Registration number: 13849792

European Connectivity Networks UK Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

European Connectivity Networks UK Ltd

Company Information

Directors

Karim Sahibzada Stefan Stanislawski Arti Ots

Registration number

13849792

Registered office

10 Wellington Street Cambridge Cambridgeshire CB1 1HW

Auditors

Cooper Parry Group Limited Statutory Auditor Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA

European Connectivity Networks UK Ltd

(Registration number: 13849792)
Balance Sheet as at 31 December 2024

	Note	2024 £	As restated Unaudited 2023 £
Fixed assets
Tangible assets	3	1,482,912	438,598
Current assets
Debtors	4	457,949	303,288
Cash at bank and in hand		21,160	40,017
		479,109	343,305
Creditors: Amounts falling due within one year	5	(3,980,269)	(1,249,979)
Net current liabilities		(3,501,160)	(906,674)
Net liabilities		(2,018,248)	(468,076)
Capital and reserves
Called up share capital	6	10,000	10,000
Retained earnings		(2,028,248)	(478,076)
Shareholders' deficit		(2,018,248)	(468,076)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 December 2025 and signed on its behalf by:
 

......................................... Stefan Stanislawski Director

European Connectivity Networks UK Ltd

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

1	General information

European Connectivity Networks UK Ltd (the 'company') is a limited liability company incorporated in England & Wales. The address of its registered office is disclosed on the company information page.

The financial statements have been prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 31 December 2024 (2023: year ended 31 December 2023).

The financial statements have been prepared on a going concern basis under the historical cost convention and
in accordance with Section 1A of Financial Standard 102 (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

These financial statements were authorised for issue by the Board on 31 December 2025.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 31 December 2025 was Steven Ellis, who signed for and on behalf of Cooper Parry Group Limited.

.........................................

The following principal accounting policies have been applied:

1.1 Disclosure exemption

As the company is a wholly owned subsidiary of a company whose consolidated financial statements include the results of the subsidiary and are publicly available, the company has taken advantage of FRS 102 Section 33.1A exemption from disclosing transactions with group undertakings..

1.2 Going concern

Support has been provided by loans from the parent company European Connectivity Agreements AB who have undertaken that this support will continue for the foreseeable future, being a period of a least 12 months from the date of approval of these financial statements. On the basis of the continued support of the parent company the directors continue to adopt the going concern basis in the preparation of the financial statements.

1.3 Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Turnover from the sale of goods is recognised once delivered to the customer.

Turnover from the sale of services is recognised based on the period in which the services takes place.

European Connectivity Networks UK Ltd

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

1.4 Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

1.5 Tax

The taxation charge for the year comprises current and deferred taxation.

Current taxation is recognised for the amount of corporation taxation payable in respect of the taxable profit for the current or past reporting periods using the taxation rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred taxation is recognised where material in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred taxation assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits. Deferred taxation is calculated using the taxation rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.6 Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

1.7 Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	straight line over 7 years

Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than the carrying amount, the carrying amount of the asset is reduced to it's recoverable amount. Impairment loss is recognised as an expense immediately.

1.8 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

European Connectivity Networks UK Ltd

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

1.9 Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

1.10 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.

1.11 Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and amounts due to and from group undertakings and related parties.

 Recognition and measurement
All basic financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

 Impairment
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

1.12 Prior year adjustment

During the year the directors identified that certain fixed asset additions were omitted from the prior year financial statements. As a result the company has processed a prior year adjustment to correctly reflect the assets acquired, this adjustment has no impact on the loss or net liabilities as previously reported.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

Page 5

European Connectivity Networks UK Ltd

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

3	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 January 2024 - As restated unaudited	459,123	459,123
Additions	1,169,774	1,169,774
At 31 December 2024	1,628,897	1,628,897
Depreciation
At 1 January 2024 - As restated unaudited	20,525	20,525
Charge for the year	125,460	125,460
At 31 December 2024	145,985	145,985
Carrying amount
At 31 December 2024	1,482,912	1,482,912
At 31 December 2023 - As restated unaudited	438,598	438,598

4

Debtors

Current	Note	2024 £	Unaudited 2023 £
Trade debtors		755	-
Amounts owed by related parties	7	17,943	5,633
Prepayments		284,938	198,852
Other debtors		154,313	98,803
		457,949	303,288

5

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	As restated Unaudited 2023 £
Due within one year
Trade creditors		470,691	260,601
Amounts owed to group undertakings	7	3,501,036	918,408
Accruals and deferred income		8,542	70,970
		3,980,269	1,249,979

European Connectivity Networks UK Ltd

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

6	Share capital

Allotted, called up and fully paid shares

	2024		Unaudited 2023
	No.	£	No.	£
Ordinary shares of £1 each	10,000	10,000	10,000	10,000

7	Related party transactions

European Connectivity Agreements AB have provided funding in the amount of £3,015,097 (2023 £718,107) through formal loans and in addition the company has received from group companies the provision of credit on normal trade terms. Interest is charged on the formal loans on a quarterly basis at the rate of 12.5% per annum. The loan agreements are governed by and construed in accordance with the laws of Sweden.

8	Parent and ultimate parent undertaking

The company's immediate parent is European Connectivity Agreements AB, incorporated in Sweden.

 The ultimate parent is Polar Structure AB, incorporated in Sweden.

 The most senior parent entity producing publicly available financial statements is Polar Structure AB. These financial statements are available upon request from the Swedish Companies Registration Office.