Company registration number 08332095 (England and Wales)
TRUSTED DATA SOLUTIONS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TRUSTED DATA SOLUTIONS UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
TRUSTED DATA SOLUTIONS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
142,251
312,015
Tangible assets
5
344,513
253,080
Investments
6
119,648
273,180
606,412
838,275
Current assets
Stocks
4,888
5,632
Debtors
8
3,353,758
2,058,058
Cash at bank and in hand
3,422,792
5,212,614
6,781,438
7,276,304
Creditors: amounts falling due within one year
9
(1,586,043)
(1,362,503)
Net current assets
5,195,395
5,913,801
Total assets less current liabilities
5,801,807
6,752,076
Creditors: amounts falling due after more than one year
10
(3,515)
Provisions for liabilities
(113,650)
Net assets
5,801,807
6,634,911
Capital and reserves
Called up share capital
506,000
506,000
Profit and loss reserves
5,295,807
6,128,911
Total equity
5,801,807
6,634,911
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Mr C M Clark
Director
Company registration number 08332095 (England and Wales)
TRUSTED DATA SOLUTIONS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
506,000
6,303,343
6,809,343
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(174,432)
(174,432)
Balance at 31 December 2023
506,000
6,128,911
6,634,911
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(833,104)
(833,104)
Balance at 31 December 2024
506,000
5,295,807
5,801,807
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Trusted Data Solutions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Charnwood Court, Heol Billingsley, Nantgarw, Cardiff, CF15 7QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years based on the directors' best estimate.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
5 years
The useful lives are based on the directors' best estimate.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the remaining term of the lease
Fixtures and fittings and computer equipment
50% on cost and 33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
31
31
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Intangible fixed assets
Goodwill
Development Costs
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
196,204
1,164,904
1,361,108
Amortisation and impairment
At 1 January 2024
109,481
939,612
1,049,093
Amortisation charged for the year
17,351
152,413
169,764
At 31 December 2024
126,832
1,092,025
1,218,857
Carrying amount
At 31 December 2024
69,372
72,879
142,251
At 31 December 2023
86,723
225,292
312,015
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings and computer equipment
Total
£
£
£
Cost
At 1 January 2024
65,681
745,992
811,673
Additions
253,165
253,165
Disposals
(68,287)
(68,287)
At 31 December 2024
65,681
930,870
996,551
Depreciation and impairment
At 1 January 2024
22,161
536,432
558,593
Depreciation charged in the year
12,154
148,871
161,025
Eliminated in respect of disposals
(67,580)
(67,580)
At 31 December 2024
34,315
617,723
652,038
Carrying amount
At 31 December 2024
31,366
313,147
344,513
At 31 December 2023
43,520
209,560
253,080
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
119,648
273,180
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
273,180
Impairment
At 1 January 2024
-
Impairment losses
153,532
At 31 December 2024
153,532
Carrying amount
At 31 December 2024
119,648
At 31 December 2023
273,180
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Akaibu Limited
England & Wales
Dormant
Ordinary
100.00
Altirium Ltd
England & Wales
Dormant
Ordinary
100.00
Assured Data Technologies Private Limited
India
Tape restoration and email archive migration
Ordinary
99.99
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Akaibu Limited
1
Altirium Ltd
30
Assured Data Technologies Private Limited
The registered office for Akaibu Limited and Altirium Limited is 7 Charnwood Court, Heol Billingsley, Nantgarw, Cardiff, Wales, CF15 7QZ. The registered office for Assured Data Technologies Private Limited is Office Number 711, 7th Floor, SR NO 112/1/2, Pyramid Axis, Baner Road, Virbhadra Naga, Baner, Pune, Pune Maharashtra 411045
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
470,983
898,537
Corporation tax recoverable
1,642
1,642
Amounts owed by group undertakings
2,731,653
996,300
Other debtors
149,480
161,579
3,353,758
2,058,058
9
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
3,515
3,355
Trade creditors
284,619
109,749
Amounts owed to group undertakings
31
31
Taxation and social security
30,472
109,491
Deferred income
12
940,439
894,902
Other creditors
24,628
29,275
Accruals and deferred income
302,339
215,700
1,586,043
1,362,503
10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
3,515
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
81,614
62,249
Tax losses
(94,465)
-
Retirement benefit obligations
(5,369)
(4,921)
Capitalised development costs
18,220
56,322
-
113,650
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Deferred taxation
(Continued)
- 10 -
2024
Movements in the year:
£
Liability at 1 January 2024
113,650
Credit to profit or loss
(113,650)
Liability at 31 December 2024
-
Deferred tax is not recognised in respect of tax losses of £377,856 as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
12
Deferred income
2024
2023
£
£
Other deferred income
940,439
894,902
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
8 April 2025
14
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
274,589
442,834
TRUSTED DATA SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
15
Events after the reporting date
Following the year end, on 1 January 2025, the company sold its 99.99% shareholding in subsidiary company Assured Data Technologies Pvt. Ltd. to other group company TDS Global Holdings Inc. obtaining proceeds of $150,000.
16
Parent company
The immediate parent company is Trusted Data Solutions LLC, a company incorporated in the USA. The intermediate parent company is TDS Global Holdings Corporation, a company incorporated in the USA. The ultimate parent company is Dorchester Road LLC, a company incorporated in the USA.
The ultimate controlling party is Mr Joseph Gantz.
17
Related party transactions
During the year the company made sales of £88,245 (2023: £56,220) to the parent company Trusted Data Solutions LLC.
During the year the company was charged management charges of £112,650 (2023: £115,868), equipment lease charges of £56,878 (2023: £58,496) and other expenses of £71,924 (2023: £73,277) by Trusted Data Solutions LLC.
At the year end the company was due £1,897,652 (2023: £931,770) from Trusted Data Solutions LLC, this amount being included within debtors due within one year.
At the year end the company was due £545,658 (2023: £nil) from TDS Global Holdings Corporation, this amount being included within debtors due within one year.
At the year end the company owed £30 (2023: £30) to Altirium Ltd and £1 (2023: £1) to Akaibu Limited, both subsidiary companies. These amounts are included within creditors due within one year.
At the year end, the company was due £288,343 (2023: £64,450) from its subsidiary Assured Data Technologies Private Limited, this amount being included within debtors due within one year.
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