Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Sales services for the parent companyfalse222023-01-0128truetruefalse 11207381 2023-01-01 2023-12-31 11207381 2022-01-01 2022-12-31 11207381 2023-12-31 11207381 2022-12-31 11207381 2022-01-01 11207381 2 2023-01-01 2023-12-31 11207381 2 2022-01-01 2022-12-31 11207381 d:Director4 2023-01-01 2023-12-31 11207381 e:ComputerEquipment 2023-01-01 2023-12-31 11207381 e:ComputerEquipment 2023-12-31 11207381 e:ComputerEquipment 2022-12-31 11207381 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11207381 e:CurrentFinancialInstruments 2023-12-31 11207381 e:CurrentFinancialInstruments 2022-12-31 11207381 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 11207381 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 11207381 e:ShareCapital 2023-01-01 2023-12-31 11207381 e:ShareCapital 2023-12-31 11207381 e:ShareCapital 2022-01-01 2022-12-31 11207381 e:ShareCapital 2022-12-31 11207381 e:ShareCapital 2022-01-01 11207381 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2023-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2022-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2022-01-01 11207381 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 11207381 d:FRS102 2023-01-01 2023-12-31 11207381 d:Audited 2023-01-01 2023-12-31 11207381 d:FullAccounts 2023-01-01 2023-12-31 11207381 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11207381 e:WithinOneYear 2023-12-31 11207381 e:WithinOneYear 2022-12-31 11207381 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-12-31 11207381 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2022-12-31 11207381 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11207381 2 2023-01-01 2023-12-31 11207381 7 2023-01-01 2023-12-31 11207381 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11207381









TRANSMIT SECURITY UK LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRANSMIT SECURITY UK LTD
REGISTERED NUMBER: 11207381

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,193
24,817

Current assets
  

Debtors: amounts falling due within one year
 5 
1,634,104
985,289

Cash at bank and in hand
 6 
588,758
910,439

  
2,222,862
1,895,728

Creditors: amounts falling due within one year
 7 
(822,576)
(609,799)

Net current assets
  
 
 
1,400,286
 
 
1,285,929

Net assets
  
1,411,479
1,310,746


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,411,379
1,310,646

  
1,411,479
1,310,746


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 by: 




................................................
M Shitrit
Director

Date: 24 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
TRANSMIT SECURITY UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
843,110
843,210


Comprehensive income for the year

Profit for the year
-
369,344
369,344


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
369,344
369,344


Contributions by and distributions to owners

Share based payments
-
98,192
98,192


Total transactions with owners
-
98,192
98,192



At 1 January 2023
100
1,310,646
1,310,746


Comprehensive income for the year

Profit for the year
-
37,833
37,833


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
37,833
37,833


Contributions by and distributions to owners

Share based payments
-
62,900
62,900


Total transactions with owners
-
62,900
62,900


At 31 December 2023
100
1,411,379
1,411,479


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Transmit Security UK Ltd (the Company) is a company incorporated on 15 February 2018 in the United Kingdom under the Companies Act 2006. 
The Company is a private company limited by shares and is registered in England & Wales. The address of the Company's registered office is Suite 4, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB.
The principal activity of the Company is to provide sales services for its parent company, Transmit Security Ltd.

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 directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
 
The directors of the company have received confirmation of continued financial support for the foreseeable future from the parent company, Transmit Security Ltd.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole pound.

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.

Page 3

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is derived primarily from the ultimate parent company, Transmit Security Ltd, under the transfer pricing agreement in place. Revenue represents amounts charged to the Company's parent company under the Service Representative Agreement, excluding value added tax. Turnover is recognised when costs and incurred. 
The Company also generates revenues from its customers by selling of its Parent Company Software Licenses when (a) persuasive evidence of an arrangement exits; (b) delivery has occurred and customer acceptance requirements, if any, have been met and the Company has no additional obligations; (c) the price is fixed or determinable; and (d) collection of payment is reasonably assured.
License fee revenues are recognized when a non-cancelable license agreement has been signed, the software product has been delivered, the fees are fixed or determinable and collection is considered probable. For customer license agreements which meet these revenue recognition criteria, the portion of the fees related to software licenses will be recognized in the current period, while the portion of the fees related to any services provided is recognized as the services are performed, as long as these services are not considered essential to the functionality of the software.
Where the Company is acting as agent the Company recognises revenue as the commission element of these arrangements.

 
2.5

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.

 
2.6

Interest income

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

 
2.7

Pensions

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 recognised as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.

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.

Page 5

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
2 - 3 years

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.

 
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

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 6

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

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.


3.


Employees

The average monthly number of employees, excluding directors, during the year was 22 (2022 - 28).

Page 7

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost 


At 1 January 2023
85,001


Additions
6,710


Disposals
(4,781)



At 31 December 2023

86,930



Depreciation


At 1 January 2023
60,184


Charge for the year on owned assets
18,691


Disposals
(3,138)



At 31 December 2023

75,737



Net book value



At 31 December 2023
11,193



At 31 December 2022
24,817

Page 8

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
253,951

Amounts owed by group undertakings
1,521,447
548,153

Other debtors
72,434
171,272

Prepayments and accrued income
40,223
11,913

1,634,104
985,289



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
588,758
910,439


The Company entered into an agreement dated 20 December 2018 with Silicon Valley Bank (SVB). The agreement allowed SVB a fixed charge over certain deposit accounts maintained by the company. This charge was satisfied on 23 August 2023.
At 31 December 2022 £28,501 was held in accounts on which SVB had a charge.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
44,798
694

Corporation tax
60,298
54,336

Other taxation and social security
217,421
275,765

Other creditors
22,270
14,361

Accruals and deferred income
477,789
264,643

822,576
609,799



8.


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 £92,304 (2022: £74,658). Contributions totalling £19,991 (2022: £14,361) were payable to the fund at the balance sheet date and are included in creditors.

Page 9

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Office lease


Not later than 1 year
79,555
130,400

2023
2022

£
£

Car lease


Not later than 1 year
-
3,615


10.


Controlling party

The ultimate parent company and controlling party is Transmit Security Ltd, a company incorporated in Israel, which is the parent company of the smallest and largest group to consolidate these financial statements. The registered office of Transmit Security Ltd is 2nd Alon Build, 94 Yigal Alon St., Tel Aviv, 6789139 Israel.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 31 July 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 10