Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true2021-01-01falseNo description of principal activity88trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05483624 2021-01-01 2021-12-31 05483624 2020-01-01 2020-12-31 05483624 2021-12-31 05483624 2020-12-31 05483624 c:Director6 2021-01-01 2021-12-31 05483624 d:PlantMachinery 2021-01-01 2021-12-31 05483624 d:PlantMachinery 2021-12-31 05483624 d:PlantMachinery 2020-12-31 05483624 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05483624 d:FurnitureFittings 2021-01-01 2021-12-31 05483624 d:FurnitureFittings 2021-12-31 05483624 d:FurnitureFittings 2020-12-31 05483624 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05483624 d:ComputerEquipment 2021-01-01 2021-12-31 05483624 d:ComputerEquipment 2021-12-31 05483624 d:ComputerEquipment 2020-12-31 05483624 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05483624 d:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 05483624 d:OtherPropertyPlantEquipment 2021-12-31 05483624 d:OtherPropertyPlantEquipment 2020-12-31 05483624 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05483624 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05483624 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 05483624 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 05483624 d:CurrentFinancialInstruments 2021-12-31 05483624 d:CurrentFinancialInstruments 2020-12-31 05483624 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05483624 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 05483624 d:ShareCapital 2021-12-31 05483624 d:ShareCapital 2020-12-31 05483624 d:SharePremium 2021-12-31 05483624 d:SharePremium 2020-12-31 05483624 d:OtherMiscellaneousReserve 2021-12-31 05483624 d:OtherMiscellaneousReserve 2020-12-31 05483624 d:RetainedEarningsAccumulatedLosses 2021-12-31 05483624 d:RetainedEarningsAccumulatedLosses 2020-12-31 05483624 c:OrdinaryShareClass1 2021-01-01 2021-12-31 05483624 c:OrdinaryShareClass1 2021-12-31 05483624 c:OrdinaryShareClass1 2020-12-31 05483624 c:OrdinaryShareClass2 2021-01-01 2021-12-31 05483624 c:OrdinaryShareClass2 2021-12-31 05483624 c:OrdinaryShareClass2 2020-12-31 05483624 c:OrdinaryShareClass3 2021-01-01 2021-12-31 05483624 c:OrdinaryShareClass3 2021-12-31 05483624 c:OrdinaryShareClass3 2020-12-31 05483624 c:FRS102 2021-01-01 2021-12-31 05483624 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 05483624 c:FullAccounts 2021-01-01 2021-12-31 05483624 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 05483624 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-01-01 2021-12-31 05483624 6 2021-01-01 2021-12-31 05483624 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05483624









CNIGUARD LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
CNIGUARD LIMITED
REGISTERED NUMBER: 05483624

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 3 
817,060
996,369

Tangible fixed assets
  
13,716
11,926

Investments
 5 
633
633

  
831,409
1,008,928

Current assets
  

Stocks
  
4,082
3,149

Debtors: amounts falling due within one year
 6 
1,685,613
271,425

Cash at bank and in hand
  
2,227,711
1,933,686

  
3,917,406
2,208,260

Creditors: amounts falling due within one year
 7 
(337,006)
(125,375)

Net current assets
  
 
 
3,580,400
 
 
2,082,885

  

Net assets
  
4,411,809
3,091,813


Capital and reserves
  

Called up share capital 
 8 
3,002
2,479

Share premium account
  
10,349,073
8,054,847

Share options reserve
  
749,477
635,318

Profit and loss account
  
(6,689,743)
(5,600,831)

  
4,411,809
3,091,813


Page 1

 
CNIGUARD LIMITED
REGISTERED NUMBER: 05483624
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Westcott
Director

Date: 2 September 2022

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The principal activity of the Company is the design and supply of safety and security systems for a range of sectors. 
The Company is a private company limited by shares and is incorporated in England and Wales. 
The address of its registered office is Stanmore Business & Innovation Centre, Stanmore Place, Howard Road, Stanmore, HA7 1GB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance
Other fixed assets
-
25% reducing balance

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Page 7

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Intangible assets




Development expenditure

£



Cost


At 1 January 2021
2,367,006


Additions
236,208



At 31 December 2021

2,603,214



Amortisation


At 1 January 2021
1,370,637


Charge for the year on owned assets
415,517



At 31 December 2021

1,786,154



Net book value



At 31 December 2021
817,060



At 31 December 2020
996,369



Page 8

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
15,724
10,897
21,532
8,735
56,888


Additions
-
-
5,856
-
5,856


Disposals
-
-
(1,747)
-
(1,747)



At 31 December 2021

15,724
10,897
25,641
8,735
60,997



Depreciation


At 1 January 2021
13,397
9,828
14,622
7,114
44,961


Charge for the year on owned assets
581
267
2,561
405
3,814


Disposals
-
-
(1,495)
-
(1,495)



At 31 December 2021

13,978
10,095
15,688
7,519
47,280



Net book value



At 31 December 2021
1,746
802
9,953
1,216
13,717



At 31 December 2020
2,327
1,069
6,910
1,621
11,927


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
633



At 31 December 2021
633




Page 9

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£


Trade debtors
114
1,134

Other debtors
1,659,011
123,539

Prepayments and accrued income
26,488
19,423

Tax recoverable
-
127,329

1,685,613
271,425



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
268,554
47,729

Other taxation and social security
33,615
28,678

Other creditors
4,406
39,327

Accruals and deferred income
30,431
9,641

337,006
125,375


Page 10

 
CNIGUARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



13,771 (2020 - 13,771) Ordinary shares of £0.10 each
1,377
1,377
5,874 (2020 - 5,874) Ordinary A shares of £0.10 each
587
587
10,384 (2019 -5,154) Preferred Series A shares of £0.10 each
1,038
515

3,002

2,479


On 24 August 2021, the company allotted 2,886 Preferred Series A shares of £0.10 each, for cash consideration of £ 2,294,226.
On 2 November 2021, the company allotted 2,344 Preferred Series A shares of £0.10 each, for cash consideration of £ 234.


9.


Share based payments

The company recognised total expenses of £114,159 (2020: £77,456) related to equity-settled share based payment transactions during the year.   


10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company and in an independently administered fund. Contributions totalling £2,494 (2020: £1,480) were payable to the fund at the balance sheet date and are included within other creditors.  

 
Page 11