Company registration number SC235672 (Scotland)
EDESIX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
EDESIX LIMITED
COMPANY INFORMATION
Directors
K A Maher
S R Smith
Secretary
D J R England
Company number
SC235672
Registered office
Caledonian Exchange
1st Floor
19a Canning Street
Edinburgh
EH3 8EG
Auditor
Azets Audit Services
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
Bankers
Bank of Scotland
Business Banking
PO Box 1984
Andover
SP10 9GZ
EDESIX LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
10 - 20
EDESIX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

Turnover in 2024 increased 17% to £36.4m, this increase is reflected in both Edesix direct to market sales and via Motorola channel sales. Gross margin in 2024 was an improvement on prior year due to the relative mix of sales type and sales channel. Overall operating costs were £1.5m higher, a combination of increased intercompany charges and foreign exchange losses.

Principal risks and uncertainties

- Risks related to laws and regulations

We are subject to complex and changing laws and regulations in various jurisdictions regarding privacy, data protection and information security, which exposes us to increased costs and potential liabilities in the event of any actual or perceived failure to comply with such legal obligations and could adversely affect our business.

- Risks related to our ability to grow the business

Catastrophic events, such as natural disasters and other events beyond our control may interrupt our business, or our customers' or suppliers' business, which may adversely affect our business, results of operations, financial position and cash flows.

Our success depends in part on our timely introduction of new products and technologies and our results can be impacted by the effectiveness of our significant investments in new products and technologies.

- Risks related to the operation of our business

Our customers, suppliers and partners are located throughout the world and, as a result, we face risks including foreign exchange.

Future developments

In 2025, Edesix launched the V200 body-worn camera as a direct replacement for the VT100, which will be phased out by the end of the year. The V200 delivers a more advanced and sophisticated solution, tailored for customer-facing staff in the retail sector.

We expect continued growth throughout 2025, particularly in the Emergency Services sector and through channel partners serving the international enterprise market. This growth is expected to be reflected not only in increased sales of body-worn camera equipment but also in ancillary services, including cloud storage, software assurance, and extended warranties.

On behalf of the board

S R Smith
Director
15 September 2025
EDESIX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of consultancy, software development and product sales.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £5,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K A Maher
S R Smith
Energy and carbon report

The below presents the energy usage and associated carbon dioxide emissions for the company’s operations. This section has been prepared in compliance with SECR Framework as implemented in the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

2024
2023
Energy consumption
mWh
mWh
Aggregate of energy consumption in the year
49
45
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
10.25
9.39
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
10.25
9.39
Intensity ratio
Tonnes of CO2e per £1m Revenue
0.28
0.30
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

EDESIX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Intensity measurement

Intensity ratios have been calculated from the value of turnover and include all of the energy usage and emissions stated within the values reported above and in accordance with the methodology applied.

Measures taken to improve energy efficiency

The company continues to focus on reducing energy consumption and carbon emissions and is party to the Motorola Group’s carbon reduction plan alongside a commitment to achieving net zero emissions by 2050. The plan can be viewed on the ESG pages at motorolasolutions.com.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S R Smith
Director
15 September 2025
EDESIX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EDESIX LIMITED
- 4 -
Opinion

We have audited the financial statements of Edesix Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of changes in equity, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

EDESIX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDESIX LIMITED
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

EDESIX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDESIX LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Samborek
Senior Statutory Auditor
For and on behalf of Azets Audit Services
15 September 2025
Chartered Accountants
Statutory Auditor
Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
EDESIX LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
36,447,130
31,116,786
Cost of sales
(19,489,536)
(21,939,232)
Gross profit
16,957,594
9,177,554
Administrative expenses
(4,635,562)
(3,117,179)
Other operating income
318,443
-
0
Operating profit
4
12,640,475
6,060,375
Interest receivable and similar income
7
576,988
88,068
Interest payable and similar expenses
8
(1,607)
(1,618)
Profit before taxation
13,215,856
6,146,825
Tax on profit
9
-
0
-
0
Profit for the financial year
13,215,856
6,146,825
Retained earnings brought forward
6,024,598
6,877,773
Dividends
10
(5,000,000)
(7,000,000)
Retained earnings carried forward
14,240,454
6,024,598

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

EDESIX LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
249,879
268,958
Current assets
Stocks
12
6,263,806
7,977,508
Debtors
13
28,194,476
12,104,990
Cash at bank and in hand
1,570,273
3,151,030
36,028,555
23,233,528
Creditors: amounts falling due within one year
14
(17,224,981)
(13,695,483)
Net current assets
18,803,574
9,538,045
Total assets less current liabilities
19,053,453
9,807,003
Creditors: amounts falling due after more than one year
15
(3,211,208)
(2,180,614)
Net assets
15,842,245
7,626,389
Capital and reserves
Called up share capital
17
159
159
Share premium account
1,601,632
1,601,632
Profit and loss reserves
14,240,454
6,024,598
Total equity
15,842,245
7,626,389
The financial statements were approved by the board of directors and authorised for issue on 15 September 2025 and are signed on its behalf by:
S R Smith
Director
Company Registration No. SC235672
EDESIX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
159
1,601,632
6,877,773
8,479,564
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
6,146,825
6,146,825
Dividends
10
-
-
(7,000,000)
(7,000,000)
Balance at 31 December 2023
159
1,601,632
6,024,598
7,626,389
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
13,215,856
13,215,856
Dividends
10
-
-
(5,000,000)
(5,000,000)
Balance at 31 December 2024
159
1,601,632
14,240,454
15,842,245
EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Edesix Limited is a private company limited by shares incorporated in Scotland. The registered office is Caledonian Exchange, 1st Floor, 19a Canning Street, Edinburgh, EH3 8EG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Motorola Solutions Inc. These consolidated financial statements are available from its registered office, 500 W. Monroe St., Chicago, Illinois 60661.

1.2
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. true

In satisfaction of their responsibility, the directors have considered the company's ability to meet its liabilities as they fall due. This assessment considers its principal risks and uncertainties, and is dependent on a number of factors including financial performance and available financial resources.

The company's current and future financial position has been reviewed by the directors. In addition, the company has obtained assurances that the group will continue to provide such financial support to the company to allow it to continue as a going concern and to settle its liabilities as they fall due.

Following their review, the directors are confident that the financial resources available and support from group companies will provide sufficient resources to meet the forecast cash requirements of the business.

Taking all of the above into account, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided, when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10 years
Plant and equipment
3 years
Fixtures and fittings
10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
26,465,018
25,622,498
Rendering of services
9,982,112
5,494,288
36,447,130
31,116,786
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,829,735
10,586,082
Rest of Europe
15,281,697
12,404,821
Rest of the world
10,335,698
8,125,883
36,447,130
31,116,786
2024
2023
£
£
Other revenue
Interest income
576,988
88,068
EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
171,224
(51,208)
Research and development costs
105,805
1,425,497
Depreciation of owned tangible fixed assets
52,406
43,064
5
Employees

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

2024
2023
Number
Number
Total
-
0
-
0

The company has no employees (2023: nil). Motorola Solutions group employees working in the operations of this company are charged to the company through Motorola Solutions UK Limited by way of a monthly service fee.

6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
30,000
28,470
For other services
Preparation of financial statements
5,000
4,795
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,646
75
Interest receivable from group companies
575,342
87,993
Total income
576,988
88,068
EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
1,607
1,473
Other interest
-
0
145
1,607
1,618
9
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
13,215,856
6,146,825
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
3,303,964
1,445,733
Tax effect of expenses that are not deductible in determining taxable profit
1,715
8,138
Depreciation on assets not qualifying for tax allowances
19,346
-
0
Other non-reversing timing differences
(12,702)
-
0
Fixed asset differences
-
0
(2,673)
Group relief (claimed)/surrendered
(3,312,323)
(1,451,198)
Taxation charge for the year
-
-
10
Dividends
2024
2023
£
£
Interim paid
5,000,000
7,000,000
EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
303,604
49,339
13,629
366,572
Additions
12,267
21,060
-
0
33,327
At 31 December 2024
315,871
70,399
13,629
399,899
Depreciation and impairment
At 1 January 2024
75,771
19,290
2,553
97,614
Depreciation charged in the year
31,491
19,552
1,363
52,406
At 31 December 2024
107,262
38,842
3,916
150,020
Carrying amount
At 31 December 2024
208,609
31,557
9,713
249,879
At 31 December 2023
227,833
30,049
11,076
268,958
12
Stocks
2024
2023
£
£
Raw materials and consumables
2,182,283
1,635,409
Finished goods and goods for resale
4,081,523
6,342,099
6,263,806
7,977,508
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,205,727
1,278,137
Amounts owed by group undertakings
25,519,753
8,962,353
Other debtors
1,347,804
1,864,500
Prepayments and accrued income
121,192
-
0
28,194,476
12,104,990
EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
8,306
15,972
Trade creditors
1,598,906
625,746
Amounts owed to group undertakings
8,420,926
5,851,220
Accruals and deferred income
7,196,843
7,202,545
17,224,981
13,695,483
15
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,211,208
2,180,614
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
8,306
15,972

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
115,997
115,997
116
116
Ordinary A shares of 0.1p each
25,250
25,250
25
25
Ordinary B shares of 0.1p each
17,535
17,535
18
18
158,782
158,782
159
159

Ordinary shares have attached to them one voting right and dividend distribution right per share.

A Ordinary shares upon a capital distribution event or share sales, have priority over the distribution of exit proceeds over Ordinary shareholders. Any proceeds are to be distributed to the holders of B Ordinary shares then to the holders of A Ordinary shares and thereafter amongst holders of Ordinary shares on a pari passu basis. A Ordinary shares hold no voting or dividend distribution rights.

B Ordinary shares upon a capital distribution event or share sales, have priority over the distribution of exit proceeds over A Ordinary shareholders and Ordinary shareholders. Any proceeds are to be distributed to the holders of B Ordinary shares then to the holders of A Ordinary shares and thereafter amongst holders of Ordinary shares on a pari passu basis. B Ordinary shares hold no voting or dividend distribution rights.

EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
18
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
-
0
1,125
19
Related party transactions
Transactions with related parties

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

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
28,400,098
22,973,133
10,891,931
13,815,090

During the year the company received interest of £575,342 (2023: £87,993) in respect of amounts owed by group undertakings.

EDESIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Related party transactions
(Continued)
- 20 -
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
25,519,753
8,962,353
8,420,926
5,851,220
20
Ultimate controlling party

The immediate parent company is Vaas International Holdings Inc. Its registered office address is 4150 International Plaza, Tower 1, Suite 800, Fort Worth TX 76109, 925-398-2079.

The ultimate parent company is Motorola Solutions Inc. Its registered office address is 500 W, Monroe St, Chicago Illinois, 60661. Copies of the group accounts can also be obtained at this address.

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