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Registration number: 12962715

Cyber Wales Skills Ltd

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 October 2023

 

Cyber Wales Skills Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Cyber Wales Skills Ltd

Company Information

Director

Mr J I Davies

Company secretary

Mr J I Davies

Registered office

1 Tredegar Terrace
Sennybridge
Brecon
Powys
LD3 8PR

 

Bankers

Natwest
Stevenson Way
Wavertree
L13 1NW

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Cyber Wales Skills Ltd

(Registration number: 12962715)

Balance Sheet
as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,305

1,739

Current assets

 

Debtors

5

43

7,802

Cash at bank and in hand

 

8,323

4,407

 

8,366

12,209

Creditors: Amounts falling due within one year

6

(65,141)

(46,972)

Net current liabilities

 

(56,775)

(34,763)

Net liabilities

 

(55,470)

(33,024)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(55,472)

(33,026)

Total equity

 

(55,470)

(33,024)

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

Director's 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 director acknowledges his 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

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.

 

Cyber Wales Skills Ltd

(Registration number: 12962715)

Balance Sheet
as at 31 October 2023

Approved and authorised by the director on 31 July 2024
 

.........................................

Mr J I Davies

Company secretary and director

 

Cyber Wales Skills Ltd

Notes to the Financial Statements
for the Year Ended 31 October 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:
1 Tredegar Terrace
Sennybridge
Brecon
Powys
LD3 8PR

These financial statements were authorised for issue by the director on 31 July 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

At 31 October 2023 there is a net deficit, where the company liabilities exceed it's assets on the balance sheet. However, the accounts have been prepared on a Going Concern basis as the directors have given their undertaking that they will continue to offer fincial support to the business to ensure that the libilities of the comany will be met as they fall due.

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.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cyber Wales Skills Ltd

Notes to the Financial Statements
for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

25% on reducing balance

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

 

Cyber Wales Skills Ltd

Notes to the Financial Statements
for the Year Ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

2,530

2,530

At 31 October 2023

2,530

2,530

Depreciation

At 1 November 2022

791

791

Charge for the year

434

434

At 31 October 2023

1,225

1,225

Carrying amount

At 31 October 2023

1,305

1,305

At 31 October 2022

1,739

1,739

 

Cyber Wales Skills Ltd

Notes to the Financial Statements
for the Year Ended 31 October 2023

5

Debtors

2023
£

2022
£

Other debtors

43

7,802

43

7,802

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

-

10,000

Taxation and social security

 

2,720

1,082

Accruals and deferred income

 

940

770

Other creditors

 

61,481

35,120

 

65,141

46,972

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

10,000