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REGISTERED NUMBER: 03788567 (England and Wales)















SECON CYBER SECURITY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






SECON CYBER SECURITY LTD (REGISTERED NUMBER: 03788567)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SECON CYBER SECURITY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTOR: Mr C R Gupta





REGISTERED OFFICE: Berkeley Suite
35 Berkeley Square
London
W1J 5BF





REGISTERED NUMBER: 03788567 (England and Wales)





ACCOUNTANTS: Sinclairs Bartrum Lerner
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

SECON CYBER SECURITY LTD (REGISTERED NUMBER: 03788567)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,909,652 1,696,327
Tangible assets 5 13,099 14,894
Investments 6 7,314 -
1,930,065 1,711,221

CURRENT ASSETS
Debtors 7 2,137,733 1,608,225
Cash at bank 149,761 165,174
2,287,494 1,773,399
CREDITORS
Amounts falling due within one year 8 2,525,451 3,417,933
NET CURRENT LIABILITIES (237,957 ) (1,644,534 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,692,108 66,687

CREDITORS
Amounts falling due after more than one year 9 1,521,678 -
NET ASSETS 170,430 66,687

CAPITAL AND RESERVES
Called up share capital 11 45,000 45,000
Retained earnings 125,430 21,687
SHAREHOLDERS' FUNDS 170,430 66,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 23rd September 2024 and were signed by:




Mr C R Gupta - Director


SECON CYBER SECURITY LTD (REGISTERED NUMBER: 03788567)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Secon Cyber Security Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Research and development are being amortised evenly over their estimated useful life of ten years.

Brand & Website Developmemt is being amortised evenly over its estimated useful life of five years.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost where fair values are not readily available.

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.

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 are capitalised.

SECON CYBER SECURITY LTD (REGISTERED NUMBER: 03788567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Research Brand &
and Website
development Developmemt Totals
£    £    £   
COST
At 1st January 2023 2,558,461 84,504 2,642,965
Additions 503,403 - 503,403
At 31st December 2023 3,061,864 84,504 3,146,368
AMORTISATION
At 1st January 2023 912,871 33,767 946,638
Amortisation for year 273,177 16,901 290,078
At 31st December 2023 1,186,048 50,668 1,236,716
NET BOOK VALUE
At 31st December 2023 1,875,816 33,836 1,909,652
At 31st December 2022 1,645,590 50,737 1,696,327

SECON CYBER SECURITY LTD (REGISTERED NUMBER: 03788567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st January 2023 43,073
Additions 3,324
At 31st December 2023 46,397
DEPRECIATION
At 1st January 2023 28,179
Charge for year 5,119
At 31st December 2023 33,298
NET BOOK VALUE
At 31st December 2023 13,099
At 31st December 2022 14,894

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 7,314
At 31st December 2023 7,314
NET BOOK VALUE
At 31st December 2023 7,314

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,323,256 860,614
Other debtors 814,477 747,611
2,137,733 1,608,225

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 792,526 2,287,045
Amounts owed to group undertakings 814 -
Taxation and social security 141,358 202,140
Other creditors 1,590,753 928,748
2,525,451 3,417,933

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Trade creditors 1,521,678 -

SECON CYBER SECURITY LTD (REGISTERED NUMBER: 03788567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Trade creditor balance 1,802,325 1,790,917

The Trade creditor E92 Plus Limited balance is secured by fixed charge, floating Charge and negative pledge and personal guarantee of the director.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,500,000 Ordinary shares £0.01 45,000 45,000

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
Mr C R Gupta
Balance outstanding at start of year 432,436 373,201
Amounts advanced 190,046 159,235
Amounts repaid (25,000 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 597,482 432,436

The director is paying interest on the amounts advanced to him.

The director has also provided personal guarantee in favour of trade creditor E92 plus Limited.