REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
JDI BACKUP LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
JDI BACKUP LIMITED |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
JDI BACKUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Larch House |
Parklands Business Park |
Denmead |
Hampshire |
PO7 6XP |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditor, Gibson Whitter Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JDI BACKUP LIMITED |
Opinion |
We have audited the financial statements of JDI Backup Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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 profit 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JDI BACKUP LIMITED |
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 Report of the Directors. |
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 where 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 Statement of Directors' Responsibilities set out on page two, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JDI BACKUP LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was capable of detecting irregularities, including fraud |
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 an understanding of the legal and regulatory framework in which the company operates. The key laws considered included the Companies Act 2006. We have corroborated our enquiries through review of Board minutes. |
- | We have evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override of controls and the application of revenue recognition at cut-off and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We have addressed this by assessing journal entries as part of our planning audit approach |
- | We have enquired of management and those charge with governance in respect of known or suspected instances of non-compliance with laws and regulations. |
- | We have also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JDI BACKUP LIMITED |
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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Larch House |
Parklands Business Park |
Denmead |
Hampshire |
PO7 6XP |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
TURNOVER | 3 |
Administrative expenses |
OPERATING PROFIT | 5 |
Finance charge on cancellation |
of Series A Convertible |
Redeemable shares | 6 |
1,249,722 | 6,763,174 |
Interest receivable and similar income |
1,357,845 | 6,807,449 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
RESERVES |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Retained | Share | Other | Total |
earnings | premium | reserves | equity |
$ | $ | $ | $ |
Balance at 1 January 2022 |
Changes in equity |
Bonus share issue | - | - | (1,707,000 | ) | - |
Reduction in share capital | 6,061,564 | (4,352,673 | ) | - | - |
Dividends | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Loans advanced to group entities | ( |
) |
Loans advanced by group entities |
Loans repaid by group entities | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
939,890 |
Cash and cash equivalents at end of year |
2 |
882,754 |
659,777 |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
$ | $ |
Profit before taxation |
Depreciation charges |
Share cancellation transactions | - | (5,422,474 | ) |
Finance costs | - | 110,663 |
Finance income | (108,123 | ) | (44,275 | ) |
1,252,287 | 1,343,265 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
$ | $ |
Cash and cash equivalents | 882,754 | 659,777 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
$ | $ |
Cash and cash equivalents | 659,777 | 939,890 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
$ | $ | $ |
Net cash |
Cash at bank | 659,777 | 222,977 | 882,754 |
659,777 | 882,754 |
Total | 659,777 | 222,977 | 882,754 |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
JDI Backup Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and 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. |
The financial statements have been prepared under the historical cost convention. |
Related party exemption |
The company has taken advantage of an exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
The company generates revenue primarily from selling subscriptions for cloud-based backup services. The subscriptions are provided under contracts pursuant to which the company has ongoing obligations to support the subscriber. These contracts range from service periods of between 1 and 24 months and typically require payment in advance. The company recognises the associated revenue ratably over the service period. This includes revenue in respect of add-ons. |
Revenue is measured excluding discounts, rebates, value added tax and other sales taxes. |
The company offers refunds under certain conditions in accordance with the terms of service. A full or pro rata refund is given depending on the date of cancellation and type of subscription. Upon refund, the subscriber is returned the relevant proportion of their subscription. Any associated deferred revenue is extinguished. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Developed software is being amortised evenly over its estimated useful life of twenty years. |
Domain names are being amortised evenly over their estimated useful life of twenty years. |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents include highly liquid investments with remaining maturities of three months or less at the date of purchase. |
Trade debtors |
Trade debtors is composed of cash due from credit card companies for unsettled transactions charged to subscriber credit cards. As these amounts reflect authenticated transactions that are fully collectible, the company does not maintain an allowance for doubtful accounts. |
Tangible fixed assets |
Tangible fixed assets are recorded at cost and depreciated using the straight-line method over the estimated useful life of the assets. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - 20% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 25% on cost |
Computer equipment | - 33% on cost |
Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are eliminated from the company's accounts and any resulting gain or loss is credited or charged to the income statement. Repairs and maintenance costs are expensed as incurred. |
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. |
Current and deferred tax |
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or 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. |
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except: |
- | 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. |
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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Share capital, share premium and capital contributions are translated at the date of the transaction and not subsequently re-translated at future balance sheet dates. |
Functional currency |
The directors have reviewed the functional currency of the company and concluded that it remains to be US Dollars and therefore the financial statements have been prepared in this currency. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial liability and equity |
Financial liabilities and equity instruments are initially measured at the amount of the net proceeds received. |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. |
The proceeds received on issue of the company's Series A Convertible Redeemable shares are allocated into their liability and equity components and presented separately in the balance sheet. The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert. The difference between the net proceeds of the share issue and the amount allocated to the debt component is credited directly to equity and is not subsequently remeasured. In subsequent years, a finance cost is recognised in the profit and loss account which increases the debt component to the redemption value at the redemption date. On conversion or redemption, the debt and equity elements are derecognised and the share capital and share premium are credited as appropriate. On cancellation of the shares, the debt element is derecognised as a credit through the profit and loss account. |
Share-based payments |
Employee remuneration schemes which are settled via the issue of shares, either in the company or another group company, are accounted for as share-based payments. The fair value is determined at the outset of the arrangement and is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the amount of remuneration expected to be paid at each balance sheet date. Market vesting conditions are factored into the fair value of the remuneration at the outset. The cumulative expense is not adjusted for failure to achieve a market vesting condition. For arrangements which result in employees receiving shares in the company's parent company, these are accounted for as a capital contribution from the parent company with a matching adjustment to equity. |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Judgements in applying accounting polices and key sources of estimation |
uncertainty |
In the application of the company's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
In respect of revenue recognition management have considered the detailed criteria for the recognition of revenue from the sale of goods set out in FRS 102 Section 23 Revenue and, in particular, the degree of involvement the company has over the subscription term. In respect of the data backup service (including the sale of add-ons), the directors are satisfied that the company is involved in the provision of the service over the life of the subscription term and therefore revenue is recognised ratably over the service period. |
The classification and measurement of the Series A Convertible Redeemable Shares between debt and equity is dependent on the directors assessment of a market rate of interest to apply to the discounted cashflow at the share issue date. The directors have used an interest rate of 10%. This is based on the rate of interest typically charged on intra-group loans at the time of the share issue. |
3. | TURNOVER |
The proportion of turnover that is attributable to markets outside the UK is 91% (31.12.22: 91%). |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
$ | $ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Engineers |
31.12.23 | 31.12.22 |
$ | $ |
Directors' remuneration |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
$ | $ |
Developed software amortisation |
Domain names amortisation |
Auditors' remuneration |
6. | EXCEPTIONAL ITEMS |
31.12.23 | 31.12.22 |
$ | $ |
Finance charge on cancellation |
of Series A Convertible |
Redeemable shares |
On 14 March 2022 the company cancelled all £0.10 Series A Convertible Redeemable Shares. The debt element of $5,422,474 was reversed in the year ended 31 December 2022. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
$ | $ |
Finance charge on Series A Shares | - | 110,663 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
$ | $ |
Current tax: |
UK corporation tax |
Overprovision for corporation |
tax charge in previous years | (579,665 | ) | - |
Payment for surrender of |
utilised group losses | 875,222 | - |
Tax on profit |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
$ | $ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
corporation tax charge |
Reversal of expenses not deductible for tax purposes | - | (1,030,270 | ) |
Losses group relieved | (320,753 | ) | - |
Overprovision for corporation tax charge in previous years | (579,665 | ) | - |
Payment for surrender of utilised group losses | 875,222 | - |
Total tax charge | 295,557 | 265,162 |
9. | DIVIDENDS |
31.12.23 | 31.12.22 |
$ | $ |
Ordinary shares of $0.01 each |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Developed | Domain |
software | names | Totals |
$ | $ | $ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
$ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | FIXED ASSET INVESTMENTS |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Associated company |
Registered office: Larch House, Parklands Business Park, Denmead, Hampshire, PO7 6XP |
Nature of business: |
% |
Class of shares: | holding |
$ | $ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
The company's investment represents a 33% interest. |
During the year ended 31 December 2016 the company acquired a 33% interest in Fortifico Limited for $5,000,000. This was impaired down to $Nil in the year of acquisition. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Amounts owed by group undertakings |
Other debtors |
Tax |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Deferred income |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Deferred income |
16. | FINANCIAL INSTRUMENTS |
The company's financial instruments may be analysed as follows: |
31.12.23 | 31.12.22 |
$ | $ |
Financial assets |
Financial assets measured at amortised cost | 15,183,609 | 13,838,491 |
Financial liabilities |
Financial liabilities measured at amortised cost | 1,860,645 | 977,274 |
Financial assets measured at amortised costs comprise cash, trade debtors, amounts owed by group undertakings and other debtors. |
Financial liabilities measured at amortised costs comprise trade creditors, amounts owed to group undertakings, other creditors and accrued expenses. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | $ | $ |
Ordinary | £0.01 | - | - |
18. | RESERVES |
Retained |
earnings |
$ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
JDI BACKUP LIMITED (REGISTERED NUMBER: 07488961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | RELATED PARTY DISCLOSURES |
At the balance sheet date the amount owed to the company by companies under common control was $13,290,821 (31.12.22: $13,001,620). |
20. | ULTIMATE CONTROLLING PARTY |
Newfold Digital, Inc. (formerly known as The Endurance International Group Inc.) was the controlling party. |
The Newfold Holdings Group Inc. was the ultimate controlling party. |
Newfold Digital, Inc is incorporated in the USA. The company's registered office is at 5335 Gate Parkway, Jacksonville, FL 32256, USA. |