Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The Company has taken advantage of the exemption provided within section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned group members. The immediate parent company is Everbridge Holdings Limited, a private limited company incorporated in the United Kingdom. The registered office is 17 Grosvenor Street, Mayfair, London, W1K 4QG. Everbridge Holdings Limited in turn is a wholly owned subsidiary of Everbridge, Inc. a company incorporated in the United States of America. The results of the group are included in the consolidated financial statements of Everbridge, Inc. which are available from 25 Corporate Drive, 4th Floor, Burlington, MA01803. 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05429335







THE ANVIL GROUP (INTERNATIONAL) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023

































THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
COMPANY INFORMATION


Directors
G Kellaway 
P Brickley (appointed 15 February 2023, resigned 4 March 2024)
E J Mark (resigned 15 February 2023)
D E Rockvam (appointed 4 March 2024)




Registered number
05429335



Registered office
17 Grosvenor Street
Mayfair

London

W1K 4QG




Independent auditors
CLA Evelyn Partners Limited

Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS




Bankers
National Westminster Bank plc





THE ANVIL GROUP (INTERNATIONAL) LIMITED

CONTENTS



Page
Strategic report
 
 
1 - 4
Directors' report
 
 
5 - 6
Independent auditors' report
 
 
7 - 10
Statement of comprehensive income
 
 
11
Balance sheet
 
 
12
Statement of changes in equity
 
 
13
Notes to the financial statements
 
 
14 - 33


THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Anvil Group (International) Limited is a leading risk management company delivering advanced technology-led business resilience solutions for globally operating organisations. Our mission is to protect our clients’ brand reputation and shareholder value by keeping their people safe and other business assets secure.
The Company is part of a group owned by Everbridge Inc., a company incorporated in the United States of America. The results of the group are included in the consolidated financial statements of Everbridge inc. which are available from 25 Corporate Drive, 4th Floor, Burlington, MA 01803. 
Everbridge is a global software company that empowers resilience by leveraging intelligent automation technology to enable customers to anticipate, mitigate, respond to, and recover from critical events to keep people safe and organizations running. Boston Consulting Group defines resilience as ‘a company’s capacity to absorb stress, recover critical functionality, and thrive in altered circumstances.’  
The group mission is that of empowering organizations to anticipate, mitigate, respond to, and ultimately emerge stronger from critical events with the industry’s only end-to-end critical event management platform. It delivers reliability, security and compliance, creating measurable business advantage for customers with the objective of keeping people safe and organization running. 
The Anvil Group (International) Limited complements this offering and is a key member of the Everbridge group.
Our Vision
To be recognized as the vital enabler of global business.
Our Core Values
Anvil Group is a people business. Our corporate values reflect our approach to delivering services and solutions
to our clients. This includes a focus, demonstrating an entrepreneurial approach and an appetite for positive
change. Our core values are reflected in all our activities across the Group:
Supportive environment: We are supportive of and collaborative with all our colleagues; our highly motivated
management team is focused on creating an environment within which our people can thrive.
Excellence in people: We recruit, develop and recognise talent throughout the Group, ensuring that we promote
an inclusive and diverse environment.
Long-term client relationships: We adopt a long-term mindset with our clients, constantly seeking opportunities
that are beneficial in the longer term.
High-quality work: We deliver professional, high-quality, consistent and compliant work at all times.
Group-wide entrepreneurship: We have a willingness and desire to seek out Group-wide business development
opportunities and respond to these opportunities with agility and pace.
Appetite for change: We are instigators of, and receptive to, positive change. 
Our Global Presence
Risk management is a global business and our offices and partner network are strategically located to deliver
our services and solutions, wherever they are required. Our head office in the UK serves clients based in Europe
and the Middle East and our office in the US serves our clients based in North America. Additionally, in order to
support those clients whose operational footprint is truly worldwide, we have developed a robust global network
of accredited partners to provide the specialist services required in the realm of health, security and general
logistics.

Page 1

THE ANVIL GROUP (INTERNATIONAL) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Our Business

Our proposition to clients spans five areas: 
• Risk Management Technology
• Threat Monitoring and Risk Intelligence Gathering, Reporting & Analysis
• 24/7 International Medical and Security Assistance
• Operational Resilience (Corporate Security and Protection Services)
• Occupational Health
 
Our Business Strategy

For our clients: 
We provide an extensive range of complementary professional services and technology solutions, backed by world class technical expertise, global presence and 100% focus on mitigating risks. 
For our people: 
We offer high-quality, stimulating and exciting work, in a supportive, entrepreneurial environment with competitive, meritocratic rewards, personal recognition and professional development opportunities.
 
Our Business Model for Continued Growth

We target reliable, sustainable year-on-year underlying earnings growth, while investing for the future in order to achieve a step change in the Group's future earnings. 
Our business model is designed to continually develop, enhance and deliver our extensive range of professional services and technologies to clients across all industry sectors. This model is based on a clear growth strategy, delivered through the exceptional capabilities of our people, and underpinned by well-established and efficient organisational mechanisms and processes.

Business review
 
Principal activities and review of the business
The principal activity of the business continues to be the provision of travel risk management and crisis avoidance services incorporating a range of physical, technological, information and medical services to corporations in the United Kingdom and internationally.
The Company’s key performance indicators during the year were as follows: 
                                                                       
(As restated)
                                                2023              2022
                                                              £                     £
Turnover                                 10,623,734       15,831,729
Gross Profit                                    2,071,932        2,191,644
(Loss)/profit for the year                    (27,918)     (2,288,870)
Net current assets                          3,749,798        3,669,664
Average number of employees                   2                99
The directors believe that the company is in a strong position to improve profitability and to increase its global revenue stream related to its core products. The decrease in staff numbers arises as part of a group wide re-organisation of the payroll to reduce the administrative costs and burden on the group and so all employees in the Company have been transferred to fellow subsidiary, Everbridge Europe Limited on 01 January 2023 and any work done by these employees for the Company is recharged through management charges. The remaining employees are the directors.

Page 2

THE ANVIL GROUP (INTERNATIONAL) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
General Risks
Commercial Risks:  Risks and uncertainties that are largely within the control of the company include the maintenance of our competitive position to ensure the achievement and collection of sufficient revenue to meet the company’s objectives.
The company maintains significant cash reserves both to mitigate against the possibility of periods of reduced working capital and to ensure adequate working capital is available to meet any sudden increase in the level of response work clients may require. 
Other normal business risks include dependence on the continued availability of key personnel to ensure that our clients receive the level of service they are entitled to expect, and the ability of the company to continue to provide that level of service. The reputation of the company is critical to its continued success and it works hard to develop and protect that reputation by ensuring that it only associates itself with activities that are appropriate for a business in its sector.
The group continues to abide by all areas of legislation, which remains a major burden on organizations.
Financial Risks:  The decision for the UK to leave the EU has resulted in implications for the relative value of sterling, which is our functional and reporting currency. The past two years have seen significant growth in our dollar revenues and costs. The impact of currency movements on our earnings cannot be reliably forecast and remains an area of uncertainty, though the company does seek to reduce uncertainty by entering into hedging arrangements to minimise risk where possible.  
Maintaining margins whilst containing operating costs is the major risk. 
New customers are assessed for credit risks and credit limits are applied where necessary.
All risks are constantly monitored and appropriate action taken where necessary. Cash flow is monitored daily and professional staff are employed to ensure new legislation is complied with.
 

Other key performance indicators
 
Key performance indicators for the Company are;
Financial: Turnover, gross margins, operating costs and profitability.
Clients: Winning new long-term clients and additional new business, client retention and expansion of existing contracts.
Products: Developing new business lines and services, whilst continuously improving existing market offerings.
Key Performance Indicators: Internal KPI’s both for the business and individuals who work within the business.
Staff: Staff retention, personal development and internal careers paths.
All these performance indicators are regularly reported and reviewed by the board of Directors.

Page 3

THE ANVIL GROUP (INTERNATIONAL) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
This section forms our Section 172 disclosure, describing how, the Directors considered the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. The Directors also took into account the views and interests of a wider set of stakeholders, including regulators.
The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the company and its group for the benefit of its stakeholders, and in doing so had regard, amongst other matters, to: 
 


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



G Kellaway
Director

Date: 29 August 2024

Page 4

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Results and dividends

The loss for the year, after taxation, amounted to £27,918 (2022 - loss £2,288,870).

Dividends paid in the year amounted to £nil  (2022: £nil). 

Directors

The directors who served during the year were:

G Kellaway 
P Brickley (appointed 15 February 2023, resigned 4 March 2024)
E J Mark (resigned 15 February 2023)

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.

Page 5

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Post balance sheet events

In February 2024, the ultimate parent company, Everbridge Inc. announced it would be taken private in an all-cash purchase by Thoma Bravo, LP. The acquisition was finalised on 02 July 2024.
The directors have the intention to sell the subsidiary, The Anvil Group Japan LLC to a non-related party.
There have been no further significant events affecting the Company since the year end.

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





G Kellaway
Director

Date: 29 August 2024

Page 6

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANVIL GROUP (INTERNATIONAL) LIMITED

Opinion


We have audited the financial statements of The Anvil Group (International) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, 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 loss 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.


Page 7

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANVIL GROUP (INTERNATIONAL) LIMITED (CONTINUED)

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.


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 5, 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 8

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANVIL GROUP (INTERNATIONAL) LIMITED (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 obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. 
We understand that the Company complies with the framework through:
 
Outsourcing accounting services, accounts preparation and tax compliance to external experts. 
Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary. 

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company: 
 
The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
UK taxation law.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were: 
 
Share based payment calculation estimation and disclosure due to the complex nature of these transactions.
Manipulation and management override of the financial statements, especially revenue, via fraudulent journal entries.
Related party transactions not being fully disclosed given there are now a large number of entities within the Everbridge group.
 
The procedures we carried out to gain evidence in the above areas included:
 
Challenging management regarding the assumptions used in the estimates identified above, and comparison to market data and post-year-end data as appropriate. 
Substantive work on material areas affecting profits. 
Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times. 


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.


Page 9

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ANVIL GROUP (INTERNATIONAL) LIMITED (CONTINUED)

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.





Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Statutory Auditors
  
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

2 September 2024
Page 10

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

Year-ended
31 December
As restated
18-month period
31 December
2023
2022
Note
£
£

  

Turnover
 4 
10,623,734
15,831,729

Cost of sales
  
(8,551,802)
(13,640,085)

Gross profit
  
2,071,932
2,191,644

Administrative expenses
  
(2,117,679)
(3,778,981)

Exceptional administrative expenses
 12 
-
(823,871)

Operating loss
 5 
(45,747)
(2,411,208)

Interest receivable and similar income
 9 
17,829
4,103

Interest payable and similar expenses
 10 
-
(1,922)

Loss before tax
  
(27,918)
(2,409,027)

Tax on loss
 11 
-
120,157

Loss for the financial year
  
(27,918)
(2,288,870)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 33 form part of these financial statements.

Page 11

THE ANVIL GROUP (INTERNATIONAL) LIMITED
REGISTERED NUMBER:05429335

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
153,522
253,644

Investments
 14 
155,981
155,981

  
309,503
409,625

Current assets
  

Debtors: amounts falling due within one year
 15 
3,963,090
4,661,089

Cash at bank and in hand
  
3,432,376
1,935,075

  
7,395,466
6,596,164

Creditors: amounts falling due within one year
 16 
(3,645,668)
(2,926,500)

Net current assets
  
 
 
3,749,798
 
 
3,669,664

Total assets less current liabilities
  
4,059,301
4,079,289

Creditors: amounts falling due after more than one year
 17 
-
(37,070)

Provisions for liabilities
  

Other provisions
 18 
(45,000)
-

Net assets
  
 
 
4,014,301
 
 
4,042,219


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Other Reserves
 20 
1,612,170
1,612,170

Profit and loss account
 20 
2,401,131
2,429,049

  
4,014,301
4,042,219


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G Kellaway
Director

Date: 29 August 2024

The notes on pages 14 to 33 form part of these financial statements.

Page 12

THE ANVIL GROUP (INTERNATIONAL) LIMITED

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 July 2021 (as previously stated)
1,000
-
4,685,697
4,686,697

Prior year adjustment - change in accounting policy (note 24)
-
-
32,222
32,222


At 1 July 2021 (as restated)
1,000
-
4,717,919
4,718,919


Comprehensive income for the period

Loss for the period
-
-
(2,288,870)
(2,288,870)

Shares withheld related to net share settlement of stock award
-
1,755,608
-
1,755,608

Shares withheld related to net share settlement of stock award
-
(143,438)
-
(143,438)


At 1 January 2023 (as previously stated)
1,000
1,612,170
2,041,859
3,655,029

Prior year adjustment - correction of error  (note 24)
-
-
126,263
126,263

Prior year adjustment - change in accounting policy (note 24)
-
-
260,927
260,927


At 1 January 2023 (as restated)
1,000
1,612,170
2,429,049
4,042,219


Comprehensive income for the year

Loss for the year
-
-
(27,918)
(27,918)


At 31 December 2023
1,000
1,612,170
2,401,131
4,014,301


The notes on pages 14 to 33 form part of these financial statements.

Page 13

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Anvil Group (International) Limited (the Company) is a company limited by shares which is domiciled and incorporated in England and Wales.
The address of its registered office is 17 Grosvenor Street, Mayfair, London, W1K 4QG. The principal place of business of the Company is Signal House, Grange Road, Christchurch, BH23 4JE. 
The principal activity of the Company is security risk management.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company extended its previous accounting period and reported its results for an 18-month period to 31 December 2022 in order to re-align its year-end with the wider Everbridge group. The results presented for the current period represent the 12-months to 31 December 2023 and therefore the comparative amounts are not entirely comparable.
Monetary amounts in these financial statements are stated in pounds Sterling and are rounded to the nearest whole £1, except where otherwise stated.

The following principal accounting policies have been applied:

Page 14

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

The Company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group.
This information is included in the consolidated financial statements of Everbridge, Inc as at 31 December 2023 and these financial statements may be obtained from 25 Corporate Drive, 4th Floor, Burlington, MA 01803.

 
2.3

Going concern

The Company has prepared a cash flow forecast for the period to 30 September 2025, being the going concern review period assessed by the directors, which shows the Company will have sufficient resources to settle their liabilities as they fall due. The directors have made enquiries of its ultimate parent and are comfortable it has sufficient resources to provide the necessary support to the Company if the need should arise. 
The directors consider the going concern basis of preparation to be appropriate. 

 
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. 

Revenue for licences and critical driver development is recognised when the software is delivered to the customer (i.e. once the licences reach ''beneficial use'' as expected in the context of the arrangement). Where licences are sold for a limited time (Software as a Service) it is recognised on a straight line basis over the length of the licence.
Revenue from medical cases is recognised based on the estimated percentage completion of the case at the reporting date. Specifically, this results in any admin fees based on costs for medical services incurred being recognised on an accruals basis in line with when the service was provided and any fees for consultations being recognised once the consultation has been provided.
Revenue from intra-group recharges is recognised in the period in which the services are provided.

Page 15

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Long-term leasehold property
-
20%
Office equipment
-
25%
Computer equipment
-
25%
Other fixed assets
-
25%

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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. 

Page 16

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found,
an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which
is an approximation of the amount that the Company would receive for the asset if it were to be sold
at the balance sheet date.

 
2.10

 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.

 
2.11

 Foreign currency translation

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.

 
2.12

 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.

Page 17

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

 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.

 
2.14

 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.

 
2.15

 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.

 
2.16

 National Insurance on share options

To the extent that the share price at the balance sheet date is greater than the exercise price on options granted under unapproved schemes after 19 May 2000, provision for any National Insurance contributions has been made based on the prevailing rate of National Insurance. The provision is accrued over the performance period attaching to the award.

 
2.17

 Interest income

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

Page 18

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

 Current and deferred 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.20

 Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 19

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements 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.
Deferred income
One key area of judgement and estimation is considered to be the measurement and recognition of deferred income. The Company has control and review procedures in place to ensure that estimates are made consistently and on an appropriate basis, in accordance with contractual terms.
Share based payments
The directors asses the estimated forfeiture rate of equity awards granted to employees based on historical and forecasted data relating to the likelihood of achieving any performance related targets as well as employee retention rates. In light of the post balance sheet event disclosed in Note 24, the directors currently consider that all outstanding share options will continue to vest in line with initial grant agreements.
Bad debt provision
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtorm, the ageing profile of debtors, whether the debtor is covered by insurance and historical experience.
Revenue recognition - Software as a service
Software licences and support sold for a pre-agreed period of time including those sold as ''software as a service'' are recognised evenly over the length of the licence. Where such sales are invoiced in advance, the residual amount is recognised as deferred revenue at the year-end. This is calculated by time-apportioning the revenue over the length of the licence.
Revenue recognition - Medical case income
Revenue from medical cases is recognised based on the estimated percentage completion of the case at the reporting date. Using historical knowledge of the customer base and of previous similar medical cases, management estimate an appropriate markup to apply to medical costs incurred that have not been re-invoiced to customers to reflect the expected unbilled administration and case fees which are recognised within accrued income.
Balances owed to fellow group companies
Management have presented balances due from fellow group companies gross of balances due from fellow group entities in the financial statements as they consider this is the most appropriate presentation given there is no formal legal right of set-off. However, should any of the debts become impaired in their own right, group management would likely choose to set these debts off against those owed to fellow group companies. 

Page 20

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the Group's principal activity, operational and travel risk management. 

Analysis of turnover by country of destination:

Year-ended
31 December
As restated
18-month period
31 December
2023
2022
£
£

United Kingdom
3,383,837
4,838,444

Rest of Europe
3,496,940
2,622,505

Rest of the world
3,742,957
8,370,780

10,623,734
15,831,729



5.


Operating loss

The operating loss is stated after charging:

Year-ended
31 December
18-month period
31 December
2023
2022
£
£

Depreciation of tangible fixed assets
95,201
163,097

Exchange differences
184,955
(195,432)

Equity settled share-based payments
-
1,610,326

Cash settled share-based payments
-
143,438

Defined contribution pension cost
-
148,438

Other operating lease rentals
18,388
19,849

Costs recharged from fellow group undertakings
6,285,622
-

On 1 January 2023, the Company transferred all of its employees to Everbridge Europe Limited, a fellow 100% owned group company, as part of a group reorganisation. There are no direct wages costs in the current year; however, an intercompany management charge has been recognised in respect of staff costs totalling £6,285,622 in the year.

Page 21

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


Year-ended
31 December
18-month period
31 December
2023
2022
£
£

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

26,000
24,000

Fees payable to the Company's auditors in respect of:

Taxation compliance services
2,500
2,000

All non-audit services not included above
-
12,000

Page 22

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Year-ended
31 December
18-month period
31 December
2023
2022
£
£

Wages and salaries
-
6,742,507

Social security costs
-
824,543

Cost of defined contribution scheme
-
148,438

-
7,715,488


On 1 January 2023, the Company transferred all of its employees to Everbridge Europe Limited, a fellow 100% owned group company, as part of a group reorganisation. There are no direct wages costs in the current year; however, an intercompany management charge has been recognised in respect of staff costs totalling £6,285,622 in the year.

The average monthly number of employees, including the directors, during the year was as follows:


      Year-ended
     31 December
   18-month period
      31 December
        2023
        2022
            No.
            No.







Staff numbers
2
99

Following the transfer of employees to a fellow group company on 1 January 2023, the only direct employees of the Company in the year are the directors.

Page 23

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

Year-ended
31 December
18-month period
31 December
2023
2022
£
£

Directors' emoluments
-
139,660

Company contributions to defined contribution pension schemes
-
4,083

-
143,743


During the year retirement benefits were accruing to no directors (2022 - 2) in respect of defined contribution pension schemes.

The Company made payments of £nil (2022: £41,302) to a company controlled by a director, in respect of services provided during the year. 
The above remuneration relates to directors who provided qualifying services to the Company along with other group undertakings and it is not possible to separately identify the amount which related solely to the Company in both the current and prior year.
The number of directors who received shares (Restricted Stock and Performance-Based Restricted Stock units) for qualifying services during the period was 0 (2022 - 2).


9.


Interest receivable

Year-ended
31 December
18-month period
31 December
2023
2022
£
£


Other interest receivable
17,829
4,103


10.


Interest payable and similar expenses

Year-ended
31 December
18-month period
31 December
2023
2022
£
£


Finance leases and hire purchase contracts
-
1,922

Page 24

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


Year-ended
31 December
18-month period
31 December
2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(120,157)



Taxation on profit/(loss) on ordinary activities
-
(120,157)

Factors affecting tax charge for the year/period

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

Year-ended
31 December
18-month period
31 December
2023
2022
£
£


Loss on ordinary activities before tax
(27,918)
(2,763,995)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(6,566)
(525,159)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
817
152,165

Impairment of fixed assets
-
25,503

Adjustments to tax charge in respect of prior periods
-
(120,157)

Changes in unrecognised deferred tax assets
6,111
1,704,820

Effect of change in corporation tax rate
(362)
(409,157)

Share based payment charge
-
(948,172)

Total tax charge for the year/period
-
(120,157)


Factors that may affect future tax charges

As at 31 December 2022, the Company has tax losses available of £6,560,571 (2022 - £6,633,602 after corrections to the 2022 tax computation in 2023).
The main rate of corporation tax in the UK increased to 25% with effect from April 2023.

Page 25

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Exceptional items

Year-ended
31 December
18-month period
31 December
2023
2022
£
£


Impairment of investment in subsidiary
-
305,500

Waived loans from group companies
-
(171,272)

Waived loans to group companies
-
689,643

-
823,871


13.


Tangible fixed assets





Long-term leasehold property
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
46,176
476,890
523,066


Additions
-
9,119
9,119


Disposals
(8,461)
(140,096)
(148,557)



At 31 December 2023

37,715
345,913
383,628



Depreciation


At 1 January 2023
18,276
251,146
269,422


Charge for the year on owned assets
7,543
87,658
95,201


Disposals
(3,213)
(131,304)
(134,517)



At 31 December 2023

22,606
207,500
230,106



Net book value



At 31 December 2023
15,109
138,413
153,522



At 31 December 2022
27,900
225,744
253,644




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
15,109
27,900


Page 26

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
461,481


Disposals
(305,500)



At 31 December 2023

155,981





At 1 January 2023
305,500


Impairment on disposals
(305,500)



At 31 December 2023

-



Net book value



At 31 December 2023
155,981



At 31 December 2022
155,981


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Anvil Group Japan LLC
Meiko Main Building, 2F 1-18-2 Shinbashi Minato-ku, Tokyo 105-0004, Japan
Ordinary - Direct
100%
The Anvil Group US LLC
501 East Kennedy Boulevard, Suite 650, Tampa, Florida 33602, USA
Ordinary - Direct
100%

Page 27

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

As restated
2023
2022
£
£


Trade debtors
2,797,187
2,774,991

Amounts owed by group undertakings
423,721
463,730

Other debtors
22,968
99,306

Prepayments and accrued income
497,977
1,101,825

Tax recoverable
221,237
221,237

3,963,090
4,661,089



16.


Creditors: Amounts falling due within one year

2023
As restated 2022
£
£

Trade creditors
382,212
157,929

Amounts owed to group undertakings
1,317,894
-

Other taxation and social security
49,678
387,613

Other creditors
15,372
68,031

Accruals and deferred income
1,880,512
2,312,927

3,645,668
2,926,500


Page 28

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due after more than one year

2023
As restated 2022
£
£

Accruals and deferred income
-
37,070



18.


Provisions




Dilapidation provision

£





At 1 January 2023
-


Charged to profit or loss
45,000



At 31 December 2023
45,000

Estimated costs to bring leasehold property back to it's original state after the effects of the improvements carried out by management as required by the lease agreement.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



650 (2022 - 650) Ordinary A Shares shares of £1.00 each
650
650
150 (2022 - 150) Ordinary B Shares shares of £1.00 each
150
150
80 (2022 - 80) Ordinary C Shares shares of £1.00 each
80
80
20 (2022 - 20) Ordinary D Shares shares of £1.00 each
20
20
100 (2022 - 100) Ordinary E Shares shares of £1.00 each
100
100

1,000

1,000

Ordinary A shares are non-redeemable shares. They have full voting rights and rights to dividends. There are rights to participate in distributions and to capital (including on winding up). They have the right to appoint and remove directors attached to them.
Ordinary B shares are non-redeemable shares. They have full voting rights and rights to dividends. There are rights to participate in distributions and to capital (including on winding up).
Ordinary C, D and E shares are non-redeemable shares. They have no voting rights. There are rights to participate in distributions and to capital (including on winding up).


Page 29

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Reserves

Other reserves

Other reserves relate to capital contributions received from the ultimate controlling party. 

Profit and loss account

The cumulative profit and loss, net of distribution to owners.


21.


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 1 year
83,508
84,607

Later than 1 year and not later than 5 years
121,875
160,338

Later than 5 years
-
56,875

205,383
301,820

Page 30

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share based payments

In the previous period, the Company operated a share based payment schemes, under which certain employees are granted options to acquire shares in the ultimate parent company, Everbridge Inc. 
The scheme is the 2016 Equity Incentive Plan and it is operated using the equity method of settlement accounting. The vesting conditions are based on the contractual terms of the option agreement which ranges between three and four years. The contractual life of the options awards is ten years. 
On 1 January 2023, the Company transferred all of its employees to Everbridge Europe Limited, a fellow 100% owned group company, to ease the payroll administrative burden by centralising payroll under a group wide scheme operated by Everbridge Europe Limited under identical terms. As a result the share based payment obligations were transferred to a different group company. 
During the period, the Company granted nil (2022: 59,890) restricted stock units to members of senior management. The shares were to vest after a period of three years from the start date of vesting noted in the award. Units vesting during the period were Nil (2022: 14,708) with Nil (2022: 7,215) units forfeited. Units transferred to a group company totalled 37,967 (2022: nil). The number of instruments at the period end was nil (2022: 37,967). There is no exercise price associated with the restricted stock units and the weighted average fair value per restricted stock unit issued was £nil (2022: £75.28).
During the period, the Company granted Nil (2022:27,026) performance-based restricted stock units that vest upon satisfaction of certain performance-based conditions. The performance-based restricted stock units vest based on achieving certain revenue growth thresholds which range from 20% to 40% compounded annual growth over a measurement period of two years for the first 50% of each grant of performance-based restricted stock units and three years for the remaining PSUs. The vesting of the performance-based restricted stock units is subject to the employee’s continued employment through the date of achievement. Units vesting during the period were Nil (2022: Nil) with Nil (2022: 7,494) units forfeited. Units transferred to group company totalled 19,532 (2022: nil). The number of instruments at the period end was Nil (2022: 19,532). The share price of common stock on the date of issuance of the performance-based restricted stock units were £121.52 per share. The fair value is based on the value of common stock at the date of issuance and the probability of achieving the performance metric. The directors have assessed the probability of achievement of the award as highly probable based on past performance of achievement of the performance metric. Compensation cost is recognized under the accelerated method and is adjusted in future periods for subsequent changes in the expected outcome of the performance related conditions.
During the year, the Company recognised equity share-based payment expenses of £nil (2022: £1,610,326) and cash settled share-based payments of £nil (2022: £143,428).

Page 31

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

.


Share based payments (continued)

The number and weighted average price of the options are as follows for both share based payment schemes:

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

0

57,499

379,300
 
80
 
Granted during the year

0

-

0
 
86,916
 
Forfeited during the year

0

-

0
 
(14,729)
 
Exercised during the year

0

-

(379,300)
 
(14,768)
 
Transferred to other group company

0

(57,499)

0
 
-
 
Outstanding at the end of the year
0

-

0
 
57,499
 

Under the 2016 Equity Incentive Plan, the Nil (2022: 57,499) options outstanding at 31 December 2023 had no associated exercise price, and a weighted average remaining contractual life of nil (2022: 9.11 years).

2023
2022

Exercise price (pence)


0

379,300
 
Weighted average contractual life (days)


0

0
 
Expected volatility


0

50%
 
Risk-free interest rate


0

0.37%
 




23.

Transactions with directors

The brought forward other creditors included the following loans to directors. The loans were unsecured, interest free and repayable on demand.
The movements in the year are as follows:

Director 1
Director 2
        £
        £
Balance brought forward at 31 December 2022

(45,446)

76,817
 
Amounts advanced

-

-
 
Amounts repaid

-

-
 
Amounts written off

45,446

(76,817)
 
Balance carried forward at 31 December 2023

-

-
 

Page 32

THE ANVIL GROUP (INTERNATIONAL) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Prior year adjustment in respect of changes in accounting policies

Change in accounting policy - Medical case income
The directors have identified that the accounting policy for recognising medical case income was not in line with the revenue recognition criteria set out in FRS102 and have amended the accounting policy retrospectively to bring this in line with these criteria. The directors consider that the revised policy, as stated in note 2.4, shows more relevant financial information as it more accurately aligns the recognition of medical case revenue and expenditure to the point at which it was earned and incurred respectively.
The impact of this change in accounting policy in aggregate for periods before those presented in these financial statements is an increase in retained earnings of £32,222, a decrease in prepayments of £84,797 and an increase in accrued income of £117,019 as at 01 July 2021.
The impact of this change in accounting policy for the comparative period from 01 July 2021 to 31 December 2022 is an increase in revenue of £830,561 and an increase in costs of goods sold of £601,856, with a net increase in retained earnings of £228,705, a decrease in prepayments of £522,426, an increase in accruals of £79,430 and an increase in accrued income of £830,561 as at 31 December 2022.
The impact of this change in accounting policy in the current period to 31 December 2023 is a decrease in revenue of £597,606 and a decrease in costs of goods sold of £433,048, with a net decrease in retained earnings of £164,558, an increase in prepayments of £353,619, a decrease in accruals of £79,430 and an increase in accrued income of £597,606 as at 31 December 2023. 
Intercompany recharge
The directors identified that amounts recharged to fellow subsidiary company Everbridge Europe Limited in 2022 totalling £126,263 which were ommited from the 2022 accounts. These have now been included in the comparatives resulting in an increase in revenue and an increase in trade debtors of £126,263.


25.


Related party transactions

The Company has taken advantage of the exemption provided within section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned group members.


26.


Post balance sheet events

In February 2024, the ultimate parent company, Everbridge Inc. announced it would be taken private in an all-cash purchase by Thoma Bravo, LP. The acquisition was finalised on 02 July 2024.
The directors have the intention to sell the subsidiary, The Anvil Group Japan LLC to a non-related party.


27.


Controlling party

The immediate parent company is Everbridge Holdings Limited, a private limited company incorporated in the United Kingdom. The registered office is 17 Grosvenor Street, Mayfair, London, W1K 4QG. Everbridge Holdings Limited in turn is a wholly owned subsidiary of Everbridge, Inc. a company incorporated in the United States of America. The results of the group are included in the consolidated financial statements of Everbridge, Inc. which are available from 25 Corporate Drive, 4th Floor, Burlington, MA01803.
Following the post-year-end acquisition by Thomas Bravo, LP a new ultimate parent company has been put in place, Everbridge Parent, LP and the ultimate controlling party became Thomas Bravo, LP. 

 
Page 33