Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-172023-12-312023-01-01false52falsetrueSupply IT management software and services.31false 05752088 2023-01-01 2023-12-31 05752088 2022-01-01 2022-12-31 05752088 2023-12-31 05752088 2022-12-31 05752088 2022-01-01 05752088 1 2023-01-01 2023-12-31 05752088 1 2022-01-01 2022-12-31 05752088 5 2023-01-01 2023-12-31 05752088 5 2022-01-01 2022-12-31 05752088 6 2023-01-01 2023-12-31 05752088 6 2022-01-01 2022-12-31 05752088 1 2023-01-01 2023-12-31 05752088 e:CompanySecretary1 2023-01-01 2023-12-31 05752088 e:Director1 2023-01-01 2023-12-31 05752088 e:Director1 2023-12-31 05752088 e:Director2 2023-01-01 2023-12-31 05752088 e:Director2 2023-12-31 05752088 e:Director3 2023-01-01 2023-12-31 05752088 e:Director3 2023-12-31 05752088 e:Director4 2023-01-01 2023-12-31 05752088 e:Director4 2023-12-31 05752088 e:RegisteredOffice 2023-01-01 2023-12-31 05752088 d:FurnitureFittings 2023-01-01 2023-12-31 05752088 d:FurnitureFittings 2023-12-31 05752088 d:FurnitureFittings 2022-12-31 05752088 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05752088 d:ComputerEquipment 2023-01-01 2023-12-31 05752088 d:ComputerEquipment 2023-12-31 05752088 d:ComputerEquipment 2022-12-31 05752088 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05752088 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05752088 d:OtherPropertyPlantEquipment 2023-12-31 05752088 d:OtherPropertyPlantEquipment 2022-12-31 05752088 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05752088 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05752088 d:CurrentFinancialInstruments 2023-12-31 05752088 d:CurrentFinancialInstruments 2022-12-31 05752088 d:Non-currentFinancialInstruments 2023-12-31 05752088 d:Non-currentFinancialInstruments 2022-12-31 05752088 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05752088 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05752088 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 05752088 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 05752088 d:UKTax 2023-01-01 2023-12-31 05752088 d:UKTax 2022-01-01 2022-12-31 05752088 d:ShareCapital 2023-01-01 2023-12-31 05752088 d:ShareCapital 2023-12-31 05752088 d:ShareCapital 2022-01-01 2022-12-31 05752088 d:ShareCapital 2022-12-31 05752088 d:ShareCapital 2022-01-01 05752088 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05752088 d:RetainedEarningsAccumulatedLosses 2023-12-31 05752088 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05752088 d:RetainedEarningsAccumulatedLosses 2022-12-31 05752088 d:RetainedEarningsAccumulatedLosses 2022-01-01 05752088 e:OrdinaryShareClass1 2023-01-01 2023-12-31 05752088 e:OrdinaryShareClass1 2023-12-31 05752088 e:OrdinaryShareClass1 2022-12-31 05752088 e:FRS102 2023-01-01 2023-12-31 05752088 e:Audited 2023-01-01 2023-12-31 05752088 e:FullAccounts 2023-01-01 2023-12-31 05752088 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05752088 d:WithinOneYear 2023-12-31 05752088 d:WithinOneYear 2022-12-31 05752088 d:BetweenOneFiveYears 2023-12-31 05752088 d:BetweenOneFiveYears 2022-12-31 05752088 2 2023-01-01 2023-12-31 05752088 7 2023-01-01 2023-12-31 05752088 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05752088









KASEYA INTERNATIONAL (UK) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
E D'Ambrose (appointed 20 November 2017, resigned 25 September 2023)
K Wagner (appointed 5 January 2023, resigned 1 November 2024)
S Tofigh (appointed 17 May 2024)
B J Dillon (appointed 1 November 2024)




Company secretary
Taylor Wessing Secretaries Limited



Registered number
05752088



Registered office
5 New Street Square

London

United Kingdom

EC4A 3TW




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
KASEYA INTERNATIONAL (UK) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Director's Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 29


 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the strategic report for the year ended 31 December 2023.

Business review
 
The company is part of a group which provides a suite of technology solutions sold as recurring subscriptions to support the business continuity and disaster recovery, software-as-a-service (SaaS) application backup, networking, and file sharing requirements of small and medium sized businesses (SMB). The Group’s solutions are primarily sold through information technology managed service providers (MSPs) who incorporate Kaseya and Datto products into the managed services they in turn, sell to their SMB customers (the “end users”). The Group typically has no contractual relationship with the end users. By selling through this MSP channel, Kaseya is able to cost-effectively scale the reach of its solutions, and support the global requirements of SMBs without a direct-to-SMB sales model. In addition, the Group sells business management software solutions directly to MSPs to help them efficiently manage their own businesses.  
Turnover this year was £39,596,811 (2022: £13,901,353), gross profit £13,468,395 (2022: £8,248,247) and operating profit for the year was £1,030,075 (2022: £552,628). At the year end the company reported net assets of £1,580,643 (2022: £1,379,508).
Turnover has increased following the OneBill project whereby the customers of Datto Europe Ltd & Kaseya International (UK) Ltd were consolidated, providing ease for the customer and the company to increase products offerings to the customer base.

Page 1

 
KASEYA INTERNATIONAL (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The company uses various financial instruments including intra-group borrowings, cash and various items such as trade creditors and trade debtors, that arise directly from its operations.  The main purpose of these financial instruments is to minimise working capital needs of the company's operations.
The existence of these financial instruments exposes the company to a number of financial risks.  The main risks arising from the company's financial instruments are currency risk and credit risk.
The main risk facing the company is the failure to successfully promote its products which would lead to potential reductions in sales revenues and net profits. In addition, the directors consider the risks relating to interest rates and foreign currency to be significant. These are detailed below:
Currency risk
The company generates revenue from hardware and software and related services and sells in a number of currencies including US Dollars, and Euros and consequently is exposed to currency fluctuations. The various currencies act as a natural hedge which serves to mitigate these risks.
Credit risk
The company's principal financial assets are cash and trade debtors.  The credit risk associated with cash is limited as the counterparties are banks with high credit ratings assigned by international credit-rating agencies.  The principal credit risk therefore arises from its trade debtors which is managed through a diversified customer base such that no one customer represents a significant proportion of the company's trade. The amounts presented in the Statement of Financial Position are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
Liquidity risk and Cashflow
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. To do this the company has access to financing from its ultimate holding company in order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments.
Competitor and Price Risk
The company operates in a competitive market place and as such is exposed to competitor risk and price risk but the risks are considered to be low. The company maintains good relationships with existing customers and it invests substantially in research and development and innovation to ensure we can continue to meet the customers ever changing needs and requirements. 

Financial key performance indicators
 
                                      2023        2022
                                      £'000       £'000                   
Turnover                        39,597      13,901
Gross Profit Margin         34.0%       59.3%
Operating Profit Margin    2.6%         4.0%
The operating profit margin has decreased by 1.4% due to the lower gross profit margin and higher foreign exchange costs, (£0.5m).

Page 2

 
KASEYA INTERNATIONAL (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
The company's directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider would be most likely to promote the success of the company for the benefit of its members as a whole.  They consider the impact that any material decision will have on all relevant stakeholders to ensure that it is making a decision that promotes the long-term success of the company.  The directors are members of the Global Leadership Team which is collectively responsible for ensuring that the company's operations are aligned to our internal values and to focus on the short and long term strategically important decisions of the company. This includes how the company will act fairly and engage with all key stakeholders.


This report was approved by the board and signed on its behalf.



B J Dillon
Director

Date: 10 April 2025

Page 3

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £201,135 (2022 - £405,254).

No dividends have been paid or proposed in the year (2022: £Nil).

Directors

The directors who served during the year were:

E D'Ambrose (appointed 20 November 2017, resigned 25 September 2023)
K Wagner (appointed 5 January 2023, resigned 1 November 2024)
B J Dillon (appointed 1 November 2024)

Future developments

As set out in the Post balance sheet events note within this report and in note 20, the company transferred its operations, including its assets and liabilities in exchange for an interest bearing loan note.

Page 4

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with suppliers, customers and others

The company's current policy concerning the payment of trade creditors is to:
• settle the terms of payment with suppliers when agreeing the terms of each transaction;
• Ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in              contracts; and    
• pay in accordance with the company's contractual and other legal obligations.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far the directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and

the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

In August 2024, Kaseya International (UK) Limited transferred its operations, including its assets and liabilities to Datto Europe Limited in exchange for an interest bearing loan note.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Going Concern

As set out in note 20, the company transferred its operations, including its assets and liabilities to Datto Europe Limited, a group company, in exchange for an interest bearing loan note in August 2024. Although the company’s trading operations have ceased, the intention is to keep the company in operational existence. The directors are therefore of the opinion that the company will continue as a going concern.
The company remains reliant on the support of its parent company Kaseya Holdings Inc. 
After making enquiries, the directors have a reasonable expectation that the company will continue to receive support from its parent and therefore has adequate resources to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

This report was approved by the board and signed on its behalf.
 





B J Dillon
Director

Date: 10 April 2025

Page 5

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KASEYA INTERNATIONAL (UK) LIMITED
 

Opinion


We have audited the financial statements of Kaseya International (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit 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.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 6

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KASEYA INTERNATIONAL (UK) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 7

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KASEYA INTERNATIONAL (UK) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries          and other adjustments for appropriateness and reviewing accounting estimates for bias;
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any    instances of non-compliance. The key laws and regulations we considered in this context included UK 
          Companies Act, data protection, anti-bribery, employment law, health and safety and Money Laundering
          Act.
• discussed matters among the audit engagement team regarding how and where fraud might occur in the   financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KASEYA INTERNATIONAL (UK) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Alexander Chrysaphiades FCA (Senior Statutory Auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

10 April 2025
Page 9

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
39,596,811
13,901,353

Cost of sales
  
(26,128,416)
(5,653,106)

Gross profit
  
13,468,395
8,248,247

Administrative expenses
  
(12,438,320)
(7,695,619)

Operating profit
  
1,030,075
552,628

Interest receivable and similar income
  
14,182
-

Profit before tax
  
1,044,257
552,628

Tax on profit
  
(843,122)
(147,374)

Profit for the financial year
  
201,135
405,254

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).
As set out in note 20, since the balance sheet date, the company transferred its operations to a group entity. The results above therefore represent discontinued operations. 

The notes on pages 15 to 29 form part of these financial statements.

Page 10

 
KASEYA INTERNATIONAL (UK) LIMITED
REGISTERED NUMBER: 05752088

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
72,993
82,282

  
72,993
82,282

Current assets
  

Debtors: amounts falling due after more than one year
 11 
121,938
121,938

Debtors: amounts falling due within one year
 11 
21,512,803
5,846,483

Cash at bank and in hand
 12 
940,978
2,606,244

  
22,575,719
8,574,665

Creditors: amounts falling due within one year
 13 
(21,068,069)
(7,277,439)

Net current assets
  
 
 
1,507,650
 
 
1,297,226

Total assets less current liabilities
  
1,580,643
1,379,508

  

Net assets
  
1,580,643
1,379,508


Capital and reserves
  

Called up share capital 
 14 
2
2

Profit and loss account
  
1,580,641
1,379,506

  
1,580,643
1,379,508


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


B J Dillon
Director
Date: 10 April 2025

The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
KASEYA INTERNATIONAL (UK) 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
2
974,252
974,254


Comprehensive income for the year

Profit for the year
-
405,254
405,254
Total comprehensive income for the year
-
405,254
405,254



At 1 January 2023
2
1,379,506
1,379,508


Comprehensive income for the year

Profit for the year
-
201,135
201,135
Total comprehensive income for the year
-
201,135
201,135


At 31 December 2023
2
1,580,641
1,580,643


The notes on pages 15 to 29 form part of these financial statements.

Page 12

 
KASEYA INTERNATIONAL (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
201,135
405,254

Adjustments for:

Depreciation of tangible assets
22,730
16,873

Interest received
(14,182)
-

Taxation charge
843,122
147,374

(Increase) in debtors
(4,785,947)
(2,517,998)

(Increase) in amounts owed by groups
(11,719,954)
(1,200,534)

Increase in creditors
1,603,133
1,425,679

Increase in amounts owed to groups
12,389,037
2,222,399

Corporation tax (paid)
(205,080)
(204,350)

Net cash generated from operating activities

(1,666,006)
294,697


Cash flows from investing activities

Purchase of tangible fixed assets
(13,441)
(92,346)

Interest received
14,182
-

Net cash from investing activities

741
(92,346)


Net (decrease)/increase in cash and cash equivalents
(1,665,265)
202,351

Cash and cash equivalents at beginning of year
2,606,244
2,403,893

Cash and cash equivalents at the end of year
940,979
2,606,244

Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
940,978
2,606,244

940,978
2,606,244


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
KASEYA INTERNATIONAL (UK) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,606,244

(1,665,266)

940,978


2,606,244
(1,665,266)
940,978

The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Kaseya International (UK) Limited is a private company limited by shares incorporated in England and Wales (Registration No.05752088). The registered office is 15-19 Cavendish Place, 4th Floor Cavendish Place, London, England, W1G 0QE.
The principal activity of the Company continued to be that of supplying IT management software and services. 
The financial statements are prepared in pounds sterling, rounded to the nearest £1.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

As set out in note 20, the company transferred its operations, including its assets and liabilities to Datto Europe Limited, a group company, in exchange for an interest bearing loan note in August 2024. Although the company’s trading operations have ceased, the intention is to keep the company in operational existence. The directors are therefore of the opinion that the company will continue as a going concern.
The company remains reliant on the support of its parent company Kaseya Holdings Inc. 
After making enquiries, the directors have a reasonable expectation that the company will continue to receive support from its parent and therefore has adequate resources to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Page 15

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 16

 
KASEYA INTERNATIONAL (UK) 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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Pensions

Defined contribution pension plan

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

 
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.

Page 17

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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:

Fixtures and fittings
-
3 to 5 years
Computer equipment
-
3 years
Other fixed assets
-
5 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.

Page 18

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as
Page 19

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 20

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies set out above, the Directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered relevant. Actual results may differe from these estimates.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period or in the period and future periods, if the revision affects both current and future periods.
The key assumptions and other key sources of uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Allowance for doubtful accounts:
The Company estimates its bad debt provision based on a historical bad debt percentage of aged debtors. The historical bad debt percentage is applied to each bucket of aged debtors to calculate the provision allowance. The amount is adjusted when the Company has particular knowledge regarding specific customer accounts. i.e. Timing of collections as well as unlikelihood of collections. At 31 December 2023, the amount of bad debt provision was £3,096,904 (2022: £432,791).
Share based payments:
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the 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 the 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 person other than employees, profit or loss is charged with fair value of goods and services rendered.

Page 21

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Service
39,596,811
13,901,353

39,596,811
13,901,353


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
22,730
16,873

Auditors' remuneration
26,925
51,684

Exchange differences
520,213
(61,371)

Other operating lease rentals
235,159
179,330


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
40,000
27,500

Page 22

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
6,730,220
4,709,813

Social security costs
540,489
451,423

Cost of defined contribution scheme
67,031
51,850

7,337,740
5,213,086


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Management
1
1



Sales
44
23



Support
7
7

52
31


8.


Interest receivable

2023
2022
£
£


Other interest receivable
14,182
-

14,182
-


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
843,122
147,374


Total current tax
843,122
147,374
Page 23

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,044,257
552,628


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
261,064
104,999

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
632,631
71,399

Capital allowances for year in excess of depreciation
2,460
(70,951)

Adjustments to tax charge in respect of prior periods
-
17,141

Other differences leading to an increase (decrease) in the tax charge
-
24,786

Marginal relief
(53,033)
-

Total tax charge for the year
843,122
147,374

Page 24

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,788
21,838
92,346
116,972


Additions
1,051
12,390
-
13,441



At 31 December 2023

3,839
34,228
92,346
130,413



Depreciation


At 1 January 2023
630
20,208
13,852
34,690


Charge for the year on owned assets
399
3,862
18,469
22,730



At 31 December 2023

1,029
24,070
32,321
57,420



Net book value



At 31 December 2023
2,810
10,158
60,025
72,993



At 31 December 2022
2,158
1,630
78,494
82,282

Page 25

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
121,938
121,938

121,938
121,938


2023
2022
£
£

Due within one year

Trade debtors
7,170,768
1,741,687

Amounts owed by group undertakings
12,184,207
1,303,834

Other debtors
162,841
42,552

Prepayments and accrued income
1,994,987
2,758,410

21,512,803
5,846,483



12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
940,978
2,606,244

940,978
2,606,244



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
302,853
284,512

Amounts owed to group undertakings
14,656,039
3,106,583

Corporation tax
744,141
106,100

Other taxation and social security
629,041
754,592

Other creditors
3,203
8,917

Accruals and deferred income
4,732,792
3,016,735

21,068,069
7,277,439


Page 26

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2.00
2.00



15.


Reserves

Profit and loss account

The Profit and loss account is represented by retained earnings. Changes in reserves are set out in the statement of changes in equity.
Page 27

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Share-based payments

Kaseya Holdings Inc has adopted two share plans, The 2013 and 2022 Share plan (the "plans").  The Plans provides for grants of share-based awards to employees, directors and consultants under terms and provisions established by the Board of Directors of Kaseya Holdings Inc.
Under the Plans the Board of Directors of Kaseya Holdings Inc may grant non-qualified stock options. The exercise price of non-qualified stock options will be no less than 100% of the fair value per share of Kaseya Holdings Inc. redeemable common stock on the date of grant. Fair value is determined by then Board of Directors. Stock options generally vest 25% on the first anniversary of the grant date and the pro-rata over the next three or four years. Options expire after 10 years. Shares issued upon exercise of unvested options shall be subject to Kaseya's right to repurchase at their purchase price.
In 2022, Kaseya Holdings inc carried out a a share reclassification and conversion.  Accordingly the Options and the Exercise price for the 2013 Share Plan were split by a factor of 101.997.  The 2022 Share Plan was based on the new denomination. A tender offer to exchange part of the 2013 Share Plan for Cash took place in 2022. 
The charge for the year is determined by the parent company based on the assumptions below. The charge relating to employees of Kaseya International (UK) Limited is then recharged by the parent company. The amount recharged in the year to 31 December 2023 was £142,147 (2022: £1,002,248).
Weighted average exercise price (US$)
2023
Number
2023
Weighted average exercise price (US$)
2022
Number
2022

Outstanding at the beginning of the year

0.56

4,971,458

0.15
 
4,890,985
 
Granted during the year

1.24

97,442

1.02
 
2,027,012
 
Forfeited during the year

1.17

(1,088,315)

 
-
 
Exchanged for cash during the year

0.17

(666,902)

0.05
 
(1,946,539)
 
Expired during the year

0.31

(91,348)

 
-
 
Outstanding at the end of the year
0.44

3,222,335

0.56
 
4,971,458
 

2023
2022

Option pricing model used


Black-Scholes

Black-Scholes
 
Fair value of redeemable common stock


$0.5-$0.77

$0.5-$0.77
 
Expected term (years)


5.00-6.23

0.74-6.07
 
Weighted average contractual life (days)


2497

2852
 
Expected volatility


56.50%-58.70%

37.71%-46.22%
 
Expected dividend growth rate


0%

0%
 
Risk-free interest rate


3.58%-4.61%

0.45%-3.94%
 


Page 28

 
KASEYA INTERNATIONAL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


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 £67,031 (2022 - £51,850). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


18.


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
136,373
136,000

Later than 1 year and not later than 5 years
33,534
169,907

169,907
305,907


19.


Related party transactions

The company has taken advantage of the exemption avaliable under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.


20.


Post balance sheet events

In August 2024, Kaseya International (UK) Limited transferred its operations, including its assets and liabilities to Datto Europe Limited in exchange for an interest bearing loan note.


21.


Controlling party

The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Kaseya Holdings Inc. whose registered office is 1209 Orange Street, Wilmington, Delaware 19801, USA. 
Copies of these group financial statements are not available to the public.
Kaseya Holdings Inc. is also the ultimate parent company.

 
Page 29