Caseware UK (AP4) 2023.0.135 2023.0.135 true2022-07-01falseNo description of principal activity1414trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI615841 2022-07-01 2023-06-30 NI615841 2021-07-01 2022-06-30 NI615841 2023-06-30 NI615841 2022-06-30 NI615841 c:Director1 2022-07-01 2023-06-30 NI615841 d:PlantMachinery 2022-07-01 2023-06-30 NI615841 d:PlantMachinery 2023-06-30 NI615841 d:PlantMachinery 2022-06-30 NI615841 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI615841 d:OfficeEquipment 2022-07-01 2023-06-30 NI615841 d:OfficeEquipment 2023-06-30 NI615841 d:OfficeEquipment 2022-06-30 NI615841 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI615841 d:ComputerEquipment 2022-07-01 2023-06-30 NI615841 d:ComputerEquipment 2023-06-30 NI615841 d:ComputerEquipment 2022-06-30 NI615841 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI615841 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI615841 d:CurrentFinancialInstruments 2023-06-30 NI615841 d:CurrentFinancialInstruments 2022-06-30 NI615841 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 NI615841 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 NI615841 d:ShareCapital 2023-06-30 NI615841 d:ShareCapital 2022-06-30 NI615841 d:SharePremium 2022-07-01 2023-06-30 NI615841 d:SharePremium 2023-06-30 NI615841 d:SharePremium 2022-06-30 NI615841 d:OtherMiscellaneousReserve 2022-07-01 2023-06-30 NI615841 d:OtherMiscellaneousReserve 2023-06-30 NI615841 d:OtherMiscellaneousReserve 2022-06-30 NI615841 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 NI615841 d:RetainedEarningsAccumulatedLosses 2023-06-30 NI615841 d:RetainedEarningsAccumulatedLosses 2022-06-30 NI615841 c:OrdinaryShareClass1 2022-07-01 2023-06-30 NI615841 c:OrdinaryShareClass1 2023-06-30 NI615841 c:OrdinaryShareClass1 2022-06-30 NI615841 c:OrdinaryShareClass2 2022-07-01 2023-06-30 NI615841 c:OrdinaryShareClass2 2023-06-30 NI615841 c:OrdinaryShareClass2 2022-06-30 NI615841 c:OrdinaryShareClass3 2022-07-01 2023-06-30 NI615841 c:OrdinaryShareClass3 2023-06-30 NI615841 c:OrdinaryShareClass3 2022-06-30 NI615841 c:FRS102 2022-07-01 2023-06-30 NI615841 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 NI615841 c:FullAccounts 2022-07-01 2023-06-30 NI615841 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI615841 2 2022-07-01 2023-06-30 NI615841 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI615841










SaltVPN Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2023

 
SaltVPN Limited
Registered number: NI615841

Balance Sheet
As at 30 June 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
16,608
7,846

  
16,608
7,846

Current assets
  

Debtors: amounts falling due within one year
 6 
1,300,132
422,328

Cash at bank and in hand
 7 
148,708
339,445

  
1,448,840
761,773

Creditors: amounts falling due within one year
 8 
(910,561)
(405,999)

Net current assets
  
 
 
538,279
 
 
355,774

Total assets less current liabilities
  
554,887
363,620

  

Net assets
  
554,887
363,620


Capital and reserves
  

Called up share capital 
 9 
155,205
111,152

Share premium account
 10 
5,801,207
4,845,260

Other reserves
 10 
91,199
55,674

Profit and loss account
 10 
(5,492,724)
(4,648,466)

  
554,887
363,620


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SaltVPN Limited
Registered number: NI615841

Balance Sheet (continued)
As at 30 June 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 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 on 1 February 2024.




Mr Joe Boyle
Director

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

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Page 2

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2023

1.


General information

SaltVPN Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company had cash reserves of £148,708 at 30 June 2023 and received the £1m proceeds of the 30 June 2023 share allotment in July 2023. 
Based upon the above, and after making appropriate enquiries, the directors have formed a judgement at the time of writing that it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

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'.

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Page 3

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

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 Profit and Loss Account in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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Page 4

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

Taxation

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.

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
Office equipment
-
33%
Computer 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.

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Page 5

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company’s accounting policies, management has not made any significant judgements. There are no key assumptions concerning the future or other key sources of estimation, that have significant risk of raising a material adjustment to the carrying amounts of assets and liabilities within the financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 14).

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Page 6

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2023

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
1,458
14,960
39,165
55,583


Additions
-
2,280
11,859
14,139



At 30 June 2023

1,458
17,240
51,024
69,722



Depreciation


At 1 July 2022
1,458
13,388
32,891
47,737


Charge for the year on owned assets
-
991
4,386
5,377



At 30 June 2023

1,458
14,379
37,277
53,114



Net book value



At 30 June 2023
-
2,861
13,747
16,608



At 30 June 2022
-
1,573
6,273
7,846

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Page 7

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2023

6.


Debtors

2023
2022
£
£


Trade debtors
10,803
155,474

Other debtors
1,283,155
242,351

Prepayments and accrued income
6,174
24,503

1,300,132
422,328



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
148,708
339,445

148,708
339,445



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
519,770
-

Trade creditors
22,705
26,949

Corporation tax
-
119

Other taxation and social security
39,626
21,731

Other creditors
5,626
5,143

Accruals and deferred income
322,834
352,057

910,561
405,999




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Page 8

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6,595,328 (2022 - 6,595,328) Ordinary shares of £0.001 each
6,595
6,595
2,121,290 (2022 - 2,121,290) Deferred Ordinary shares of £0.001 each
2,121
2,121
146,489,217 (2022 - 102,436,000) Preferred Ordinary shares of £0.001 each
146,489
102,436

155,205

111,152


In June 2023 the company issued 44,052,864 Preferred Ordinary shares at a price of £0.0227 per share.


10.


Reserves

Share premium account

The share premium account represents the excess paid for shares over their nominal value.

Other reserves

The other reserve is a share option reserve

Profit and loss account

The profit and loss account contains the accumulated profits and losses of the company.


11.


Share-based payments

During the year options in respect of 12,738,077 shares vested during the year.


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Page 9