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REGISTERED NUMBER: 14082881 (England and Wales)















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: S Mehta
C Sesi





REGISTERED OFFICE: C/O Fieldfisher Riverbank House
2 Swan Lane
London
EC4R 3TT





REGISTERED NUMBER: 14082881 (England and Wales)





AUDITORS: Zome Audit Limited (Statutory Auditor)
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 46,255 2,937
Cash at bank 52,077 84,814
98,332 87,751
CREDITORS
Amounts falling due within one year 5 53,525 61,618
NET CURRENT ASSETS 44,807 26,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,807

26,133

CAPITAL AND RESERVES
Called up share capital 6 1,000 1,000
Share options reserve 7 4,190 936
Retained earnings 7 39,617 24,197
SHAREHOLDERS' FUNDS 44,807 26,133

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





S Mehta - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 4 (2023 - 4 ) .

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 43,078 -
Other debtors 3,177 2,937
46,255 2,937

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,124 834
Amounts owed to group undertakings - 45,252
Taxation and social security 4,669 3,901
Other creditors 43,732 11,631
53,525 61,618

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 1 1,000 1,000

7. RESERVES




Retained
earnings
Share
option
reserve


Totals
£   £   £   

At 1 January 202424,19793625,133

Profit for the year14,43714,437
Share options reserve increase3,2543,254

At 31 December 202438,6344,19042,824


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis FCA (Senior Statutory Auditor)
for and on behalf of Zome Audit Limited (Statutory Auditor)

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 1.863,800
Cancelled during the period
Granted during the period1.7710,0001.863,800
Outstanding at the end of the period1.7713,8001.863,800

20242023
£   £   

Share based payment expense3,612936