CY2 Limited 12173292 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is Information technology consultancy activities. Digita Accounts Production Advanced 6.30.9574.0 true 12173292 2022-02-01 2023-01-31 12173292 2023-01-31 12173292 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 12173292 core:RetainedEarningsAccumulatedLosses 2023-01-31 12173292 core:ShareCapital 2023-01-31 12173292 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 12173292 core:FurnitureFittings 2023-01-31 12173292 core:OfficeEquipment 2023-01-31 12173292 bus:SmallEntities 2022-02-01 2023-01-31 12173292 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 12173292 bus:FullAccounts 2022-02-01 2023-01-31 12173292 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 12173292 bus:RegisteredOffice 2022-02-01 2023-01-31 12173292 bus:Director1 2022-02-01 2023-01-31 12173292 bus:Director2 2022-02-01 2023-01-31 12173292 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 12173292 core:ComputerEquipment 2022-02-01 2023-01-31 12173292 core:FurnitureFittings 2022-02-01 2023-01-31 12173292 core:OfficeEquipment 2022-02-01 2023-01-31 12173292 countries:EnglandWales 2022-02-01 2023-01-31 12173292 2022-01-31 12173292 core:FurnitureFittings 2022-01-31 12173292 core:OfficeEquipment 2022-01-31 12173292 2021-02-01 2022-01-31 12173292 2022-01-31 12173292 core:AcceleratedTaxDepreciationDeferredTax 2022-01-31 12173292 core:RetainedEarningsAccumulatedLosses 2022-01-31 12173292 core:ShareCapital 2022-01-31 12173292 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 12173292 core:FurnitureFittings 2022-01-31 12173292 core:OfficeEquipment 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 12173292

Prepared for the registrar

CY2 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

CY2 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

CY2 Limited

Company Information

Directors

D Blandford

N Gurung

Registered office

Suite 902 Eagle Tower
Montpellier Drive
Cheltenham
GL50 1TA

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

CY2 Limited

(Registration number: 12173292)
Balance Sheet as at 31 January 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

26,141

13,737

Current assets

 

Debtors

5

493,605

144,394

Cash at bank and in hand

 

4,856,999

889,395

 

5,350,604

1,033,789

Creditors: Amounts falling due within one year

6

(3,472,649)

(296,844)

Net current assets

 

1,877,955

736,945

Total assets less current liabilities

 

1,904,096

750,682

Deferred tax liabilities

7

(6,535)

(3,434)

Net assets

 

1,897,561

747,248

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,897,559

747,246

Total equity

 

1,897,561

747,248

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 17 October 2023 and signed on its behalf by:
 

D Blandford
Director

N Gurung
Director

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 902 Eagle Tower
Montpellier Drive
Cheltenham
GL50 1TA
England

 

2

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Over 5 years

Computer equipment

Over 3 years

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.

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 7).

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

4

Tangible assets

Computer equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2022

19,583

1,292

20,875

Additions

21,165

1,566

22,731

At 31 January 2023

40,748

2,858

43,606

Depreciation

At 1 February 2022

6,916

222

7,138

Charge for the year

9,969

358

10,327

At 31 January 2023

16,885

580

17,465

Carrying amount

At 31 January 2023

23,863

2,278

26,141

At 31 January 2022

12,667

1,070

13,737

 

5

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

470,113

122,766

Amounts owed by related parties

8

1,400

1,195

Other debtors

 

462

4,695

Prepayments

 

21,630

15,738

   

493,605

144,394

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

17,069

107

Social security and other taxes

 

77,228

102,253

Outstanding defined contribution pension costs

 

2,149

1,311

Accrued expenses

 

3,713

10,675

Corporation tax liability

427,490

123,015

Deferred income

 

2,945,000

59,483

 

3,472,649

296,844

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

6,535

6,535

2022

Liability
£

Fixed asset timing differences

3,434

3,434

 

8

Related party transactions

At 31 January 2023, D Blandford owed the company £182 (2022 - £196) and N Gurung owed the company £1,218 (2022 - £999) in the form of director's loan accounts. The loans are unsecured, repayable on demand and no interest is payable.