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Registered number: 07805385
ACCEDO UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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ACCEDO UK LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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ACCEDO UK LIMITED
CONTENTS
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Notes to the Financial Statements
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ACCEDO UK LIMITED
REGISTERED NUMBER: 07805385
BALANCE SHEET
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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ACCEDO UK LIMITED
REGISTERED NUMBER: 07805385
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 June 2025.
The notes on pages 3 to 15 form part of these financial statements.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Accedo UK Limited is a private company, limited by shares, incorporated in England and Wales, registration number 07805385. The registered office address is The Regent, Chapel Street, Penzance, Cornwall, TR18 4AE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The directors have assessed the company’s ability to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements.
Group Support and Funding Arrangements
The company is reliant on financial support from the group to continue its operations. The group currently has a bank loan and overdraft facility in place totalling SEK 50 million which is due to expire on 30 June 2025. The group is in ongoing discussions with the bank to renew this facility and expects a positive outcome, though no formal confirmation of the renewal is anticipated until the end of June 2025.
As of April 2025, the group was in breach of an EBITDA covenant under the terms of the existing loan agreement. The directors, based on discussions with the bank and historical relationships, expect that the bank will waive this breach, but formal written confirmation is still pending.
In the event that the group is unable to secure renewal or waiver of the loan facilities, the company would be reliant on continued financial support from its ultimate shareholder. The shareholder has historically provided financial backing and has indicated its intention to support the company should any unforeseen funding requirements arise. However, this support is not contractually guaranteed.
Assessment and Supporting Evidence
In assessing the company’s ability to continue as a going concern, the board has considered a range of factors including:
• Cash flow forecasts and budgets covering at least 12 months from the date of approval of the financial statements, which show sufficient liquidity under reasonable downside scenarios.
• The group’s latest audited consolidated financial statements, which demonstrate a stable financial position and continued access to group-level resources.
• The group’s most recent unaudited consolidated results, which confirm no material adverse changes post year-end.
• The shareholder’s latest audited financial statements, providing evidence of their capacity to provide financial support if required.
• The company’s own management accounts and internal reporting post year-end, which indicate performance is in line with expectations.
Conclusion
Based on the above considerations and having reviewed all relevant financial and non-financial information available, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Revenue is measured at the fair value of the consideration received or receivable and is recognised when it is probable that future economic benefits will flow to the company, and these benefits can be measured reliably. Revenue is stated net of value-added tax (VAT) and other sales-related taxes.
Solutions and Product Revenue
Revenue from service and product-related contracts - comprising license fees, support, onboarding, and integration services - is recognised on a straight-line basis over the contract term, beginning when the customer obtains access to the product, typically at launch. For product acceleration services, revenue is recognised either from the launch date or upon completion, based on the specific timing and nature of the service.
Costs directly associated with these services are deferred or capitalised and amortised in a manner consistent with the associated revenue recognition.
For "Build" solutions, license fee revenue is recognised in full when access to the license is granted, usually at the commencement of the related professional services. The revenue for these professional services is recognised either:
∙On a time-and-materials basis as work is performed, or
∙Under the percentage-of-completion method for fixed-price engagements, using hours worked as the measure of progress.
Overage revenue, resulting from customer usage exceeding contractual thresholds, is recognised in the period the excess usage occurs, aligning with the accruals principle.
Add-on services are reviewed individually. If closely linked to the core product and hosted by the company, revenue is recognised together with the main license over the contract term. Otherwise, revenue is recognised separately, based on the substance and timing of the add-on service.
Professional Services
Revenue from professional services is recognised according to the contract type:
∙For time-and-materials contracts, revenue is recognised as services are rendered, based on actual hours worked.
∙For fixed-price contracts, revenue is recognised monthly using the percentage-of-completion method, where progress is measured using hours worked.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Service Management
Revenue from service management contracts, including support and set-up fees, is recognised on a straight-line basis over the agreed support period. Hosting fees are recognised evenly throughout the contract term.
Monitoring fees are recognised either:
∙On a straight-line basis if the fee is fixed, or
∙Based on actual usage if variable, depending on contract terms.
Resale of Third-Party Goods and Services
Revenue from the resale of hardware or third-party services is recognised at the point in time when control of the asset transfers to the customer, generally upon installation and transfer of risk and rewards. The company assesses each arrangement to determine whether it is acting as principal or agent, impacting whether revenue is recorded on a gross or net basis.
Referral Fees
Revenue from referral fees is recognised when the referral has been successfully completed and the company’s obligations under the referral agreement have been fulfilled. Each arrangement is reviewed individually to determine the appropriate timing of revenue recognition.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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The average monthly number of employees, including directors, during the year was 44 (2023 - 47).
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Current tax on profits for the year
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
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Expenses not deductible for tax purposes
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Group relief surrendered/(claimed)
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Adjustments to tax charge in respect of previous periods - deferred tax
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Total tax charge for the year
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Charge for the year on owned assets
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Amounts owed by group companies
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Prepayments and accrued income
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Amounts owed by group companies are unsecured, interest free, and repayable on demand.
For more information on the restatement, please see note 10.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group companies
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group companies are unsecured, interest free, and repayable on demand.
For more information on the restatement, please see note 10.
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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These financial statements reflect a prior year adjustment to apply a correction to the way in which intercompany debtors and creditors have been classified. As a result, amounts owed to group undertakings have increased by £3,287,160, with a corresponding reduction in trade debtors. In addition, amounts owed to group undertakings have increased by £3,284,609, with a corresponding reduction in trade creditors. This reclassification better reflects the nature of the balances and aligns the prior year with the current year presentation.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £329,452 (2023 - £354,177). Contributions totaling £17,028 (2023 - £Nil) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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Accedo UK Limited has taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.1A, whereby the company is not required to disclose transactions with other wholly owned subsidiaries.
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ACCEDO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The immediate parent is Accedo Broadband AB, a private company, limited by shares, incorporated in Sweden. The registered office address is Magnus Ladulasgatan 63, 11827, Stockholm, Sweden.
The ultimate controlling party is Accedo Invest AB, a private company, limited by shares, incorporated in Sweden. The registered office is Magnus Ladulasgatan 63, 11827, Stockholm, Sweden.
The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 2.2 to the financial statements, concerning the company’s ability to continue as a going concern. The company is reliant on the support of its parent undertaking and shareholder. In consequence of this parent support and shareholder support the company remains a going concern and therefore the accounts have been prepared on this basis.
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The audit report was signed on 16 June 2025 by Izabela Kuchmacz (Senior Statutory Auditor) on behalf of Ward Williams Limited.
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