Company registration number SC170241 (Scotland)
Cyber And Fraud Centre - Scotland Ltd
unaudited financial statements
for the year ended 31 March 2024
Pages for filing with Registrar
Cyber and Fraud Centre - Scotland Ltd
Cyber And Fraud Centre - Scotland Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Cyber And Fraud Centre - Scotland Ltd
Balance sheet
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,446
19,092
Current assets
Debtors
4
89,518
26,264
Cash at bank and in hand
200,342
367,298
289,860
393,562
Creditors: amounts falling due within one year
5
(86,303)
(176,467)
Net current assets
203,557
217,095
Total assets less current liabilities
222,003
236,187
Provisions for liabilities
(1,751)
(3,609)
Net assets
220,252
232,578
Reserves
Income and expenditure account
220,252
232,578
Members' funds
220,252
232,578
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
J McCorry
Director
Company Registration No. SC170241
Cyber and Fraud Centre - Scotland Ltd
Cyber And Fraud Centre - Scotland Ltd
Notes to the financial statements
for the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
Cyber and Fraud Centre - Scotland Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is 19 Rutland Square, Edinburgh, Scotland, EH1 2BB.
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
On 20 February 2023 the company changed it's name to Cyber and Fraud Centre - Scotland Ltd from the Scottish Business Resilience Centre Limited.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future. The company meets day to day working capital requirements through funding provided by the Scottish Government and revenues from membership fees, conference income and donations. The company is dependant upon this continued support.true
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
10%
Computer equipment
33.33%
Other assets
100%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
Cyber and Fraud Centre - Scotland Ltd
Cyber And Fraud Centre - Scotland Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
Cyber and Fraud Centre - Scotland Ltd
Cyber And Fraud Centre - Scotland Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 4 -
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the income and expenditure account.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Cyber and Fraud Centre - Scotland Ltd
Cyber And Fraud Centre - Scotland Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 36 (2023 - 34).
2024
2023
Number
Number
Total
36
34
3
Tangible fixed assets
Plant and machinery etc
Other assets
Total
£
£
£
Cost
At 1 April 2023
41,761
4,234
45,995
Additions
7,044
7,044
Disposals
(3,138)
(3,138)
At 31 March 2024
45,667
4,234
49,901
Depreciation and impairment
At 1 April 2023
22,669
4,234
26,903
Depreciation charged in the year
6,098
6,098
Eliminated in respect of disposals
(1,546)
(1,546)
At 31 March 2024
27,221
4,234
31,455
Carrying amount
At 31 March 2024
18,446
18,446
At 31 March 2023
19,092
19,092
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
43,544
2,933
Other debtors
45,974
23,331
89,518
26,264
Cyber and Fraud Centre - Scotland Ltd
Cyber And Fraud Centre - Scotland Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,673
96,854
Taxation and social security
37,891
45,773
Other creditors
20,739
33,840
86,303
176,467
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments for rent of £102,960 (2023: £11,692) of which £21,000 (2023: £11,692) are payable within one year.
The company also had outstanding commitments for future minimum lease payments for vehicle hire of £20,292 (2023: £28,147) of which £7,855 (2023: £7,855) are payable within one year.
7
Directors' transactions
During the year one (2023: one) director was paid a salary of £105,409 (2023: £119,791) along with employer NI of £13,291 (2023: £16,160) and pension contributions of £6,250 (2023: £5,700) during the year. Two (2023: one) directors was reimbursed for total expenses of £91 (2023: £982).
CVM Cyber Limited, who has a mutual director, was paid £nil (2023: £34,800) for cyber education delivery fees in the year.
Lesley Clark Communications Ltd, who has a mutual director was paid £1,560 (2023: £21,220) for PR work.