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Registered number: 10161043










ASSURED DATA PROTECTION LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
ASSURED DATA PROTECTION LIMITED
 

COMPANY INFORMATION


Directors
Mr S E Chappell 
Mr A Eva 
Mr S Hayes 
Mr R Mackle 
Mr S R Parkin 




Company secretary
Simon Chappell



Registered number
10161043



Registered office
11a Harewood Yard Harewood House Estate
Harewood

Leeds

England

LS17 9LF




Independent auditors
Sagars Accountants Ltd
Chartered accountants & statutory auditor

Gresham House

5-7 St Pauls Street

Leeds

LS1 2JG





 
ASSURED DATA PROTECTION LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 34


 
ASSURED DATA PROTECTION LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
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.

Business review
 
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.

Page 1

 
ASSURED DATA PROTECTION LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Principal risks and uncertainties
 
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
 
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.

Future Developments
 
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.

Page 2

 
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.



Mr S E Chappell
Director

Page 3

 
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

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 2006They 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.

Results and dividends

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. 

Directors

The directors who served during the year were:

Mr S E Chappell 
Mr A Eva 
Mr S Hayes 
Mr R Mackle 
Mr S R Parkin 

Matters covered in the Group Strategic Report

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.

Page 4

 
ASSURED DATA PROTECTION LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

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 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.

Auditors

Under section 487(2) of the Companies Act 2006Sagars 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.
 





Mr S E Chappell
Director

Page 5

 
ASSURED DATA PROTECTION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED DATA PROTECTION LIMITED
 

Opinion


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 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 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.


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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified 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.


Page 6

 
ASSURED DATA PROTECTION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED DATA PROTECTION 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 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
 

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
 

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.


Page 7

 
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
 

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.



 
Page 8

 
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 statementsWe 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.


Other matters 
 

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.


Use of our report
 

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 2006Our 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
Page 9

 
ASSURED DATA PROTECTION LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023 (Unaudited)
Note
£
£

  

Turnover
 4 
18,492,528
5,805,262

Cost of sales
  
(6,313,300)
(2,450,106)

Gross profit
  
12,179,228
3,355,156

Administrative expenses
  
(13,389,317)
(5,412,911)

Operating loss
 5 
(1,210,089)
(2,057,755)

Interest payable and similar expenses
 9 
(463,165)
(118,587)

Loss before taxation
  
(1,673,254)
(2,176,342)

Tax on loss
 10 
-
160,000

Loss for the financial year
  
(1,673,254)
(2,016,342)

  

Foreign currency translation
  
94,764
4,288

Other comprehensive income for the year
  
94,764
4,288

Total comprehensive income for the year
  
(1,578,490)
(2,012,054)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(1,673,254)
(2,016,342)

  
(1,673,254)
(2,016,342)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(1,578,490)
(2,012,054)

  
(1,578,490)
(2,012,054)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 34 form part of these financial statements.

Page 10

 
ASSURED DATA PROTECTION LIMITED
REGISTERED NUMBER: 10161043

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023 (Unaudited)
Note
£
£

Fixed assets
  

Intangible assets
 12 
475,397
211,147

Tangible assets
 13 
8,351,328
5,015,979

  
8,826,725
5,227,126

Current assets
  

Debtors: amounts falling due within one year
 15 
4,305,413
3,557,345

Cash at bank and in hand
 16 
6,871,769
681,161

  
11,177,182
4,238,506

Creditors: amounts falling due within one year
 17 
(20,406,027)
(7,316,887)

Net current liabilities
  
 
 
(9,228,845)
 
 
(3,078,381)

Total assets less current liabilities
  
(402,120)
2,148,745

Creditors: amounts falling due after more than one year
 18 
(2,559,371)
(3,227,973)

Net liabilities
  
(2,961,491)
(1,079,228)


Capital and reserves
  

Called up share capital 
 21 
200
200

Foreign exchange reserve
 22 
99,052
4,288

Profit and loss account
 22 
(3,060,743)
(1,083,716)

Equity attributable to owners of the parent Company
  
(2,961,491)
(1,079,228)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2024.




Mr S E Chappell
Director

The notes on pages 18 to 34 form part of these financial statements.

Page 11

 
ASSURED DATA PROTECTION LIMITED
REGISTERED NUMBER: 10161043

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023 (Unaudited)
Note
£
£

Fixed assets
  

Intangible assets
 12 
475,397
211,147

Tangible assets
 13 
3,139,335
1,546,057

Investments
 14 
100
100

  
3,614,832
1,757,304

Current assets
  

Debtors: amounts falling due within one year
 15 
6,848,062
2,265,864

Cash at bank and in hand
 16 
5,834,706
470,767

  
12,682,768
2,736,631

Creditors: amounts falling due within one year
  
(15,487,125)
(2,730,395)

Net current (liabilities)/assets
  
 
 
(2,804,357)
 
 
6,236

Total assets less current liabilities
  
810,475
1,763,540

  

Creditors: amounts falling due after more than one year
  
(892,006)
(978,869)

  

Net (liabilities)/assets
  
(81,531)
784,671


Capital and reserves
  

Called up share capital 
 21 
200
200

Profit and loss account brought forward
  
784,471
1,505,364

Loss for the year
  
(562,429)
(148,155)

Other changes in the profit and loss account

  

(303,773)
(572,738)

Profit and loss account carried forward
  
(81,731)
784,471

  
(81,531)
784,671


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2024.


Mr S E Chappell
Director

The notes on pages 18 to 34 form part of these financial statements.

Page 12

 
ASSURED DATA PROTECTION LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 February 2023 (unaudited)
200
4,288
(1,083,716)
(1,079,228)
(1,079,228)


Comprehensive income for the year

Loss for the year

-
-
(1,673,254)
(1,673,254)
(1,673,254)

Foreign currency retranslation
-
94,764
-
94,764
94,764


Other comprehensive income for the year
-
94,764
-
94,764
94,764


Total comprehensive income for the year
-
94,764
(1,673,254)
(1,578,490)
(1,578,490)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(303,773)
(303,773)
(303,773)


Total transactions with owners
-
-
(303,773)
(303,773)
(303,773)


At 31 January 2024
200
99,052
(3,060,743)
(2,961,491)
(2,961,491)


The notes on pages 18 to 34 form part of these financial statements.

Page 13

 
ASSURED DATA PROTECTION LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 February 2022 (unaudited)
100
-
1,505,364
1,505,464
1,505,464


Comprehensive income for the year

Loss for the year

-
-
(2,016,342)
(2,016,342)
(2,016,342)

Foreign currency retranslation
-
4,288
-
4,288
4,288


Other comprehensive income for the year
-
4,288
-
4,288
4,288


Total comprehensive income for the year
-
4,288
(2,016,342)
(2,012,054)
(2,012,054)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(572,743)
(572,743)
(572,743)

Shares issued during the year
100
-
-
100
100

Other movement type 1
-
-
5
5
5


Total transactions with owners
100
-
(572,738)
(572,638)
(572,638)


At 31 January 2023 (unaudited)
200
4,288
(1,083,716)
(1,079,228)
(1,079,228)


The notes on pages 18 to 34 form part of these financial statements.

Page 14

 
ASSURED DATA PROTECTION LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022 (unaudited)
100
1,505,364
1,505,464


Comprehensive income for the year

Loss for the year
-
(148,155)
(148,155)
Total comprehensive income for the year
-
(148,155)
(148,155)


Contributions by and distributions to owners

Dividends: Equity capital
-
(572,743)
(572,743)

Shares issued during the year
100
-
100

Credit to equity for equity settled share-based payments
-
5
5


Total transactions with owners
100
(572,738)
(572,638)



At 1 February 2023 (unaudited)
200
784,471
784,671


Comprehensive income for the year

Loss for the year
-
(562,429)
(562,429)
Total comprehensive income for the year
-
(562,429)
(562,429)


Contributions by and distributions to owners

Dividends: Equity capital
-
(303,773)
(303,773)


Total transactions with owners
-
(303,773)
(303,773)


At 31 January 2024
200
(81,731)
(81,531)


The notes on pages 18 to 34 form part of these financial statements.

Page 15

 
ASSURED DATA PROTECTION LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023 (Unaudited)
£
£

Cash flows from operating activities

Loss for the financial year
(1,673,254)
(2,016,342)

Adjustments for:

Amortisation of intangible assets
55,276
21,420

Depreciation of tangible assets
2,426,745
431,264

Impairments of fixed assets
-
1,866,066

Interest paid
463,165
118,587

(Increase) in debtors
(748,068)
(1,052,129)

Increase in creditors
1,946,116
1,184,412

Increase in amounts owed to groups
10,587,524
-

Net cash generated from operating activities

13,057,504
553,278


Cash flows from investing activities

Purchase of intangible fixed assets
(319,526)
(80,873)

Purchase of tangible fixed assets
(5,762,094)
(950,950)

Acquisition of subsidiary
-
210,394

Net cash from investing activities

(6,081,620)
(821,429)

Cash flows from financing activities

Issue of ordinary shares
-
100

New secured loans
-
71,237

Repayment of loans
(13,196)
-

Repayment of/new finance leases
(5,142)
558,300

Dividends paid
(303,773)
(572,743)

Interest paid
(463,165)
(118,587)

Net cash used in financing activities
(785,276)
(61,693)

Net increase/(decrease) in cash and cash equivalents
6,190,608
(329,844)

Cash and cash equivalents at beginning of year
681,161
1,011,005

Cash and cash equivalents at the end of year
6,871,769
681,161


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,871,769
681,161

6,871,769
681,161


The notes on pages 18 to 34 form part of these financial statements.

Page 16

 
ASSURED DATA PROTECTION LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





At 1 February 2023
Cash flows
New finance leases
At 31 January 2024
£

£

£

£

Cash at bank and in hand

681,161

6,190,608

-

6,871,769

Debt due after 1 year

(345,084)

332,220

-

(12,864)

Debt due within 1 year

(635,640)

(319,024)

-

(954,664)

Finance leases

(5,522,909)

-

5,142

(5,517,767)


(5,822,472)
6,203,804
5,142
386,474

The notes on pages 18 to 34 form part of these financial statements.

Page 17

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
2.4

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)

 
2.5

Revenue

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.

 
2.6

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.

 
2.7

Research and development

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.

 
2.8

Finance costs

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

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

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.

 
2.11

Taxation

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

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

 
2.12

Intangible assets

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:

Development costs
-
10%
straight line

 
2.13

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.

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

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.13
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:

Motor vehicles
-
25% reducing balance
Office equipment
-
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.

 
2.14

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

 
2.17

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.

 
2.18

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 22

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

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.

 
2.20

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.

Page 23

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


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. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
18,492,528
5,805,262

18,492,528
5,805,262


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,554,914
5,805,262

Rest of the world
10,937,614
-

18,492,528
5,805,262



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Impairment of goodwill
-
1,866,066

Exchange differences
271,038
-

Depreciation
2,426,745
431,264

Amortisation
55,276
21,420

Page 24

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
24,485
-

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
5,945
-


The Group applied their entitlement to exemption from audit in the year ended 31 January 2023 and so no comparative information is disclosed.





7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,697,695
1,695,947
2,259,347
1,695,947

Social security costs
583,872
201,244
286,382
201,244

Cost of defined contribution scheme
169,114
27,194
37,574
27,194

7,450,681
1,924,385
2,583,303
1,924,385


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Total
81
35
44
32


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
170,393
25,340

Group contributions to defined contribution pension schemes
1,168
386

171,561
25,726


Page 25

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
71,278
(102,839)

Finance leases and hire purchase contracts
391,887
221,426

463,165
118,587


10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
-
(160,000)

Total deferred tax
-
(160,000)


Tax on loss
-
(160,000)

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:

2024
2023
£
£


Loss on ordinary activities before tax
(1,673,254)
(2,176,342)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
(402,083)
(413,505)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
354,553

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
463,362
13,760

Fixed asset differences
(87,196)
(74,180)

Movement in deferred tax not recognised
26,962
141,065

Remeasurement of deferred tax for changes in tax rates
(1,045)
(72,255)

Other permanent differences
-
(109,438)

Total tax charge for the year
-
(160,000)

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.


11.


Dividends

2024
2023
£
£


Dividends on equity shares
303,773
572,743

303,773
572,743


12.


Intangible assets

Group





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 February 2023
282,376
1,866,066
2,148,442


Additions
319,526
-
319,526



At 31 January 2024

601,902
1,866,066
2,467,968



Amortisation


At 1 February 2023
71,229
1,866,066
1,937,295


Charge for the year on owned assets
55,276
-
55,276



At 31 January 2024

126,505
1,866,066
1,992,571



Net book value



At 31 January 2024
475,397
-
475,397



At 31 January 2023
211,147
-
211,147



Page 27

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
           12.Intangible assets (continued)

Company




Development expenditure

£



Cost


At 1 February 2023
282,376


Additions
319,526



At 31 January 2024

601,902



Amortisation


At 1 February 2023
71,229


Charge for the year on owned assets
55,276



At 31 January 2024

126,505



Net book value



At 31 January 2024
475,397



At 31 January 2023
211,147

Page 28

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Tangible fixed assets

Group






Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
9,248
8,934,741
8,943,989


Additions
-
5,762,094
5,762,094



At 31 January 2024

9,248
14,696,835
14,706,083



Depreciation


At 1 February 2023
5,834
3,922,176
3,928,010


Charge for the year on owned assets
889
288,150
289,039


Charge for the year on financed assets
-
2,137,706
2,137,706



At 31 January 2024

6,723
6,348,032
6,354,755



Net book value



At 31 January 2024
2,525
8,348,803
8,351,328



At 31 January 2023
3,414
5,012,565
5,015,979

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Furniture, fittings and equipment
8,081,535
6,868,931

8,081,535
6,868,931

Page 29

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           13.Tangible fixed assets (continued)


Company






Motor vehicles
Office equipment
Total

£
£
£

Cost or valuation


At 1 February 2023
9,248
3,440,262
3,449,510


Additions
-
2,321,803
2,321,803



At 31 January 2024

9,248
5,762,065
5,771,313



Depreciation


At 1 February 2023
5,834
1,897,619
1,903,453


Charge for the year on owned assets
889
180,838
181,727


Charge for the year on financed assets
-
546,798
546,798



At 31 January 2024

6,723
2,625,255
2,631,978



Net book value



At 31 January 2024
2,525
3,136,810
3,139,335



At 31 January 2023
3,414
1,542,643
1,546,057





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:


2024
2023
£
£



Furniture, fittings and equipment
2,314,085
1,331,184

2,314,085
1,331,184

Page 30

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
100



At 31 January 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Assured Data Protection Inc
13873 Park Center Road, Suite 300N, Herndon
,VA 20171, United States of America
Ordinary
100%

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. 





15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,446,864
2,207,999
1,587,709
925,132

Amounts owed by group undertakings
-
-
5,171,545
558,572

Other debtors
25,627
765,964
-
765,000

Prepayments and accrued income
832,922
583,382
88,808
17,160

4,305,413
3,557,345
6,848,062
2,265,864


Page 31

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
6,871,769
681,161
5,834,706
470,767

6,871,769
681,161
5,834,706
470,767



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
10,469
107,485
10,469
107,485

Other loans
944,195
528,155
-
-

Trade creditors
1,981,731
932,604
944,480
532,695

Amounts owed to group undertakings
10,587,524
-
10,587,524
-

Other taxation and social security
411,153
257,201
411,153
257,201

Obligations under finance lease and hire purchase contracts
2,971,260
2,640,020
944,287
537,508

Other creditors
184,444
1,197,056
10,735
7,913

Accruals and deferred income
3,315,251
1,654,366
2,578,477
1,287,593

20,406,027
7,316,887
15,487,125
2,730,395


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. 


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
12,864
345,084
12,864
345,084

Net obligations under finance leases and hire purchase contracts
2,546,507
2,882,889
879,142
633,785

2,559,371
3,227,973
892,006
978,869


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

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
3,322,857
2,719,010

Between 1-5 years
2,734,130
3,501,825

Less: future interest charges
(539,220)
(697,925)

5,517,767
5,522,910


20.


Deferred taxation


Group



2023


£






At beginning of year
160,000


Charged to profit or loss
(160,000)



At end of year
-

Company


2023





At beginning of year
160,000


Charged to profit or loss
(160,000)



At end of year
-
Page 33

 
ASSURED DATA PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,500 (2023 - 5,500) Ordinary A shares of £0.01 each
55
55
2,000 (2023 - 2,000) Ordinary B shares of £0.01 each
20
20
500 (2023 - 500) Ordinary C shares of £0.01 each
5
5
8,500 (2023 - 8,500) Ordinary D shares of £0.01 each
85
85
2,500 (2023 - 2,500) Ordinary E shares of £0.01 each
25
25
500 (2023 - 500) Ordinary F shares of £0.01 each
5
5
500 (2023 - 500) Ordinary G shares of £0.01 each
5
5

200

200

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. 



22.


Reserves

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. 


23.


Pension commitments

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.


24.


Related party transactions

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. 


25.


Controlling party

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. 
Page 34