Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity5846truefalse 09673268 2023-01-01 2023-12-31 09673268 2022-01-01 2022-12-31 09673268 2023-12-31 09673268 2022-12-31 09673268 2022-01-01 09673268 2 2023-01-01 2023-12-31 09673268 2 2022-01-01 2022-12-31 09673268 d:Director10 2023-01-01 2023-12-31 09673268 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 09673268 e:Buildings e:LongLeaseholdAssets 2023-12-31 09673268 e:Buildings e:LongLeaseholdAssets 2022-12-31 09673268 e:FurnitureFittings 2023-01-01 2023-12-31 09673268 e:FurnitureFittings 2023-12-31 09673268 e:FurnitureFittings 2022-12-31 09673268 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09673268 e:OfficeEquipment 2023-01-01 2023-12-31 09673268 e:OfficeEquipment 2023-12-31 09673268 e:OfficeEquipment 2022-12-31 09673268 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09673268 e:ComputerEquipment 2023-01-01 2023-12-31 09673268 e:ComputerEquipment 2023-12-31 09673268 e:ComputerEquipment 2022-12-31 09673268 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09673268 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09673268 e:CurrentFinancialInstruments 2023-12-31 09673268 e:CurrentFinancialInstruments 2022-12-31 09673268 e:Non-currentFinancialInstruments 2023-12-31 09673268 e:Non-currentFinancialInstruments 2022-12-31 09673268 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 09673268 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 09673268 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 09673268 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 09673268 e:ShareCapital 2023-12-31 09673268 e:ShareCapital 2022-12-31 09673268 e:ShareCapital 2022-01-01 09673268 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09673268 e:RetainedEarningsAccumulatedLosses 2023-12-31 09673268 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 09673268 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09673268 e:RetainedEarningsAccumulatedLosses 2022-12-31 09673268 e:RetainedEarningsAccumulatedLosses 2022-01-01 09673268 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 09673268 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 09673268 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 09673268 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 09673268 d:FRS102 2023-01-01 2023-12-31 09673268 d:Audited 2023-01-01 2023-12-31 09673268 d:FullAccounts 2023-01-01 2023-12-31 09673268 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09673268 e:WithinOneYear 2023-12-31 09673268 e:WithinOneYear 2022-12-31 09673268 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09673268 7 2023-01-01 2023-12-31 09673268 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09673268









PREVALENT LTD.









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PREVALENT LTD.
REGISTERED NUMBER: 09673268

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
45,779
45,659

Current assets
  

Debtors: amounts falling due after more than one year
 5 
103,646
103,196

Debtors: amounts falling due within one year
 5 
1,602,730
1,833,550

Cash at bank and in hand
 6 
280,573
74,365

  
1,986,949
2,011,111

Creditors: amounts falling due within one year
 7 
(4,416,415)
(3,925,031)

Net current liabilities
  
 
 
(2,429,466)
 
 
(1,913,920)

Total assets less current liabilities
  
(2,383,687)
(1,868,261)

Creditors: amounts falling due after more than one year
 8 
(566,944)
(79,275)

Provisions for liabilities
  

Other provisions
 9 
-
(30,000)

Net liabilities
  
(2,950,631)
(1,977,536)

Page 1

 
PREVALENT LTD.
REGISTERED NUMBER: 09673268
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
119
119

Profit and loss account
  
(2,950,750)
(1,977,655)

  
(2,950,631)
(1,977,536)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
J Ray
Director

Date: 19 September 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
PREVALENT LTD.
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
119
(815,397)
(815,278)


Comprehensive income for the year

Loss for the year
-
(1,173,664)
(1,173,664)


Contributions by and distributions to owners

Share based payments
-
11,406
11,406



At 1 January 2023
119
(1,977,655)
(1,977,536)


Comprehensive income for the year

Loss for the year
-
(987,103)
(987,103)


Contributions by and distributions to owners

Share based payments
-
14,008
14,008


At 31 December 2023
119
(2,950,750)
(2,950,631)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Prevalent Ltd. (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is The Square, Basing View, Basingstoke, RG21 4EB.
The principal activity of the Company is that of the provision of IT security services and support.
The financial statements are presented in pounds sterling, which is the functional currency of the Company, and rounded to the nearest whole £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

In March 2020 the global economy was impacted by the COVID-19 viral pandemic. The directors have taken appropriate actions to ensure that operations are able to continue and do not believe that this will impact on the ability of the Company to continue as a going concern.
The parent Company, Prevalent, Inc., has secured an extension to its line of credit through to January 2025 which is considered to provide adequate resources to enable the Group, and thus the Company, to continue in operational existence for the foreseeable future.  The directors have received confirmation of continued financial support from the parent company and as such  have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.

Page 4

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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. 
License revenue from subscriptions is recognised ratably over the term of the license.
Consultancy revenue is recognised as the service is delivered.
Costs to obtain a contract
Sales commissions and associated costs paid to internal sales personnel that are incremental to the acquisition of customer contracts are capitalised as prepaid commission costs when the period of benefit is determined to be greater than one year. The company determines the period of benefit based on the initial estimated customer life as well as expectations on the renewal commission. The Company has determined this to be three years. Amortisation is recognised on a straight-line basis in line with revenue recognition.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Profit and Loss Account 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.

Page 5

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as follows: 

Depreciation is provided on the following basis:

Leasehold improvements
-
20%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line

 
2.10

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.

Page 6

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Holiday pay accrual

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


3.


Employees

The average monthly number of employees, including directors, during the year was 58 (2022 - 46).

Page 7

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
71,389
408
23,190
74,457
169,444


Additions
-
-
-
31,218
31,218


Disposals
(71,389)
-
-
(2,954)
(74,343)



At 31 December 2023

-
408
23,190
102,721
126,319



Depreciation


At 1 January 2023
71,389
285
23,190
28,921
123,785


Charge for the year on owned assets
-
75
-
30,419
30,494


Disposals
(71,389)
-
-
(2,350)
(73,739)



At 31 December 2023

-
360
23,190
56,990
80,540



Net book value



At 31 December 2023
-
48
-
45,731
45,779



At 31 December 2022
-
123
-
45,536
45,659

Page 8

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
103,646
103,196


2023
2022
£
£

Due within one year

Trade debtors
847,075
1,116,492

Other debtors
7,455
39,207

Prepayments and accrued income
152,258
132,385

Tax recoverable
595,942
545,466

1,602,730
1,833,550



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
280,573
74,365



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
21,075
45,307

Amounts owed to group undertakings
1,423,999
1,640,040

Other taxation and social security
207,321
193,310

Other creditors
12,498
9,855

Accruals and deferred income
2,751,522
2,036,519

4,416,415
3,925,031


Page 9

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
566,944
79,275



9.


Provisions





Dilapidations provision

£





At 1 January 2023
30,000


Charged to profit or loss
(30,000)



At 31 December 2023
-

The dilapidations provision related to the estimated costs of removal of assets when exiting a property lease.


10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,012 (2022 - £41,581). Contributions totalling £12,333 (2022 - £9,855) were payable to the fund at the balance sheet date and are included in other creditors.


11.


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
8,415
7,650


12.Other financial commitments

On 25 May 2021 Pacific Western Bank registered a fixed and floating charge over the assets of the Company.

Page 10

 
PREVALENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Controlling party

The immediate and ultimate parent company is Prevalent, Inc., a company incorporated in Delaware, USA.
Prevalent, Inc. is the smallest group for which consolidated accounts including the Company are prepared. The registered office of Prevalent, Inc. is 11811 N. Tatum Boulevard, Phoenix, AZ 85028, USA.


14.


Auditor's information

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

The audit report was signed on 23 September 2024 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 11