Sigicom Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024

1	General information

Sigicom Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

Whilst the director is confident that the company will have sufficient resources for the foreseeable future, being twelve months from the date of approval of the financial statements, this will depend on the financial support from its immediate parent company. Consequently, the director has reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due in the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Sigicom AB, which may be obtained from the secretary, Glasfibergatan 8, 125 45 Älvsjö, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Prior year restatement

The prior year Statement of Financial Position has been restated to show £80,000 as amounts in contributions reserve instead of creditors. The impact on the financial statements is £nil.

Sigicom Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue is earned from the sale and hire of measurement technology equipment products.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. Revenue from the hire of equipment is recognised when the products are made available to the consumers. This is usually at the point that the customer has signed for the delivery of the goods.

Tax

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

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, less their estimated residual value, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% on straight line
Fixtures and fittings	20% on straight line
Motor Vehicle	20% on straight line

Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the payables net of the finance charge allocated to future periods.

Sigicom Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Foreign currency transactions and balances

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and is subject to an insignificant risk of change in
value.

Receivables

Short term receivables are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Stocks and Work In Progress

Inventories and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving inventories. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Payables

Short term payables are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined Contribution Pension Scheme

The company contributes into defined contribution pension schemes for the benefit of its employees. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Sigicom Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 6).

4

Taxation

Tax charged/(credited) in the income statement

	2024 £	2023 £
Current taxation
UK corporation tax	-	774

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

	2024 £	2023 £
(Loss)/profit before tax	(113,238)	73,558
Corporation tax at standard rate	(28,310)	13,976
Effect of expense not deductible in determining taxable profit (tax loss)	1,557	-
Effect of tax losses	24,582	(16,280)
Tax increase from effect of capital allowances and depreciation	2,171	3,078
Total tax charge	-	774

Sigicom Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

5	Property, plant and equipment

	Plant & machinery £	Fixtures & fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	2,354	32,270	39,558	74,182
At 31 December 2024	2,354	32,270	39,558	74,182
Depreciation
At 1 January 2024	2,199	25,816	659	28,674
Charge for the year	155	6,454	7,912	14,521
At 31 December 2024	2,354	32,270	8,571	43,195
Carrying amount
At 31 December 2024	-	-	30,987	30,987
At 31 December 2023	155	6,454	38,899	45,508

6	Inventories

	2024 £	2023 £
Measurement technology equipment	115,815	193,204

7	Receivables

	Note	2024 £	2023 £
Trade receivables		255,375	258,235
Amounts owed by related parties	14	32,000	167,249
Other receivables		8,735	8,784
Prepayments		16,064	19,307
		312,174	453,575

8	Cash and cash equivalents

	2024 £	2023 £
Cash at bank	121,211	103,304

Sigicom Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

9

Payables

	2024 £	2023 £
Due within one year
Trade payable	3,535	(77,795)
Amounts owed to group undertakings	499,809	703,598
Corporation tax	-	774
Social security and other taxes	69,111	81,975
Other payables	1,931	-
	574,386	708,552

The amounts owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

10	Share capital and reserves

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £100 each	100	10,000	100	10,000

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The capital contribution reserve represents the right for the parent undertaking to receive repayment of contributions paid to the company from available distributable profits.

11	Operating lease commitments

Operating leases

The total of future minimum lease payments under non-cancellable operating leases are as follows:

	2024 £	2023 £
Not later than one year	22,500	22,500
Later than one year and not later than five years	5,625	28,125
	28,125	50,625

Sigicom Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

11	Operating lease commitments (continued)

The amount of non-cancellable operating lease payments recognised as an expense during the year was £22,500 (2023 - £22,500).

12	Pension Scheme

Defined Contribution Pension Scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £12,025 (2023 - £11,321).

Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

13	Parent and ultimate parent undertaking

The company's immediate parent is Sigicom AB, incorporated in Sweden.

  Copies of the group financial statements are available upon request from the secretary, Glasfibergatan 8, 125 45 Älvsjö, Sweden.

14	Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

15	Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

16	Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 September 2025 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.