Company registration number 10408185 (England and Wales)
UBISECURE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
UBISECURE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr Paul Tourret
Mr Steven Waite
Mr Paul Davidson
Mr Simon Wood
Company number
10408185
Registered office
Unit L3/L12
Vinters Business Park
New Cut Road
Maidstone
Kent
ME14 5NZ
Independent auditor
Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
UBISECURE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
UBISECURE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

Fair review of the business

The principal activity of the company was that of a holding company which has a trading UK subsidiary and a sub-subsidiary which is a European Customer Identity & Access Management (CIAM) software provider and GLEIF accredited Local Operating Unit authorised to issue Legal Entity Identifiers.

 

The Ubisecure Group has continued to deliver strong revenue growth in 2022. The strong performance saw an increase in LEI issuance and further assured the continued position of global #1 LEI issuer. Geographic expansion of IAM continued to make progress, reinforcing our position as a prominent European focussed CIAM provider, with a well-established Nordic presence and leadership.

 

Principal risks and uncertainties

Principal risks currently faced are detailed below:

 

 

Results are monitored by the directors against agreed annual budgets to assess the business environment and make appropriate changes to manage and mitigate risk.

Development and performance

All Ubisecure business areas continue to transition well to an MRR (Monthly Recurring Revenue) business model. The increase in overall revenue whilst making this transition to MRR and maintaining the #1 LEI issuer position progresses us towards our vision of combining highly assured organisation identity with strongly authenticated individual identity to show who you are, who you represent, and the rights you have when doing so.

 

The macro-economic conditions have not improved in 2022, moving from the Covid pandemic to war in the Ukraine. Due to the nature of the core business, IAM and online LEI Issuer, the Company was well positioned to continue to pursue growth during that time. Governments and businesses alike have had to change and adapt their business operations in order to cope with the security implications of the Ukraine invasion, which have subsequently had a positive impact on the digital identity and cybersecurity space where the Company currently operates in.

 

On 22 March 2024, a funding round took place. As a result of this, 46,074 Ordinary A3 shares were issued for total consideration of £2,499,975.

 

On 27 July 2024, a further funding round took place. As a result of this, 18,430 Ordinary A3 shares were issued for total consideration of £1,000,012.

 

Group R&D

 

R&D is undertaken mainly within the Finnish subsidiary. Oversight is provided at board, exec and product management level from the UK companies. The predominant focus is with respect to efficiency in LEI issuance and broadening the identity support within the IAM business unit. For the IAM unit this includes integration with LEI to provide highly assured organisation identity as a core part of our vision. For the LEI business unit this includes further automation of verification of organisations and development to ensure compliance with evolving eco-system requirements.

 

UBISECURE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

On behalf of the board

Mr Paul Tourret
Director
19 September 2024
UBISECURE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and audited financial statements for the year ended 31 December 2022.

Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend. No ordinary dividends were paid in the prior year.

No preference dividends were paid. The directors do not recommend payment of a final dividend. No preference dividends were paid in the prior year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Paul Tourret
Mr Steven Waite
Mr Paul Davidson
Mr Andrew Sambrook
(Resigned 14 March 2024)
Mr Simon Wood
Auditor

Cooper Parry Group Limited were appointed as auditors to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

UBISECURE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -

Statement of directors’ responsibilities in respect of the financial statements

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the group and the parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A, and applicable law).

Under company law, 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 group and parent company and of the profit or loss of the group for that period. In preparing the financial statements, the directors are required to:

The directors are responsible for safeguarding the assets of the group and parent company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company and enable them to ensure that the financial statements comply with the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditors of the company are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditors of the company are aware of that information.

On behalf of the board
Mr Paul Tourret
Director
19 September 2024
UBISECURE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UBISECURE HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Ubisecure Holdings Limited (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Group Balance Sheet, the Consolidated Statement of Changes in Equity, the Group Statement of Changes in Equity and the related notes, 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:

 

Practice; and

 

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group'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.

 

 

UBISECURE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UBISECURE HOLDINGS LIMITED
- 6 -

Other information

 

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

 

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.

Opinions on other matters prescribed by the Companies Act 2006

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

 

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of Group and its environment obtained in the course of the audit, we have not identified material misstatements in 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:

 

Responsibilities of directors

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

 

In preparing the financial statements, the directors are responsible for assessing the Group'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 Group or Company or to cease operations, or have no realistic alternative but to do so.

 

 

UBISECURE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UBISECURE HOLDINGS LIMITED
- 7 -
Auditor's 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 Auditor's 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:

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

UBISECURE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UBISECURE HOLDINGS LIMITED
- 8 -

Use of our report

This report is made solely to the Group’s and parent 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 Group's and parent Company's members those matters we are required to state to them in an Auditor's 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 group and the parent Group’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

 

David Fotheringham (Senior Statutory Auditor)
For and on behalf of Cooper Parry Group Limited
19 September 2024
Chartered Accountants
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
UBISECURE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
as restated
Notes
£
£
Turnover
7,475,154
6,192,954
Cost of sales
(1,526,281)
(972,827)
Gross profit
5,948,873
5,220,127
Administrative expenses
(6,718,571)
(5,726,306)
Other operating income
23,251
28,252
Operating loss
3
(746,447)
(477,927)
Interest receivable
3
-
0
Interest payable and similar expenses
(188,513)
(159,159)
Loss before taxation
(934,957)
(637,086)
Tax on loss
7
(435,826)
548,565
Loss for the financial year
(1,370,783)
(88,521)
Loss for the financial year is all attributable to the owners of the parent company.

The accounting policies and notes on pages 15 to 31 are an integral part of these financial statements.

UBISECURE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
8
6,351,052
6,289,291
Tangible assets
9
63,327
42,410
6,414,379
6,331,701
Current assets
Debtors
12
1,868,932
2,114,000
Cash at bank and in hand
17,648
184,868
1,886,580
2,298,868
Creditors: amounts falling due within one year
13
(5,629,790)
(3,144,228)
Net current liabilities
(3,743,210)
(845,360)
Total assets less current liabilities
2,671,169
5,486,341
Creditors: amounts falling due after more than one year
14
(1,758,121)
(3,111,730)
Net assets
913,048
2,374,611
Capital and reserves
Called up share capital
18
243
243
Share premium account
10,655,546
10,655,546
Equity reserve
(7,393)
(7,397)
Profit and loss reserves
(9,735,348)
(8,273,781)
Total equity
913,048
2,374,611

The accounting policies and notes on pages 11 to 27 are an integral part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr Paul Tourret
Director
Company Registration No. 10408185
UBISECURE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Investments
10
101
101
Current assets
Debtors
12
11,308,334
11,437,852
Cash at bank and in hand
6,995
5,338
11,315,329
11,443,190
Creditors: amounts falling due within one year
13
(1,688,136)
(432,322)
Net current assets
9,627,193
11,010,868
Total assets less current liabilities
9,627,294
11,010,969
Creditors: amounts falling due after more than one year
14
(638,384)
(1,521,663)
Net assets
8,988,910
9,489,306
Capital and reserves
Called up share capital
18
243
243
Share premium account
10,655,546
10,655,546
Equity reserve
8
5
Profit and loss reserves
(1,666,887)
(1,166,488)
Total equity
8,988,910
9,489,306

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £500,400 (2021:£397,345 loss).

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr Paul Tourret
Director
Company Registration No. 10408185
UBISECURE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Share premium account
Equity reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the year ended 31 December 2021:
Balance at 1 January 2021
243
10,655,546
(7,397)
(8,348,510)
2,299,882
Year ended 31 December 2021:
Loss for the year
-
-
-
(88,521)
(88,521)
Other comprehensive income:
Currency translation differences
-
-
-
163,250
163,250
Total comprehensive income for the year
-
-
-
74,729
74,729
Balance at 31 December 2021
243
10,655,546
(7,397)
(8,273,781)
2,374,611
Year ended 31 December 2022:
Loss for the year
-
-
-
(1,370,783)
(1,370,783)
Other comprehensive income:
Currency translation differences
-
-
-
(90,784)
(90,784)
Total comprehensive income for the year
-
-
-
(1,461,567)
(1,461,567)
Share based payment charge
-
-
3
-
3
Balance at 31 December 2022
243
10,655,546
(7,393)
(9,735,348)
913,048
UBISECURE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Share premium account
Share based payment reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the year ended 31 December 2021:
Balance at 1 January 2021
243
10,655,546
5
(769,143)
9,886,651
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
-
(397,345)
(397,345)
Balance at 31 December 2021
243
10,655,546
5
(1,166,488)
9,489,306
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(500,399)
(500,399)
Share based payment charges
-
-
3
-
3
Balance at 31 December 2022
243
10,655,546
8
(1,666,887)
8,988,910
UBISECURE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
2022
2021
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,086,702
287,359
Interest paid
(25,823)
(13,289)
Net cash inflow from operating activities
1,060,879
274,070
Investing activities
Purchase of intangible assets
(1,377,091)
(1,011,107)
Purchase of tangible fixed assets
(40,318)
(34,665)
Interest received
3
-
0
Net cash used in investing activities
(1,417,406)
(1,045,772)
Financing activities
Proceeds of new bank loans
230,671
181,303
Repayment of bank loans
(37,331)
(5,492)
Net cash generated from financing activities
193,340
175,811
Net decrease in cash and cash equivalents
(163,187)
(595,891)
Cash and cash equivalents at beginning of year
184,868
617,508
Effect of foreign exchange rates
(90,783)
163,251
Cash and cash equivalents at end of year
(69,102)
184,868
Relating to:
Cash at bank and in hand
17,648
184,868
Bank overdrafts included in creditors payable within one year
(86,750)
-
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
1
Accounting policies
Company information

Ubisecure Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit L3/12, Vinters Business Park, New Cut Road, Maidstone, Kent, ME14 5NZ.

 

The group consists of Ubisecure Holdings Limited and all of its subsidiaries. Subsidiaries are detailed in note 12.

1.1
Basis of preparation of financial statements

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

 

The following principal accounting policies have been applied:

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Ubisecure Holdings Limited and all of its subsidiaries (i.e entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

Notwithstanding that the group has made a loss after taxation for the year of £1,380,817, the financial statements have been prepared on a going concern basis. The directors have prepared projected cash flow information in excess of 12 months from the date of their approval of these financial statements.

 

The detailed projections demonstrate that the group is forecast to remain cash positive and accordingly the directors believe the group has adequate resources to continue in operational existence for the period of at least 12 months from the date of the approval of these financial statements. The directors believe that adequate funding has been obtained to ensure that it can meet its financial obligations for the foreseeable future.

 

 

 

 

1.4
Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services provided, net of returns, discounts and rebates allowed by the Group and value added taxes.

 

Identity Access Management (IAM) Revenue Recognition

Perpetual Licenses

This represents a perpetual right of usage of one or more named software components for a defined number of identities. Revenue is typically recognised up front, upon delivery of License(s) being accepted by the Customer and our performance obligation completed.

 

Support and Maintenance

The right to receive product updates and to obtain assistance in usage of products during business hours for the period defined in the contract. Typically revenue is allocated monthly over the contractual period the Support and Maintenance contract covers.

 

Subscription

A monthly right of usage of one of more named software components for a defined number of identities; or a monthly variable number of identities. Revenue is typically recognised monthly or quarterly in arrears subsequent to the initial delivery of License(s) being accepted by the customer and our performance obligation completed.

 

Cloud Services

The provision of products, hosting and support and maintenance as a complete service on a monthly basis. Revenue is typically recognised monthly subsequent to the customer being given initial access to our Admin Interface and our performance obligation completed.

Legal Entity Identifier (LEI) Revenue Recognition

 

Retail LEI Issuance

Issuance of a valid LEI number publishable on the GLEIF database. Revenue is recognised up front, upon issuance of the LEI number to the Customer by our Client Services Team.

 

LEI License

The right of usage of the RapidLEI platform for the purpose of issuance of a defined ("limited") number of LEI numbers publishable on the GLEIF Database. Revenue is typically allocated over the contractual period subsequent to the initial delivery of the License being accepted by the customer and performance obligation completed.

 

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to Ubisecure OY as it is expected to benefit from the acquisition. Ubisecure OY is tested for impairment at least annually, or more frequently when there is an indication that the company may be impaired. If the recoverable amount of Ubisecure OY is less than the carrying amount of the company, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the company and then to the other assets of the company pro-rata on the basis of the carrying amount of each asset in the company.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
5 year straight line
1.8
Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their

estimated useful lives, using the straight-line method.

Computers
5 year straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable loss for the year. Taxable loss differs from net loss as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Defined contribution pension plan

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
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 cconditions. 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.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of intangible assets and goodwill

Each year the Group considers whether intangible assets and goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of Ubisecure OY. This requires estimation of the future cash flows from Ubisecure OY and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

 

3
Operating loss
2022
2021
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
20,277
62,456
Government grants
(833)
(11,422)
Depreciation of owned tangible fixed assets
19,401
12,122
Amortisation of intangible assets
1,315,330
1,242,392
Share-based payments
3
-
Operating lease charges
123,361
123,934
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
60,000
19,700
Audit of the financial statements of the company's subsidiaries
54,000
37,257
114,000
56,957
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Total
61
51
4
4

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
3,024,408
2,385,698
443,162
413,192
Social security costs
207,282
136,992
52,230
44,362
Pension costs
409,849
302,817
8,806
8,792
3,641,539
2,825,507
504,198
466,346
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
327,332
303,791
Company pension contributions to defined contribution schemes
11,007
6,594
338,339
310,385
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
125,799
116,585
Company pension contributions to defined contribution schemes
4,403
2,198
7
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
435,826
(548,565)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Loss before taxation
(934,957)
(637,086)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(177,642)
(121,046)
Tax effect of expenses that are not deductible in determining taxable profit
39,314
(2,489)
Tax effect of income not taxable in determining taxable profit
5,162
-
0
Tax effect of utilisation of tax losses not previously recognised
(127,552)
(139,468)
Unutilised tax losses carried forward
118,204
124,141
Permanent capital allowances in excess of depreciation
-
0
(3,652)
Amortisation on assets not qualifying for tax allowances
142,514
142,514
Deferred tax asset
435,826
(548,565)
Taxation charge/(credit)
435,826
(548,565)
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
8
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2022
7,500,735
4,262,129
11,762,864
Additions
-
0
1,377,091
1,377,091
At 31 December 2022
7,500,735
5,639,220
13,139,955
Amortisation and impairment
At 1 January 2022
3,562,847
1,910,726
5,473,573
Amortisation charged for the year
750,073
565,257
1,315,330
At 31 December 2022
4,312,920
2,475,983
6,788,903
Carrying amount
At 31 December 2022
3,187,815
3,163,237
6,351,052
At 31 December 2021
3,937,888
2,351,403
6,289,291
The company had no intangible fixed assets at 31 December 2022 or 31 December 2021.
9
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 January 2022
122,710
Additions
40,318
At 31 December 2022
163,028
Depreciation and impairment
At 1 January 2022
80,300
Depreciation charged in the year
19,401
At 31 December 2022
99,701
Carrying amount
At 31 December 2022
63,327
At 31 December 2021
42,410
The company had no tangible fixed assets at 31 December 2022 or 31 December 2021.
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
10
Fixed asset investments
Group
Company
2022
2021
2022
2021
£
£
£
£
Shares in group undertakings
-
0
-
0
101
101
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows. All subsidiaries below are included in the consolidated financial statements.

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Ubisecure Limited
UK
Management Services to subsidiary
Ordinary
100.00
-
Ubisecure OY
Finland
European CIAM Provider & GLEIF Accredited LOU
Ordinary
0
100.00
Rapidlei Limited
UK
Non Trading
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

 

Unit L3/12 Vinters Business Park, New Cut Road, Maidstone, Kent ME14 5NZ

 

Vaisalantie 2 Espoo, 02130. Finland

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
12
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,515,083
1,403,440
17,216
-
0
Amounts owed by group
-
0
-
0
11,265,015
11,402,558
Other debtors
226,222
147,871
26,103
35,294
1,741,305
1,551,311
11,308,334
11,437,852
Deferred tax asset
81,557
62,799
-
-
1,822,862
1,614,110
11,308,334
11,437,852
Amounts falling due after more than one year:
Other debtors
14,888
14,124
-
-
Deferred tax asset
31,182
485,766
-
-
46,070
499,890
-
-
Total debtors
1,868,932
2,114,000
11,308,334
11,437,852

Amounts due from Ubisecure Limited of £10,934,066 (2021: £11,096,767) are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

 

Amounts due from Ubisecure Oy of £292,717 (2021: £260,823) are in respect of an unsecured capital loan, which carries an interest rate of 5% and is repayable on demand and by no later than 30th August 2026. There is also a trading balance with Ubisecure Oy of £37,864 (2021: £44,769).

 

Amounts due from RapidLEI Limited in respect of an intercompany loan are £369 (2021: £200).

13
Creditors: amounts falling due within one year
Group
As restated
Company
As restated
2022
2021
2022
2021
£
£
£
£
Loans and overdrafts
1,173,036
45,707
1,045,136
6,667
Trade creditors
2,505,975
700,899
161,409
58,550
Amounts owed to group undertakings
-
0
-
0
308,731
233,731
Taxation and social security
646,854
327,748
124,145
71,496
Other creditors
1,303,925
2,069,874
48,715
61,878
5,629,790
3,144,228
1,688,136
432,322

Loans and overdrafts includes an amount owed to Octopus Apollo VCT Plc of £1,035,136 (2021: Nil) in respect of a loan.

 

Amounts due of £308,731 (2021: £233,731) are in respect of a trading balance with Ubisecure Oy.

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
14
Creditors: amounts falling due after more than one year
Group
As restated
Company
As restated
2022
2021
2022
2021
£
£
£
£
Loans and overdrafts
1,007,457
1,692,006
638,384
1,521,663
Taxation and social security
-
75,378
-
0
-
0
Other creditors
750,664
1,344,346
-
0
-
0
1,758,121
3,111,730
638,384
1,521,663

Loans and overdrafts includes an amount owed to Octopus Apollo VCT Plc of £605,884 (2021: £1,478,330) in respect of a loan.

15
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
452,723
259,383
42,500
50,000
Bank overdrafts
86,750
-
0
-
0
-
0
Loans from group undertakings and related parties
1,641,020
1,478,330
1,641,020
1,478,330
2,180,493
1,737,713
1,683,520
1,528,330
Payable within one year
1,173,036
45,707
1,045,136
6,667
Payable after one year
1,007,457
1,692,006
638,384
1,521,663

The Company has a Bounce Back Loan owing of £42,500 (2021:£50,000). Group loans consists of the Company Bounce Back Loan and State Treasury loans in Finland. The loan from related party is owed to Octopus Apollo VCT Plc.

 

16
Deferred taxation

The following are the major deferred tax assets recognised by the group and company, and movements thereon:

Assets
Assets
2022
2021
Group
£
£
Tax losses
112,739
548,565
The company has no deferred tax assets or liabilities.
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
16
Deferred taxation
(Continued)
- 28 -
Group
Company
2022
2022
Movements in the year:
£
£
Asset at 1 January 2022
(548,565)
-
Charge to profit or loss
435,826
-
Asset at 31 December 2022
(112,739)
-

As at 31 December 2022 Ubisecure Oy has unrelieved losses of £4,164,251. Under local tax legislation in Finland, Ubisecure Oy is not able to recognise a deferred tax asset in relation to these losses in their Financial Statements, but the tax losses may be offset in future against the taxable profits generated by the company. Ubisecure Oy therefore does have access to a deferred tax asset in respect of the unrelieved tax losses at a rate of 20% (current Corporate Tax Rate in Finland). The directors consider it prudent to only recognise a deferred tax asset to the extent it may be recovered in the next two years and therefore as at 31st December 2022 the deferred tax asset is £112,739.

17
Share-based payment transactions

The number of equity-settled share-based payments has been disclosed in the below table. During the year. the charge for equity-settled share based payments was immaterial. Ubisecure Holdings Limited have share options in issue, all options which have been granted have non-market vesting conditions attached and all share options which have been granted are of the same class.

 

B shares are exercisable on a set date, an exit event, or at the directors' discretion following the grant date. There are no cash settlement alternatives for the employees therefore these are all accounted for as equity settled under FRS 102.

 

Fair value calculations

 

The fair value of options granted is calculated at the date of grant using a Black-Scholes options pricing model. Expected volatility was determined by utilising market data for businesses of a similar nature given that the shares are not traded and volatility has been taken over the expected life of the options. The expected life applied in the model is based on the terms of agreements in place for options granted.

UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
17
Share-based payment transactions
(Continued)
- 29 -
Group and company
Number of share options
Weighted average exercise price (pence)
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 January 2022
2,374
2,284
-
-
Granted
240
90
1.00
1.00
Forfeited
-
-
-
-
Exercised
-
-
-
-
Expired
-
-
-
-
Outstanding at 31 December 2022
2,614
2,374
-
-
18
Called up share capital
Group and company
2022
2021
Ordinary share capital
£
£
Issued and fully paid
20,000 (2021: 20,000) Ordinary A of 1p each
200
200
11,280 (2021: 11,280) Ordinary A2 of 0.001p each
-
-
200
200
Preference share capital
Issued and fully paid
4,245,000 (2021:4,245,000) Preference A of 0.001p each
43
43
20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
70,015
63,265
3,746
1,700
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
21
Events after the reporting date

On 22 March 2024, a funding round took place. As a result of this, 46,074 Ordinary A3 shares were issued for total consideration of £2,499,975.

 

On 27 July 2024, a further funding round took place. As a result of this, 18,430 Ordinary A3 shares were issued for total consideration of £1,000,012.

 

22
Related party transactions
Transactions with related parties

Ubisecure Holdings Limited has a balance owed by Ubisecure Limited of £10,934,066 (2021: £11,096,767) this is unsecured, interest free, has no fixed date of repayment and is repayable on demand.

 

Ubisecure Holdings Limited has amounts owed from Ubisecure Oy of £292,717 (2021: £260,823) which is in respect of an unsecured capital loan, which carries an interest rate of 5% and is repayable on demand and by no later than 30th August 2026. There is also a trading balance with Ubisecure Oy of £37,864 (2021: £44,769).

 

Ubisecure Holdings Limited has an amount due from RapidLEI Limited in respect of an intercompany loan of £369 (2021: £200).

 

Ubisecure Holdings Limited has an amount owed to Octopus Apollo VCT Plc of £1,641,020 (2021: £1,478,330) in respect of a loan.

 

Ubisecure Holdings Limited has an amount owed to Ubisecure Oy of £308,731 (2021: £233,731) in respect of a trading balance.

 

During the year, £133,566 was paid to a Director of the company for the provision of consulting services.

 

23
Cash generated from group operations
2022
2021
£
£
Loss for the year after tax
(1,370,783)
(88,521)
Adjustments for:
Taxation charged/(credited)
435,826
(548,565)
Interest payable
188,513
159,159
Interest received
(3)
-
0
Amortisation and impairment of intangible assets
1,315,330
1,242,392
Depreciation and impairment of tangible fixed assets
19,401
12,121
Equity settled share based payment expense
3
-
Movements in working capital:
(Increase)/decrease in debtors
(190,758)
115,020
Increase/(decrease) in creditors
635,234
(597,848)
Increase/(decrease) in deferred income
53,939
(6,399)
Cash generated from operations
1,086,702
287,359
UBISECURE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
24
Analysis of changes in net debt - group
1 January 2022
Cash flows
Interest Accrued
Exchange rate movements
31 December 2022
£
£
£
£
£
Cash at bank and in hand
184,868
(76,437)
-
(90,783)
17,648
Bank overdrafts
-
0
(86,750)
-
-
(86,750)
184,868
(163,187)
-
(90,783)
(69,102)
Borrowings excluding overdrafts
(1,737,713)
(193,340)
(162,690)
-
(2,093,743)
(1,552,845)
(356,527)
(162,690)
(90,783)
(2,162,845)
25
Prior period adjustment

Overaccrued costs of £76,648 were removed from comparative cost of sales in the consolidated statement of comprehensive income and restated to reduce other creditors by the equal amount. The impact of this has decreased retained earnings deficit brought forward in 2022 by £76,648.

 

Some prior year comparatives have also been reclassed. This has not affected profit for the year, however the balances are now more accurately presented for the users of the accounts.

 

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr Paul TourretMr Steven WaiteMr Richard CourtMr Paul DavidsonMr Andrew SambrookMr Simon 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