CYESEC UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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Cyesec UK Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 6.12 Central House, 1 Ballards Lane, London N3 1LQ. |
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The company is a wholly owned subsidiary of Cyesec Ltd, a company registered in Israel. |
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2. |
Accounting Policies |
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Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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The financial statements have been prepared under FRS 102 Section 1A small entities. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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Going Concern |
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The company achieved profit this year and going forward the company will be profitable as in accordance with the transferring price arrangement it is entitled to fixed operating margin on its distribution activities of the parent company products. |
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The parent company guaranteed to give their continual support to the company and would not insist on the repayment of the amounts owed to it, if it would put at risk the going concern position of the company. In addition if required the parent company will fund the cash flow requirements of the company. |
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On the basis of the above the directors are of the opinion that the company can continue to operate as a going concern. |
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Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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CYESEC UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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2. |
Accounting Policies (Continued) |
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Revenue recognition |
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The company generates revenues from the sale of subscriptions that relates to the usage of its platform. |
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Revenues from the sale of the services are recognised in a straight line basis over the period of the related service agreement which is typically 1 year. |
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Revenues are recognised when all revenue recognition criteria have been satisfied: persuasive evidence of an agreement exists, delivery of the product has occurred or services have been rendered, the fee is fixed or determinable and collectability is probable. |
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Tangible fixed assets |
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Plant & equipment |
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Fixed assets are disclosed at cost less impairment charge. Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives: |
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Computers, - 33% straight line. |
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Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing differences arising |
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from the inclusion of items of expenditure in taxation computations in periods that differ from those |
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in which they are included in the financial statements to the extent that it is probably that an or assets will |
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crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange |
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ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at |
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the rate of exchange ruling at the date of the transaction. |
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Employee benefits |
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The company provides a range of benefits to employees, including paid holiday arrangements |
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and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are |
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recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated a defined contribution plan for its employees. A defined contribution |
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plan is a pension plan under which the company pays fixed contributions into a separate entity. |
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Once the contributions have been paid the company has no further payment obligations. The |
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contributions are recognised as an expense when they are due. Amounts not paid are shown in |
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accruals in the balance sheet. The assets of the plan are held separately from the company in |
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independently administered funds. |
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CYESEC UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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6. |
Creditors: amounts falling due within one year |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Trade creditors |
5,361 |
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2,745 |
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Amounts owed to parent company |
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61,996 |
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274,700 |
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Other tax and social security |
2,325 |
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2,246 |
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Corporation tax |
6,951 |
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3,411 |
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Accruals and deferred income |
384,259 |
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53,642 |
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460,892 |
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336,744 |
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7. |
Deferred tax liability |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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As at 1.1.2023 |
1,138 |
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- |
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Transfer to profit and loss account |
(401) |
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1,138 |
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As at 31.12.2023 |
737 |
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1,138 |
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Deferred tax asset is relating to the following timing differences: |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Excess of capital allowance over depreciation |
737 |
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1,138 |
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737 |
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1,138 |
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8. |
Share capital |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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10,000 ordinary shares at £0.01 |
100 |
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100 |
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9. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified. |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 1 August 2024 |
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Name of director signing accounts: R. Aharoni |
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Date director signed accounts: 1 August 2024 |
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10. |
Related party transactions |
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Control: |
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The immediate and ultimate parent company is Cyesec Ltd a company incorporated and registered in Israel whose address is: 10 Abba Eban Street, Herzeliya, Israel. |
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Cyesec Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office. |
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Transaction: |
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The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A. |
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11. |
Commitment |
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As at 31.12.2023 the company does not have any commitment. |