Signifyd UK Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI656243 (Northern Ireland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

SIGNIFYD UK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

J R Bennett

E J Whitehead

Registered office:

C/o Moore Stephens (Ni) Llp 4th Floor,

Donegall Square North

Belfast

BT1 5GB

Registered number:

NI656243 (Northern Ireland)

Auditors:

WD Audit Limited

Lower Ground Floor

111 Charterhouse Street

London

EC1M 6AW

FIXED ASSETS

Intangible assets

4

17,977

-

Tangible assets

5

550,732

519,599

568,709

519,599

CURRENT ASSETS

Debtors

6

1,942,499

681,795

Cash at bank

2,131,136

521,763

4,073,635

1,203,558

CREDITORS

Amounts falling due within one year

7

(1,298,516

)

(1,187,414

)

NET CURRENT ASSETS

2,775,119

16,144

TOTAL ASSETS LESS CURRENT LIABILITIES

3,343,828

535,743

CAPITAL AND RESERVES

Called up share capital

9

100

100

Other reserves

10

2,534,772

-

Retained earnings

10

808,956

535,643

SHAREHOLDERS' FUNDS

3,343,828

535,743

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

J R Bennett - Director

1.	STATUTORY INFORMATION

Signifyd UK Ltd is a private Company, limited by shares, registered in Northern Ireland. The Company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents income earned from the parent, Signifyd, Inc based on a cost plus agreement, excluding Value Added Tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of 2 years.

Tangible fixed assets

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation is provided at the following annual rates on a straight-line basis in order to write off each asset over its estimated useful life.

Computer Equipment - 33% on cost

Long Leasehold - 10% on cost

Furniture & Fixtures- 20% on cost

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Repairs, maintenance and minor inspection costs are expensed as incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 116 (2020 - 77 ) .

4.	INTANGIBLE FIXED ASSETS

Intangible

Assets

£

Cost

Additions

23,970

At 31 December 2021

23,970

Amortisation

Amortisation for year

5,993

At 31 December 2021

5,993

Net book value

At 31 December 2021

17,977

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

Cost

At 1 January 2021

409,811

-

192,867

602,678

Additions

49,182

4,848

108,266

162,296

At 31 December 2021

458,993

4,848

301,133

764,974

Depreciation

At 1 January 2021

33,936

-

49,143

83,079

Charge for year

44,221

404

86,538

131,163

At 31 December 2021

78,157

404

135,681

214,242

Net book value

At 31 December 2021

380,836

4,444

165,452

550,732

At 31 December 2020

375,875

-

143,724

519,599

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed by group undertakings

1,671,666

437,133

Other debtors

98,408

57,640

VAT

79,476

113,027

Prepayments

92,949

73,995

1,942,499

681,795

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

32,503

32,107

Tax

516,758

66,862

Social security and other taxes

139,400

218,221

Accrued expenses

609,855

870,224

1,298,516

1,187,414

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

267,490

267,490

Between one and five years

479,253

746,743

746,743

1,014,233

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 January 2021

535,643

-

535,643

Profit for the year

273,313

273,313

Share-based payment reserve

-

2,534,772

2,534,772

At 31 December 2021

808,956

2,534,772

3,343,728

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

The Report of the Auditors was unqualified.

Roy Davis (Senior Statutory Auditor)

for and on behalf of WD Audit Limited

12.	ULTIMATE PARENT COMPANY

The immediate and ultimate controlling party is Signifyd, Inc., incorporated in California, United States of America having its registered office address and principal place of business at 2540 N. First Street, Suite 300, San Jose, CA 95131, United States of America.

13.	SHARE-BASED PAYMENTS

Under the terms of their employment contracts the employees of the company are entitled to participate in the share based payment scheme of the parent company, Signifyd Inc. During the year options have been granted to 124 employees of the company for 254,943 shares of common stock in Signifyd Inc. 58,165 options were exercised, 44,916 options were cancelled leaving 151,862 outstanding at the year end. The outstanding options have an exercise price ranging from $5.77 to $12.19 per share.