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Registered number: 13194216














SECURITAS BIDCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
SECURITAS BIDCO LIMITED
 
 
COMPANY INFORMATION


Directors
A J Rudd 
P J Franks 
B R Kotze 
J A Booyens 
G Golan 
T Collins 




Registered number
13194216



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
SECURITAS BIDCO LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 20


 
SECURITAS BIDCO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The directors present the strategic report of Securitas Bidco Limited (the "Company") for the year ended 29 February 2024.

Business review
 
Securitas Bidco Limited is part of the Performanta Group (the "Group") and holds all of the operating companies within the Group.
The Group was formed on the 16 March 2021 following the investment of Beech Tree Private Equity and has made significant progress during the period. The Group is an award winning international cyber security business serving both multinational corporations and SMEs with a presence in the UK, South Africa, US, Europe and Australia. It is recognised as one of the Top Microsoft Partners in the UK and South Africa and has recently been ranked as no.32 Globally by MSSP Alert, and no.1 in both the UK and South Africa. The Group has shown substantial increases in sales, increase in managed services customer numbers and increase in service quality.

Outlook

The cyber security market offers attractive growth prospects, both organically and by strategic acquisition as the overall market for these services continue to grow and there is a proliferation of smaller players that encourages further consolidation. The Performanta Group is very well positioned to take full advantage of these opportunities as it continues an exciting growth strategy and is well placed with its products and suppliers to deliver organic growth. The Group has recently launched SAFE XDR, which is recognised by Gartner as an industry leading XDR platform, providing Continuous Threat Exposure Management (CTEM), utilising the in-house developed Encore Attack Surface Management (ASM) software to improve the monitoring and posture of our managed service and other clients. The business model has proved to be effective and whilst mindful of the uncertainty in the general UK economy the Board remains confident that the strategies adopted will bring success and looks forward to the continued development and improvement in the results for the year ahead.

Principal risks and uncertainties
 
Competition remains high in the cyber security market, but also highly fragmented allowing Performanta to benefit from its larger scale and market presence. The recruitment and training of highly qualified cyber security staff remains a challenge with a significant shortfall in supply compared to the rapidly growing demand. This is partially mitigated by training and recruitment of trainees through structured development programmes.
The increasing dominance of the major cloud providers of Microsoft, Google and Amazon are driving change in the existing cyber security business model, with an expected decline in cyber security technology sales, offset by increase requirement for services to support the major providers. As a result, the Performanta Group continues to increase it’s relationship with Microsoft and has recently gained Microsoft Verified Managed XDR Solution Status, in addition to many other partnerships including Microsoft Intelligent Security Association (MISA) status, Microsoft Fast Track Partner Status and Microsoft Security Solutions Partner status.
The Performanta Group continues to invest in internal cyber security and monitoring of its internal network. This ensures Performanta is compliant to CREST, Cyber Essentials/Cyber Essential Plus, ISO27001/ISO 9001, GDPR and POPIA requirements with regular audits by external approved certification auditors. Every care is taken to keep all data secure, all data is kept within secure computer systems appropriately certified and the data is segregated in the EU and South Africa.

Page 1

 
SECURITAS BIDCO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Financial key performance indicators
 
The Group operates a comprehensive KPI monitoring and monthly reporting regime to assess the ongoing performance of the business. The scope of such KPls extends to sales and gross profit measures within the existing customer bases as well as from new customers. In addition to optimising profitability, non-financial metrics are employed to monitor customer satisfaction and operational delivery. The KPI dashboard monitors the number of managed service customers, technology and consulting revenues, compared to plans. In addition renewal rates and contract lengths provide analysis on the increasing focus on managed services. SLAs also show how well we meet our service commitments with all tickets above 95% of SLA targets.

Other key performance indicators
 
The directors believe that there are numerous non-financial performance indicators, but none are individually key to assessing the overall performance of the Group.


This report was approved by the board on 26 November 2024 and signed on its behalf.



T Collins
Director

Page 2

 
SECURITAS BIDCO LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Results and dividends

The loss for the year, after taxation, amounted to £3,512,826 (2023 - loss £3,239,440).

There were no proposed dividends in the current period.

Directors

The directors who served during the year were:

A J Rudd 
P J Franks 
B R Kotze 
L Arbel (resigned 17 October 2023)
J A Booyens 
G Golan 
T Collins 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
SECURITAS BIDCO LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Future developments

The business is well funded and resourced to continue its ambitious growth strategy.  The majority of growth is planned to be organic, though strategic acquisitions will also be considered if the opportunities arise.
Organic growth both from new customer additions and development of existing accounts into new service offerings continues. To deliver the growth strategy the Group recognises the need to invest in staff training and recruitment and working in partnership with Microsoft and strategic technology suppliers to provide a competitive advantage to deliver services that keep our customers safe from cyber security threats. The vision is to be the market leader in delivering cyber safety to our customers.

Qualifying third party indemnity provisions

The company has granted indemnity to the directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report. 

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP 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 26 November 2024 and signed on its behalf.
 





T Collins
Director

Page 4

 
SECURITAS BIDCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURITAS BIDCO LIMITED
 

Opinion


We have audited the financial statements of Securitas Bidco Limited (the 'company') for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 company's affairs as at 29 February 2024 and of its 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 company 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 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.


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


Page 5

 
SECURITAS BIDCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURITAS BIDCO LIMITED (CONTINUED)

Other information (continued)
In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 3, 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SECURITAS BIDCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURITAS BIDCO 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 7

 
SECURITAS BIDCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURITAS BIDCO LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


Use of our report
 

This report is made solely to the 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 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

26 November 2024
Page 8

 
SECURITAS BIDCO LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(5,002)
(1,272)

Exceptional administrative expenses
  
(49,787)
(45,183)

Operating loss
 4 
(54,789)
(46,455)

Interest payable and similar expenses
 7 
(3,458,037)
(3,192,985)

Loss before tax
  
(3,512,826)
(3,239,440)

Tax on loss
 8 
-
-

Loss for the financial year
  
(3,512,826)
(3,239,440)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
SECURITAS BIDCO LIMITED
REGISTERED NUMBER:13194216

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 9 
32,983,784
32,983,784

Current assets
  

Debtors
 10 
2,227,247
2,491,494

Cash at bank and in hand
  
629
995

  
2,227,876
2,492,489

Current liabilities
  

Creditors: amounts falling due within one year
 11 
(44,066,195)
(40,781,433)

Net current liabilities
  
 
 
(41,838,319)
 
 
(38,288,944)

Total assets less current liabilities
  
(8,854,535)
(5,305,160)

Creditors: amounts falling due after more than one year
 12 
(771,202)
(807,751)

  

Net liabilities
  
(9,625,737)
(6,112,911)


Capital and reserves
  

Called up share capital 
 13 
-
-

Profit and loss account
 14 
(9,625,737)
(6,112,911)

  
(9,625,737)
(6,112,911)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 November 2024.




T Collins
Director

The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
SECURITAS BIDCO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
-
(2,873,471)
(2,873,471)



Loss for the year
-
(3,239,440)
(3,239,440)



At 1 March 2023
-
(6,112,911)
(6,112,911)



Loss for the year
-
(3,512,826)
(3,512,826)


At 29 February 2024
-
(9,625,737)
(9,625,737)


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Securitas Bidco Limited is a private limited liability company registered in England and Wales. Its registered office and business address is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company is that of a holding company.

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 management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Securitas Topco Limited as at 29 February 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The company made a loss for the year and at the reporting date has net current liabilities and net liabilities. The directors have obtained assurance from its parent company and other group companies that funds will be made available to the company so that it will be able to meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Therefore the accounts have been prepared under the going concern basis.

Page 12

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

The financial statements are presented in Sterling (£), which is the functional currency of the Company.
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. Nonmonetary 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 the Statement of Comprehensive Income.

 
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.

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 13

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors and loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

There are no critical accounting estimates and judgements that materially affect these financial statements.


4.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
(1,238)
(6,876)

Exceptional costs
49,787
45,183

During the accounting period various one-off expenses were incurred as part of the group acquisition and restructuring. These costs have been recognised as exceptional costs and are included within administrative expenses.


5.


Auditors' remuneration



The audit fee is borne by a subsidiary company Performanta Limited.



The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 14

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Employees




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


        2024
        2023
            No.
            No.







Directors
7
8


7.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
185,570
171,950

Interest payable to group undertakings
3,272,467
3,021,035

3,458,037
3,192,985

Page 15

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Taxation


2024
2023
£
£



Current tax on profits for the year
-
-


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 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(3,512,826)
(3,239,440)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(667,437)
(615,494)

Effects of:


Expenses not deductible for tax purposes
3,664
-

Unrelieved tax losses carried forward
663,773
615,494

Total tax charge for the year
-
-


Factors that may affect future tax charges

At the reporting date the company had estimated tax losses of £9,603,445 (2023 - £6,110,204) available to carry forward and use against future taxable profits. No deferred tax asset provision in respect of the losses has been made as there is insufficient evidence to ascertain its recoverability. 
From 1 April 2023 the rate of corporation tax will remain at 19% for companies with an annual profit of £50,000 or less, increase to 25% for companies with an annual profit of £250,000 or more, and increase to a marginal rate for companies with profits between £50,000 and £250,000. These thresholds are divided by the number of associated companies.

Page 16

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
32,983,784



At 29 February 2024
32,983,784





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Identity Experts Limited
5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, UK
Ordinary
100%
Performanta Group (Pty) Limited
Unit 10 Tuscan Gardens Office Park, 14th Road, Noordwyk, Midrand, 1686, South Africa
Ordinary
100%
*Performanta Technologies (Pty) Limited
Unit 10 Tuscan Gardens Office Park, 14th Road, Noordwyk, Midrand, 1686, South Africa
Ordinary
100%
*Performanta South Africa (Pty) Limited
Unit 10 Tuscan Gardens Office Park, 14th Road, Noordwyk, Midrand, 1686, South Africa
Ordinary
70%
Performanta Limited
5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, UK
Ordinary
100%
*Performanta North America Inc
2711 Centerville Road, Suite 400, City of Wilmington, 19808, USA
Ordinary
100%
*Cyberlumeneer Limited
5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, UK
Ordinary
100%
*Performanta Deutschland GmbH
WPG, StBG, RA, Lindwurmstraße 114, 80337 München, Germany
Ordinary
100%
Page 17

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Subsidiary undertakings (continued)


Name

Registered office

Class of shares

Holding

*Performanta International Limited
3rd Floor , Ulysses House, Foley Street, Dublin 1, Ireland
Ordinary
100%
*Performanta Australia
Level 26, 1 Bligh, 1 Bligh Street, Sydney, NSW 2000, Australia
Ordinary
100%

The entities above marked with an * are indirect subsidiaries.


10.


Debtors

29 February
28 February
2024
2023
£
£

Amounts owed by group undertakings
2,190,284
2,458,323

Other debtors
36,963
33,171

2,227,247
2,491,494



11.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
-
50,340

Other creditors
63,873
-

Amounts owed to group undertakings
35,034,374
35,035,612

Interest due on amounts owed to group undertakings
8,967,948
5,695,481

44,066,195
40,781,433


Included within other creditors falling due within one year is an amount due to a shareholder of the group of £63,873 (2023 - £nil) which is repayable by 30 September 2024 and accrues interest at 8% per annum. 
Included within amounts owed to group undertakings is an amount due to Securitas Midco Limited totalling £34,945,900 (2023 - £34,945,900) which accrued interest at 8% per annum and is repayable on demand. As at the reporting date total interest of £8,967,948 (2023 - £5,695,481) had been accrued on the loan. 

Page 18

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other creditors
771,202
807,751


Included within other creditors falling due after more than one year are amounts due to shareholders of the group totalling £771,202 (2023 - £807,751) which is repayable on 16 March 2026 and accrues interest at 8% per annum. 
There are fixed and floating charges over the assets of the company in relation to loan notes of £20,249,433 and other related liabilities of £5,359,128 that have been provided to an intermediate parent company of the group by a majority shareholder of the ultimate parent. No creditors in relation to these charges are included within these financial statements.


13.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £0.10
0.10
0.10



14.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading. It is a distributable reserve.


15.


Related party transactions

Key management personnel include all directors who together have the authority and responsibility for planning, directing and controlling the activities of the company. They received no compensation in the period.
During the year, the company incurred fees totalling £113,092 (2023 - £109,199) from a company which is the majority shareholder of the ultimate parent undertaking. 
The company has taken advantage of the provisions available to it under FRS102 to not disclose transactions it has entered into with wholly owned group members. 

Page 19

 
SECURITAS BIDCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

16.


Controlling party

The immediate parent undertaking is Securitas Midco Limited whose registered office address is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. 
The ultimate parent undertaking is Securitas Topco Limited whose registered office address is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. 
The ultimate controlling party is Beech Tree Private Equity Partners LP, whose registered office address is First Floor, Suite 3, Building Two, The Colony, Altrincham Road, Cheshire, SK9 4LY.

 
Page 20