FORTINET UK LIMITED

Company number

04570027

Status

Active

Incorporation

2002-10-22

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

62020

Hubs

UK AI & Enterprise SaaS

Accounting basis

FRS 102 §1A

Reporting scope

Standalone (parent only)

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

MHA

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company has sufficient financial resources for its operations given the ongoing parental support and, as a consequence, the Directors, believe that the Company is well placed to manage the business risks despite the current uncertain economic climate. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.”

Subsidiaries

• Fortinet Sarl · 100% held · France
• Fortinet GmbH · 100% held · Germany
• Fortinet Security Italy SRL · 100% held · Italy
• Fortinet Security Spain S.L. · 100% held · Spain
• Fortinet Security Israel Ltd · 100% held · Herzliya
• Fortinet Security Korea Ltd · 100% held · Korea
• Fortinet Security LLC (Qatar) · 100% held · Qatar
• Next DLP Holdings Ltd · 100% held · Reading
• Fortinet Poland sp. z o. o. · 100% held · Poland

Significant events

• “On 21 November 2018, HMRC opened an initial investigation regarding their concerns about the intra group transactions on a global basis and HMRC enquiries in respect of accounting periods ending between 2015 and 2018 were partially closed pending the outcome of a separate tax case dealing with share based payments which was heard in 2022. HMRC-have not issued their acceptance of the findings in favour of the taxpayer from 2022. Instead, in September 2023 they issued their interpretation and internal guidance relating to S1038A(7) Corporation Taxes Act 2009. The directors took a prudent viewpoint in the accounting period ending 31 December 2022 to only claim a deduction under general principles for the accounting charge on withheld shares and RSUs that have vested in each period. As the periods 2015-2020 are open under this enquiry, they revised the tax debtor for each period which resulted in a reduction in the tax debtor brought forward of GBP 1.5m. This is in addition to previous creditor balances that had been adjusted to agree to tax charges stipulated in the partial closure notices ("PCNs") received by HMRC for 2015 to 2018. These PCNs closed the transfer pricing enquiry but left open the current share deduction enquiry. A total of GBP 3.1m for both these adjustments has been provided. The Company's tax advisors will continue to discuss the case with HMRC and hope to resolve a favourable position during 2025.”
• “On 5th August 2024 Next DLP holdings was purchased for £81,403,000. The funding was obtained from Fortinet BV by way of issuing 1 Ordinary shares for £81,403,000.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers