Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
COMPANY INFORMATION
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
CONTENTS
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors present their strategic report for the year ended 31 December 2022.
The results of the Company for the year show a profit on ordinary activities before tax of £1,377,625 (2021 - £973,236). The shareholders' funds for the Company total £1,859,170 (2021 - £865,248).
The Company provides a suite of cloud-based data protection tools, including data backup and restoration, security posture management, archiving, and sandbox seeding tools. The directors are confident that business is moving forward and has a promising future. Investments are being made to expand the Company’s market and customer base and to sell additional products and services to its current customers. The Company has a good cash position at year-end due to previously funded financing.
The Company's success is dependent on the operations of the Parent Company.
Cashflow risk The Company operates on a cost-plus revenue model and is fully funded by the other group entities. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations, which will result in financial loss to the Company. The Company does not have any external debt. Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit. Due to the nature of the business, the Company has minimal liquidity risk and cash flows are managed on a daily basis. Foreign exchange risk The Company has transaction currency exposure which arise from purchases and sales in currencies other than its functional currency. Management monitors foreign currency balances and controls these to limit exchange rate exposure. Competition risk Continual development of R&D to develop new products at a group level.
The directors oversee the operations of the group at the Parent Company level, of which the Company is included. The directors of the Company do not believe the use of financial key performance indicators are appropriate for assessing the performance or position of the Company.
This report was approved by the board and signed on its behalf.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The director presents his report and the financial statements for the year ended 31 December 2022.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 £993,922 (2021 - £875,090).
No dividend has been paid or proposed in the current year (2021 - £nil)
The director who served during the year was:
There are no significant future developments to note.
The Company has a branch established in France.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company has chosen in accordance with Companies Act 2006, a. 414C (11) to set out in the strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risk and uncertainties and financial risk management objectives and policies.
There have been no significant events affecting the Company since the year end.
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
We have audited the financial statements of OwnCompany UK Limited (formerly known as Ownbackup UK Limited) (the 'Company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's 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 material misstatements in the Strategic Report or the Director's Report.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED) (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.
∙We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED) (CONTINUED)
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
Chartered Accountants and Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
Berkshire
RG6 1RB
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
REGISTERED NUMBER: 11121433
BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
OwnCompany UK Limited (formerly called Ownbackup UK Limited) ("the Company") is a company incorporated in the United Kingdom under the Companies Act.
On 19 October 2023 the directors passed a resolution to change the name of the Company to OwnCompany UK Limited. The Company is a private company limited by shares and is registered in England and Wales. The Company's registered address is Suite 4, 7th Floor, 50 Broadway, London, SW1H 0DB. The principal activity for the Company in the period under review was sales and marketing support activities for its parent company, OwnCompany Inc.
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 directors have received confirmation of continued financial support for the foreseeable future from the parent company, OwnCompany Inc., thus the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 balance sheet 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 Balance Sheet.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and the future period if the revision affects both current and future periods. The more significant estimates and assumptions by management include, among others valuation and recognition of share-based payments, and accounting for income taxes. Management believes that the estimates and judgments upon which it relies are reasonable based upon information available to it at the time that these estimates and judgments were made. Actual results could differ from those estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial statements will be affected.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8.Taxation (continued)
The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023.
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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OWNCOMPANY UK LIMITED (FORMERLY KNOWN AS OWNBACKUP UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 £690,656 (2021 - £310,621). Contributions totalling £228,662 (2021 - £101,694) were payable to the fund at the balance sheet date and are included in creditors.
The Company's immediate parent is OwnCompany Inc. (formerly
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