Company registration number: 09090308
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Ericsson Enterprise Wireless Solutions UK Limited is wholly owned by Ericsson Enterprise Wireless Solutions Inc. in the United States of America and is part of the Business Enterprise Wireless Solutions (BEWS) Group of companies. As such, it operates in line with the strategic guidance and guidelines set out by Ericsson Enterprise Wireless Solutions Inc. The ultimate owner of Ericsson Enterprise Wireless Solutions UK Limited is Telefonaktiebolaget LM Ericsson.
Ericsson Enterprise Wireless Solutions UK Limited, based in Camberley, United Kingdom, provides two-way radiotelephone communications services and supplies a comprehensive range of hardware and software cloud-managed wireless edge networking equipment. These products and support services are distributed throughout the United Kingdom and surrounding countries via a network of distributors and resellers. The key performance measures that the Board of Directors and shareholders use to monitor the company’s progress against its objectives include:
∙Gross revenue;
∙Gross margin defined as gross profit/(loss) as a percentage of sales;
∙Current asset as a percentage of current liabilities;
∙Average employee headcount;
Revenue for the business increased by 13.4% compared to prior year, the core business has remained unchanged. The performance was in line with expectations as the expected billings for the year were higher than the prior year. In addition, there were costs incurred in financial year end 2024 that did not occur in financial year end 2023. These costs were related to incentivized employee costs such as commissions, and bonuses. These operation costs were included in the recharging process in accordance with the transfer pricing agreement.
Gross margin defined as gross profit/(loss) as a percentage of sales is an alternative performance measure. This decreased by 4.9%, with the gross profit increasing by $1.9m year on year. This is primarily due to increase cost associated with carrying out the revenue contracts and changes in sales mix.
Current asset as a percentage of current liabilities, another alternative performance measure, has decreased by 7.0%. Current assets are approximately $8.7m higher than financial year end 2023, mainly due to increase in trade receivable and offset by decrease in cash, all in line with payment structures and trading out of customer contracts. Current liabilities have also increased by approximately $8.6m from financial year end 2023 to financial year end 2024, which totalled $17.8m and $9.2m respectively. This is as expected, as incentivized employee costs were awarded in financial year end 2024, whereas in financial year end 2023 these same costs were not awarded. In addition, there was an increase in deferred income of roughly $4m in the financial year end 2024 compared to financial year end 2023. This change is a result of an increase in sales in the financial year end 2024 that have obligations that carry into the subsequent financial year.
Average employees decreased by 3.3% from financial year end 2023 to financial year end 2024, 91 and 88 respectively. As the company continues to focus on process efficiency and eliminating redundancy, this has led to a small decrease in heads employed to ensure overall profitability.
The company retains a strong net asset position of $2,418,699 (2023: net asset of $1,884,858) respectively and healthy cash reserves of $3,585,501 (2023: $4,074,894) as at the year end and thus the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Ericsson Enterprise Wireless Solutions UK Limited faces various market and commercial risks, as is typical in its industry. The company takes proactive steps to mitigate these risks, such as adjusting delivery routes, developing new service channels, and increasing operational flexibility.
Key risks include:
∙Market fluctuations affecting volume and demand;
∙Increases in operational costs;
∙Changes in customer preferences or regulatory environments.
∙Large foreign currency gains and loses year over year
To manage these risks, the company uses a range of financial and operational KPIs, including volume, gross margin, and customer mix. These are regularly reviewed by management to ensure any emerging risks are addressed promptly. In addition, regularly review exchange rate trends and market conditions to anticipate and react to potential fluctuations effectively.
The market in which Ericsson Enterprise Wireless Solutions UK Limited operates continues to offer significant opportunities for growth. The company’s strategic focus is on expanding its services and geographic reach to capitalise on these opportunities.
Ericsson Enterprise Wireless Solutions UK Limited’s growth strategy includes:
∙Developing existing services to meet evolving customer needs;
∙Launching new services tailored to both existing and potential customers;
∙Expanding operational capacity to meet growing demand;
∙Extending geographical coverage;
∙Investing in the development of current staff; and
∙Recruiting additional employees to complement the skills of the existing team.
This forward-looking strategy positions Ericsson Enterprise Wireless Solutions UK Limited well for continued growth in the coming years.
This report was approved by the board and signed on its behalf.
Page 2
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their annual report on the affairs of Ericsson Enterprise Wireless Solutions UK Ltd (‘the Company’), together with the financial statements and auditor’s report, for the year ended 31 December 2024.
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to $655,682 (2023 - $132,215).
The Directors have not declared a dividend in respect of the year ended 31 December 2024 (2023: £Nil).
The directors who served during the year and up to the date of this report were:
The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
Page 3
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As at 31 December 2024, the company has been in a net asset and a net current asset position. After ensuring that financial, operational and liquidity forecasting updates are maintained and reviewed on an ongoing basis, and receiving an undertaking from the ultimate parent company, Telefonaktiebolaget LM Ericsson, that it will provide all necessary financial support to the Company for at least 12 months from the date of approval of these financial statements, the directors have formed a judgement at the time of approving the financial statements that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being at least 12 months from the date of approval of the financial statements. For this reason, they have adopted the going concern basis in preparing financial statements.
The research and development team in Camberley UK currently employs 20 full time employees and 6 contractors in roles of software development and test engineers. This team does new feature development, maintenance, and testing for all Ericsson Private 5G (EP5G) code releases. EP5G is Ericsson’s Enterprise private cellular network solution that allows customers in industries like manufacturing, mining, oil/gas exploration, warehousing, and other similar industries to take advantage of the advanced capabilities of cellular technologies.
The Company’s financial risk management policy is primarily driven by Ericsson Group Treasury. The principal role is to ensure that appropriate financing is in place to manage the Company’s liquidity as well as financial assets and liabilities, and to control financial risks exposures in a manner consistent with underlying business risks and financial policies. The Company does not undertake any local hedging activities.
The Company’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The Company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
The Company is exposed to foreign exchange risk in the normal course of business for transactions not denominated in USD. For intercompany transactions, Ericsson Group Treasury seeks to minimize such risk by dictating the currency of trade between the Company and its group undertakings.
Liquidity risk is that the Company is unable to meet its short-term payment obligations due to insufficient funds or illiquid cash reserve. The Company minimizes the liquidity risk by maintaining a sufficient net cash position and having Ericsson Group Treasury loan facilities in place to meet potential funding needs.
The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information required by schedule 7 of the Large and Medium Sized Companies (Accounts and Report) Regulations 2008.This includes information that would have been included in the business review, future developments and details of the principal risks and uncertainties.
Page 4
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
There have been no significant events affecting the Company since the year end.
The auditor, Deloitte LLP, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ERICSSON ENTERPRISE WIRELESS SOLUTIONS UK LTD
In our opinion the financial statements of Ericsson Enterprise Wireless Solutions UK Limited (the ‘company’):
∙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, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 Financial Reporting Council’s (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.
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.
Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ERICSSON ENTERPRISE WIRELESS SOLUTIONS UK LTD (CONTINUED)
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.
As explained more fully in the directors’ responsibilities statement, 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.
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 for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ERICSSON ENTERPRISE WIRELESS SOLUTIONS UK LTD (CONTINUED)
Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ERICSSON ENTERPRISE WIRELESS SOLUTIONS UK LTD (CONTINUED)
Opinions 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.
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 any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
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.
for and on behalf of
Reading, United Kingdon
Page 9
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 10
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements of Ericsson Enterprise Wireless Solutions UK Ltd (registered number 09090308) were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
Page 11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ericsson Enterprise Wireless Solutions UK Limited is a private company limited by shares and incorporated in England & Wales. The company’s principal activity during the year was providing customers with wireless telecommunications services. The principal place of business is Building A, Riverside Way, Camberley, GU15 3YL and details of the company's registered office can be found on the Company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Telefonaktiebolaget LM Ericsson as at 31 December 2024 and these financial statements may be obtained from https://www.ericsson .com/en/investors/financial -reports/annual -reports.
As at 31 December 2024, the company has been in a net asset and a net current asset position. After ensuring that financial, operational and liquidity forecasting updates are maintained and reviewed on an ongoing basis, and receiving an undertaking from the ultimate parent company, Telefonaktiebolaget LM Ericsson, that it will provide all necessary financial support to the Company for at least 12 months from the date of approval of these financial statements, the directors have formed a judgement at the time of approving the financial statements that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being at least 12 months from the date of approval of the financial statements. For this reason, they have adopted the going concern basis in preparing financial statements.
Page 12
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Third party revenue is generated in respect to the supply of hardware and software cloud-managed wireless edge networking equipment.
Revenue in respect of the bundling of hardware equipment and software subscriptions are recognised on a straight line basis over the period the subscription service is provided.
Revenue in respect of the sales of hardware equipment which are considered a separable component to the subscription licence are recognised at the point in time that the control passes to the customer which is when the goods have been delivered.
Page 13
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Compensation plans are awarded to employees as incentives to retain key talent. The Key Contributor Plan (KC Plan) is a cash-settled retention plan. Participants are assigned a potential award based on a percentage of their annual gross salary, which is converted into a number of synthetic shares based on the same market price of Ericsson B shares used for the respective year’s LTV. The KC Plan is a retention plan, therefore there are no performance criteria for vesting of awards.
There is a service period for receiving the award in full and the award is subject only to continued employment during the service period. For majority of the plans, the total service period is three years, however the payout is distributed over the entire service period with staggered payments according to the below schedule:
There is a service period for receiving the award in full and the award is subject only to continued employment during the service period. For majority of the plans, the total service period is three years, however the payout is distributed over the entire service period with staggered payments according to the below schedule:
∙25% of the award to be paid at the end of the first year,
∙25% of the award to be paid at the end of the second year, and
∙the remaining 50% of the award to be paid at the end of the third year.
Some of the previous plans have been converted to a KC plan and the payout is distributed over two years with staggered payments of 50% each year.
The tranches are accounted for as separate awards and accrued in parallel with the same grant date but different vesting dates. The value of each synthetic share is driven by the absolute share price performance of Ericsson B shares during the service period. At the end of the service period, the allotted synthetic shares are converted into a cash amount, based on the market price of Ericsson B shares Nasdaq Stockholm at the vesting date, and this final amount is paid to the participant in cash gross before tax.
The tranches are accounted for as separate awards and accrued in parallel with the same grant date but different vesting dates. The value of each synthetic share is driven by the absolute share price performance of Ericsson B shares during the service period. At the end of the service period, the allotted synthetic shares are converted into a cash amount, based on the market price of Ericsson B shares Nasdaq Stockholm at the vesting date, and this final amount is paid to the participant in cash gross before tax.
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Page 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.
Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
There are no such critical accounting judgements in applying the Company's accounting policies in either the current or prior year.
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
Profit and loss account
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 pensions cost charge represents contributions payable by the company to the existing scheme and amounted to $856,338 (2023: $397,453) contributions totalling $nil were outstanding at 31 December 2024 (2023: $nil).
The immediate parent company Cradlepoint Inc., a company incorporated in the USA, is the parent company of the smallest group for which the consolidated financial statements are drawn up of which the company is a member of. Their registered office is 1100 W. Idaho St Suite 800 Boise, ID 83702-5389, United States.
The ultimate parent undertaking and controlling party is Telefonaktiebolaget LM Ericsson, a Company which is incorporated and domiciled in Sweden at Torshamnsgatan 21, SE-164 83 Stockholm. Telefonaktiebolaget LM Ericsson is the parent undertaking of the largest group to consolidate these financial statements of which copies can be obtained directly from www.ericsson.com.
The ultimate parent undertaking and controlling party is Telefonaktiebolaget LM Ericsson, a Company which is incorporated and domiciled in Sweden at Torshamnsgatan 21, SE-164 83 Stockholm. Telefonaktiebolaget LM Ericsson is the parent undertaking of the largest group to consolidate these financial statements of which copies can be obtained directly from www.ericsson.com.
Page 25