Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truefalse2024-01-01Sales services for the parent company1922truefalse 11207381 2024-01-01 2024-12-31 11207381 2023-01-01 2023-12-31 11207381 2024-12-31 11207381 2023-12-31 11207381 2023-01-01 11207381 2 2024-01-01 2024-12-31 11207381 2 2023-01-01 2023-12-31 11207381 d:Director4 2024-01-01 2024-12-31 11207381 e:ComputerEquipment 2024-01-01 2024-12-31 11207381 e:ComputerEquipment 2024-12-31 11207381 e:ComputerEquipment 2023-12-31 11207381 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11207381 e:CurrentFinancialInstruments 2024-12-31 11207381 e:CurrentFinancialInstruments 2023-12-31 11207381 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 11207381 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 11207381 e:ShareCapital 2024-01-01 2024-12-31 11207381 e:ShareCapital 2024-12-31 11207381 e:ShareCapital 2023-01-01 2023-12-31 11207381 e:ShareCapital 2023-12-31 11207381 e:ShareCapital 2023-01-01 11207381 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2024-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2 2024-01-01 2024-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2023-12-31 11207381 e:RetainedEarningsAccumulatedLosses 2023-01-01 11207381 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 11207381 d:FRS102 2024-01-01 2024-12-31 11207381 d:Audited 2024-01-01 2024-12-31 11207381 d:FullAccounts 2024-01-01 2024-12-31 11207381 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11207381 e:WithinOneYear 2024-12-31 11207381 e:WithinOneYear 2023-12-31 11207381 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11207381 2 2024-01-01 2024-12-31 11207381 7 2024-01-01 2024-12-31 11207381 e:ShareCapital 2 2024-01-01 2024-12-31 11207381 e:ShareCapital 2 2023-01-01 2023-12-31 11207381 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 11207381









TRANSMIT SECURITY UK LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
TRANSMIT SECURITY UK LTD
REGISTERED NUMBER: 11207381

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,900
11,193

Current assets
  

Debtors: amounts falling due within one year
 5 
586,389
1,634,104

Cash at bank and in hand
 6 
2,207,286
588,758

  
2,793,675
2,222,862

Creditors: amounts falling due within one year
 7 
(955,804)
(822,576)

Net current assets
  
 
 
1,837,871
 
 
1,400,286

Net assets
  
1,848,771
1,411,479


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,848,671
1,411,379

  
1,848,771
1,411,479


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: 




................................................
M Shitrit
Director

Date: 7 April 2025

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

 
TRANSMIT SECURITY UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
1,310,646
1,310,746


Comprehensive income for the year

Profit for the year
-
37,833
37,833
Total comprehensive income for the year
-
37,833
37,833


Contributions by and distributions to owners

Share based payments
-
62,900
62,900


Total transactions with owners
-
62,900
62,900



At 1 January 2024
100
1,411,379
1,411,479


Comprehensive income for the year

Profit for the year
-
338,292
338,292
Total comprehensive income for the year
-
338,292
338,292


Contributions by and distributions to owners

Share based payments
-
99,000
99,000


Total transactions with owners
-
99,000
99,000


At 31 December 2024
100
1,848,671
1,848,771


The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Transmit Security UK Ltd (the Company) is a company incorporated on 15 February 2018 in the United Kingdom under the Companies Act 2006. 
The Company is a private company limited by shares and is registered in England & Wales. The address of the Company's registered office is Suite 4, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB.
The principal activity of the Company is to provide sales services for its parent company, Transmit Security Ltd.

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 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 annual financial statements.
 
The directors of the company have received confirmation of continued financial support for the foreseeable future from the parent company, Transmit Security Ltd.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole pound.

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.

Page 3

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is derived primarily from the ultimate parent company, Transmit Security Ltd, under the transfer pricing agreement in place. Revenue represents amounts charged to the Company's parent company under the Service Representative Agreement, excluding value added tax. Turnover is recognised when costs and incurred. 
The Company also generates revenues from its customers by selling of its Parent Company Software Licenses when (a) persuasive evidence of an arrangement exits; (b) delivery has occurred and customer acceptance requirements, if any, have been met and the Company has no additional obligations; (c) the price is fixed or determinable; and (d) collection of payment is reasonably assured.
License fee revenues are recognized when a non-cancelable license agreement has been signed, the software product has been delivered, the fees are fixed or determinable and collection is considered probable. For customer license agreements which meet these revenue recognition criteria, the portion of the fees related to software licenses will be recognized in the current period, while the portion of the fees related to any services provided is recognized as the services are performed, as long as these services are not considered essential to the functionality of the software.
Where the Company is acting as agent the Company recognises revenue as the commission element of these arrangements.

 
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

Interest income

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

 
2.7

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

Page 4

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.

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.
Page 5

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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.

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:

Computer equipment
-
2 - 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.

 
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

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 22).

Page 6

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Computer equipment

£



Cost 


At 1 January 2024
86,930


Additions
11,818


Disposals
(60,055)



At 31 December 2024

38,693



Depreciation


At 1 January 2024
75,737


Charge for the year on owned assets
10,206


Disposals
(58,150)



At 31 December 2024

27,793



Net book value



At 31 December 2024
10,900



At 31 December 2023
11,193

Page 7

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
70,800
-

Amounts owed by group undertakings
273,894
1,521,447

Other debtors
204,202
72,434

Prepayments and accrued income
37,493
40,223

586,389
1,634,104



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,207,286
588,758



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
624
44,798

Corporation tax
10,955
60,298

Other taxation and social security
179,414
217,421

Other creditors
18,251
22,270

Accruals and deferred income
746,560
477,789

955,804
822,576



8.


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 £72,167 (2023: £92,304). Contributions totalling £15,922 (2023: £19,991) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
TRANSMIT SECURITY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
83,300
79,555


10.


Controlling party

The ultimate parent company and controlling party is Transmit Security Ltd, a company incorporated in Israel, which is the parent company of the smallest and largest group to consolidate these financial statements. The registered office of Transmit Security Ltd is 2nd Alon Build, 94 Yigal Alon St., Tel Aviv, 6789139 Israel.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 7 April 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 9