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Registered Number: 07114820
England and Wales

 

 

 

CRYPTOPAK SOLUTIONS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2022

End date: 31 January 2023
Director M Kashif
Registered Number 07114820
Registered Office 122 Aldborough Road South
Seven Kings
Ilford
IG3 8EZ
Accountants IAC Accountants Limited
Windfall House D1 The Courtyard
Alban Park Hatfield Road
St Albans
AL4 0LA
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 2,681    4,022 
Investments 4 950    950 
3,631    4,972 
Current assets      
Debtors: amounts falling due within one year 5 6,398    9,459 
Cash at bank and in hand 12,943    17,606 
19,341    27,065 
Creditors: amount falling due within one year 6 (3,628)   (3,551)
Net current assets 15,713    23,514 
 
Total assets less current liabilities 19,344    28,486 
Creditors: amount falling due after more than one year 7 (17,535)   (20,072)
Net assets 1,809    8,414 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 1,709    8,314 
Shareholder's funds 1,809    8,414 
 


For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 11 October 2023 and were signed by:


-------------------------------
M Kashif
Director
2
General Information
Cryptopak Solutions Ltd is a private company, limited by shares, registered in England and Wales, registration number 07114820, registration address 122 Aldborough Road South, Seven Kings, Ilford, IG3 8EZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors have confirmed that they will continue to give financial support to the company until such time as its position improves. In addition the directors have confirmed that they will not recall their loans within 12 months. The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees


Average number of employees during the year was 1 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 February 2022 10,351    10,351 
Additions  
Disposals  
At 31 January 2023 10,351    10,351 
Depreciation
At 01 February 2022 6,329    6,329 
Charge for year 1,341    1,341 
On disposals  
At 31 January 2023 7,670    7,670 
Net book values
Closing balance as at 31 January 2023 2,681    2,681 
Opening balance as at 01 February 2022 4,022    4,022 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 February 2022 950    950 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 January 2023 950    950 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Accrued Income 6,336    6,336 
Corporation Tax   3,031 
VAT 62    92 
6,398    9,459 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts 3,086    3,086 
PAYE & Social Security 71   
Directors' Current Accounts 471    465 
3,628    3,551 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 17,535    20,072 
17,535    20,072 

8.

Related party note

Creditors due within one year include an interest free amount of £471 (2021- £465) due to the director. This loan is repayable on demand.
3