13 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,719,875 848,732 3,568,607 409,204 757,427 1,166,631 2,401,976 2,310,671 23,400 3,622 19,778 9,313 7,128 2,456 13,985 5,793 14,087 167,058 164,337 2,721 162,337 162,337 2,721 4,721 xbrli:pure xbrli:shares iso4217:GBP 12947040 2023-01-01 2023-12-31 12947040 2023-12-31 12947040 2022-12-31 12947040 2022-01-01 2022-12-31 12947040 2022-12-31 12947040 2021-12-31 12947040 bus:Director2 2023-01-01 2023-12-31 12947040 core:WithinOneYear 2023-12-31 12947040 core:WithinOneYear 2022-12-31 12947040 core:AfterOneYear 2023-12-31 12947040 core:AfterOneYear 2022-12-31 12947040 core:ShareCapital 2023-12-31 12947040 core:ShareCapital 2022-12-31 12947040 core:SharePremium 2023-12-31 12947040 core:SharePremium 2022-12-31 12947040 core:RetainedEarningsAccumulatedLosses 2023-12-31 12947040 core:RetainedEarningsAccumulatedLosses 2022-12-31 12947040 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 12947040 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 12947040 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 12947040 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2022-12-31 12947040 core:DisposalsDecreaseInProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-12-31 12947040 core:Non-currentFinancialInstruments 2023-12-31 12947040 core:Non-currentFinancialInstruments 2022-12-31 12947040 bus:SmallEntities 2023-01-01 2023-12-31 12947040 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12947040 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12947040 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12947040 bus:FullAccounts 2023-01-01 2023-12-31 12947040 core:ComputerSoftware 2023-01-01 2023-12-31 12947040 core:ComputerEquipment 2023-01-01 2023-12-31 12947040 core:ComputerSoftware 2022-12-31 12947040 core:ComputerSoftware 2023-12-31 12947040 core:ComputerEquipment 2022-12-31 12947040 core:ComputerEquipment 2023-12-31 12947040 1 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 12947040
Venari Security Limited
Filleted Unaudited Financial Statements
31 December 2023
Venari Security Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
2,401,976
2,310,671
Tangible assets
6
5,793
14,087
Investments
7
2,721
4,721
------------
------------
2,410,490
2,329,479
Current assets
Debtors
8
471,694
426,609
Cash at bank and in hand
17,368
529,766
---------
---------
489,062
956,375
Creditors: amounts falling due within one year
9
1,108,858
262,565
------------
---------
Net current (liabilities)/assets
( 619,796)
693,810
------------
------------
Total assets less current liabilities
1,790,694
3,023,289
Creditors: amounts falling due after more than one year
10
325,000
335,000
------------
------------
Net assets
1,465,694
2,688,289
------------
------------
Capital and reserves
Called up share capital
213,021
201,365
Share premium account
6,962,843
6,289,731
Profit and loss account
( 5,710,170)
( 3,802,807)
------------
------------
Shareholders funds
1,465,694
2,688,289
------------
------------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Venari Security Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr TJ Millar
Director
Company registration number: 12947040
Venari Security Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Blick Rothenberg Limited, 16 Great Queen Street, London, WC2B 5AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible Assets
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Intangible assets
Computer Software
£
Cost
At 1 January 2023
2,719,875
Additions
848,732
------------
At 31 December 2023
3,568,607
------------
Amortisation
At 1 January 2023
409,204
Charge for the year
757,427
------------
At 31 December 2023
1,166,631
------------
Carrying amount
At 31 December 2023
2,401,976
------------
At 31 December 2022
2,310,671
------------
The Intangible assets include computer software, as the company is developing a cyber security platform to analyse encrypted data. The asset is carried at £2,401,976 (2022: £2,310,671) and has a remaining amortisation period of 2.25 years (2022: 3.25 years).
6. Tangible assets
Equipment
£
Cost
At 1 January 2023
23,400
Disposals
( 3,622)
--------
At 31 December 2023
19,778
--------
Depreciation
At 1 January 2023
9,313
Charge for the year
7,128
Disposals
( 2,456)
--------
At 31 December 2023
13,985
--------
Carrying amount
At 31 December 2023
5,793
--------
At 31 December 2022
14,087
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
167,058
Disposals
( 164,337)
---------
At 31 December 2023
2,721
---------
Impairment
At 1 January 2023
162,337
Disposals
( 162,337)
---------
At 31 December 2023
---------
Carrying amount
At 31 December 2023
2,721
---------
At 31 December 2022
4,721
---------
8. Debtors
2023
2022
£
£
Trade debtors
329,968
26,924
Amounts owed by group undertakings and undertakings in which the company has a participating interest
26,959
138,144
Other debtors
114,767
261,541
---------
---------
471,694
426,609
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
254,120
83,327
Social security and other taxes
62,977
39,519
Other creditors
791,761
139,719
------------
---------
1,108,858
262,565
------------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
325,000
335,000
---------
---------
11. Directors' advances, credits and guarantees
As at the balance sheet date, the director owed the company £Nil (2022: £19,802 and interest of £244 was charged on the overdrawn balance). The overdrawn balance was fully repaid in July 2023.
12. Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.