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Registered number: 12368322
Secureflag Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Fusion Accountants Ltd
ICAEW, ATT
Unaudited Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3
Notes to the Financial Statements 4—5
Page 1
Company Information
Directors Andrea Scaduto
Emilio Pinna
Romeo Magagnotti
Company Number 12368322
Registered Office C/O Russell-Cooke Llp (File No. 00179010.1)
2 Putney Hill
London
England
SW15 6AB
Accountants Fusion Accountants Ltd
Suite 2, First Floor Profile West
950 Great West Road
Brentford
TW8 9ES
Page 1
Page 2
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Secureflag Limited for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Secureflag Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Secureflag Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Secureflag Limited and state those matters that we have agreed to state to the directors of Secureflag Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Secureflag Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Secureflag Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Secureflag Limited . You consider that Secureflag Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Secureflag Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
19/08/2024
Fusion Accountants Ltd
Suite 2, First Floor Profile West
950 Great West Road
Brentford
TW8 9ES
Page 2
Page 3
Balance Sheet
Registered number: 12368322
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,414 12,652
25,414 12,652
CURRENT ASSETS
Debtors 5 992,836 334,711
Cash at bank and in hand 2,987,118 1,858,124
3,979,954 2,192,835
Creditors: Amounts Falling Due Within One Year 6 (2,343,357 ) (1,355,884 )
NET CURRENT ASSETS (LIABILITIES) 1,636,597 836,951
TOTAL ASSETS LESS CURRENT LIABILITIES 1,662,011 849,603
NET ASSETS 1,662,011 849,603
CAPITAL AND RESERVES
Called up share capital 7 87 87
Share premium account 686,134 686,134
Profit and Loss Account 975,790 163,382
SHAREHOLDERS' FUNDS 1,662,011 849,603
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 19 August 2024 and were signed on its behalf by:
Andrea Scaduto
Director
19/08/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Secureflag Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12368322 . The registered office is C/O Russell-Cooke Llp (File No. 00179010.1), 2 Putney Hill, London, England, SW15 6AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Presentation currency
Monetary figures for this client's accounts will be reported in United Kingdom, Pounds sterling £.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery depreciated on straight line method over 3 years.
Computer Equipment depreciated on straight line method over 3 years.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 9)
14 9
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 - 22,805 22,805
Additions 1,486 21,483 22,969
As at 31 December 2023 1,486 44,288 45,774
Depreciation
As at 1 January 2023 - 10,153 10,153
Provided during the period 380 9,827 10,207
As at 31 December 2023 380 19,980 20,360
Net Book Value
As at 31 December 2023 1,106 24,308 25,414
As at 1 January 2023 - 12,652 12,652
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Page 5
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 792,546 322,378
Prepayments and accrued income 191,141 9,247
Other debtors 9,149 3,086
992,836 334,711
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 249,505 34,748
Other taxes and social security 23,390 40,340
VAT 51,497 28,414
Other creditors 2,921 2,093
Accruals and deferred income 2,013,893 1,249,665
Directors' loan accounts 2,151 624
2,343,357 1,355,884
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 87 87
  100,000 Ordinary shares of £0.00087 each
Page 5