Company Registration No. 02704890 (England and Wales)
FREQUENTIS (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Sobell Rhodes Audit Limited
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
FREQUENTIS (UK) LIMITED
COMPANY INFORMATION
Directors
Mr C Dorner
Mr M Garrod
(Appointed 1 July 2024)
Company number
02704890
Registered office
Regal House
70 London Road
Twickenham
Middlesex
United Kingdom
TW1 3QS
Auditor
Sobell Rhodes Audit Limited
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
United Kingdom
WD6 4PJ
FREQUENTIS (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 21
FREQUENTIS (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair Review of the Business

Frequentis UK Ltd is a subsidiary of Frequentis AG, a global supplier of communication and information systems for safety-critical applications. The company operates primarily in the United Kingdom and Ireland, delivering services to the air traffic management, defence, public safety, public transport, and maritime sectors.

The year under review saw positive commercial and operational progress. Frequentis UK secured and delivered several high-profile contracts, notably in support of the Ambulance Radio Programme (ARP).

Performance was underpinned by an increase in both revenue and profitability, reflecting successful project delivery, improved commercial discipline, and strong demand across our key sectors.

Business Performance and Key Performance Indicators (KPIs)

Key financial KPIs include:

 

 

2024

2023

KPI

£ million

£ million

Revenue

13.112

11.083

Gross Margin

3.652

3.339

Operating Profit

0.387

0.389

 

These indicators show stable growth. The business continues to focus on project excellence, customer retention, and controlled cost management.

 

Principal Risks and Uncertainties

The Board has reviewed the principal risks and uncertainties facing the company and ensures appropriate controls and mitigation strategies are in place.

 

Key risks include:

FREQUENTIS (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future Developments

Looking ahead, Frequentis UK Ltd is well-positioned to continue its trajectory of sustainable growth. In 2025, the company will focus on:

 

ESG and Corporate Responsibility

Frequentis UK aligns with the group’s commitment to sustainability, responsible innovation, and corporate social responsibility.

 

ISO 9001:2015

ISO 14001:2015

ISO 27001:2022

ISO 45001:2018

 

On behalf of the board

Mr M Garrod
Director
8 May 2025
FREQUENTIS (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of marketing and sale of ATC, public transport and public safety communication systems.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final 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 A Madge
(Resigned 30 June 2024)
Mr C Dorner
Mr M Garrod
(Appointed 1 July 2024)
Auditor

The auditor, Sobell Rhodes Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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:

 

 

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.

Medium-sized companies exemption

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

FREQUENTIS (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr M Garrod
Director
8 May 2025
FREQUENTIS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FREQUENTIS (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Frequentis (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet 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:

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:

FREQUENTIS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FREQUENTIS (UK) 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 identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

FREQUENTIS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FREQUENTIS (UK) LIMITED (CONTINUED)
- 7 -

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 this understanding we designed our audit procedures to detect irregularities including fraud which primarily consisted of the following:

  1. Identifying and testing of journal entries including large and unusual transactions to understand their rationale.

  2. Enquiries of management and those charged with governance on instances any known fraud and around actual and potential litigation claims.

  3. Enquiries of the tax engagement team that are independent of the audit team for instances of non-compliance.

The Senior Statutory Auditor reviewed the experience and expertise of the audit engagement team to ensure that they had the appropriate competence and capabilities to identify any instances of fraud and non-compliance with the relevant laws and regulations.

The objective of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risk of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

FREQUENTIS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FREQUENTIS (UK) LIMITED (CONTINUED)
- 8 -
Adam Shelley BA FCCA
Senior Statutory Auditor
For and on behalf of Sobell Rhodes Audit Limited
Statutory Auditor
The Kinetic Centre
Theobald Street
Elstree
United Kingdom
WD6 4PJ
12 May 2025
FREQUENTIS (UK) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
4
13,112,107
11,082,976
Cost of sales
(9,459,833)
(7,691,043)
Gross profit
3,652,274
3,391,933
Administrative expenses
(3,330,099)
(3,040,321)
Other operating income
64,363
37,642
Operating profit
3
386,538
389,254
Interest payable and similar expenses
7
(1,484)
(8,628)
Profit before taxation
385,054
380,626
Tax on profit
8
(143,789)
(104,206)
Profit for the financial year
241,265
276,420
Retained earnings brought forward
1,246,112
969,692
Retained earnings carried forward
1,487,377
1,246,112

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

FREQUENTIS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
233,373
247,995
Current assets
Debtors
11
4,872,428
3,622,686
Cash at bank and in hand
602,477
807,836
5,474,905
4,430,522
Creditors: amounts falling due within one year
12
(4,176,765)
(3,388,950)
Net current assets
1,298,140
1,041,572
Total assets less current liabilities
1,531,513
1,289,567
Creditors: amounts falling due after more than one year
-
0
(6,471)
Provisions for liabilities
Deferred tax liability
13
34,136
26,984
(34,136)
(26,984)
Net assets
1,497,377
1,256,112
Capital and reserves
Called up share capital
16
10,000
10,000
Profit and loss reserves
1,487,377
1,246,112
Total equity
1,497,377
1,256,112

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 8 May 2025 and are signed on its behalf by:
Mr M Garrod
Director
Company registration number 02704890 (England and Wales)
FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Frequentis (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regal House, 70 London Road, Twickenham, Middlesex, United Kingdom, TW1 3QS.

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 amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Frequentis AG. These consolidated financial statements are at Innovationstrasse 1,1100, Vienna, Austria.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will continue to have adequate resources to continue in operational existence and to fund its working capital for the foreseeable future.true

 

The company is reliant on funding from its parent company for its trade and existence, the parent company has provided the company with an undertaking that there are no plans to discontinue financial support that maybe necessary to enable the company to continue its activities in line with the intercompany agreement for a period of at least 12 months from approval of these financial statements.

 

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

As a result the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for selling, developing and implementing systems of safety critical communications and maintenance contracts of delivered systems provided in the normal course of business, and is shown net of VAT.

FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Revenue from contracts are recognised using the proportion to the stage of completion method or when the contractually agreed milestones have been achieved, and the work accepted by the customer or if the control over goods and services is transferred to the customer.

 

Where revenue is recognised based on proportion to the stage of completion, the stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Work in progress comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the construction contract to their present condition.

 

Revenue from maintenance contracts is recognised on a time apportionment basis over the total length of the contract.

1.4
Tangible fixed assets

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

Depreciation 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:

Leasehold improvements
Over the lease term
Fixtures and fittings
20% Straight line basis
Computer equipment
25% Straight line basis

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Financial instruments
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.

FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

Basic financial liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

 

Financial liability classified as fair value through profit or loss in 2023 relate to forward exchange currency contract that the company entered into during 2023. The company does not currently apply hedge accounting for the forward currency exchange contract. The contract matured in 2024.

1.8
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.

1.9
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.

1.10
Retirement benefits

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

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

The company recognises government grants in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate

FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

As indicated in note 1.2 it is the director's assessment that the company continues to be a going concern.

Accordingly, the assets and liabilities have been valued on the basis that the company will continue in business.

If this presumption is proven to be mistaken the carrying value of assets and liabilities would need to be reappraised to reflect the impact of cessation.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of property, plant and equipment

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
72,896
6,058
Hedging instrument (gains)/losses
(6,471)
6,471
Government grants
(64,363)
(37,642)
Fees payable to the company's auditor for the audit of the company's financial statements
37,250
26,500
Depreciation of owned tangible fixed assets
93,427
81,808
FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Revenue from contracts
13,112,107
11,082,976
2024
2023
£
£
Turnover analysed by geographical market
Europe
6,743,385
5,791,043
United Kingdom
5,573,236
4,274,745
Australia
795,486
1,017,188
13,112,107
11,082,976
2024
2023
£
£
Other revenue
Grants received
64,363
37,642
5
Employees

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

2024
2023
Number
Number
Administrative staff including directors
9
12
Productive staff
57
39
Total
66
51

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,522,968
5,569,903
Social security costs
660,534
548,775
Pension costs
189,536
172,913
7,373,038
6,291,591
FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
241,594
243,214
Company pension contributions to defined contribution schemes
3,500
-
245,094
243,214
7
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
-
0
7,450
Other interest on financial liabilities
1,484
1,178
1,484
8,628
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
113,341
83,795
Adjustments in respect of prior periods
23,295
10,837
Total current tax
136,636
94,632
Deferred tax
Origination and reversal of timing differences
7,153
9,574
Total tax charge
143,789
104,206
FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 18 -

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:

2024
2023
£
£
Profit before taxation
385,054
380,626
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
96,264
95,157
Tax effect of expenses that are not deductible in determining taxable profit
13,637
(12,134)
Permanent capital allowances in excess of depreciation
3,440
6,043
Other permanent differences
7,153
9,573
Under/(over) provided in prior years
23,295
10,838
Tax at marginal rate
-
0
(5,271)
Taxation charge for the year
143,789
104,206
9
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
216,165
77,410
160,223
453,798
Additions
-
0
19,335
60,330
79,665
Disposals
-
0
-
0
(33,935)
(33,935)
At 31 December 2024
216,165
96,745
186,618
499,528
Depreciation and impairment
At 1 January 2024
76,104
42,254
87,445
205,803
Depreciation charged in the year
43,233
15,578
34,616
93,427
Eliminated in respect of disposals
-
0
-
0
(33,075)
(33,075)
At 31 December 2024
119,337
57,832
88,986
266,155
Carrying amount
At 31 December 2024
96,828
38,913
97,632
233,373
At 31 December 2023
140,061
35,156
72,778
247,995
FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Financial instruments
2024
2023
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
6,471

Financial liabilities measured at fair value through profit or loss comprise of forward exchange rate contracts. The fair value of liabilities held at fair value through profit or loss at the balance sheet date are determined using market rate.

11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,663,286
1,238,097
Amounts owed by group undertakings
1,483,365
780,060
Other debtors
1,559,754
1,506,161
Prepayments and accrued income
166,023
98,368
4,872,428
3,622,686
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
507,510
98,535
Amounts owed to group undertakings
44,410
-
0
Corporation tax
90,893
68,885
Other taxation and social security
421,364
372,707
Deferred income
14
2,565,836
2,323,135
Other creditors
46,293
12,716
Accruals and deferred income
500,459
512,972
4,176,765
3,388,950
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
34,136
26,984
FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Liability at 1 January 2024
26,984
Charge to profit or loss
7,152
Liability at 31 December 2024
34,136
14
Deferred income
2024
2023
£
£
Other deferred income
2,565,836
2,323,135
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
189,536
172,913

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.

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
10,000
10,000
10,000
10,000
17
Operating lease commitments

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:

2024
2023
£
£
Within one year
192,934
190,058
Between two and five years
218,604
417,760
411,538
607,818
18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

FREQUENTIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Related party transactions
(Continued)
- 21 -
Third party services
2024
2023
£
£
Other related parties
459,694
8,073
2024
2023
Amounts due to related parties
£
£
Other related parties
10,597
12,931
Other information

The company has taken advantage of the exemption permitted by FRS 102 Section 33 not to provide disclosures of transactions entered into with other wholly owned members of the group.

19
Ultimate controlling party

The immediate and ultimate parent company is Frequentis AG, a company incorporated in Austria.

 

The results of the company are included in the consolidated financial statements prepared by Frequentis AG and are available at Innovationstrasse 1,1100, Vienna, Austria.

20
Prior period adjustment

The comparative information in the financial statements has been restated from the figures previously reported in the prior period financial statements due to wage costs of £5,330,095 costs previously recognised in administrative expenses. This adjustment resulted in an increase in cost of sales of £5,330,095 and a decrease in administrative costs of the same amount.

 

The financial statements for the prior year have been restated as a result of the above reclassification. The recognition of this has resulted in the re-statement of the profit and loss account. The results are summarised below:

Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
276,420
Profit as adjusted
276,420
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