2023-02-012024-01-312024-01-31false09350595NetSecurity.IO 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NetSecurity.IO Limited

Registered Number
09350595
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

NetSecurity.IO Limited
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mrs J L Devlin
Mrs V Frost
Mr M S Devlin
Mr I Frost

Registered Address

14 The Croft
Barnet
EN5 2TL

Registered Number

09350595 (England and Wales)
NetSecurity.IO Limited
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3111,6672,193
111,6672,193
Current assets
Debtors46,338,9325,999,134
Cash at bank and on hand789,905447,408
7,128,8376,446,542
Creditors amounts falling due within one year5(631,181)(535,179)
Net current assets (liabilities)6,497,6565,911,363
Total assets less current liabilities6,609,3235,913,556
Provisions for liabilities6(27,917)(417)
Net assets6,581,4065,913,139
Capital and reserves
Called up share capital100100
Profit and loss account6,581,3065,913,039
Shareholders' funds6,581,4065,913,139
The financial statements were approved and authorised for issue by the Board of Directors on 2 September 2024, and are signed on its behalf by:
Mr M S Devlin
Director
Registered Company No. 09350595
NetSecurity.IO Limited
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates 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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Vehicles-25
Office Equipment25-
Financial instruments
The company 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 ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 February 23-24,84824,848
Additions124,000-124,000
Disposals-(830)(830)
At 31 January 24124,00024,018148,018
Depreciation and impairment
At 01 February 23-22,65522,655
Charge for year12,9161,61014,526
On disposals-(830)(830)
At 31 January 2412,91623,43536,351
Net book value
At 31 January 24111,084583111,667
At 31 January 23-2,1932,193
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables514,191595,083
Other debtors5,768,1685,198,362
Prepayments and accrued income56,573205,689
Total6,338,9325,999,134
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included in other debtors are amounts due from NetInvestments.IO Limited of £3,056,982 (2023: £2,754,982) and from NetSec Investments Limited of £2,710,809 (2023: £2,443,097) which are companies under the control of the directors.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables58,20047,941
Taxation and social security319,623263,896
Other creditors18,57920,717
Accrued liabilities and deferred income234,779202,625
Total631,181535,179
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included in other creditors above is an amount due to the directors of £18,579 (2023: £20,717). The loan is interest free with no set repayment terms.
6.Provisions for liabilities

2024

2023

££
Other provisions27,917417
Total27,917417
7.Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102 other than the directors loan accounts disclosed in note 5, and the loans to the companies under common control disclosed in note 4.