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Registered number: 11169965









BITSIGHT TECHNOLOGIES UK, LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
BITSIGHT TECHNOLOGIES UK, LIMITED
REGISTERED NUMBER: 11169965

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
17,498
20,070

Current assets
  

Debtors: amounts falling due within one year
 5 
592,900
104,204

Cash at bank and in hand
 6 
229,636
451,180

  
822,536
555,384

Creditors: amounts falling due within one year
 7 
(225,016)
(108,352)

Net current assets
  
 
 
597,520
 
 
447,032

Net assets
  
615,018
467,102


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 8 
10,000
10,000

Profit and loss account
 8 
604,918
457,002

  
615,018
467,102


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

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

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

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



................................................
J Hillier
Director

Date: 29 October 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
BITSIGHT TECHNOLOGIES UK, LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
100
10,000
355,056
365,156


Comprehensive income for the year

Profit for the year
-
-
79,675
79,675
Total comprehensive income for the year
-
-
79,675
79,675


Contributions by and distributions to owners

Share based payments
-
-
22,271
22,271


Total transactions with owners
-
-
22,271
22,271



At 1 February 2023
100
10,000
457,002
467,102


Comprehensive income for the year

Profit for the year
-
-
117,838
117,838
Total comprehensive income for the year
-
-
117,838
117,838


Contributions by and distributions to owners

Share based payments
-
-
30,078
30,078


Total transactions with owners
-
-
30,078
30,078


At 31 January 2024
100
10,000
604,918
615,018


The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
BITSIGHT TECHNOLOGIES UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

BitSight Technologies UK, Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company was incorporated on 25 January 2018. It is a private company limited by shares and is registered in England and Wales. The registered office is Suite 4, 7th Floor, 50 Broadway, London, United Kingdom, SW1 0DB.
The principal activity of the Company in the period under review was that of sales and marketing services for the parent entity.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors of the Company have received confirmation of continued financial support for the foreseeable future from the parent company,  BitSight Technologies, Inc.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole £.

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.

 
2.4

Revenue

Revenue represents amounts charged to the parent company, BitSight Technologies, Inc., under a services and marketing agreement. Revenue is recognised when chargeable costs are incurred, exclusive of value added taxes.

Page 3

 
BITSIGHT TECHNOLOGIES UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in 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 Company in independently administered funds.

 
2.6

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 4

 
BITSIGHT TECHNOLOGIES UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

 
2.8

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 Years

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.

 
2.9

Debtors

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

Page 5

 
BITSIGHT TECHNOLOGIES UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

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

 
2.11

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.


3.


Employees

The average monthly number of employees during the year was 18 (2023 - 13).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2023
24,771


Additions
7,599



At 31 January 2024

32,370



Depreciation


At 1 February 2023
4,701


Charge for the year on financed assets
10,171



At 31 January 2024

14,872



Net book value



At 31 January 2024
17,498



At 31 January 2023
20,070

Page 6

 
BITSIGHT TECHNOLOGIES UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
572,261
87,717

Other debtors
1,222
6,700

Prepayments and accrued income
18,564
8,195

Deferred taxation
853
1,592

592,900
104,204


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
229,636
451,180



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
1,368

Corporation tax
45,000
-

Other taxation and social security
1,492
-

Other creditors
14,108
9,495

Accruals and deferred income
164,416
97,489

225,016
108,352



8.


Reserves

Other reserves

Other reserves relate to a capital contribution reserve.


9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £68,893 (2023: £39,581). Contributions totalling £14,108 (2023: £9,495) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
BITSIGHT TECHNOLOGIES UK, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Controlling party

The ultimate and immediate parent company is BitSight Technologies, Inc., based in the USA, the registered office is 111 Huntington Ave, Suite 2010, Boston, MA 02199, Boston, MA 02199. BitSight Technologies, Inc. is the parent company of the largest and smallest group to consolidate these accounts and holds 100% of the share capital of BitSight Technologies UK, Limited.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 29 October 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 8