REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
SECUREFRAME EUROPE LIMITED |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
SECUREFRAME EUROPE LIMITED |
SECUREFRAME EUROPE LIMITED (REGISTERED NUMBER: 14082881) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SECUREFRAME EUROPE LIMITED |
Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
5th Floor |
111 Charterhouse Street |
London |
EC1M 6AW |
SECUREFRAME EUROPE LIMITED (REGISTERED NUMBER: 14082881) |
Balance Sheet |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Share options reserve | 7 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SECUREFRAME EUROPE LIMITED (REGISTERED NUMBER: 14082881) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Secureframe Europe Limited is a private company, limited by shares, registered in England |
and Wales. The company's registered number and registered office address can be found |
on the Company Information page. |
The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is derived from recharged expenses to the parent company and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
SECUREFRAME EUROPE LIMITED (REGISTERED NUMBER: 14082881) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
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. |
Interest Income |
Interest income is recognised in profit or loss using the effective interest method. |
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 reporting 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 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SECUREFRAME EUROPE LIMITED (REGISTERED NUMBER: 14082881) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
7. | RESERVES |
Retained earnings | Share option reserve | Totals |
£ | £ | £ |
At 1 January 2024 | 24,197 | 936 | 25,133 |
Profit for the year | 14,437 | 14,437 |
Share options reserve increase | 3,254 | 3,254 |
At 31 December 2024 | 38,634 | 4,190 | 42,824 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
SECUREFRAME EUROPE LIMITED (REGISTERED NUMBER: 14082881) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
9. | PENSION COMMITMENTS |
The Company operates a defined contributions 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 £7,323 (2023:£8,154). Contributions totalling £2,041 (2023:£1,167) were payable to the fund at the balance sheet date and are included in creditors. |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the financial year the company received £418,688 (2023: £369,501) from Secureframe Inc. At the year end £43,077 (2023: -£45,252) was owed from Secureframe Inc. |
11. | ULTIMATE CONTROLLING PARTY |
The Company is wholly owned subsidiary of Secureframe, Inc. a Company incorporated in the United States of America. The smallest group in which the results of the Company are consolidated is that headed by Secureframe, Inc. with its registered office at 548 Market Street 30287, San Francisco CA 94104-5401, United States of America. |
SECUREFRAME EUROPE LIMITED (REGISTERED NUMBER: 14082881) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
12. | SHARE-BASED PAYMENT TRANSACTIONS |
The Company's ultimate parent company, Secureframe Inc. operates a share based payment |
scheme for all the employees of the Company. |
The stock options in Secureframe Inc. are granted to the Company's employees at a price equal to the fair value of the shares in Secureframe Inc. at the date of the grant and are denominated in US dollars. |
The stock options have a four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant the stock options expire. Stock options are forfeited if the employee leaves the Company before the options vest. The following share-based payment arrangements were in existence during the current years: |
Weighted average exercise price (dollars 2024 | Number 2024 | Weighted average exercise price (dollars 2023 | ) | Number 2023 |
Outstanding at the beginning of the period | 1.86 | 3,800 |
Cancelled during the period |
Granted during the period | 1.77 | 10,000 | 1.86 | 3,800 |
Outstanding at the end of the period | 1.77 | 13,800 | 1.86 | 3,800 |
2024 | 2023 |
£ | £ |
Share based payment expense | 3,612 | 936 |