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Registered number: 08790078









IBOSS NETWORK SECURITY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IBOSS NETWORK SECURITY LIMITED
REGISTERED NUMBER: 08790078

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,970
17,985

Current assets
  

Debtors: amounts falling due after more than one year
 5 
36,292
36,292

Debtors: amounts falling due within one year
 5 
912,313
1,038,354

Cash at bank and in hand
 6 
453,757
186,129

  
1,402,362
1,260,775

Creditors: amounts falling due within one year
 7 
(245,275)
(234,407)

Net current assets
  
 
 
1,157,087
 
 
1,026,368

Total assets less current liabilities
  
1,172,057
1,044,353

Creditors: amounts falling due after more than one year
 8 
(17,882)
(30,338)

Net assets
  
1,154,175
1,014,015


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
1,154,165
1,014,005

  
1,154,175
1,014,015


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: 


Paul Martini
Director
Date: 23 January 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
IBOSS NETWORK SECURITY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
10
854,269
854,279


Comprehensive income for the year

Profit for the year
-
159,736
159,736
Total comprehensive income for the year
-
159,736
159,736



At 1 January 2023
10
1,014,005
1,014,015


Comprehensive income for the year

Profit for the year
-
140,160
140,160
Total comprehensive income for the year
-
140,160
140,160


At 31 December 2023
10
1,154,165
1,154,175


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

Page 2

 
IBOSS NETWORK SECURITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

iboss Network Security Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company, limited by shares and is registered in England and Wales. The registered office is Part First Floor, 5-11 Worship Street, London, EC2A 2BH.
The principal activity of the Company in the year under review was that of providing sales and marketing services for its parent 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 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 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.

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, iboss Inc. The directors of the parent company have prepared forecasts which demonstrate that the group has sufficient funds to enable them to meet their obligations as they fall due for payment for the foreseeable future. Thus 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 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 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.

 
2.4

Revenue

Turnover represents amounts charged under a sales and marketing agreement with the parent company, excluding value added tax. Turnover is recognised when costs are incurred. 

Page 3

 
IBOSS NETWORK SECURITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

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 creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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

 
IBOSS NETWORK SECURITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.


 
2.9

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.

The estimated useful lives as follows:

Leasehold improvements
-
Shorter of the remaining years of the lease or useful life of the leasehold
Fixtures and fittings
-
7
years
Office equipment
-
7
years
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.

Page 5

 
IBOSS NETWORK SECURITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 26).

Page 6

 
IBOSS NETWORK SECURITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
22,610
1,627
19,893
44,130


Additions
-
-
3,438
3,438



At 31 December 2023

22,610
1,627
23,331
47,568



Depreciation


At 1 January 2023
4,625
1,627
19,893
26,145


Charge for the year on owned assets
6,166
-
287
6,453



At 31 December 2023

10,791
1,627
20,180
32,598



Net book value



At 31 December 2023
11,819
-
3,151
14,970



At 31 December 2022
17,985
-
-
17,985

Page 7

 
IBOSS NETWORK SECURITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
36,292
36,292


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
813,547
953,865

Other debtors
11,989
11,528

Prepayments and accrued income
50,048
49,529

Deferred taxation
36,729
23,432

912,313
1,038,354



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
453,757
186,129



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
10,433
8,029

Corporation tax
22,448
18,160

Other creditors
12,456
12,455

Accruals and deferred income
199,938
195,763

245,275
234,407



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
17,882
30,338


Page 8

 
IBOSS NETWORK SECURITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 £78,445 (2022 - £72,593). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date.


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
110,153
110,153

Later than 1 year and not later than 5 years
196,993
307,146

307,146
417,299


11.


Controlling party

The ultimate controlling parties are Paul Martini and Peter Martini by virtue of a controlling ownership in iboss Inc. 


12.


Ultimate parent company

iboss Inc. (incorporated in the United States of America) is regarded by the directors as being the Company's immediate and ultimate parent company. The smallest and largest undertaking for which the Company is a member and for which group financial statements are prepared is iboss Inc. The registered office of iboss Inc. is 101 Federal Street, Floor 23, Boston, MA 02110, United States of America.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 January 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 9