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REGISTERED NUMBER: 10592645 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2023

for

Cygnus Group Limited

Cygnus Group Limited (Registered number: 10592645)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Cygnus Group Limited (Registered number: 10592645)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 180,971 184,482
Investments 5 100 -
181,071 184,482

CURRENT ASSETS
Stocks 5,040,226 2,233,665
Debtors 6 1,333,877 586,456
Cash at bank 329,234 90,900
6,703,337 2,911,021
CREDITORS
Amounts falling due within one year 7 (9,220,089 ) (4,854,682 )
NET CURRENT LIABILITIES (2,516,752 ) (1,943,661 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,335,681

)

(1,759,179

)

PROVISIONS FOR LIABILITIES (23,001 ) (14,973 )
NET LIABILITIES (2,358,682 ) (1,774,152 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (2,358,882 ) (1,774,352 )
(2,358,682 ) (1,774,152 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





Mr C H Markham - Director


Cygnus Group Limited (Registered number: 10592645)

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

1. STATUTORY INFORMATION

Cygnus Group Limited is a private company, limited by shares, domiciled in Scotland, registration number 10592645. The registered office is Stirling House, Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, England, HR2 6JF.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Cygnus Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, DWS Group Limited, Stirling House, Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, England, HR2 6JF.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with members of the group.

Turnover
Turnover represents net invoiced sales of goods and services in respect of wireless alarm systems, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 33% on cost and 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cygnus Group Limited (Registered number: 10592645)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Going concern
The Board of Directors are aware of the net liability position of the company at the year-end while the company is in its formative stages. It is the Board's view that there will be adequate funding in place to cover all known liabilities as they fall due for at least 12 months from the balance sheet date, with the confirmed continued support of the group, to whom the majority of debt is due. Therefore the directors have prepared these financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 11 ) .

Cygnus Group Limited (Registered number: 10592645)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 168,835 128,422 297,257
Additions - 58,285 58,285
At 31 December 2023 168,835 186,707 355,542
DEPRECIATION
At 1 January 2023 66,783 45,992 112,775
Charge for year 25,513 36,283 61,796
At 31 December 2023 92,296 82,275 174,571
NET BOOK VALUE
At 31 December 2023 76,539 104,432 180,971
At 31 December 2022 102,052 82,430 184,482

Included in additions are £12,429 (2022: £22,540) assets under the course of construction.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors - 123,399
Amounts owed by group undertakings 634,493 -
Other debtors 699,384 463,057
1,333,877 586,456

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 3,035,075 1,077,691
Amounts owed to group undertakings 6,138,208 3,731,562
Taxation and social security 32,642 20,933
Other creditors 14,164 24,496
9,220,089 4,854,682

Cygnus Group Limited (Registered number: 10592645)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 23,000 23,000
Between one and five years 23,000 46,000
46,000 69,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Clinton (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA

10. ULTIMATE PARENT ENTITY

The company's ultimate parent company is DWS Group Limited, a company registered in England. The financial statements of DWS Group Limited can be obtained from Companies House and its registered office is Stirling House, Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF.