Company Registration No. 08683680 (England and Wales)
NORMCYBER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
NORMCYBER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NORMCYBER LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
181,338
44,579
Tangible assets
5
10,371
8,051
191,709
52,630
Current assets
Debtors
6
631,416
457,442
Cash at bank and in hand
359,496
292,249
990,912
749,691
Creditors: amounts falling due within one year
7
(518,957)
(355,197)
Net current assets
471,955
394,494
Net assets
663,664
447,124
Capital and reserves
Called up share capital
8
19
19
Share premium account
2,887,311
2,887,311
Profit and loss reserves
(2,223,666)
(2,440,206)
Total equity
663,664
447,124

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 31 August 2022 and are signed on its behalf by:
P Bowers
Director
Company Registration No. 08683680
NORMCYBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
1
Accounting policies
Company information

NormCyber Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lancaster Court, 8 Barnes Wallis Road, Segensworth, Fareham, Hampshire, United Kingdom, PO15 5TU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the service is performed.

1.3
Research and development expenditure

Research expenditure is charged to the Profit and Loss account in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Capitalised development expenditure is amortised over its useful life on a 20% straight line basis.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
Development costs
20% straight line
Website
50% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

NORMCYBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33.33% straight line
Motor vehicles
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

NORMCYBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the tax currently payable .

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the cash received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NORMCYBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
22
21
4
Intangible fixed assets
Software
Development costs
Website
Total
£
£
£
£
Cost
At 1 October 2020
32,616
-
0
35,000
67,616
Additions
1,353
199,567
-
0
200,920
At 30 September 2021
33,969
199,567
35,000
268,536
Amortisation and impairment
At 1 October 2020
8,167
-
0
14,870
23,037
Amortisation charged for the year
6,748
39,913
17,500
64,161
At 30 September 2021
14,915
39,913
32,370
87,198
Carrying amount
At 30 September 2021
19,054
159,654
2,630
181,338
At 30 September 2020
24,449
-
0
20,130
44,579
NORMCYBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
5
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 October 2020
29,183
2,300
31,483
Additions
7,970
-
0
7,970
Disposals
-
0
(2,300)
(2,300)
At 30 September 2021
37,153
-
0
37,153
Depreciation and impairment
At 1 October 2020
21,132
2,300
23,432
Depreciation charged in the year
5,650
-
0
5,650
Eliminated in respect of disposals
-
0
(2,300)
(2,300)
At 30 September 2021
26,782
-
0
26,782
Carrying amount
At 30 September 2021
10,371
-
0
10,371
At 30 September 2020
8,051
-
0
8,051
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
354,396
200,649
Corporation tax recoverable
24,975
56,360
Other debtors
72,162
73,133
Prepayments and accrued income
179,883
127,300
631,416
457,442
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
159,808
98,670
Taxation and social security
101,204
63,617
Other creditors
21,868
15,126
Accruals and deferred income
236,077
177,784
518,957
355,197
NORMCYBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 7 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
5,460
5,460
5
5
Ordinary B shares of 0.1p each
500
500
1
1
Ordinary C shares of 0.1p each
2,540
2,540
2
2
Ordinary D shares of 0.1p each
10,631
10,631
11
11
19,131
19,131
19
19
9
Financial commitments, guarantees and contingent liabilities

The total amount of financial commitments relating to operating leases not included in the balance sheet is £15,098 (2020 - £65,426).

10
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Closing balance
£
£
£
Loan account
2.15
47,437
1,028
48,465
47,437
1,028
48,465

The Loan Account relates to former directors who hold a participating interest in the company.

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