FORTINET UK LIMITED

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.”

Group structure

1. FORTINET UK LIMITED · parent
   1. Fortinet Sarl 100% · France
   2. Fortinet GmbH 100% · Germany
   3. Fortinet Security Italy SRL 100% · Italy
   4. Fortinet Security Spain S.L. 100% · Spain
   5. Fortinet Security Israel Ltd 100% · Herzliya
   6. Fortinet Security Korea Ltd 100% · Korea
   7. Fortinet Security LLC (Qatar) 100% · Qatar
   8. Next DLP Holdings Ltd 100% · Reading
   9. Fortinet Poland sp. z o. o. 100% · 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 and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

1

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.