Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false2022-01-01providing sales and marketing services to that of the parent company.2529falsetrue 08285913 2022-01-01 2022-12-31 08285913 2021-01-01 2021-12-31 08285913 2022-12-31 08285913 2021-12-31 08285913 c:Director3 2022-01-01 2022-12-31 08285913 d:OfficeEquipment 2022-01-01 2022-12-31 08285913 d:OfficeEquipment 2022-12-31 08285913 d:OfficeEquipment 2021-12-31 08285913 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08285913 d:CurrentFinancialInstruments 2022-12-31 08285913 d:CurrentFinancialInstruments 2021-12-31 08285913 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08285913 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08285913 d:ShareCapital 2022-12-31 08285913 d:ShareCapital 2021-12-31 08285913 d:OtherMiscellaneousReserve 2022-12-31 08285913 d:OtherMiscellaneousReserve 2021-12-31 08285913 d:RetainedEarningsAccumulatedLosses 2022-12-31 08285913 d:RetainedEarningsAccumulatedLosses 2021-12-31 08285913 d:OtherDeferredTax 2022-12-31 08285913 c:FRS102 2022-01-01 2022-12-31 08285913 c:Audited 2022-01-01 2022-12-31 08285913 c:FullAccounts 2022-01-01 2022-12-31 08285913 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08285913 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08285913 2 2022-01-01 2022-12-31 08285913 6 2022-01-01 2022-12-31 08285913 e:PoundSterling 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 08285913









TUFIN SOFTWARE EUROPE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
TUFIN SOFTWARE EUROPE LIMITED
REGISTERED NUMBER: 08285913

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,535
48,328

Investments
 5 
30,178
30,178

  
59,713
78,506

Current assets
  

Debtors: amounts falling due within one year
 6 
8,091,080
1,211,341

Cash at bank and in hand
 7 
658,434
442,866

  
8,749,514
1,654,207

Creditors: amounts falling due within one year
 8 
(7,180,880)
(679,550)

Net current assets
  
 
 
1,568,634
 
 
974,657

Total assets less current liabilities
  
1,628,347
1,053,163

Provisions for liabilities
  

Deferred tax
 9 
(8,492)
(8,492)

  
 
 
(8,492)
 
 
(8,492)

Net assets
  
1,619,855
1,044,671

Page 1

 
TUFIN SOFTWARE EUROPE LIMITED
REGISTERED NUMBER: 08285913
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
  
301,247
-

Profit and loss account
  
1,318,607
1,044,670

  
1,619,855
1,044,671


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 by: 




................................................
S R Tucker
Director

Date: 2 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TUFIN SOFTWARE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Tufin Software Europe Limited is a company incorporated in England and Wales under the Companies Act 2006 and limited by share capital.
Its principal place of business is different to its registered office which is at Suit 4, 7th floor 50 Broadway, London, United Kingdom, SW1H 0DB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TUFIN SOFTWARE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognized on sales support services supplied to its ultimate parent company Tufin Software Technologies LTD, a company incorporated in Israel.

 
2.4

Operating leases: the Company as lessee

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

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 4

 
TUFIN SOFTWARE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.8

Tangible fixed assets

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:

Office equipment
-
33%

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.

Page 5

 
TUFIN SOFTWARE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

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.

 
2.12

Creditors

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Sales and Marketing
25
29

Page 6

 
TUFIN SOFTWARE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2022
145,918


Additions
8,596


Disposals
(3,589)



At 31 December 2022

150,925



Depreciation


At 1 January 2022
97,590


Charge for the year on owned assets
23,800



At 31 December 2022

121,390



Net book value



At 31 December 2022
29,535


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
30,178



At 31 December 2022
30,178




Page 7

 
TUFIN SOFTWARE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
8,009,756
999,681

Other debtors
10,490
65,458

Prepayments and accrued income
70,834
146,202

8,091,080
1,211,341



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
658,434
442,866

658,434
442,866



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
3,427
2,296

Amounts owed to group undertakings
5,479,961
-

Corporation tax
33,925
52,854

Other taxation and social security
7,733
-

Other creditors
879,279
58,164

Accruals and deferred income
776,555
566,236

7,180,880
679,550


Page 8

 
TUFIN SOFTWARE EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Deferred taxation



2022


£






At beginning of year
(8,492)



At end of year
(8,492)

The provision for deferred taxation is made up as follows:

2022
£


Accelerated capital allowances
(8,492)

(8,492)


10.


Pension commitments

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 represents contributions payable by the Company to the fund and amounted to £78,353 (2021: £95,519). As at 31 December 2022, contributions totaling £10,915 (2021: £15,065) were due to the scheme and are included in other creditors. 


11.


Controlling party

The Company is a wholly owned subsidiary of Tufin Software Technologies Limited. Tufin Software Technologies Limited shares are wholly owned by Talon Midco 3 Limited, a limited company incorporated in the United Kingdom. Ultimate parent company is Talon Topco Limited.



12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 2 February 2024 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 9