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Registered number: NI660748 (England and Wales)














CYGILANT UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CYGILANT UK LIMITED
 
 
COMPANY INFORMATION


Directors
C Conrad 
R Dobrow 




Registered number
NI660748



Registered office
24 Ormeau Avenue
1st Floor

Centerpoint

Belfast

Northern Ireland

BT2 8HS




Independent auditor
ZEDRA Corporate Reporting Services (UK) Limited





 
CYGILANT UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
CYGILANT UK LIMITED
REGISTERED NUMBER:NI660748

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
85,981
102,695

  
85,981
102,695

Current assets
  

Debtors due more than one year
 5 
89,870
89,870

Debtors: amounts falling due within one year
 5 
959,505
814,444

Bank and cash balances
  
19,359
74,352

  
1,068,734
978,666

Creditors: amounts falling due within one year
 6 
(146,213)
(386,763)

Net current assets
  
 
 
922,521
 
 
591,903

Total assets less current liabilities
  
1,008,502
694,598

Creditors: amounts falling due after more than one year
 7 
(10,168)
(11,935)

Provisions for liabilities
  

Deferred tax
  
(15,039)
(16,977)

  
 
 
(15,039)
 
 
(16,977)

Net assets
  
983,295
665,686

Page 1

 
CYGILANT UK LIMITED
REGISTERED NUMBER:NI660748
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
983,195
665,586

  
983,295
665,686


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 statement of comprehensive income 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: 


R Dobrow
Director

Date: 24 July 2024

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

Page 2

 
CYGILANT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
1.2

Going concern

The Company is in a net asset position of £983,295, primarily supported by amounts due from group undertakings. Despite this position, due to the Company’s business model being mainly a transfer pricing arrangement with the parent company, Cygilant, Inc., it is reliant upon the continued support of that company in order to remain a going concern. The parent company is, in turn, reliant on the support of the ultimate parent company, SilverSky Inc. The directors have considered their ability to support the company for at least 12 months from the date of these financial statements when applying the going concern basis of preparation.

Cygilant UK Limited has received written confirmation from both its parent and ultimate parent company, Cygilant, Inc. and SilverSky Inc., that they will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. The parent company in turn, are reliant on the ultimate parent company, Silversky Inc, who have also indicated their continued support to the group as a whole.

 
1.3

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.

Page 3

 
CYGILANT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Turnover

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

Intercompany turnover is recognised on a cost plus 12% basis, in line with the intercompany service agreement with the parent company.
Turnover from direct customers is derived from customer orders for Security Operation Center services.
Both intercompany and direct customer and intercompany turnover is recognised when all of the folowing conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.5

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.

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.

 
1.6

Interest income

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

 
1.7

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

 
CYGILANT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.8

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.

 
1.9

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.

The estimated useful lives range as follows:

Leasehold improvements
-
10
years
Fixtures and fittings
-
5
years
Computer equipment
-
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.

Page 5

 
CYGILANT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.10

Debtors

Short-term debtors are measured at transaction price. Amounts due from group undertakings are measured at cost. These loans are unsecured, interest free and repayable on demand. Long term debtors are subsequently measured at amortised cost using the effective interest rate method, unless the effects of discounting are deemed to be immaterial.

 
1.11

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.

 
1.12

Creditors

Short-term creditors are measured at the transaction price. Creditors falling due after more than one year are subsequently measured at amortised cost using the effective interest method, unless the effects of discounting are deemed to be immaterial.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
 
The audit report was signed on 24 July 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 28 (2022 - 30).

Page 6

 
CYGILANT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
75,513
17,701
112,055
205,269


Additions
14,784
700
560
16,044



At 31 December 2023

90,297
18,401
112,615
221,313



Depreciation


At 1 January 2023
24,163
10,916
67,495
102,574


Charge for the year on owned assets
7,551
3,646
21,561
32,758



At 31 December 2023

31,714
14,562
89,056
135,332



Net book value



At 31 December 2023
58,583
3,839
23,559
85,981



At 31 December 2022
51,350
6,786
44,559
102,695

Page 7

 
CYGILANT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
89,870
89,870

89,870
89,870


The directors consider the impact of discounting to be immaterial to the financial statements.

2023
2022
£
£

Due within one year

Trade debtors
-
246,426

Amounts owed by group undertakings
922,883
547,519

Other debtors
17,855
-

Prepayments and accrued income
18,767
20,499

959,505
814,444



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,547
16,379

Corporation tax
16,414
8,196

Other taxation and social security
33,815
75,401

Other creditors
9,746
19,099

Accruals and deferred income
81,691
267,688

146,213
386,763



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
10,168
11,935

10,168
11,935


Page 8

 
CYGILANT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


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
£
£


Not later than one year
70,725
70,725

Due between one and five years
282,900
282,900

Due in more than five years
53,673
124,488

407,298
478,113


9.


Controlling party

Cygilant, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up
of which the Company is a member. The registered office of the parent company is 2400 District Ave,
Suite 320, Burlington, MA 01803.


10.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and
the date these financial statements were approved.

Page 9