Registration number:
Safetonet Limited
for the Period from 1 November 2020 to 31 December 2021
Safetonet Limited
(Registration number: 08733316)
Balance Sheet as at 31 December 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Other reserves |
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Profit and loss account |
( |
( |
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Shareholders' funds |
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Safetonet Limited
(Registration number: 08733316)
Balance Sheet as at 31 December 2021
For the financial period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Safetonet Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Presentational currency is sterling, £, and the financial statements are in round pounds except for some notes which are in greater detail.
Going concern
The financial statements have been prepared on a going concern basis. The company is reliant on external investors and its largest shareholder providing additional funds in order to continue. Without such funding the company would not be able to continue operating as a going concern. The directors are confident that funds will continue to be forthcoming and enable the company to continue operating through to profitability, especially considering the investments in Net Nanny and the SafeToNet Family Stores made during the period. On that basis the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Monthly sales are recognised in turnover in full on the date of receipt. Subscriptions for a longer period are recognised over the life of the subscription.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable.
Safetonet Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 31 December 2021
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 taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 7 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Safetonet Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 31 December 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Safetonet Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 31 December 2021
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 November 2020 |
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Additions |
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Disposals |
( |
( |
At 31 December 2021 |
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Depreciation |
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At 1 November 2020 |
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Charge for the period |
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Eliminated on disposal |
( |
( |
At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 October 2020 |
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Safetonet Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 31 December 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 November 2020 |
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Additions |
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At 31 December 2021 |
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Provision |
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Carrying amount |
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At 31 December 2021 |
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At 31 October 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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Hohenzollernring 72, 50672 Köln, Germany. |
Ordinary share |
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2 Old Bath Road, Newbury, Berkshire, England, RG14 1QL |
Ordinary shares |
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2 Old Bath Road, Newbury, Berkshire, England, RG14 1QL |
Ordinary shares |
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Suite 2300, Bentall 5, 550 Burrard Street, Vancouver, BC, V6C 2B5, Canada |
Common shares |
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51 Breithaupt Street, Kitchener, Ontario N2H 5G5 Canada |
Common shares and class seed preferred shares |
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Safetonet Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 31 December 2021
Undertaking |
Registered office |
Holding |
Proportion of shares held |
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1209 Orange Street, Wilmington, New Castle County, Delaware 19801, USA USA |
Common stock |
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1209 Orange Street, Wilmington, New Castle County, Delaware 19801, USA USA |
Common stock |
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StohrerStrasse 17, 04347 Leipzig , Germany |
Ordiany shares |
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StohrerStrasse 17, 04347 Leipzig , Germany |
Ordiany shares |
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1055 Westlakes Drive, Berwyn, PA 19312, USA |
Common stock |
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1055 Westlakes Drive, Berwyn, PA 19312, USA |
Common stock |
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The principal activity of all subsidiary undertakings is keeping children safe online.
Debtors |
Note |
2021 |
2020 |
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Debtors |
- |
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Amounts owed by group undertakings |
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- |
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Prepayments |
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Other debtors |
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Safetonet Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2020 to 31 December 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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- |
Creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Deferred income |
113,393 |
2,126,904 |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Other borrowings |
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- |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2020 - £