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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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SATISNET LIMITED
COMPANY INFORMATION
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SATISNET LIMITED
CONTENTS
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SATISNET LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Satisnet Limited is a Cybersecurity Integrator providing security tools and services to corporates in the UK and around the world.
The last few years have seen the Company develop its managed security services provisions to a wider customer base whilst maintaining its standing as a value added reseller. The Company continued to perform well, due in part to the Company expanding further into the role of a managed cyber security service provider, driven by customers' demand for a more turnkey solution as they struggle to recruit and retain skilled cybersecurity expertise. This challenge will remain and Satisnet intends to grow its cybersecurity capability to meet this demand. As the worldwide demand for skilled cybersecurity expertise grows, the Company will face its own challenges in recruiting and retaining suitably qualified personnel so will continue.
The directors set out the principal risks facing the business below. The risks outlined are as published in the financial statements for the year ended 31 December 2024 of the ultimate parent company Gamma Communications plc, however the directors of Satisnet Limited also consider these to be applicable to this Company:
Slow responses to shifts in the competitive landscape, leading to a decline in market share Potential Impact If the Company loses its competitive edge, in terms of product, pricing strategy and service development, then its plans for revenue growth and market position may be negatively impacted. This would be caused by the loss of its customers and a diluted addressable market. Mitigating actions • Gamma consistently gathers market insight to ensure that its products, marketing and customer service are closely aligned to the evolution of market demands and adoption of relevant technologies. • In addition, Gamma monitors the development of third-party products to ensure a fast follower approach when taking products to market. • Gamma’s build, buy or partner strategies are informed by its competitive position and strengths in key market segments. Changes in the year Gamma has continued to observe both market consolidation and advancing cyber security product portfolios from global technology giants targeting certain market segments, particularly large enterprise. Gamma responds to these types of market trends by continually testing the relevance of its own product portfolio within each market. Opportunities Gamma’s continued ability to select the right market segments to serve with its own products as well as distribute third-party products will widen its addressable market. Over-reliance on any single supplier Potential Impact An over-reliance on any single supplier may result in missed opportunities where supplier market-led plans are misaligned with Gamma's core markets. Failure of key suppliers to perform may have an impact on the Company’s ability to deliver products and services and its creditability in the business market.
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SATISNET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Mitigating actions
∙Gamma reviews and adjusts the Company's policy and plans regarding the diversification of its supply chain.
∙Gamma continues to carefully consider build, buy or partner strategies, reducing the risk of over-reliance on any one supplier.
∙Gamma performs ongoing supplier monitoring through regular performance reviews and adherence to service KPIs.
∙Gamma utilises market intelligence to understand the competitive landscape and the intentions of strategic suppliers.
∙Increased investment in portals to streamline the onboarding of new suppliers.
Changes in the year
Throughout 2024, Gamma has formed new supplier relationships to enhance its market opportunities across the UK and Europe. As a result, certain suppliers have become more strategically important. Opportunities Continuing to leverage multiple long term partnerships with suppliers in key product and technology is inherent in our business model. This will increase Gamma’s addressable markets and geographical reach. Inability to attract and retain talent Potential impact Gamma is dependent on its employees to achieve its strategic priorities. Therefore, reliance is placed on the Company’s ability to recruit, develop and retain employees. If the Company loses key people, this could have an impact on its ability to deliver business objectives. Mitigating actions
∙Nurturing talent across Gamma remains a crucial part of its strategy and internal succession plans.
∙Gamma conducts a regular review of remuneration packages (cash compensation, benefits and share schemes) to ensure they are competitive within the market place.
∙Training and communication with employees as well as maintaining annual performance review processes which promote positive employee engagement.
∙Employee satisfaction is measured biannually using an engagement survey. Anonymous feedback is collated which enables managers to act more swiftly to reinforce positive trends.
Changes in the year
Gamma has introduced a new online learning platform, offering employees access to live and on-demand courses to support their learning and development. Throughout the year, tailored training has also been provided to the SLT and line managers. Additionally, enrolment in our apprenticeship programme is ongoing, and we are preparing to launch a new mentoring programme to further enhance employee growth and support. Opportunities The growth of the Group has increased the opportunities for internal promotion and transfers which will enable Gamma to develop its workforce of the future. Over a quarter of all appointments during 2024 resulted from internal move Unplanned service disruption Potential impact If any of Gamma’s services are disrupted, and therefore unavailable to its customers, for any material length of time, then this could result in loss of customer confidence. Mitigating actions • Gamma has a comprehensive operational governance framework to manage the availability and performance of services. • Business continuity planning and disaster recovery plans are established in critical areas. • A 24/7 crisis response framework is utilised and regularly tested.
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SATISNET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Changes in the year In 2024, business continuity and disaster recovery plans were expanded beyond the UK and introduced into our European countries, ensuring all subsidiaries have aligned business continuity and disaster controls in place. The Company continuously invests in enhancing and upgrading the infrastructure that supports its products and services, ensuring the implementation of resilient design. Opportunities Continuing the programme of investment in Gamma’s resilience and crisis management policies and processes will further differentiate Gamma in the business market. This could lead to higher than anticipated customer and product growth. Data loss and cyber attacks Potential impact A major security incident could have a significant reputational impact and in some cases impact Gamma’s commercial position. Potential fines could also be enforced if the Company were found to be in breach of its obligations relating to various regulations e.g. the Telecommunications Security Act (“TSA”), Network and Information Systems Security (“NIS2”) or the General Data Protection Regulations (“GDPR”). Largescale and complex cyber attacks, such as ransomware attacks, may become more frequent and severe as hackers, data thieves and other threat actors are becoming increasingly sophisticated in using techniques and tools, including AI, that circumvent security controls, evade detection and remove forensic evidence. Mitigating actions
∙Ongoing penetration testing and continuous compliance checks are extended across critical infrastructure.
∙Integrated security behaviours training is in place and well adopted.
∙Ongoing investment in Gamma's cyber security strategy will continue to advance threat detection and controls.
∙Continual review of adherence to ISO 27001 and National Cyber Security Centre Essentials Plus schemes are in place within the Company.
∙Gamma has representation on industry forums to stay aware of emerging threats.
Changes in the year
Through partnerships with bigger companies with global brands and growth in the UK public sector, Gamma is becoming increasingly visible to malicious actors. Large-scale and complex cyber attacks, such as ransomware attacks, may increase in frequency and magnitude as hackers, data thieves and other threat actors are becoming increasingly sophisticated in using techniques and tools, including AI, that circumvent security controls, evade detection and remove forensic evidence. Gamma has continued to evolve its security control environment and governance structure at pace, investing in both personnel and technology to improve security in 2024. Gamma’s standard security controls have matured to include routine and bespoke penetration testing; continuous compliance checks; and integrated security behaviours training, which is mandatory for all employees. Opportunities Continuing the evolution of Gamma’s approach to security controls and embedding these in Gamma’s day-today operations will allow the Company to continue to leverage its reputation as a robust and credible communications provider to the business market. Gamma uses Satisnet, our own cyber specialist company, as our first line Managed Security Service Provider (“MSSP”) to enhance our security controls.
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SATISNET LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Existing routes to market and product strategy not aligned to changing customer buying behaviours and needs Potential impact Gamma’s inability to adapt to market changes in a timely manner could limit its opportunity to grow, as the business needs to have access to the largest possible proportion of its target audience for each of its key products and services. If new routes to market are not identified and executed successfully this could result in competitors gaining market share. Additionally, if Gamma fails to deliver against market demands, products are likely to become unattractive to existing and prospective customers resulting in lost revenue and market share. Mitigating actions
∙Gamma continually assesses the effectiveness of its current routes to market: direct, indirect and digital.
∙The Company also routinely assesses how customer buying behaviour is changing in its core markets.
∙Gamma’s product strategy is regularly assessed to diversify and/or rationalise Gamma’s portfolio according to market demands.
∙Gamma ensures that it maintains a two-way dialogue with its customers to understand their needs, primarily via direct customer and wholesale Channel Partner feedback processes
Assessing the creditworthiness rating of existing customers and through regular reviews of the trade receivables’ ageing analysis. Expected impairment for trade receivables is calculated based on historical default rates. At the reporting date the Company does not expect any losses from non-performance by the counterparties in addition to those already provided against.
Given the straight forward nature of the business, the directors are of the opinion that the financial review is sufficient and that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.
The Company generated turnover of £10,934,774 for the year (2023: £12,775,426), yielding gross profits of £3,587,272 (2023: £3,645,351), leaving the Company with net assets of £2,145,676 (2023: £4,240,214) at 31 December 2024.
Gross profit margins for the year have increased to 32.8% (2023: 28.5%) due to the focus on increasing work in the managed services sector which has relatively high profit margins. Administration expenses have decreased to £2,812,551 (2023: £3,575,989) due to additional costs having been incurred in 2023 as a result of the sale of the Company to Gamma. The company generated a profit after tax of £605,462 (2023: loss of £37,529).
This report was approved by the board and signed on its behalf.
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SATISNET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £605,462 (2023: loss £37,529).
The directors have recommended and have paid dividends of £2,700,000 (2023: £2,584,007)
The directors who served during the year were:
The ultimate controlling party is Gamma Communications plc as the Company is a wholly owned subsidiary.
The Strategic Report contains an overview of the principal activities and future strategy of the Company. The directors do not anticipate any significant change to these in the foreseeable future.
The Company has, as permitted by s234 and 235 of the Companies Act 2006, maintained insurance cover on behalf of the Directors and Company Secretary indemnifying them against certain liabilities which may be incurred by them in relation to the Company.
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SATISNET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Details of the principal risks and uncertainties facing the Company and its financial risk management objectives and policies are given in the Strategic report.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SATISNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATISNET LIMITED
We have audited the financial statements of Satisnet Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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.
In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our 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.
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SATISNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATISNET LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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SATISNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATISNET LIMITED (CONTINUED)
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:
Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙Management bias in respect of accounting estimates and judgements made;
∙Management override of control;
∙Posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection 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.
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SATISNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SATISNET LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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SATISNET LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SATISNET LIMITED
REGISTERED NUMBER: 05132091
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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SATISNET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Satisnet Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The Company's registered number, trading address and registered office address can be found on the Company Information page.
The principal activity of the Company in the year under review was that of a cybersecurity integrator providing security tools and services. The presentation currency of the financial statements is the Pounds Sterling (£) and the financial statements are rounded to the nearest £1.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Gamma Communications Plc as at 31 December 2024 and these financial statements may be obtained from Companies House.
In preparing the financial statements on a going concern basis, the Directors have paid due regard to the relevant forecast financial information, including cash flows, and factored in sensitivities. In the Directors' opinion, the Company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue is recognised when the Company has fulfilled its performance obligations under the relevant customer contract. The Company sells a number of cyber security products which typically consists of software subscriptions, professional services, equipment sales and managed services. Revenue for each element of the sale of the product is recognised as described below. To the extent that invoices are raised in a different pattern to the revenue recognition described below, appropriate adjustments are made through contract assets and contract liabilities to account for revenue when the performance obligations have been met. Contract assets are recognised when the right to consideration is met in advance of billing. Contract liabilities are recognised where a customer has paid consideration prior to the transfer of the related good or service. Subscriptions and Managed Services Revenue from subscriptions are recognised as revenue as the service is provided. Managed Service fees primarily related to Security Operation Centre services are charged monthly and recognised as the service is provided. Professional Services Revenue from professional services are recognised when the service is provided. Equipment sales Revenue from the sale of peripheral and other equipment is recognised when the control of the asset has transferred to the buyer, which is normally the date the equipment is delivered and accepted by the customer. Arrangements with multiple deliverables Where goods and/or services are sold in one bundled transaction, the Company allocates the total arrangement’s consideration to the different individual elements based on their relative fair values. Management determines the fair values of individual components based on actual amounts charged by the Company on a stand-alone basis, or alternatively based on comparable pricing arrangements observable in the market.
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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.
Right-of-use assets (which comprise of leasehold property) are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is calculated so as to write off the cost of a tangible asset, less its estimated residual value, over the term of the lease.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at amortised cost.
Impairment of financial assets
Financial liabilities
At amortised cost
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The preparation of the financial statements requires the Company to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These 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 if the revision affects only that period, or of the period of the revision and future periods if the revision affects both current and future periods. Critical accounting estimates and judgements The preparation of financial statements in conformity with lFRSs requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of turnover and expenses during the reporting period. Estimates and judgements are continually made and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances. As the use of estimates is inherent in financial reporting, actual results could differ from these estimates. The directors believe the following to be the key areas of estimation and judgement: (i) Revenue relating to software contracts As described in the revenue accounting policy section, revenue relating to software contracts is deferred within contract liabilities and released to the statement of comprehensive income on a straight line basis over the contract term. (ii) Costs incurred relating to software contracts Costs relating to software contracts are included on the balance sheet within contract related costs where required and released to the statement of comprehensive income on a straight line basis over the contract term.
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of revenue by country of destination:
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 22
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
Page 24
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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SATISNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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 £61,962 (2023: £189,176). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date.
Dividends to a former shareholder and director
Dividends of £Nil (2023: £3,207,958) were paid to a former director who was also the sole shareholder as at the date of payment.
The ultimate controlling party is Gamma Communications plc as the Company is a wholly owned subsidiary.
The largest group in which the results of the Company are consolidated is Gamma Communications plc. Copies of the consolidated financial statements of Gamma Communications plc are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
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