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Registered number: 14859239












TAILSCALE UK LIMITED
FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

 

TAILSCALE UK LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 11


 

TAILSCALE UK LIMITED
 
COMPANY INFORMATION


Directors
D Carney 
A Pennarun 




Company secretary
Taylor Wessing Secretaries Limited



Registered number
14859239



Registered office
5 New Street Square

London

EC4A 3TW




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:14859239
TAILSCALE UK LIMITED

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
3,228

  
3,228

Current assets
  

Debtors: amounts falling due within one year
 5 
136,671

Cash at bank and in hand
  
1,602

  
138,273

Creditors: amounts falling due within one year
 6 
(101,720)

Net current assets
  
 
 
36,553

Total assets less current liabilities
  
39,781

  

Net assets
  
39,781


Capital and reserves
  

Called up share capital 
  
1,000

Share based payment reserve
  
19,187

Profit and loss account
  
19,594

Total equity
  
39,781


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 profit and loss account and directors' report have not been filed.

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




D Carney
Director

Date: 1 November 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 

TAILSCALE UK LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024


Called up share capital
Share based payment reserve
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the 9-month period

Profit for the 9-month period
-
-
19,594
19,594
Total comprehensive income for the 9-month period
-
-
19,594
19,594


Contributions by and distributions to owners

Shares issued during the 9-month period
1,000
-
-
1,000

Share based payment expense
-
19,187
-
19,187


Total transactions with owners
1,000
19,187
-
20,187


At 31 January 2024
1,000
19,187
19,594
39,781

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

1.


General information

Tailscale UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 5 New Street Square, London, EC4A 3TW.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company was incorporated on 10 May 2023 and commenced trade on 30 June 2023. These financial statements are in respect of the short period from 10 May 2023 to 31 January 2024.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is reliant on the support of a group undertaking who is also its sole customer. It has received a letter confirming their continued support for at least the next twelve months.
After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence and meet its liabilities, including providing support to Tailscale UK Limited, as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue from contracts to provide research and development support to group companies is recognised in the period in which the services are provided. Revenue is recognised to the extent that it is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable.

Page 4

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within administrative expenses.

 
2.5

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 company 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.

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
-
33%

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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.7

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Page 6

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.8

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.

Page 7

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 


3.


Employees




The average monthly number of employees, including directors, during the 9-month period was 7.

Page 8

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Computer equipment

£



Cost


Additions
3,749



At 31 January 2024

3,749



Depreciation


Charge for the 9-month period 
521



At 31 January 2024

521



Net book value



At 31 January 2024
3,228

Page 9

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

5.


Debtors

2024
£


Amounts owed by group undertakings
78,406

Other debtors
49,864

Prepayments and accrued income
8,401

136,671


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


6.


Creditors: amounts falling due within one year

2024
£

Trade creditors
1,766

Corporation tax
10,376

Other creditors
42,357

Accruals and deferred income
47,221

101,720



7.


Share capital

2024
£
Allotted, called up and fully paid


1,000 Ordinary shares of £1.00 each
1,000


1,000 Ordinary shares of £1.00 each were issued upon incorporation to establish the capital structure of the company.
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.


8.


Parent undertaking

The smallest and largest group for which consolidated financial statements are drawn up is Tailscale Inc., whose registered office is 100 King Street West, Suite 6200, 1 First Canadian Place, Toronto, Canada, M5X 1B8. The financial statements are not publicly available.

Page 10

 

TAILSCALE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9-MONTH PERIOD ENDED 31 JANUARY 2024

9.


Auditor's information

The auditor's report on the financial statements for the 9-month period ended 31 January 2024 was unqualified.

The audit report was signed on 4 November 2024 by Nicholas Anderson (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 11