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Registered number: NI683536
Wolfspeed Services UK Limited
Financial statements
Information for filing with the registrar
For the year ended 30 June 2024
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Wolfspeed Services UK Limited
Registered number: NI683536
Balance sheet
As at 30 June 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 May 2026.
The notes on pages 2 to 9 form part of these financial statements.
Page 1
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
Wolfspeed Services UK Limited (the Company) is a private company limited by shares incorporated in Northern Ireland. The registered office is Glendinning House, 6 Murray Street, Belfast, BT1 6DN.
The Company performs IT support services and operations on behalf of its ultimate beneficial parent company Wolfspeed, Inc.
2.Accounting policies
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Basis of preparation of financial statements
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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 requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company's functional and presentation currency is GBP and no rounding has been applied.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from services rendered by the Company is recognised on the basis of agreements entered into with its parent company and ultimate holding company at cost plus agreed mark-up.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 2
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Current tax assets and liabilities are not discounted.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 3
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
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.
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.
Page 4
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
The directors of Wolfspeed Services UK Limited have reviewed the resources available and believe that the company has adequate resources in operational existence for the foreseeable future. With support from its parent company, Wolfspeed Services UK Limited continues to adopt the going concern basis in preparing the financial statements.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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No significant judgements have been made in the process of applying the above accounting policies. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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The average monthly number of employees, including directors, during the year was 38 (2023 - 19).
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Page 5
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
Page 6
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
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Due after more than one year
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Page 7
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary share of £1
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Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £131,878 (2023: £73,982). Contributions totaling £Nil (2023: £766) were payable to the fund at the balance sheet date and are included in creditors
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Post balance sheet events
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Subsequent to the reporting date, the parent company, Wolfspeed Inc, completed a Chapter 11 restructuring process that was initiated during the subsequent financial year. The restructuring was undertaken to strengthen the Company’s capital structure, improve liquidity, and support the long-term sustainability of operations. Following completion of the process, the Company has continued normal business operations and has experienced improvements in operational performance, customer demand, and strategic growth initiatives.
Management believes the restructuring has positioned the Company more favourably for future growth, supported by ongoing investment in core technologies, manufacturing capacity, and commercial opportunities. As of the date of approval of these financial statements, the Company continues to operate as a going concern and is focused on executing its long-term growth strategy.
The ultimate controlling party of the Company is Wolfspeed, Inc, a company incorporated in the United States of America.
The largest and smallest group in which the results of Wolfspeed Services UK Limited are consolidated is that headed by Wolfspeed, Inc. Copies of the consolidated financial statements are available from the company's website.
The directors consider there to be no ultimate controlling party.
Page 8
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Wolfspeed Services UK Limited
Notes to the financial statements
For the year ended 30 June 2024
The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.
The audit report was signed on 28 May 2026 by Adrian Patton (Senior statutory auditor) on behalf of Sumer Auditco NI Limited.
Page 9
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