CYESEC UK LIMITED
Directors: R. Aharoni
Registered Office: 6.12 Central House
1 Ballards Lane
London N3 1LQ
Registered No: 12440470 (England & Wales)
Independent Auditors: Shahmoon & Co.
Registered Auditors
6.12 Central House
1 Ballards Lane
London N3 1LQ
Annual report and financial statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-5
CYESEC UK LIMITED
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Fixed assets
Plant & equipment 4 2,947 4,842
Current assets
Debtors 5 170,834 339,723
Cash at bank and in hand 336,012 13,368
506,846 353,091
Creditors: amounts falling due
within one year 6 (460,892) (336,744)
Net current assets 45,954 16,347
Deferred tax liability 7 (737) (1,138)
Total assets less liabilities £ 48,164 £ 20,051
Capital and Reserve
£ £
Called up share capital 8 100 100
Capital fund 3,020 -
Profit and loss account 45,044 19,951
Shareholders' funds £ 48,164 £ 20,051
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
____________________________
R. Aharoni
Director
Company number: 12440470
1 August 2024
CYESEC UK LIMITED
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
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.
The company is a wholly owned subsidiary of Cyesec Ltd, a company registered in Israel.
2. Accounting Policies
Basis of accounting
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.
The financial statements have been prepared under FRS 102 Section 1A small entities.
The financial statements are presented in sterling (£).
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.
Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
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.
(ii) Financial liabilities
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.
Going Concern
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.
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.
On the basis of the above the directors are of the opinion that the company can continue to operate as a going concern.
Turnover
Turnover represents net invoiced services, excluding VAT.
CYESEC UK LIMITED
Notes to the financial statements - 31 December 2023
2. Accounting Policies (Continued)
Revenue recognition
The company generates revenues from the sale of subscriptions that relates to the usage of its platform.
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.
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.
Tangible fixed assets
Plant & equipment
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:
Computers, - 33% straight line.
Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
Creditors
Basic financial liabilities including trade and other payable are measured at transaction price.
Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing differences arising
from the inclusion of items of expenditure in taxation computations in periods that differ from those
in which they are included in the financial statements to the extent that it is probably that an or assets will
crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
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.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange
ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at
the rate of exchange ruling at the date of the transaction.
Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements
and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are
recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in
accruals in the balance sheet. The assets of the plan are held separately from the company in
independently administered funds.
CYESEC UK LIMITED
Notes to the financial statements - 31 December 2023
3. Employee information
The average number of staff employed and directors by the company during the financial year was:
2023 2022
Number Number
Employees 4 1
No renumeration was paid to the director during the year.
4. Tangible fixed assets - Plant & equipment
Computers Total
£ £
Cost:
At 1 January 2023 5,684 5,684
Additions - -
At 31 December 2023 5,684 5,684
Depreciation:
At 1 January 2023 842 842
Charge for the year 1,895 1,895
At 31 December 2023 2,737 2,737
Net Book Value:
At 31 December 2023 2,947 2,947
At 31 December 2022 4,842 4,842
5. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 105,100 317,918
VAT 3,637 3,995
Prepayments and accrued income 62,097 17,810
170,834 339,723
CYESEC UK LIMITED
Notes to the financial statements - 31 December 2023
6. Creditors: amounts falling due within one year
31.12.2023 31.12.2022
£ £
Trade creditors 5,361 2,745
Amounts owed to parent company 61,996 274,700
Other tax and social security 2,325 2,246
Corporation tax 6,951 3,411
Accruals and deferred income 384,259 53,642
460,892 336,744
7. Deferred tax liability
31.12.2023 31.12.2022
£ £
As at 1.1.2023 1,138 -
Transfer to profit and loss account (401) 1,138
As at 31.12.2023 737 1,138
Deferred tax asset is relating to the following timing differences:
31.12.2023 31.12.2022
£ £
Excess of capital allowance over depreciation 737 1,138
737 1,138
8. Share capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid:
10,000 ordinary shares at £0.01 100 100
9. Audit report information
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.
The senior statutory auditor was Mr. Ran Shahmoon
The auditor was Shahmoon & Co.
Date auditor signed accounts: 1 August 2024
Name of director signing accounts: R. Aharoni
Date director signed accounts: 1 August 2024
10. Related party transactions
Control:
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.
Cyesec Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transaction:
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.
11. Commitment
As at 31.12.2023 the company does not have any commitment.
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