2022-02-012023-01-312023-01-31false09350595NetSecurity.IO 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NetSecurity.IO Limited

Registered Number
09350595
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

NetSecurity.IO Limited
Company Information
for the year from 1 February 2022 to 31 January 2023

Directors

Mrs J L Devlin
Mrs V Frost
Mr M S Devlin
Mr I Frost

Registered Address

14 The Croft
Barnet
EN5 2TL

Registered Number

09350595 (England and Wales)
NetSecurity.IO Limited
Statement of Financial Position
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets52,1935,093
2,1935,093
Current assets
Debtors75,999,1344,675,112
Cash at bank and on hand447,4091,243,686
6,446,5435,918,798
Creditors amounts falling due within one year8(535,180)(870,418)
Net current assets (liabilities)5,911,3635,048,380
Total assets less current liabilities5,913,5565,053,473
Provisions for liabilities9(417)(968)
Net assets5,913,1395,052,505
Capital and reserves
Called up share capital100100
Profit and loss account5,913,0395,052,405
Shareholders' funds5,913,1395,052,505
The financial statements were approved and authorised for issue by the Board of Directors on 25 October 2023, and are signed on its behalf by:
Mr M S Devlin
Director
Registered Company No. 09350595
NetSecurity.IO Limited
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Employee benefits policy
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company 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.
4.Employee information

20232022
Average number of employees during the year22
5.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 February 2224,57524,575
Additions273273
At 31 January 2324,84824,848
Depreciation and impairment
At 01 February 2219,48219,482
Charge for year3,1733,173
At 31 January 2322,65522,655
Net book value
At 31 January 232,1932,193
At 31 January 225,0935,093
6.Description of nature of transactions and balances with related parties
No transactions with related parties were undertaken such as are required to be disclosed under FRS102 other than the directors loan accounts disclosed in note 8, and the loans to the companies under common control disclosed in note 7.
7.Debtors

2023

2022

££
Trade debtors / trade receivables595,083486,792
Other debtors5,198,3624,056,882
Prepayments and accrued income205,689131,438
Total5,999,1344,675,112
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included in other debtors are amounts due from NetInvestments.IO Limited of £2,754,982 (2022: £2,149,982) and from NetSecInvestments Limited of £2,443,097 (2022: £1,906,588) which are companies under the control of the directors.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables47,942232,011
Taxation and social security263,896445,260
Other creditors20,71720,563
Accrued liabilities and deferred income202,625172,584
Total535,180870,418
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included in other creditors above is an amount due to the directors of £20,717 (2022: £20,563). The loan is interest free with no set repayment terms.
9.Provisions for liabilities

2023

2022

££
Other provisions417968
Total417968