Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Altium UK Limited (Altium) is a wholly-owned subsidiary of Altium Pty Limited.
On 2 August 2024, the immediate parent company Altium Pty Limited, was acquired by Renesas Electronics NSW Pty Ltd, an indirect wholly owned subsidiary of Renesas Electronics Corporation (TSE: 6723) (“Renesas”) by way of a scheme of arrangement. Post-acquisition by Renesas, Altium remains committed to the long-term vision of transforming the electronics industry and announced in March 2025 the introduction of Renesas 365, Powered by Altium, a first of its kind industry solution designed to streamline electronics system development. The Company operates as a subsidiary within the group headed by Renesas Electronics Corporation (‘the Group’). Principal activities The Company’s principal activity is the development and sales of software for the design of electronic products and an online collaboration platform to facilitate the manufacturing of them.
Results for the year
The Company’s results for the year may be summarised as follows: 2024 (£000) 2023 (£000) Revenue 18,903 12,994 Cost of sales (10,185) (7,102) Other operating income 414 0 Administrative Expenses (8,147) (5,280) Operating profit 985 612 Interest Income 0 1 Profit Before Tax 985 612 Tax on profit 11 (157) Profit for the financial year 996 455 Net assets 3,619 2,624 Revenue was £18,903,000 in 2024 compared with £12,994,000 in 2023, an increase of 46%. Cost of sales increased correspondingly to £10,185,000 in 2024 compared with £7,102,000 in 2023. Administrative expenses of £8,147,000 in 2024 were broadly in line with the prior year with £5,280,000 in 2023. Interest income was £0 in 2024 remained broadly constant with £1,000 in 2023. Income tax expense was (£11,000) (2023: £157,000) on a profit before taxation of £995,000 (2023: profit before taxation of £612,000). Net assets of the Company were £3,619,000 (2023: £2,624,000). The increase was mainly due to intercompany balances. Overall, the Company incurred a profit for the financial year of £996,000 in 2024 compared with a profit for the financial year of £455,000 in 2023.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The Company is subject to the risk and control environment of the group of companies headed by Renesas Electronics Corporation. The Company is subject to certain strategic risks (dependency on mobile and consumer electronics; return on research and development; human capital; and geopolitical events), operational risks (supply chain interruption; information security and technology; and quality assurance) and legal and compliance risks (compliance with laws and regulations; intellectual property protection; and intellectual property infringement). The risk management activities of the Group are generally also applicable to the Company and they are described on pages 8 to 12 of Renesas Electronics Corporation’s financial report 2024, which is available on that company’s website https://www.renesas.com/en/document/rep/financial-report-2024, as well as in the risk management section of the website https://www.renesas.com /us/en/about/company /sustainability /risk-management.
How the Directors performed their duties under Section 172(1) of the Companies Act 2006 The Directors during the year had a duty to act in the way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of the shareholder and in doing so had regard to a number of broader matters, including the interests of and relationships with other stakeholders. The Directors operates within a stewardship framework that is established across the group of companies headed by the ultimate parent company and much of the engagement with the Company’s stakeholders was conducted at that level. Shareholder As a wholly-owned subsidiary, the Director duly considers the views of its ultimate parent company, Renesas Electronics Corporation, and the interests of the Group, in making major decisions and in entering into transactions affecting the Company. Distributions to the Company’s shareholder are considered after a full assessment of the Company’s ability to continue as a going concern into the foreseeable future and provide investment for the future growth of its business, balanced with providing reasonable and sustainable returns to the shareholder . Employees The commitment and engagement of our employees is key to our success. To assist each and every employee in their efforts to create a workplace where they can work actively, grow, and experience satisfaction, we are strengthening our initiatives aimed at boosting employee engagement. With this goal in mind, we promote communication between management and subordinates as well as between coworkers and makes efforts to foster a sense of unity and make communication within the Company deeper and more dynamic. As a means to deepen mutual understanding and disseminate information related to our strategy and policies through interactive communication between the top management, beginning with the CEO, and employees, we regularly hold all-hands events and small group roundtable sessions (direct conversations). There are also online information sharing and question-and-answer sessions open to all employees. These events are followed up by surveys to provide feedback, suggestions and comments from employees to the management team. Customers Much of the Group’s software development work is driven by the requirements of customers. Close collaboration with customers sits at the heart of our business model. Customer engagement takes place at multiple levels and their requirements are embedded in the Group’s software development plans and proposals. Suppliers Successful development of our software is dependent on long-standing and close collaboration with our key web services suppliers. Community and the environment The Director during the year recognised the importance of contributing to wider society and encourage the Company and its employees to play a part in the communities in which they operate. Such contributions include engaging in activities with a direct link to the economic activity of the business such as the promotion of engineering education as well as direct support for a wider range of local organisations. The Director operates in accordance with the Group’s environmentally responsible practices, which are outlined on the homepage of Renesas Electronics Corporation (section Sustainability).
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Key performance indicators are monitored at Group level, Altium UK Limited makes up a small percentage of total group turnover therefore the appropriate analysis is performed at an entity level. KPIs are disclosed at group level quarterly and are publicly available via the following links:
https:\\www.renesas.com/en/about/newsroom/renesas-announces-consolidated-forecasts-2025-04-24 https:\\www.renesas.com/en/document/ppt/2025-1q-presentation-material?r=1320481
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £995,752 (2023 - £454,888).
The directors who served during the year were:
The business plans to maintain operations as they are in 2024, in future.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Altium Ltd (Australia) and its subsidiaries, including Altium UK Ltd, was acquired by Renesas Electronic Corporation on 2 August 2024, post year end. There have been no other significant events affecting the Company since the year end.
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED
We have audited the financial statements of Altium UK Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate.We determined that the following laws and regulations were most significant: the Companie Act 2006 and UK corporate taxation laws. - We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance. - We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include: -identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; -understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; -challenging assumptions and judgments made by management in its significant accounting estimates; -identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and -assessing the extent of compliance with the relevant laws and regulations. - We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditor
Richmond House
Walkern Road
Herts
SG1 3QP
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 25 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Altium UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation and functional currency of the financial statements is the Pound Sterling (£).
2.Accounting policies
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 FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
taxes of sales made during the year.
Software licences:
Revenue is recognised at a point in time when license activation is available to the user. Subscription and maintenance: Revenue is deferred and is subsequently recognised over the period in which the subscription service is provided. As the billing structure for customers is often bundled with licenses and billed on activation, there is an allocation methodology applied based on stand-alone selling prices to calculate the portion of revenue to be deferred. Services revenue: Revenue from providing services is recognised over the period in which the services are rendered. Services include training and implementation services.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Profit and loss account
Cumulative profit and loss and capital contributions net of distributions to owners.
The company operates a define contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The parent company is Altium Limited, a company incorporated in Australia at Level 6, Tower B, The Zenith 821 Pacific Highway, Chatswood NSW 2067, Australia.
The ultimate parent company is Renesas Electronics Corporation, a company incorporated in Japan at TOYOSU FORESIA, 3-2-24 Toyosu, Koto-ku, Tokyo 135-0061, Japan Altium Ltd (Australia) and its subsidiaries, including Altium UK Ltd, was acquired by Renesas Electronic Corporation on 2 August 2024, post year end. There have been no other significant events affecting the Company since the year end.
The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.
The audit report was signed on
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