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Registered number: 09002786














IDENTITY EXPERTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

 
IDENTITY EXPERTS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 7


 
IDENTITY EXPERTS LIMITED
REGISTERED NUMBER:09002786

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,110
6,134

Current assets
  

Debtors: amounts falling due within one year
 5 
434,833
306,442

Cash at bank and in hand
  
3,420
446,120

  
438,253
752,562

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(393,263)
(734,835)

Net current assets
  
 
 
44,990
 
 
17,727

  

Net assets
  
49,100
23,861


Capital and reserves
  

Called up share capital 
 7 
200
200

Profit and loss account
  
48,900
23,661

  
49,100
23,861


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 on 28 November 2023.




T Collins
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
IDENTITY EXPERTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Identity Experts Limited is a private limited liability company registered in England and Wales. Its registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. The principal place of business is at St Cloud Gate, St Cloud Way, Maidenhead, SL6 8XD.
The principal activity of the company during the period was the provision of information security and risk management solutions.

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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is measured at the fair value of amounts receivable in respect of consultancy services, support services and software licence sales in the year, net of trade discounts and excluding value added tax.
Revenue from the sale of consultancy services are recognised when consultants have completed the work required and a right to receive consideration has been established. If work has been conducted before the reporting date but has not been billed, it is included within debtors. 
Revenue from the sale of support services and software licences are recognised over the term of the contract or licence period.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

The company contributes to 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 the Statement of Comprehensive Income 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 2

 
IDENTITY EXPERTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.7

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Office equipment
-
33%
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.

Page 3

 
IDENTITY EXPERTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

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 accounts receivable and payable and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. The Company does not have debt instruments that are payable or receivable in more than one year.
Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Cash is represented by cash in hand and deposits with financial institutions.

 
2.9

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Development costs incurred as part of staff costs will usually be recognised as an expense in the period in which it is incurred. However, intangible assets may be recognised from the development phase of a project if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. In this case the capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is estimated to be 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 12).

Page 4

 
IDENTITY EXPERTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Office equipment

£



Cost


At 1 March 2022
32,043



At 28 February 2023

32,043



Depreciation


At 1 March 2022
25,909


Charge for the year on owned assets
2,024



At 28 February 2023

27,933



Net book value



At 28 February 2023
4,110



At 28 February 2022
6,134

Page 5

 
IDENTITY EXPERTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
140,287
236,024

Amounts owed by group undertakings
251,192
-

Other debtors
33,729
55,945

Prepayments and accrued income
9,625
14,473

434,833
306,442



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
23,056
67,016

Amounts owed to group undertakings
-
108,418

Other taxation and social security
56,130
82,383

Other creditors
5,414
16,844

Accruals and deferred income
308,663
460,174

393,263
734,835


There are fixed and floating charges over the assets of the company in relation to loan notes of £20,249,433 and other related liabilities of £3,402,603 that have been provided to an intermediate parent company of the group by a majority shareholder of the ultimate parent. No creditors in relation to these charges are included within these financial statements.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1 each
200
200



8.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,877 (2022 - £23,894). Contributions totaling £nil (2022 - £15,260) were payable to the fund at the reporting date and are included in other creditors.

Page 6

 
IDENTITY EXPERTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Controlling party

The immediate parent undertaking is Securitas Bidco Limited, a company incorporated in England & Wales. The ultimate parent undertaking is Securitas Topco Limited, a company incorporated in England & Wales.
The parent undertaking for the group which consolidates these financial statements is Securitas Topco Limited, a company incorporated in England & Wales. Copies of the Securitas Topco Limited financial statements can be obtained from Companies House.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 28 November 2023 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 7