Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-310false2023-01-01true0falsefalse 09979860 2023-01-01 2023-12-31 09979860 2022-01-01 2022-12-31 09979860 2023-12-31 09979860 2022-12-31 09979860 2022-01-01 09979860 c:CompanySecretary1 2023-01-01 2023-12-31 09979860 c:Director1 2023-01-01 2023-12-31 09979860 c:Director2 2023-01-01 2023-12-31 09979860 c:Director3 2023-01-01 2023-12-31 09979860 c:RegisteredOffice 2023-01-01 2023-12-31 09979860 d:ShareCapital 2023-12-31 09979860 d:ShareCapital 2022-12-31 09979860 d:ShareCapital 2022-01-01 09979860 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 09979860 d:CapitalRedemptionReserve 2023-12-31 09979860 d:CapitalRedemptionReserve 2022-01-01 2022-12-31 09979860 d:CapitalRedemptionReserve 2022-12-31 09979860 d:CapitalRedemptionReserve 2022-01-01 09979860 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09979860 d:RetainedEarningsAccumulatedLosses 2023-12-31 09979860 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09979860 d:RetainedEarningsAccumulatedLosses 2022-12-31 09979860 d:RetainedEarningsAccumulatedLosses 2022-01-01 09979860 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09979860 c:OrdinaryShareClass1 2023-12-31 09979860 c:OrdinaryShareClass1 2022-12-31 09979860 c:EntityHasNeverTraded 2023-01-01 2023-12-31 09979860 c:FRS102 2023-01-01 2023-12-31 09979860 c:Audited 2023-01-01 2023-12-31 09979860 c:FullAccounts 2023-01-01 2023-12-31 09979860 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09979860 d:Subsidiary1 2023-01-01 2023-12-31 09979860 d:Subsidiary1 1 2023-01-01 2023-12-31 09979860 d:Subsidiary2 2023-01-01 2023-12-31 09979860 d:Subsidiary2 1 2023-01-01 2023-12-31 09979860 6 2023-01-01 2023-12-31 09979860 e:USDollar 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09979860










N-ABLE INTERNATIONAL LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
N-ABLE INTERNATIONAL LTD
 

COMPANY INFORMATION


Directors
Goetz Benedict Eaton 
Neil Douglas McIntosh 
Sara Louise Sharp 




Company secretary
Broughton Secretaries Limited



Registered number
09979860



Registered office
54 Portland Place

London

W1B 1DY




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
N-ABLE INTERNATIONAL LTD
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 13


 
N-ABLE INTERNATIONAL LTD
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report on N-able International Limited (the "Company") for the year ended 31 December 2023.

Business review
 
The Company is a holding company and plans to remain so for the foreseeable future. During the period, the Company paid dividends of $6,900,000 (2022: $26,850,000), and recorded a profit before tax of $NIL (2022: $NIL).
The directors have assessed the potential impact of current and emerging global and macroeconomic conditions on the business and have concluded that given the nature of the buisness, the impact will be very limited, and these do not present any significant risk to the future performance of the business.

Principal risks and uncertainties
 
The Company's activities do not expose it to any significant financial risks including cash flow risk, credit risk, liquidity risk and price risk, other than future dividend payments to its parent. The Company does not currently use derivative financial instruments.

Financial key performance indicators
 
Given the straightforward nature of the business, the Company's directors are of the opinion that analyses using KPIs are not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 22 August 2024 and signed on its behalf.



Sara Louise Sharp
Director

Page 1

 
N-ABLE INTERNATIONAL LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the company in the year was that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to $NIL (2022 - $NIL).

Dividends of $6,900,000 (2022 - $26,850,000) were paid during the year.

Directors

The directors who served during the year were:

Goetz Benedict Eaton 
Neil Douglas McIntosh 
Sara Louise Sharp 

Political contributions

UK company law requires companies to disclose all political donations over £2,000 in aggregate made during the financial period. The directors, on enquiry, have satisfied themselves that no such donations in excess of this amount have been made by the company. 

Future developments

There are no significant future developments planned.

Page 2

 
N-ABLE INTERNATIONAL LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Research and development activities

The company does not engage in research and development activities. This us undertaken by other group companies.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

This report was approved by the board on 22 August 2024 and signed on its behalf.
 





Sara Louise Sharp
Director

Page 3

 
N-ABLE INTERNATIONAL LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF N-ABLE INTERNATIONAL LTD
 

Opinion


We have audited the financial statements of N-able International Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditors' 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 4

 
N-ABLE INTERNATIONAL LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF N-ABLE INTERNATIONAL LTD (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
N-ABLE INTERNATIONAL LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF N-ABLE INTERNATIONAL LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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 Auditors' 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recongising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  As in all our audits, we also addressed the risk of managmeent override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 


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 Auditors' report.


Use of our report
 

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 2006Our 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 Auditors' 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.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants & Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

22 August 2024
Page 6

 
N-ABLE INTERNATIONAL LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


  

The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

Page 7

 
N-ABLE INTERNATIONAL LTD
REGISTERED NUMBER: 09979860

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
$
$

Fixed assets
  

Investments
 7 
330,750,000
337,650,000

  
330,750,000
337,650,000

  

Total assets less current liabilities
  
 
330,750,000
 
337,650,000

  

Net assets
  
330,750,000
337,650,000


Capital and reserves
  

Called up share capital 
 8 
14,420
14,420

Capital contribution reserve
 9 
330,735,580
337,635,580

  
330,750,000
337,650,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




Sara Louise Sharp
Director

The notes on pages 10 to 13 form part of these financial statements.

Page 8

 
N-ABLE INTERNATIONAL LTD
 

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


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

$
$
$
$


At 1 January 2022
14,420
364,485,580
-
364,500,000

Dividends: Equity capital
-
-
(26,850,000)
(26,850,000)

Transfer to/from profit and loss account
-
(26,850,000)
26,850,000
-



At 1 January 2023
14,420
337,635,580
-
337,650,000

Transfer to profit and loss account
-
-
(6,900,000)
(6,900,000)

Dividends: Equity capital
-
(6,900,000)
6,900,000
-


At 31 December 2023
14,420
330,735,580
-
330,750,000


The notes on pages 10 to 13 form part of these financial statements.

Page 9

 
N-ABLE INTERNATIONAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

N-able International Ltd is a private limited company incorporated and domiciled in England, United Kingdom, with registered number 09979860. The registered office of the company is 54 Portland Place, London, England, W1B 1DY.

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 financial statements are presented in USD ($).

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 Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the basis that the directors, after making enquiries, have a reasonable expectation that the company has adequate resources to enable it to continue operating for the foreseeable future. For this reason, the going concern basis continues to be adopted in preparing the financial statements. 

  
2.3

Disclosure exemptions for qualifying entites under FRS 102

FRS 102 allows a qualifying entity certain disclosure exemptions and the following exemptions have
been taken by the company:
(i) Preparation of a statement of cash flows
The company has not prepared a cash flow statement, as required by Section 7 of FRS 102 and
FRS 102 Paragraph 3.17(d), on the basis that it is a qualifying entity.
(ii)Financial instrument disclosures
Disclosures required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29 have not been made as the information is provided in the consolidated financial statement disclosures.
(iii)Key management compensation and related party transactions
The requirement of FRS 102 paragraph 33.7 company key management compensation and
requirements under paragraph 33.8 related party transactions have not been separately disclosed
as the information is provided in the consolidated financial statement disclosures.

Page 10

 
N-ABLE INTERNATIONAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 reporting date in the countries where the Company operates and generates income.

 
2.5

Investment in subsidiary undertakings

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.6

Impairment of non-financial assets

At the end of each financial period non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash-generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash-generating unit) is estimated.
The recoverable amount of the asset (or cash-generating unit) is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from continuing use of the asset (or cash-generating unit) and from its ultimate disposal. In measuring value in use pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current risk-free market rate and the risks specific to the asset for which the future cash flow estimates have not been adjusted.
If the recoverable amount of the asset (or cash-generating unit) is less than the carrying amount of the asset (or cash-generating unit) the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in profit or loss, unless the asset has been revalued. If the asset has been revalued the impairment loss is recognised in other comprehensive income to the extent of the revaluation gains accumulated in equity in respect of that asset. Thereafter any excess is recognised in profit or loss.
If an impairment loss reverses (the reasons for the impairment loss have creased to apply), the carrying amount of the asset (or asset's cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior financial periods. A reversal of an impairment loss is recognised in the profit and loss account, unless the assets carried at a revalued amount.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 11

 
N-ABLE INTERNATIONAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below. 
(i) Impairment of non-financial assets
The company monitors the carrying value of non-financial assets for any indication that they may be impaired. If any indication exists, the company shall estimate the recoverable amount of the assets.


4.


Auditors' remuneration

2023
2022
$
$

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,000
6,000


5.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - $NIL).


6.


Dividends

2023
2022
$
$


Dividends paid
6,900,000
26,850,000

6,900,000
26,850,000


7.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 January 2023
337,650,000


Amounts written off
(6,900,000)



At 31 December 2023
330,750,000




Page 12

 
N-ABLE INTERNATIONAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

N-able Solutions ULC
450 March Road
2nd Floor
Ottawa
Canada
K2K 3K2
100%
N-able Portugal, Unipessoal Lda.
Avenida Dom Joao II 
50 1B 1990-095 
Lisboa 
Portugal
100%

N-able Portugal, Unipoessoal Lda is held indirectly and N-able Solutions ULC is held directly by the Company.
In the opinion of the directors, the realisable value of the unlisted investments, as represented in the company's Statement of Financial Position by shares in related undertakings, are not less than their carrying value.


8.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1 each
14,420
14,420



9.


Reserves

Capital contribution reserve

During the year $6,900,000 was reclassified to the Profit and loss reserve and subsequently paid out as dividends. 

Profit and loss account

Profit and loss account represents accumulated comprehensive income for the financial period and prior financial periods.


10.


Controlling party

As at 31 December 2023, the company's immediate parent was N-able Global Ltd, a UK registered company.
The company's ultimate parent and ultimate controlling party was N-able Inc, a US registered company. N-able Inc. prepares group financial statements and is both the smallest and largest group for which group financial statements are drawn up and of which the company is a member.

Page 13