Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2022-11-30falseNo description of principal activity2611falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11673275 2022-11-30 2023-12-31 11673275 2021-11-30 2022-11-29 11673275 2023-12-31 11673275 2022-11-29 11673275 c:Director1 2022-11-30 2023-12-31 11673275 d:PlantMachinery 2022-11-30 2023-12-31 11673275 d:PlantMachinery 2023-12-31 11673275 d:PlantMachinery 2022-11-29 11673275 d:ComputerEquipment 2022-11-30 2023-12-31 11673275 d:ComputerEquipment 2023-12-31 11673275 d:ComputerEquipment 2022-11-29 11673275 d:CurrentFinancialInstruments 2023-12-31 11673275 d:CurrentFinancialInstruments 2022-11-29 11673275 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11673275 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-29 11673275 d:UKTax 2022-11-30 2023-12-31 11673275 d:UKTax 2021-11-30 2022-11-29 11673275 d:ShareCapital 2023-12-31 11673275 d:ShareCapital 2022-11-29 11673275 d:RetainedEarningsAccumulatedLosses 2023-12-31 11673275 d:RetainedEarningsAccumulatedLosses 2022-11-29 11673275 c:FRS102 2022-11-30 2023-12-31 11673275 c:AuditExempt-NoAccountantsReport 2022-11-30 2023-12-31 11673275 c:FullAccounts 2022-11-30 2023-12-31 11673275 c:PrivateLimitedCompanyLtd 2022-11-30 2023-12-31 11673275 2 2022-11-30 2023-12-31 11673275 e:PoundSterling 2022-11-30 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11673275










TRYHACKME LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
TRYHACKME LTD
REGISTERED NUMBER: 11673275

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
As restated
29 November
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
18,705

  
-
18,705

Current assets
  

Debtors: amounts falling due within one year
 6 
681,232
522,956

Cash at bank and in hand
  
11,920,307
6,295,513

  
12,601,539
6,818,469

Creditors: amounts falling due within one year
 7 
(7,518,434)
(2,549,789)

Net current assets
  
 
 
5,083,105
 
 
4,268,680

Total assets less current liabilities
  
5,083,105
4,287,385

  

Net assets
  
5,083,105
4,287,385


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
5,083,005
4,287,285

  
5,083,105
4,287,385


Page 1

 
TRYHACKME LTD
REGISTERED NUMBER: 11673275
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of income and retained earnings 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: 




A Savani
Director

Date: 28 November 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

TryHackMe Ltd is a private company, limited by shares, registered in England & Wales under the Companies Act 2006. 
The registered office address is 128 City Road, London, EC1V 2NX and the registered number is 11673275.
Principal activity
The principal activity of the company during the period was that of cyber security training via online platforms.

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 financial statements reflect a prior period adjustment, see note 8.
The financial statements are presented in £sterling, rounded to the nearest £1.
The financial statements are presented for the period 30 November 2022 to 31 December 2023 to align with operational seasonality.
The financial statements are therefore for a period of 13 months and are not entirely comparable with the previous period of 12 months.

The following principal accounting policies have been applied:

Page 3

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

Page 4

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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 5

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 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.


 
2.9

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:

Plant and machinery
-
10%
straight line
Computer equipment
-
33%
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.

Page 6

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

  
2.15

Prior period adjustments

The financial statements include a prior period adjustment in respect of the figures at 29 November 2022. The figures for 29 November 2022 have therefore been restated.
Please see notes 8, 9 and 10 for further detail.


3.


Employees

The average monthly number of employees, including directors, during the period was 26 (2022 - 11).

Page 7

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Taxation


30 November 2022 to
31 December
As restated
29 November
2023
2022
£
£

Corporation tax


Current tax on profits for the period
436,985
713,887


436,985
713,887


Total current tax
436,985
713,887
Page 8

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
4.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.2% (2022 - 19%). The differences are explained below:

30 November 2022 to
31 December
As restated
29 November
2023
2022
£
£


Profit on ordinary activities before tax
1,720,578
3,566,172


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.2% (2022 - 19%)
399,174
677,573

Effects of:


Expenses not deductible for tax purposes
33,135
38,996

Capital allowances for period/year in excess of depreciation
4,676
(2,682)

Total tax charge for the period/year
436,985
713,887


Factors that may affect future tax charges

The rate of corporation tax increased to 25% on 1 April 2023. 

Page 9

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 30 November 2022
1,174
26,517
27,691



At 31 December 2023

1,174
26,517
27,691



Depreciation


At 30 November 2022
495
8,491
8,986


Impairment charge
679
18,026
18,705



At 31 December 2023

1,174
26,517
27,691



Net book value



At 31 December 2023
-
-
-



At 29 November 2022
679
18,026
18,705

The fixed assets were impaired by the directors to reflect the value of the assets in the company.

Page 10

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Debtors

31 December
As restated
29 November
2023
2022
£
£


Trade debtors
402,298
377,524

Other debtors
151,617
145,432

Prepayments and accrued income
127,317
-

681,232
522,956



7.


Creditors: Amounts falling due within one year

31 December
As restated
29 November
2023
2022
£
£

Trade creditors
7,803
78,937

Corporation tax
1,225,876
788,891

Other taxation and social security
1,852,501
1,046,419

Other creditors
446,350
345,830

Accruals and deferred income
3,985,904
289,712

7,518,434
2,549,789



8.


Prior period adjustment

A review of the accounting records during the period by the directors, highlighted that the prior period financial statements included material misstatements primarily relating to the recording of the timing of transactions reflected in the debtor and creditor balances, together with a VAT misstatement. 
Turnover, expenses and the related taxation have been corrected in the prior period adjustment to reflect the correct application of the accounting policy on the recognition of revenue.
The records have been corrected to reflect the cut-off misstatement and debtor balances now represent funds due to the company for services that were provided by the company to customers during the period. 
Creditor balances have been adjusted to reflect the international VAT liability as at 29 November 2022, which was previously omitted.
A summary of adjustments are documented in notes 9 and 10.

Page 11

 
TRYHACKME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.

Income and retained earnings adjustment

2022
Original
Adjustment
2022 Restated
        £
        £
        £

Operating profit


4,548,912

(783,640)
 
3,765,272
 
Interest


-

(199,100)
 
(199,100)
 
Tax on Profit


(904,853)

190,966
 
(713,887)
 


10.


Balance sheet adjustment

2022
Original
Adjustment
2022 Restated
£
£
£
Tangible assets


18,705

-
 
18,705
 
Debtors


868,490

(345,534)
 
522,956
 
Cash at Bank and in Hand


6,328,903

(33,390)
 
6,295,513
 
Creditors due within 1 year


(1,587,867)

(961,922)
 
(2,549,789)
 
Share Capital


(100)

-
 
(100)
 
Retained Earnings


(5,628,131)

1,340,846
 
(4,287,285)
 



11.


Related party transactions

Following a loan of £85,539 in the period, as at 31 December 2023 the company was due £86,394 (2022: £-) from Benjamin Spring, a director and shareholder of the company. Interest of 2% has been charged on this loan. This loan is unsecured and repaid post period end. 


12.


Controlling party

The company is controlled by Benjamin Spring, a director of the company by virtue of his shareholding.

 
Page 12