Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30falsefalse2023-07-0147No description of principal activity72falsefalse 2889888 2023-07-01 2024-06-30 2889888 2022-07-01 2023-06-30 2889888 2024-06-30 2889888 2023-06-30 2889888 2022-07-01 2889888 1 2023-07-01 2024-06-30 2889888 1 2022-07-01 2023-06-30 2889888 5 2023-07-01 2024-06-30 2889888 5 2022-07-01 2023-06-30 2889888 d:Director1 2023-07-01 2024-06-30 2889888 d:Director1 2024-06-30 2889888 d:Director2 2023-07-01 2024-06-30 2889888 d:Director2 2024-06-30 2889888 d:Director3 2023-07-01 2024-06-30 2889888 d:Director3 2024-06-30 2889888 d:Director4 2023-07-01 2024-06-30 2889888 d:Director4 2024-06-30 2889888 d:Director5 2023-07-01 2024-06-30 2889888 d:Director5 2024-06-30 2889888 d:RegisteredOffice 2023-07-01 2024-06-30 2889888 e:FurnitureFittings 2023-07-01 2024-06-30 2889888 e:FurnitureFittings 2024-06-30 2889888 e:FurnitureFittings 2023-06-30 2889888 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 2889888 e:ComputerEquipment 2023-07-01 2024-06-30 2889888 e:ComputerEquipment 2024-06-30 2889888 e:ComputerEquipment 2023-06-30 2889888 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 2889888 e:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 2889888 e:OtherPropertyPlantEquipment 2024-06-30 2889888 e:OtherPropertyPlantEquipment 2023-06-30 2889888 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 2889888 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 2889888 e:CurrentFinancialInstruments 2024-06-30 2889888 e:CurrentFinancialInstruments 2023-06-30 2889888 e:Non-currentFinancialInstruments 2024-06-30 2889888 e:Non-currentFinancialInstruments 2023-06-30 2889888 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 2889888 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 2889888 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 2889888 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 2889888 e:ReportableOperatingSegment1 2023-07-01 2024-06-30 2889888 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 2889888 f:UnitedKingdom 2023-07-01 2024-06-30 2889888 f:UnitedKingdom 2022-07-01 2023-06-30 2889888 e:UKTax 2023-07-01 2024-06-30 2889888 e:UKTax 2022-07-01 2023-06-30 2889888 e:ShareCapital 2023-07-01 2024-06-30 2889888 e:ShareCapital 2024-06-30 2889888 e:ShareCapital 2022-07-01 2023-06-30 2889888 e:ShareCapital 2023-06-30 2889888 e:ShareCapital 2022-07-01 2889888 e:SharePremium 2023-07-01 2024-06-30 2889888 e:SharePremium 2024-06-30 2889888 e:SharePremium 2022-07-01 2023-06-30 2889888 e:SharePremium 2023-06-30 2889888 e:SharePremium 2022-07-01 2889888 e:CapitalRedemptionReserve 2023-07-01 2024-06-30 2889888 e:CapitalRedemptionReserve 2024-06-30 2889888 e:CapitalRedemptionReserve 2022-07-01 2023-06-30 2889888 e:CapitalRedemptionReserve 2023-06-30 2889888 e:CapitalRedemptionReserve 2022-07-01 2889888 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 2889888 e:RetainedEarningsAccumulatedLosses 2024-06-30 2889888 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 2889888 e:RetainedEarningsAccumulatedLosses 2023-06-30 2889888 e:RetainedEarningsAccumulatedLosses 2022-07-01 2889888 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 2889888 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 2889888 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-01 2024-06-30 2889888 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 2889888 d:OrdinaryShareClass1 2023-07-01 2024-06-30 2889888 d:OrdinaryShareClass1 2024-06-30 2889888 d:OrdinaryShareClass1 2023-06-30 2889888 d:OrdinaryShareClass2 2023-07-01 2024-06-30 2889888 d:OrdinaryShareClass2 2024-06-30 2889888 d:OrdinaryShareClass2 2023-06-30 2889888 d:FRS102 2023-07-01 2024-06-30 2889888 d:Audited 2023-07-01 2024-06-30 2889888 d:FullAccounts 2023-07-01 2024-06-30 2889888 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 2889888 e:WithinOneYear 2024-06-30 2889888 e:WithinOneYear 2023-06-30 2889888 e:BetweenOneFiveYears 2024-06-30 2889888 e:BetweenOneFiveYears 2023-06-30 2889888 e:MoreThanFiveYears 2024-06-30 2889888 e:MoreThanFiveYears 2023-06-30 2889888 2 2023-07-01 2024-06-30 2889888 g:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 2889888







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


ALTIUM UK LIMITED






































img1392.png                        

 


ALTIUM UK LIMITED
 


 
COMPANY INFORMATION


Directors
A Mirkazemi (resigned 1 August 2024)
K M Besharati (resigned 1 August 2024)
L T P Gawne (resigned 1 August 2024)
C Dahl (appointed 1 August 2024)
J Pope (appointed 1 August 2024)




Registered number
2889888



Registered office
Suite 5 & 6
Parallax 270 Cambridge Science Park

Milton Road

Cambridge

Cambridgeshire

CB4 0WE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Herts

SG1 3QP





 


ALTIUM UK LIMITED
 



CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12 - 13
Statement of cash flows
14
Analysis of net debt
15
Notes to the financial statements
16 - 25


 


ALTIUM UK LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Background
 
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.

Business review
 
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.

Page 1

 


ALTIUM UK LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
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).

Page 2

 


ALTIUM UK LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators
 
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.



................................................
C Dahl
Director

Date: 26 June 2025

Page 3

 


ALTIUM UK LIMITED
 


 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £995,752 (2023 - £454,888).

Directors

The directors who served during the year were:

A Mirkazemi (resigned 1 August 2024)
K M Besharati (resigned 1 August 2024)
L T P Gawne (resigned 1 August 2024)
C Dahl (appointed 1 August 2024)
J Pope (appointed 1 August 2024)

Future developments

The business plans to maintain operations as they are in 2024, in future.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 


ALTIUM UK LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Post balance sheet events

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.

Auditors

The auditorsMenzies LLPwill 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.
 





................................................
C Dahl
Director

Date: 26 June 2025

Page 5

 


ALTIUM UK LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED

Opinion


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 policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 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.


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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 6

 


ALTIUM UK LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED (CONTINUED)

Opinion 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 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.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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.


Page 7

 


ALTIUM UK LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED (CONTINUED)

Auditors' 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 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.


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 2006Our 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.


Page 8

 


ALTIUM UK LIMITED


img3040.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTIUM UK LIMITED (CONTINUED)




James Fox ACA FCCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Richmond House
Walkern Road
Stevenage
Herts
SG1 3QP

27 June 2025
Page 9

 


ALTIUM UK LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 3 
18,903,054
12,993,690

Cost of sales
  
(10,185,451)
(7,101,744)

Gross profit
  
8,717,603
5,891,946

Administrative expenses
  
(8,146,923)
(5,280,234)

Other operating income
  
414,206
-

Operating profit
 5 
984,886
611,712

Interest receivable and similar income
 8 
-
582

Profit before tax
  
984,886
612,294

Tax on profit
 9 
10,866
(157,406)

Profit for the financial year
  
995,752
454,888

Other comprehensive income for the year
  

Total comprehensive income for the year
  
995,752
454,888

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 16 to 25 form part of these financial statements.

Page 10

 


ALTIUM UK LIMITED
REGISTERED NUMBER:2889888



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
706,387
778,713

  
706,387
778,713

Current assets
  

Debtors: amounts falling due within one year
 11 
7,717,231
5,141,833

Cash at bank and in hand
  
3,492,074
2,837,924

  
11,209,305
7,979,757

Creditors: amounts falling due within one year
 12 
(7,797,645)
(5,785,200)

Net current assets
  
 
 
3,411,660
 
 
2,194,557

Total assets less current liabilities
  
4,118,047
2,973,270

Creditors: amounts falling due after more than one year
 13 
(237,833)
(183,159)

Provisions for liabilities
  

Deferred tax
 14 
(125,725)
(166,628)

Other provisions
  
(135,254)
-

  
 
 
(260,979)
 
 
(166,628)

Net assets
  
3,619,235
2,623,483


Capital and reserves
  

Called up share capital 
  
3,000
3,000

Share premium account
  
19,000
19,000

Capital redemption reserve
  
7,000
7,000

Profit and loss account
  
3,590,235
2,594,483

  
3,619,235
2,623,483


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C Dahl
Director

Date: 26 June 2025

The notes on pages 16 to 25 form part of these financial statements.

Page 11

 


ALTIUM UK LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2023
3,000
19,000
7,000
2,594,483
2,623,483


Comprehensive income for the year

Profit for the year

-
-
-
995,752
995,752


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
995,752
995,752


Total transactions with owners
-
-
-
-
-


At 30 June 2024
3,000
19,000
7,000
3,590,235
3,619,235


The notes on pages 16 to 25 form part of these financial statements.

Page 12

 


ALTIUM UK LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2022
3,000
19,000
7,000
2,139,595
2,168,595


Comprehensive income for the year

Profit for the year

-
-
-
454,888
454,888


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
454,888
454,888


Total transactions with owners
-
-
-
-
-


At 30 June 2023
3,000
19,000
7,000
2,594,483
2,623,483


The notes on pages 16 to 25 form part of these financial statements.

Page 13

 


ALTIUM UK LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
995,752
454,888

Adjustments for:

Depreciation of tangible assets
144,094
75,265

Taxation charge
(383,179)
-

(Increase) in debtors
(2,476,596)
(811,067)

Decrease in amounts owed by groups
406,938
1,350,879

Increase in creditors
511,294
374,560

Increase in amounts owed to groups
1,495,140
1,637,197

Increase in provisions
94,351
148,174

Corporation tax (paid)
(61,876)
(44,770)

Net cash generated from operating activities

725,918
3,185,126


Cash flows from investing activities

Purchase of tangible fixed assets
(118,805)
(755,794)

Sale of tangible fixed assets
47,037
-

Net cash from investing activities

(71,768)
(755,794)


Net increase in cash and cash equivalents
654,150
2,429,332

Cash and cash equivalents at beginning of year
2,837,924
408,592

Cash and cash equivalents at the end of year
3,492,074
2,837,924


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,492,074
2,837,924

3,492,074
2,837,924


The notes on pages 16 to 25 form part of these financial statements.

Page 14

 


ALTIUM UK LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

2,837,924

654,150

3,492,074


2,837,924
654,150
3,492,074

The notes on pages 16 to 25 form part of these financial statements.

Page 15

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other
taxes of sales made during the year.

  
2.3

Income recognition

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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 reporting 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 reporting 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 reporting date.

 
2.7

Tangible fixed assets

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:

Fixtures and fittings
-
20%
on cost
Computer equipment
-
33%
on cost

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.

 
2.8

Debtors

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.

Page 17

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Creditors

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.

 
2.11

Provisions for liabilities

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
18,903,054
12,993,690

18,903,054
12,993,690


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
18,903,054
12,993,690

18,903,054
12,993,690


All turnover arose within the United Kingdom.

Page 18

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Other operating income

2024
2023
£
£

Other operating income
414,206
-

414,206
-



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
3,471
502

Other operating lease rentals
400,284
285,254


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
7,504,823
4,441,445

Social security costs
877,338
629,048

Cost of defined contribution scheme
412,649
119,390

8,794,810
5,189,883


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average Number - Admin (2024: 14, 2023: 10) and Cost of Sales (2024: 58, 2023: 37)
72
47

Page 19

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
323,987
441,117

Company contributions to defined contribution pension schemes
20,000
4,416

343,987
445,533


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £323,987 (2023 - £441,117).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £20,000 (2023 - £4,416).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

The total accrued pension provision of the highest paid director at 30 June 2024 amounted to £NIL (2023 - £NIL).

The amount of the accrued lump sum in respect of the highest paid director at 30 June 2024 amounted to £NIL (2023 - £NIL).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
-
582

-
582

Page 20

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
31,027
7,328


31,027
7,328


Total current tax
31,027
7,328

Deferred tax


Origination and reversal of timing differences
(41,893)
150,078

Total deferred tax
(41,893)
150,078


(10,866)
157,406


The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
965,125
612,294


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
241,281
116,336

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
279
-

Adjustments to tax charge in respect of prior periods
(184,657)
-

Tax deduction arising from exercise of employee options
(68,734)
-

Other differences leading to an increase (decrease) in the tax charge
965
41,070

Total tax charge for the year
(10,866)
157,406

Page 21

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 July 2023
170,496
224,133
499,511
894,140


Additions
10,804
87,661
20,340
118,805



At 30 June 2024

181,300
311,794
519,851
1,012,945



Depreciation


At 1 July 2023
14,713
85,560
15,154
115,427


Charge for the year on owned assets
35,121
84,486
71,524
191,131



At 30 June 2024

49,834
170,046
86,678
306,558



Net book value



At 30 June 2024
131,466
141,748
433,173
706,387



At 30 June 2023
155,783
138,573
484,357
778,713


11.


Debtors

2024
2023
£
£


Trade debtors
4,840,526
2,559,566

Amounts owed by group undertakings
1,968,761
2,375,699

Other debtors
581,324
131,197

Prepayments and accrued income
326,620
75,371

7,717,231
5,141,833


Page 22

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
129,914
54,324

Amounts owed to group undertakings
3,132,337
1,637,197

Other taxation and social security
783,933
697,851

Other creditors
17,173
50,020

Accruals and deferred income
3,734,288
3,345,808

7,797,645
5,785,200



13.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
237,833
183,159

237,833
183,159



14.


Deferred taxation




2024


£






At beginning of year
(166,628)


Charged to profit or loss
40,903



At end of year
(125,725)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(125,725)
(166,628)

(125,725)
(166,628)

Page 23

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Provisions




Dilapidations provision

£





Charged to profit or loss
135,254



At 30 June 2024
135,254


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,500 (2023 - 2,500) Ordinary A Shares shares of £1 each
2,500
2,500
500 (2023 - 500) Ordinary B Shares shares of £1 each
500
500

3,000

3,000



17.


Reserves

Profit and loss account
Cumulative profit and loss and capital contributions net of distributions to owners.


18.


Pension commitments

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.


19.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
246,132
316,400

Later than 1 year and not later than 5 years
984,527
992,800

Later than 5 years
840,950
1,096,217

2,071,609
2,405,417

Page 24

 


ALTIUM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Controlling party

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.


21.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 27 June 2025 by James Fox ACA FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 25