Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30No description of principal activityfalsetrue2022-10-01false3131falsefalse 02976791 2022-10-01 2023-09-30 02976791 2021-10-01 2022-09-30 02976791 2023-09-30 02976791 2022-09-30 02976791 2021-10-01 02976791 1 2022-10-01 2023-09-30 02976791 1 2021-10-01 2022-09-30 02976791 1 2022-10-01 2023-09-30 02976791 d:Exceptional 2022-10-01 2023-09-30 02976791 d:Exceptional 2021-10-01 2022-09-30 02976791 e:Director1 2022-10-01 2023-09-30 02976791 e:Director2 2022-10-01 2023-09-30 02976791 e:RegisteredOffice 2022-10-01 2023-09-30 02976791 d:FurnitureFittings 2022-10-01 2023-09-30 02976791 d:FurnitureFittings 2023-09-30 02976791 d:FurnitureFittings 2022-09-30 02976791 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02976791 d:OfficeEquipment 2022-10-01 2023-09-30 02976791 d:OfficeEquipment 2023-09-30 02976791 d:OfficeEquipment 2022-09-30 02976791 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02976791 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02976791 d:CurrentFinancialInstruments 2023-09-30 02976791 d:CurrentFinancialInstruments 2022-09-30 02976791 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02976791 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 02976791 f:UnitedKingdom 2022-10-01 2023-09-30 02976791 f:UnitedKingdom 2021-10-01 2022-09-30 02976791 d:UKTax 2022-10-01 2023-09-30 02976791 d:UKTax 2021-10-01 2022-09-30 02976791 d:ShareCapital 2022-10-01 2023-09-30 02976791 d:ShareCapital 2023-09-30 02976791 d:ShareCapital 2021-10-01 2022-09-30 02976791 d:ShareCapital 2022-09-30 02976791 d:ShareCapital 2021-10-01 02976791 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02976791 d:RetainedEarningsAccumulatedLosses 2023-09-30 02976791 d:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 02976791 d:RetainedEarningsAccumulatedLosses 2022-09-30 02976791 d:RetainedEarningsAccumulatedLosses 2021-10-01 02976791 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 02976791 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 02976791 e:OrdinaryShareClass1 2022-10-01 2023-09-30 02976791 e:OrdinaryShareClass1 2023-09-30 02976791 e:FRS102 2022-10-01 2023-09-30 02976791 e:Audited 2022-10-01 2023-09-30 02976791 e:FullAccounts 2022-10-01 2023-09-30 02976791 e:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 02976791 d:WithinOneYear 2023-09-30 02976791 d:WithinOneYear 2022-09-30 02976791 d:BetweenOneFiveYears 2023-09-30 02976791 d:BetweenOneFiveYears 2022-09-30 02976791 2 2022-10-01 2023-09-30 02976791 4 2022-10-01 2023-09-30 02976791 g:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02976791









INTERNET SECURITIES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
INTERNET SECURITIES LIMITED
 
 
COMPANY INFORMATION


Directors
D M Rooney 
J Tse




Registered number
02976791



Registered office
Bluefin Building
110 Southwark Street

Southwark

London

SE1 0SU




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
INTERNET SECURITIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The principal activity of the company is to provide online analysis, data and news on companies, industries and countries in the emerging markets to our subscribers.
 
Business review and future developments
 
The directors are pleased with these results and aim to maintain and improve them over the coming years.

Principal risks and uncertainties
 
The company's main financial instrument is group loans. The company monitors its use of financial instruments and the risk that may arise on an ongoing basis.
The main risks arising from the financial instruments are detailed below. The company reviews and agrees policies for managing the risks detailed below to minimise exposure.
Cash flow risk
The board continually monitors the cash requirements of the company to ensure that the company has ready access to the funds that the board deem necessary at any time during the year. The monitoring and review of future projections by the board ensures that there are adequate facilities readily available from the company's finance providers to support the company's cash flow requirements.

Financial key performance indicators
 
The directors have monitored the progress of the company strategy by reference to certain financial key performance indicators.
The company's profit before tax for the year was £6,631,200 
(2022 - 7,110,292).
The company had net assets of £13,587,303 
(2022 - £6,129,544).


This report was approved by the board on 30 September 2024 and signed on its behalf.



D M Rooney
Director

Page 1

 
INTERNET SECURITIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £7,457,759 (2022 - £6,129,543).

Dividends of £Nil (2022 - £4,365,044) were paid by the company during the year.

Director

The director who served during the year was:

D M Rooney 
J Tse (appointed 12 December 2023)
B Mulligan (resigned 12 December 2023)
G M Dunn (resigned 18 January 2023)
 
Matters covered in the Strategic Report

The company has chosen, in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be contained in the director's report within the strategic report:
i) Business review and future developments; and
ii) Key performance indicators

Page 2

 
INTERNET SECURITIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 September 2024 and signed on its behalf.
 





D M Rooney
Director

Page 3

 
INTERNET SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNET SECURITIES LIMITED
 

Opinion


We have audited the financial statements of Internet Securities Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors' with respect to going concern are described in the relevant sections of this report.


Page 4

 
INTERNET SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNET SECURITIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors' are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors'' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.



Page 5

 
INTERNET SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNET SECURITIES LIMITED (CONTINUED)


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 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.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the healthcare sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
 
°Companies Act 2006.
°FRS102.
°Tax legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit.
 
Page 6

 
INTERNET SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNET SECURITIES LIMITED (CONTINUED)


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates,  were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
 

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


Page 7

 
INTERNET SECURITIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERNET SECURITIES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Nigel Goodman (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

30 September 2024
Page 8

 
INTERNET SECURITIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,767,177
5,333,230

Cost of sales
  
(1,821,166)
(2,366,658)

Gross profit
  
3,946,011
2,966,572

Administrative expenses
  
(4,731,776)
(2,495,679)

Exceptional administrative expenses
  
(175,611)
(109,621)

Other operating income
 5 
9,279,116
8,348,196

Other operating charges
  
(1,688,271)
(1,671,065)

Operating profit
 6 
6,629,469
7,038,403

Interest receivable and similar income
 10 
14,615
83,848

Interest payable and similar expenses
 11 
(12,884)
(11,959)

Profit before tax
  
6,631,200
7,110,292

Tax on profit
 12 
826,559
(980,749)

Profit for the financial year
  
7,457,759
6,129,543

Total comprehensive income for the year
  
7,457,759
6,129,543

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
INTERNET SECURITIES LIMITED
REGISTERED NUMBER: 02976791

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
16,689
13,663

Investments
  
-
-

  
16,689
13,663

Current assets
  

Debtors: amounts falling due within one year
 17 
19,723,552
11,339,143

Cash at bank and in hand
 18 
339,374
242,501

  
20,062,926
11,581,644

Creditors: amounts falling due within one year
 19 
(6,490,522)
(5,463,973)

Net current assets
  
 
 
13,572,404
 
 
6,117,671

Total assets less current liabilities
  
13,589,093
6,131,334

Provisions for liabilities
  

Deferred tax
 20 
(1,790)
(1,790)

  
 
 
(1,790)
 
 
(1,790)

Net assets
  
13,587,303
6,129,544


Capital and reserves
  

Called up share capital 
 21 
1
1

Profit and loss account
 22 
13,587,302
6,129,543

  
13,587,303
6,129,544




The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.




D M Rooney
Director

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
INTERNET SECURITIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
1
6,129,543
6,129,544


Comprehensive income for the year

Profit for the year
-
7,457,759
7,457,759


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
7,457,759
7,457,759


Total transactions with owners
-
-
-


At 30 September 2023
1
13,587,302
13,587,303



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2021
1
4,365,044
4,365,045


Comprehensive income for the year

Profit for the year
-
6,129,543
6,129,543


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
6,129,543
6,129,543


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,365,044)
(4,365,044)


Total transactions with owners
-
(4,365,044)
(4,365,044)


At 30 September 2022
1
6,129,543
6,129,544


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Internet Securities Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Bluefin Building,110 Southwark Street, Southwark, London, England, SE1 0SU.
The company’s principal activities during the year were to provide online analysis, data and news on companies, industries and countries in the emerging markets to our subscribers. This includes  investments banks, corporations, law firms, consultants, investment and insurance companies, universities and libraries, and multilateral organisations.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The company is exempt from the requirement to prepare group accounts under the Companies Act 2006 section 400 as the company is itself a subsidiary undertaking where its parent undertaking, Hawk UK Holdco 1 Limited prepares group accounts.

The following principal accounting policies have been applied:

  
2.2

Cash flow

The company has taken exemption from producing a cashflow statement as it is included in the parent's consolidated financial statements.

 
2.3

Going concern

The directors have prepared the accounts on a going concern basis, having made an assessment of the ability of the company to continue to operate and meet its obligations as they fall due for at least a period of twelve months following the signing of these accounts despite the net current liabilities as the liabilities are with group companies where repayment will only be sought when the company has sufficient resources to do so.

Page 12

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

 
2.5

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 13

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.

Page 14

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Exceptional items

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

 
2.12

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.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 year
Office equipment
-
3 year

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

 
2.15

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.

Page 15

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

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

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors do not believe any of the accounting policy judgments have a significant impact on the results. In addition there are no significant sources of estimation uncertainty.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
5,767,177
5,333,230

5,767,177
5,333,230


The turnover is all from the company's principal activity.


5.


Other operating income

2023
2022
£
£

Distribution income
9,279,116
8,348,196

9,279,116
8,348,196


Page 16

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation
8,529
10,175

Exchange differences
552,734
(1,174,078)

Other operating lease rentals
196,771
207,793


7.


Auditors' remuneration

Audit fees payable to the company's auditor for the audit of the Company's annual financial statements is
£9,850 
(2022 - £8,650).




8.


Employees

2023
2022
£
£

Wages and salaries
1,280,302
1,416,646

Social security costs
162,642
169,287

Cost of defined contribution scheme
65,453
56,516

1,508,397
1,642,449


The average monthly number of employees, including the directors, during the year was 31 (2022 - 31).


9.


Directors' remuneration

During the year, the directors received no remuneration (2022 - £Nil).
The directors are remunerated through other group companies.





10.


Interest receivable

2023
2022
£
£


Other interest receivable
14,615
83,848

14,615
83,848

Page 17

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
12,884
1,535

Other interest payable
-
10,424

12,884
11,959


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
751,922

Adjustments in respect of previous periods
(826,559)
228,827


(826,559)
980,749


Total current tax
(826,559)
980,749

Deferred tax

Total deferred tax
-
-


Tax on profit
(826,559)
980,749
Page 18

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
12.Taxation (continued)


Factors affecting tax (credit)/charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
6,631,200
7,110,292


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2022 - 19%)
1,458,864
1,350,955

Effects of:


Adjustments to tax charge in respect of prior periods
(826,559)
228,827

Group loss relief
(1,458,864)
(599,033)

Total tax (credit)/charge for the year
(826,559)
980,749


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Dividends paid
-
4,365,044

-
4,365,044


14.


Exceptional items

2023
2022
£
£


Restructuring costs
175,611
109,621

175,611
109,621

In 2022, exceptional items related to redundancy costs.

Page 19

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 October 2022
1,039
38,651
39,690


Additions
-
11,555
11,555



At 30 September 2023

1,039
50,206
51,245



Depreciation


At 1 October 2022
1,039
24,988
26,027


Charge for the year
-
8,529
8,529



At 30 September 2023

1,039
33,517
34,556



Net book value



At 30 September 2023
-
16,689
16,689



At 30 September 2022
-
13,663
13,663


16.


Investment

The investments of Internet Securities Limited have a net carrying value of £Nil (2022 - £Nil). The investments held by the company are as follows:
Name of investment  Registered Office   Nature of Class of  Proportion
         Business shares  of shares
          held   held
Internet Securities  Húerfanos 1055, Oficina 503, Information Ordinary  78.18%
Chile Ltda   Santiago, Chile   services
Internet Securities  15/F V-Point,   Information Ordinary  1%
Hong Kong Ltd  18 Tang Lung Street,  services 
    Causeway Bay, Hong Kong
ISI Emerging Markets Al. Jerozolimskie 93, HubHub Information Ordinary  100%
Polska Sp. z.o.o.  Nowogrodzka Square 02-001  services
    Warsaw Poland

CEIC Data - Internet         706, THE HUB Ginza OCT          Information  Ordinary                 100%      
Securities Japan K.K.       8-17-5 Ginza, Chuo-ku                services
                                         104-0061, Tokyo
Page 20

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

17.


Debtors

2023
2022
£
£


Trade debtors
1,124,024
1,196,904

Amounts owed by parent undertakings
9,242,083
3,064,298

Amounts owed by group undertakings
8,966,740
6,707,029

Other debtors
132,819
65,821

Prepayments and accrued income
257,886
305,091

19,723,552
11,339,143


Aside from transfer pricing amounts, other amounts owed by group undertakings are unsecured, repayable and on demand and bear no interest. Interest rates on transfer pricing amounts are 2% per annum above LIBOR.
Amounts owed by parent undertakings are unsecured, repayable on demand and bear an interest rate of 1.0% per annum.
Trade debtors are stated after provisions for bad debts of £141,651
 (2022 - £129,860).


18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
339,374
242,501

339,374
242,501


Page 21

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
192,672
238,311

Amounts owed to group undertakings
1,904,508
539,097

Corporation tax
755,246
755,246

Other taxation and social security
-
2,936

Other creditors
56,448
54,682

Accruals and deferred income
3,581,648
3,873,701

6,490,522
5,463,973


Amounts owed to group undertakings are unsecured, repayable on demand and bear an interest rate of 2% per annum above LIBOR.

Page 22

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

20.


Deferred taxation




2023


£






At beginning of year
1,790



At end of year
1,790

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,790
1,790

1,790
1,790


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



22.


Reserves

Profit and loss account

The profit and loss account includes all current period retained profits and losses.


23.


Contingent liabilities

On 14 May 2021, Ares Management Limited (as security agent for the beneficiaries) registered a share charge over all the issued shares of Internet Securities HONG KONG Limited.
On 21 May 2021, Ares Management Limited (as security agent for the beneficiaries) registered a pledge and financial pledge agreement over shares in ISI Emerging Markets Polska SP.Z.O.O.
On 21 January 2022, Ares Management Limited (as security agent for the beneficiaries) registered a pledge and financial pledge agreement over shares in ISI Emerging Markets Polska SP. Z.O.O.

Page 23

 
INTERNET SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

24.


Pension commitments

The group operates a defined contributions 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 group to the fund and amounted to £65,453 (2022 - £56,516). Contributions totalling £17,126 (2022 - £18,102) are payable at the reporting date.


25.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£
Land and buildings




Not later than 1 year
210,266
202,842

Between 2 and 5 years
147,565
357,831

357,831
560,673


26.


Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 section 33 'related party disclosure' not to disclose transactions with group entities on the grounds that 100% of the voting rights in the company are controlled within the group and the company is included in the consolidated financial statements of the group.


27.


Subsequent events

There have been no significant events affecting the company since the reporting date.


28.


Ultimate parent company and controlling party

The parent undertaking is ISI Emerging Markets Holdings (UK) Limited, a company incorporated in England and Wales.
The smallest group preparing consolidated accounts is Hawk UK Holdco 1 Limited. The largest group preparing consolidated accounts is Hawk Topco Limited. Copies of the consolidated accounts can be obtained from there registered addresses, Bluefin Building Level 1, Southwark Street, London, England, SE1 0SU and PO Box 186 Royal Chambers St. Julian's Avenue, St Peter Port, Guernsey, GY1 4HP.
The ultimate holding company of the company is Montagu Private Equity LLP (“Montagu”), a United Kingdom limited liability partnership, who manages the funds owning the group.
 
In the opinion of the directors, there is no ultimate controlling party.

Page 24