Registered number: 10161043
ASSURED DATA PROTECTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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ASSURED DATA PROTECTION LIMITED
COMPANY INFORMATION
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11a Harewood Yard Harewood House Estate
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Chartered accountants & statutory auditor
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ASSURED DATA PROTECTION LIMITED
CONTENTS
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Independent auditors' report
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Consolidated statement of comprehensive income
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Consolidated analysis of net debt
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Notes to the financial statements
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ASSURED DATA PROTECTION LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The Directors of the business present their Strategic Report on Assured Data Protection Limited (the ‘Company’) and it’s subsidiary entity Assured Data Protection Inc (together the ‘Group’ or referred to as ‘Assured Data Protection’). The strategic report outlines the performance, strategy, and outlook of our global data backup and disaster recovery business for the financial year ending 31st January 2024. The report aims to provide stakeholders with insights into our operational achievements, financial results, and strategic direction in the context of the evolving data protection landscape.
Our Group specialises in providing comprehensive data backup and disaster recovery services to businesses across various sectors, including finance, healthcare, and retail. We offer on-premises, cloud-based, and hybrid backup solutions that ensure data integrity, security, and accessibility.
Revenue
The focus of the Group is to generate recurring revenue, seeking to secure multi-year contracts for the provision of our backup and disaster recovery services. During the year, we continued to invest into our sales organisation to drive revenue growth. In the UK and the US the organisation is split between team members whose role is to create demand within our channel community (“Channel Team”) and team members whose role is to secure the contracts (“Account Executives”).
Customer Retention
Once a contract has been secured and the service implemented, the customer journey is controlled by the Client Services department. Each customer is allocated a Client Services team member who creates regular touch points and acts as the liaison between the customer and Group Operations.
Group Operations
The primary operational unit in the Group is Global Support, who are responsible for proactive and reactive monitoring of customer environments. During the year there was continued investment into the support teams in the UK and the US.
In addition, the Group continues to invest in dedicated Disaster Recovery (DR) specialists who are able to perform DR testing for customers, and are available 24/7 in case of disaster invocation.
Market
The global data backup market is projected to grow significantly, driven by increasing data generation, regulatory compliance requirements, and the rising threat of cyberattacks. Our business is well-positioned to capitalise on these trends, supported by our innovative solutions and customer-centric approach.
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ASSURED DATA PROTECTION LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Principal risks and uncertainties
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We recognise several Principal risks that could impact our business, including:
Failure of customers to renew contracts at the end of their term
We continue to mitigate this risk by providing a high touch, high quality support experience. The Client Services department also act as a first port of call for customers who may be contemplating leaving at the end of their contract term.
Emerging technology may increase risk of customer churn
To mitigate the potential impact of emerging technologies, our CIO and CTO are constantly reviewing the ever changing landscape of backup and recovery technology. If any of the core technologies the Group uses are considered to be under threat or obsolete, steps are taken to find an alternative.
Staff Costs and Staff Retention
As a services business, Staff Costs constitute a material element of the Group’s overall cost base. The Group acknowledges its growth and success could be hindered by a shortage or inability to recruit and retain experienced and qualified staff. To mitigate this risk, the Group constantly seeks to create a culture and structure to attract and retain the right people.
Risk Assessment
Being a founder led Group, with twin headquarters in Leeds, UK and North Virginia, US, the Board is quickly made aware of all risks to the Group by the directors, the majority of whom are actively involved in the business.
The Group does not have excessive exposure to risks in respect of price, credit, liquidity and cash flow risk. The Group’s financial instruments are largely traded in the functional currency, being Sterling for the UK business and the US Dollar for the US business. Costs are matched to revenue in local currency wherever possible and the Group does not use hedge accounting in respect of its financial instruments.
Financial key performance indicators
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The Group measures the performance of the business by assessing revenue, profitability and cash flow.
Revenue: The Group achieved a 36% increase in revenue compared to the previous year, reaching 18.4 million GBP. This growth is attributed to an expanded customer base and enhanced service offerings. It is noted that the growth shown in the consolidated statement of comprehensive income does not reflect a 36% increase on the basis the UK entity only formally acquired the US entity on 31 January 2023 and the US results are therefore not included in the prior year consolidation.
Cash Flow: Positive cash flow from operating activities enabled strategic investments in Sales, Operational departments and R&D.
Looking ahead, we anticipate continued growth driven by increasing demand for the robust data backup and disaster recovery services. Our strategic focus on innovation, market expansion, and customer engagement will position us for continued revenue growth.
To increase profitability, the Group seeks to automate as many tasks as possible. The continued development of the AssuredView platform means an increasing amount of backup monitoring and recovery tasks are automated.
This strategic report underscores our commitment to delivering value to our stakeholders while navigating the challenges and opportunities within the global data backup market. We are poised to leverage our strengths and capitalise on emerging trends to drive sustainable growth.
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ASSURED DATA PROTECTION LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
This report was approved by the board on 4 October 2024 and signed on its behalf.
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ASSURED DATA PROTECTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,673,254 (2023 - loss £2,016,342).
Particulars of recommended dividends are detailed in note 12 to the financial statements.
The directors who served during the year were:
Matters covered in the Group Strategic Report
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The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
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ASSURED DATA PROTECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Disclosure of information to auditors
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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 and the Group'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 and the Group's auditors are aware of that information.
Under section 487(2) of the Companies Act 2006, Sagars Accountants Ltd will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on 4 October 2024 and signed on its behalf.
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ASSURED DATA PROTECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED DATA PROTECTION LIMITED
We have audited the financial statements of Assured Data Protection Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2024 and of the Group's loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 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
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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 Group's or the parent 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.
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ASSURED DATA PROTECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED DATA PROTECTION LIMITED (CONTINUED)
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 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement set out on page 4, 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 and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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ASSURED DATA PROTECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED DATA PROTECTION LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of revenue, posting of unusual journals along with complex transactions and manipulating the Company's key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of recognition of contract revenue, tested a sample of journals selected on a risk basis to confirm they were appropriate and reviewed areas of judgement and estimation for indicators of management bias to address these risks.
The organisation is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified GDPR and employment law as the areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Group and Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
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ASSURED DATA PROTECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED DATA PROTECTION LIMITED (CONTINUED)
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Group and Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
Without qualifying our opinion we draw attention to the Accounting Policies in note 2 to the financial statement and the fact that the comparative information in the accounts was unaudited as the company applied their entitlement for the exemption from an audit in the prior year.
This report is made solely to the Group and 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 and 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 Group and Company and the Group and Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Ross Preston CA (Senior statutory auditor)
for and on behalf of
Sagars Accountants Ltd
Chartered accountants & statutory auditor
Gresham House
5-7 St Pauls Street
Leeds
LS1 2JG
4 October 2024
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ASSURED DATA PROTECTION LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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Interest payable and similar expenses
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Loss for the financial year
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Foreign currency translation
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Other comprehensive income for the year
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Total comprehensive income for the year
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(Loss) for the year attributable to:
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Owners of the parent Company
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Total comprehensive income for the year attributable to:
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Owners of the parent Company
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There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
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The notes on pages 18 to 34 form part of these financial statements.
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ASSURED DATA PROTECTION LIMITED
REGISTERED NUMBER: 10161043
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Equity attributable to owners of the parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2024.
The notes on pages 18 to 34 form part of these financial statements.
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ASSURED DATA PROTECTION LIMITED
REGISTERED NUMBER: 10161043
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2024.
The notes on pages 18 to 34 form part of these financial statements.
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ASSURED DATA PROTECTION LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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Equity attributable to owners of parent Company
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At 1 February 2023 (unaudited)
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Comprehensive income for the year
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Foreign currency retranslation
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 18 to 34 form part of these financial statements.
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ASSURED DATA PROTECTION LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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Equity attributable to owners of parent Company
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At 1 February 2022 (unaudited)
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Comprehensive income for the year
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Foreign currency retranslation
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Shares issued during the year
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Total transactions with owners
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At 31 January 2023 (unaudited)
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The notes on pages 18 to 34 form part of these financial statements.
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ASSURED DATA PROTECTION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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At 1 February 2022 (unaudited)
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Shares issued during the year
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Credit to equity for equity settled share-based payments
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Total transactions with owners
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At 1 February 2023 (unaudited)
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 18 to 34 form part of these financial statements.
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Page 15
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ASSURED DATA PROTECTION LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
Cash flows from operating activities
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Loss for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Impairments of fixed assets
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Increase in amounts owed to groups
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Acquisition of subsidiary
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Net cash from investing activities
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Cash flows from financing activities
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Repayment of/new finance leases
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Net cash used in financing activities
|
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Net increase/(decrease) in cash and cash equivalents
|
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|
Cash and cash equivalents at beginning of year
|
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|
Cash and cash equivalents at the end of year
|
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|
|
Cash and cash equivalents at the end of year comprise:
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The notes on pages 18 to 34 form part of these financial statements.
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Page 16
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ASSURED DATA PROTECTION LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
The notes on pages 18 to 34 form part of these financial statements.
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Page 17
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ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Assured Data Protection Limited is a private company limited by shares incorporated and registered in England and Wales (no. 10161043). The registered office is 11a Harewood Yarm Harewood House Estate, Harewood, Leeds, LS17 9LF. The principal activities of the Group and the company continued to be the provision of IT managed services.
2.Accounting policies
|
|
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 Group management to exercise judgement 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 financial statements are prepared in sterling, which is the functional currency of the entity.
The comparative information in the accounts is unaudited as the group applied their entitlement to exemption from audit in the year ended 31 January 2023.
Parent company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:
- No Statement of cash flows has been presented for the parent company;
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Page 18
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ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The directors have assessed the going concern of the Group and the Company. The directors have produced forecasts covering the next 12 months and considered post year end-sales, margins and costs. These forecasts suggest that the Group and the company can continue to trade profitability and to generate cash. They have also considered the current cashflow and working capital position, sensitivities in their sales forecasts, and potential mitigating actions in the event of lower than forecast sales.
Based on their review the directors are satisfied that the going concern assumption is appropriate in the production of the financial statements.
|
|
Foreign currency translation
|
Functional and presentation currency
The Groups'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.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Page 19
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 Group 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.
|
|
Leased assets: the Group as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 20
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ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 21
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ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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3 - 5 years straight line
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
Impairment of fixed assets and goodwill
|
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
|
|
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.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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 22
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ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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.
Page 23
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ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
Key sources of estimation uncertainty
The estimates and assumptions which have a heightened risk of causing a material adjustment to the
carrying amount of assets and liabilities are as follows:
Useful lives of tangible fixed assets
The directors estimate the useful life of tangible fixed assets based on the period over which the assets are expected to be available for use. When assessing the estimated useful lives of tangible fixed assets the directors have considered factors such as previous useful lives of similar assets, the age of the asset on purchase and the current condition of the asset.
|
|
|
An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
|
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The operating loss is stated after charging:
|
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Page 24
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
|
|
During the year, the Group obtained the following services from the Company's auditors:
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|
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
|
|
|
|
Fees payable to the Company's auditors in respect of:
|
|
|
|
All non-audit services not included above
|
|
|
|
The Group applied their entitlement to exemption from audit in the year ended 31 January 2023 and so no comparative information is disclosed.
|
|
|
|
|
|
Staff costs, including directors' remuneration, were as follows:
|
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Cost of defined contribution scheme
|
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|
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|
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|
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The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
|
|
|
Group contributions to defined contribution pension schemes
|
|
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|
|
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Page 25
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ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
Interest payable and similar expenses
|
|
|
|
|
|
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|
Other loan interest payable
|
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|
Finance leases and hire purchase contracts
|
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|
|
|
|
|
|
|
|
|
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Origination and reversal of timing differences
|
|
|
|
|
|
|
|
Factors affecting tax charge for the year
|
|
The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on ordinary activities before tax
|
|
|
|
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
|
|
|
|
|
|
|
|
Non-tax deductible amortisation of goodwill and impairment
|
|
|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
|
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|
|
Movement in deferred tax not recognised
|
|
|
|
Remeasurement of deferred tax for changes in tax rates
|
|
|
|
Other permanent differences
|
|
|
|
Total tax charge for the year
|
|
|
Page 26
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
10.Taxation (continued)
|
Factors that may affect future tax charges
|
The rate of UK corporation tax increased in April 2023 from 19% to 25%. There were no other factors that may affect future tax charges.
|
Dividends on equity shares
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Page 27
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
12.Intangible assets (continued)
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Charge for the year on owned assets
|
|
|
|
|
|
|
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Page 28
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
|
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|
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|
|
|
|
|
|
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|
|
|
Charge for the year on owned assets
|
|
|
|
|
Charge for the year on financed assets
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
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|
|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture, fittings and equipment
|
|
|
|
|
|
|
Page 29
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
13.Tangible fixed assets (continued)
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
Charge for the year on financed assets
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
The net book value of land and buildings may be further analysed as follows:
|
|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture, fittings and equipment
|
|
|
|
|
|
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Page 30
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
|
Investments in subsidiary companies
|
|
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|
|
The following was a subsidiary undertaking of the Company:
|
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|
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|
|
Assured Data Protection Inc
|
13873 Park Center Road, Suite 300N, Herndon
,VA 20171, United States of America
|
|
|
|
The principal activity of the subsidiary is that of IT managed services.
Assured Data Protection Limited acquired Assured Data Protection Inc for consideration of £nil on 31 January 2023. The results of Assured Data Protection Inc were consolidated from this date.
|
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|
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|
|
|
Amounts owed by group undertakings
|
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|
|
|
|
|
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|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
Page 31
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Creditors: Amounts falling due within one year
|
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|
Amounts owed to group undertakings
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho Square Capital LLP hold fixed and floating charges over all assets and property of the Group.
The amounts owed to group undertakings relates to a balance owed to Assured Data Protection Bidco Limited. Details on this balance is included in note 25 to the accounts.
|
|
Creditors: Amounts falling due after more than one year
|
|
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|
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Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho Square Capital LLP hold fixed and floating charges over all assets and property of the Group.
Page 32
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
Hire purchase and finance leases
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
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|
|
|
|
|
|
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Less: future interest charges
|
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Charged to profit or loss
|
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|
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|
|
Charged to profit or loss
|
|
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Page 33
|
ASSURED DATA PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
5,500 (2023 - 5,500) Ordinary A shares of £0.01 each
|
|
|
|
|
2,000 (2023 - 2,000) Ordinary B shares of £0.01 each
|
|
|
|
|
500 (2023 - 500) Ordinary C shares of £0.01 each
|
|
|
|
|
8,500 (2023 - 8,500) Ordinary D shares of £0.01 each
|
|
|
|
|
2,500 (2023 - 2,500) Ordinary E shares of £0.01 each
|
|
|
|
|
500 (2023 - 500) Ordinary F shares of £0.01 each
|
|
|
|
|
500 (2023 - 500) Ordinary G shares of £0.01 each
|
|
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|
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|
|
The ordinary shares of £0.01 each have the rights and are subject to the restrictions set out in the Company's articles of association.
|
Foreign exchange reserve
This reserve records foreign currency movements arising on consolidation.
Profit and loss account
This reserve records retained earnings and accumulated profits and losses.
The Group operates a defined contributions pension scheme. The amount recognised in profit or loss as an expense in relation to defined contribution plans was £169,114 (2023: £26,808). The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £11,665 (2023: £6,685) were payable to the fund at the reporting date and are included within other creditors.
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Related party transactions
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During the year the Company was advanced £10,587,524 (2023 - £nil) from it's immediate parent company, Assured Data Protection Bidco Limited. Assured Data Protection Bidco Limited was incorporated on 6 September 2023 and the first accounting period will be a long period to 31 January 2025.
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The immediate parent company is Assured Data Protection Bidco Limited and the ultimate parent company is Assured Data Protection Topco Limited. The Group's results will be consolidated into the first consolidated accounts at 31 January 2025. The registered office and principal place of business of Assured Data Protection Topco Limited is 11a Harewood Yard, Harewood House Estate, Harewood, Leeds, England, LS17 9LF.
The directors believe there is no ultimate controlling party.
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