CYNET SECURITY UK LTD
Directors: E. Gruner
Registered office: 6.12 Central House
1 Ballards Lane
London
N3 1LQ
Registered no: 11726772 (England & Wales)
Accountants: Shahmoon & Co.
Chartered accountants
6.12 Central House
1 Ballards Lane
London N3 1LQ
Financial statements
For the year ended 31 December 2023
In Pound Sterling
page
Statement of financial position 1
Notes to the financial statements 2-5
CYNET SECURITY UK LTD
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Fixed assets
Fixed assets 5 18,932 24,733
Current assets
Debtors 6 5,390,892 7,232,866
Cash at bank and in hand 7,268,027 2,030,629
12,658,919 9,263,495
Creditors: amounts falling due
within one year 8 (10,000,519) (6,331,093)
Net current assets 2,658,400 2,932,402
Total assets less current liabilities 2,677,332 2,957,135
Creditors: amounts falling due 9
after more than one year (2,305,134) (2,647,220)
Net assets £ 372,198 £ 309,915
Capital and deficit
£ £
Called up share Capital 10 1,000 1,000
Profit and loss account 371,198 308,915
Shareholders' fund £ 372,198 £ 309,915
-
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.
The notes on pages 2 to 5 form an integral part of these financial statements.
The financial statements on pages 1 to 5 were approved by the Board of Directors and were signed on its behalf by:
__________________________
E. Gruner
Director
31 July 2024
CYNET SECURITY UK LTD
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Cynet Security UK Ltd (the Company) is a private limited company incorporated and domiciled in England and Wales. The address of its registered office is 6.12 Central House 1 Ballards Lane, London, England, N3 1LQ.
The company is a wholly owned subsidiary of Cynet Security Ltd, a company registered in Israel.
2. Statement of Compliance
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
3. Accounting Policies
Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
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.
Going concern
The Director considers that the Company has adequate resources to continue in operational existence for the foreseeable future with guaranteed financial support from the parent company.
In the period up to the signing of the accounts, the company continued to be profitable and has a positive cash flow and the forecast for the next 12 months is that the company will continue to be so.
Based on the above , the directors believe that the financial statements can be prepared on a going concern basis.
Cash flow
The company has a small entity has taken advantage not to prepare a cash flow statement under FRS102
Section 1A Small Entities.
Turnover and revenue recognition
Turnover is the amount derived from ordinary activities and represents net invoiced value of software and
related services excluding VAT.
Revenue from software licences agreements are recognized upon the delivery of the software when
collections are probable; the licence fees is otherwise fixed or determinable: no significant obligation with
regard to implementation remains; and persuasive evidence that an arrangement exists.
Revenues from maintenance arrangements are deferred and recognized on a straight-line basis over the life of
the related agreement.
Basic financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in non-puttable ordinary shares.
Deferred taxation
Deferred taxation is provided 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 probable that a liability or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
CYNET SECURITY UK LTD
Notes to the financial statements - 31 December 2023
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of
exchange ruling at the Balance Sheet date.
Non monetary items are translated into sterling at the actual rate ruling on the date of the transaction.
Foreign currency transactions relating to income and expenditure are translated into sterling at the
rate of exchange ruling on the date of the transaction.
Exchange rate differences are recognised in profit or loss in the period which they arise.
Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements,
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.
(iii) Bonus plan
The company operates annual bonus plan for employees and expense is recognised in the profit
and loss account when the company has a legal or constructive obligation to make payment under
the plan as a result of passed events and reliable estimation of the obligation can be made.
(iv) Share based payments
The company participates in a share-based payment arrangement established by the ultimate parent company. The company recognises the share-based payment expenses based on the specific cost that is relating to the company participating employees. The corresponding credit is recognised as a component of equity.
4. Employee information
2023 2022
The average number of employees during the year was 44 44
No remunerations paid to the director during the above 2 years.
5. Fixed assets
Computers, Plant
fixtures &
& fittings Machinery Total
£ £ £
Cost:
At 1 January 2023 27,238 1,962 29,200
Additions 5,037 5,037
At 31 December 2023 32,275 1,962 34,237
Depreciation:
At 1 January 2023 3,815 652 4,467
Charge for the year 10,184 654 10,838
At 31 December 2023 13,999 1,306 15,305
Net book value:
At 31 December 2023 18,276 656 18,932
At 31 December 2022 23,423 1,310 24,733
CYNET SECURITY UK LTD
Notes to the financial statements - 31 December 2023
6. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 4,489,029 4,608,043
Parent company 158,166 2,043,300
Group company 344,170 496,066
Prepayments and accrued income 399,527 85,457
Deferred tax (note 7) - -
5,390,892 7,232,866
7. Deferred tax asset
31.12.2023 31.12.2022
£ £
As at 1.1.2023 - 17,937
Transfer from profit and loss account - (17,937)
As at 31.12.2023 - -
The amount of deferred tax asset relates to the following timing differences:
31.12.2023 31.12.2022
£ £
Timing differences on fixed assets - 17,937
Timing differences on provisions - (17,937)
- (17,937) -17937
8. Creditors: amounts falling due
within one year
31.12.2023 31.12.2022
£ £
Trade creditors 143,251 207,212
Taxes and social security costs 123,474 176,865
VAT 17,803 35,285
Other creditors 260,955 23,200
Corporation tax 48,369 83,973
Accruals and deferred income 9,406,667 5,804,558
10,000,519 6,331,093
9. Creditors: amounts falling due
after more than one year
31.12.2023 31.12.2022
£ £
Deferred income 2,305,134 2,647,220
2,305,134 2,647,220
CYNET SECURITY UK LTD
Notes to the financial statements - 31 December 2023
10. Share Capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid:
100,000 Ordinary shares of £0.01 each 1,000 1,000
11. Financial commitment
As at 31.12.23 and 31.12.22 the company did not have any financial commitments.
12. Related party transactions:
Control:
The Company's ultimate parent undertaking and controlling party is Cynet Security Ltd, a company incorporated in Israel. Registered address is 132 Derech Menachem Begin, Tel Aviv, Israel.
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.
13. 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: 31 July 2024
Name of director signing accounts: E. Gruner
Date director signed accounts: 31 July 2024
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