performance indicators There are no other key performance indicators which the Company uses to monitor its performance.
This report was approved by the board of directors on 3 September 2024 and signed on behalf of the board by:
RE Driscoll
Director
Registered office:
9th Floor 107 Cheapside
London
EC2V 6DN
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
DIRECTOR'S REPORT
YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
RE Driscoll
(Appointed 1 February 2023)
CJG Gray
(Resigned 1 February 2023)
Dividends
Particulars of recommended dividends are detailed in note 9 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 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 enable them 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 3 September 2024 and signed on behalf of the board by:
RE Driscoll
Director
Registered office:
9th Floor 107 Cheapside
London
EC2V 6DN
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statements of Teradyne International UK Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the 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.
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 director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the 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.
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 identified material misstatements in the strategic report or the director's 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations related to the acts by the group which where contrary to applicable laws and regulations including fraud and we considered the extent to which non-compliance might have a material impact 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. 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 overstatement the valuation of investments. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Guest FCA
(Senior Statutory Auditor)
For and on behalf of
UHY Hacker Young (S.E.) Limited
Chartered accountants & statutory auditor
168 Church Road
Hove
East Sussex
BN3 2DL
3 September 2024
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
$000
$000
Administrative expenses
34
69
----
----
Operating loss
4
( 34)
( 69)
Income from shares in group undertakings
6
207,000
394,645
Other interest receivable and similar income
7
3,726
( 798)
Amounts written off investments
1,000
55,426
----------
----------
Profit before taxation
209,692
338,352
Tax on profit
8
654
32
----------
----------
Profit for the financial year and total comprehensive income
209,038
338,320
----------
----------
All the activities of the company are from continuing operations.
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
$000
$000
$000
Fixed assets
Investments
10
3,170,800
3,166,800
Current assets
Debtors
11
25,064
3,111
Cash at bank and in hand
213,966
31,359
----------
---------
239,030
34,470
Creditors: amounts falling due within one year
12
704
1,182
----------
---------
Net current assets
238,326
33,288
-------------
-------------
Total assets less current liabilities
3,409,126
3,200,088
-------------
-------------
Net assets
3,409,126
3,200,088
-------------
-------------
Capital and reserves
Called up share capital
13
2,800,000
2,800,000
Share premium account
14
158,009
158,009
Other reserves, including the fair value reserve
14
210,500
210,500
Profit and loss account
14
240,617
31,579
-------------
-------------
Shareholders funds
3,409,126
3,200,088
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
RE Driscoll
Director
Company registration number: 11291704
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2023
Called up share capital
Share premium account
Other reserves, including the fair value reserve
Profit and loss account
Total
$000
$000
$000
$000
$000
At 1 January 2022
2,800,000
158,009
210,500
23,259
3,191,768
Profit for the year
338,320
338,320
-------------
----------
----------
----------
-------------
Total comprehensive income for the year
338,320
338,320
Dividends paid and payable
9
( 330,000)
( 330,000)
-------------
----------
----------
----------
-------------
Total investments by and distributions to owners
( 330,000)
( 330,000)
At 31 December 2022
2,800,000
158,009
210,500
31,579
3,200,088
Profit for the year
209,038
209,038
-------------
----------
----------
----------
-------------
Total comprehensive income for the year
209,038
209,038
-------------
----------
----------
----------
-------------
At 31 December 2023
2,800,000
158,009
210,500
240,617
3,409,126
-------------
----------
----------
----------
-------------
TERADYNE INTERNATIONAL UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9th Floor 107 Cheapside, EC2V 6DN, London.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company`s accounting policies. The following accounting policies have been applied:
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividens are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Going concern
The financial statements have been prepared under the going concern assumption. The directors are not aware, in making their assessment of the entity`s ability to continue as a going concern, of material uncertainties related to events or conditions that cast significant doubts upon the entity's ability to continue as a going concern. The Company has few ongoing costs and only makes distributions to its parent company when it has sufficient available reserves. Accordingly, the directors are confident that the going concern basis of preparation continues to be appropriate.
Disclosure exemptions
Financial Reporting Standard 102 - Reduced disclosure exemptions. The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS102 "The Financial Reporting Standard applicable in the UK an Republic of Ireland": - the requirements of Section 7 Statement of cash flows; - the requirements of section 3 Financial Statement Presentation paragraph 3.17(d); and - the requirements of section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Teradyne Inc as at 31 December 2023 and these financial statements may be obtained from 600 Riverpark Drive, North Reading, 01864, Massachusetts, United States of America.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
In the application of the Company`s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revisison affects both current and future periods. The director considers that the following judgement has had the most significant effect on amounts recognised in the financial statements. Impairment Indicators At each reporting date the director makes a judgement as to whether or not there are indicators that the Company`s investment in its direct subsidiary may be impaired. If there are any such indicators, the director then undertakes an impairment assessment The impairment assessment may take the approach of preparing valuations of investments in line with FRS102 Section 27. Where such a valuation determines an impairment, the carrying value of the investment is written down to the lower of its value in use and recoverable amount. Key sources of estimation uncertainty Management has identified a key source of estimation uncertainty to be the future cash flows which its investments are expected to generate. This estimation uncertainty impacts the valuation of these investments when applying discounted Cash flow method valuation. Had different estimates of these cash flows been used it is possible that the amounts of any impairment which has been recognised would have been different. It is not possible to quantify the exact effect of these variations in predicted cashflows.
Income tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Foreign currencies
Functional and presentational currency The Company`s functional and presentational currency is USD. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using exchange rate when fair value was determined. Foreign exchange gains and losses are presented in profit or loss within "administrative expenses".
Investments in associates
Investments in subsidiaries are measured at cost less accumulated impairment.
Financial instruments
Financial assets and financial liabilities are recognised in the Balance sheet when the Company becomes a party to the contractual provisions of the instrument. Trade debtors, other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and banks overdrafts which are an integral part of the Company's cash management. Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
4. Operating loss
Operating profit or loss is stated after charging:
2023
2022
$000
$000
Foreign exchange differences
10
6
----
----
5. Auditor's remuneration
2023
2022
$000
$000
Fees payable for the audit of the financial statements
8
25
----
----
Fees payable to the company's auditor and its associates for other services:
Taxation compliance services
2
5
Other non-audit services
1
2
----
----
3
7
----
----
6. Income from shares in group undertakings
2023
2022
$000
$000
Dividends from group undertakings
207,000
394,645
----------
----------
7. Other interest receivable and similar income
2023
2022
$000
$000
Interest from group undertakings
1,011
Interest receivable - desc in a/cs
2,715
( 798)
-------
----
3,726
( 798)
-------
----
8. Tax on profit
Major components of tax expense
2023
2022
$000
$000
Current tax:
UK current tax expense
654
32
----
----
Tax on profit
654
32
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
$000
$000
Profit on ordinary activities before taxation
209,692
338,352
----------
----------
Profit on ordinary activities by rate of tax
49,278
64,287
Effect of expenses not deductible for tax purposes
22
10,741
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
( 48,646)
( 74,981)
Other tax adjustment to increase/(decrease) tax liability 2 - desc in a/cs
(15)
----------
----------
Tax on profit
654
32
----------
----------
9. Dividends
2023
2022
$000
$000
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
330,000
----
----------
10. Investments
Shares in group undertakings
$000
Cost
At 1 January 2023
3,222,226
Additions
5,000
-------------
At 31 December 2023
3,227,226
-------------
Impairment
At 1 January 2023
55,426
Impairment losses
1,000
-------------
At 31 December 2023
56,426
-------------
Carrying amount
At 31 December 2023
3,170,800
-------------
At 31 December 2022
3,166,800
-------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Teradyne Limited - 9th Floor, 107 Cheapside, London, EC2V 6DN, UK
Ordinary
100
Teradyne Robotics Holdings Denmark ApS - C/O Intertrust (Denmark) ApS, Sundkrogsgade 21, KØbenhavn Ø, 2100, Denmark
Ordinary
100
Teradyne (Asia) Pte Ltd - 2 Shenton Way, #18-01SGX Centre 1, Singapore 068804, Singapore
Ordinary
100
Teradyne Korea Limited - 10th Floor, Hi-Brand Building 215 Yangjae-dong, Seocho-ku Seoul, Republic of Korea
Ordinary
100
Teradyne (Shanghai) Co Ltd - 2F, Building 10, Plot 521201, Gui Qiao Road, Jinqiao Export Processing Zone, Shanghai China
Ordinary
100
Teradyne Malaysia Sdn Bhn - 10th Floor Menara Hap Seng No 1 & 3 Jalan P.Ramlee 50250 Kuala Lumpur Malaysia
Ordinary
100
Teradyne Taiwan LLC - (302) 3rd Floor 1 & 2, No 20 Taiyuen Street, Zhubei City Hsinchu County 302 Taiwan, Province of China
Ordinary
100
Mobile Industrial Robots A/S - Energivej 51, 260 Odense S, CVR:35251235, Denmark
Ordinary
100
MiR Robots SL - C/ Bonavista, 28 4-108012 Barcelona Spain
Ordinary
100
MiR Robots (Shanghai) Co Ltd - Room 202/203, No 618 Shenchang Road, Minhang District, Shanghai China
Ordinary
100
Lemsys SA - Chemin des Aulx 8 1228 Plan-les- Ouates, Geneva, Switzerland
Ordinary
100
11. Debtors
2023
2022
$000
$000
Amounts owed by group undertakings
24,123
Prepayments and accrued income
941
Other debtors
3,111
---------
-------
25,064
3,111
---------
-------
12. Creditors: amounts falling due within one year
2023
2022
$000
$000
Amounts owed to group undertakings
1,106
Accruals and deferred income
13
47
Corporation tax
691
29
----
-------
704
1,182
----
-------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
$000
No.
$000
Ordinary shares of $ 1 each
2,800,000,003
2,800,000
2,800,000,003
2,800,000
---------------
-------------
---------------
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14. Reserves
Share Premium Account The share premium account is used to record the aggregate amount or value of premiums paid when the Company`s shares are issued at an amount in excess of nominal value less any amounts recognised through the merger reserve. Other reserves, including the fair value reserve This reserve represents the combination of the reserves named "Other reserve" & "Merger Reserve" in the prior year financial statements. The other reserves represents capital contributions received by the Company. These are repayable only at the option of the Company and bear no rights to interest. The merger reserve represents the amount of share premium arising on the issue of ordinary share capital transferred to the merger reserve in accordance with the Companies Act 2006 as part of a group reconstruction. Profit and loss account The reserve relates to the cumulative retained earnings less amounts distributed to shareholders.