Caseware UK (AP4) 2024.0.164 2024.0.164 No description of principal activitytrue2023-07-01false1414trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI615841 2023-07-01 2024-06-30 NI615841 2022-07-01 2023-06-30 NI615841 2024-06-30 NI615841 2023-06-30 NI615841 c:Director1 2023-07-01 2024-06-30 NI615841 d:PlantMachinery 2023-07-01 2024-06-30 NI615841 d:PlantMachinery 2024-06-30 NI615841 d:PlantMachinery 2023-06-30 NI615841 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI615841 d:OfficeEquipment 2023-07-01 2024-06-30 NI615841 d:OfficeEquipment 2024-06-30 NI615841 d:OfficeEquipment 2023-06-30 NI615841 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI615841 d:ComputerEquipment 2023-07-01 2024-06-30 NI615841 d:ComputerEquipment 2024-06-30 NI615841 d:ComputerEquipment 2023-06-30 NI615841 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI615841 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI615841 d:CurrentFinancialInstruments 2024-06-30 NI615841 d:CurrentFinancialInstruments 2023-06-30 NI615841 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 NI615841 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 NI615841 d:ShareCapital 2024-06-30 NI615841 d:ShareCapital 2023-06-30 NI615841 d:SharePremium 2023-07-01 2024-06-30 NI615841 d:SharePremium 2024-06-30 NI615841 d:SharePremium 2023-06-30 NI615841 d:OtherMiscellaneousReserve 2023-07-01 2024-06-30 NI615841 d:OtherMiscellaneousReserve 2024-06-30 NI615841 d:OtherMiscellaneousReserve 2023-06-30 NI615841 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 NI615841 d:RetainedEarningsAccumulatedLosses 2024-06-30 NI615841 d:RetainedEarningsAccumulatedLosses 2023-06-30 NI615841 c:OrdinaryShareClass1 2023-07-01 2024-06-30 NI615841 c:OrdinaryShareClass1 2024-06-30 NI615841 c:OrdinaryShareClass1 2023-06-30 NI615841 c:OrdinaryShareClass2 2023-07-01 2024-06-30 NI615841 c:OrdinaryShareClass2 2024-06-30 NI615841 c:OrdinaryShareClass2 2023-06-30 NI615841 c:OrdinaryShareClass3 2023-07-01 2024-06-30 NI615841 c:OrdinaryShareClass3 2024-06-30 NI615841 c:OrdinaryShareClass3 2023-06-30 NI615841 c:FRS102 2023-07-01 2024-06-30 NI615841 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 NI615841 c:FullAccounts 2023-07-01 2024-06-30 NI615841 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI615841 2 2023-07-01 2024-06-30 NI615841 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI615841










SaltVPN Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2024

 
SaltVPN Limited
Registered number: NI615841

Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
12,545
16,608

  
12,545
16,608

Current assets
  

Debtors: amounts falling due within one year
 6 
348,470
1,300,132

Cash at bank and in hand
 7 
456,364
148,708

  
804,834
1,448,840

Creditors: amounts falling due within one year
 8 
(931,775)
(910,561)

Net current (liabilities)/assets
  
 
 
(126,941)
 
 
538,279

Total assets less current liabilities
  
(114,396)
554,887

  

Net (liabilities)/assets
  
(114,396)
554,887


Capital and reserves
  

Called up share capital 
 9 
155,205
155,205

Share premium account
 10 
5,801,207
5,801,207

Other reserves
 10 
122,715
91,199

Profit and loss account
 10 
(6,193,523)
(5,492,724)

  
(114,396)
554,887


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SaltVPN Limited
Registered number: NI615841

Balance Sheet (continued)
As at 30 June 2024

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 year 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 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 on 14 January 2025.




Mr Joe Boyle
Director

The notes on pages 3 to 9 form part of these financial statements.

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Page 2

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

1.


General information

SaltVPN Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

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 Company had cash reserves of £148,708 at 30 June 2023 and received the £1m proceeds of the 30 June 2023 share allotment in July 2023. 
Based upon the above, and after making appropriate enquiries, the directors have formed a judgement at the time of writing that it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

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 'other operating income'.

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Page 3

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

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.

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SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.


 
2.10

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.

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SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
Office equipment
-
33%
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.

 
2.11

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company’s accounting policies, management has not made any significant judgements. There are no key assumptions concerning the future or other key sources of estimation, that have significant risk of raising a material adjustment to the carrying amounts of assets and liabilities within the financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 14).

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Page 6

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
1,458
17,240
51,024
69,722


Additions
-
183
2,989
3,172



At 30 June 2024

1,458
17,423
54,013
72,894



Depreciation


At 1 July 2023
1,458
14,379
37,277
53,114


Charge for the year on owned assets
-
1,506
5,729
7,235



At 30 June 2024

1,458
15,885
43,006
60,349



Net book value



At 30 June 2024
-
1,538
11,007
12,545



At 30 June 2023
-
2,861
13,747
16,608

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Page 7

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

6.


Debtors

2024
2023
£
£


Trade debtors
54,484
10,803

Other debtors
284,527
1,283,155

Prepayments and accrued income
9,459
6,174

348,470
1,300,132



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
456,364
148,708

456,364
148,708



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
551,858
519,770

Trade creditors
23,952
22,705

Other taxation and social security
38,225
39,626

Other creditors
16,972
5,626

Accruals and deferred income
300,768
322,834

931,775
910,561





9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,595,000 (2023 - 6,595,000) Ordinary shares of £0.001 each
6,595
6,595
2,121,290 (2023 - 2,121,290) Deferred Ordinary shares of £0.001 each
2,121
2,121
146,489,217 (2023 - 146,489,220) Preferred Ordinary shares of £0.001 each
146,489
146,489

155,205

155,205
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Page 8

 
SaltVPN Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

9.Share capital (continued)




10.


Reserves

Share premium account

The share premium account represents the excess paid for shares over their nominal value.

Other reserves

The other reserve is a share option reserve

Profit and loss account

The profit and loss account contains the accumulated profits and losses of the company.


11.


Share-based payments

During the year options in respect of 12,606,347 shares vested during the year.


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Page 9