CY2 Limited 12173292 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Information technology consultancy activities. Digita Accounts Production Advanced 6.30.9574.0 true 12173292 2023-02-01 2024-01-31 12173292 2024-01-31 12173292 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 12173292 core:OtherDeferredTax 2024-01-31 12173292 core:CurrentFinancialInstruments 2024-01-31 12173292 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 12173292 core:FurnitureFittings 2024-01-31 12173292 core:OfficeEquipment 2024-01-31 12173292 bus:SmallEntities 2023-02-01 2024-01-31 12173292 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 12173292 bus:FullAccounts 2023-02-01 2024-01-31 12173292 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 12173292 bus:RegisteredOffice 2023-02-01 2024-01-31 12173292 bus:Director1 2023-02-01 2024-01-31 12173292 bus:Director2 2023-02-01 2024-01-31 12173292 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12173292 core:ComputerEquipment 2023-02-01 2024-01-31 12173292 core:FurnitureFittings 2023-02-01 2024-01-31 12173292 core:OfficeEquipment 2023-02-01 2024-01-31 12173292 countries:EnglandWales 2023-02-01 2024-01-31 12173292 2023-01-31 12173292 core:FurnitureFittings 2023-01-31 12173292 core:OfficeEquipment 2023-01-31 12173292 2022-02-01 2023-01-31 12173292 2023-01-31 12173292 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 12173292 core:CurrentFinancialInstruments 2023-01-31 12173292 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 12173292 core:FurnitureFittings 2023-01-31 12173292 core:OfficeEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 12173292

Prepared for the registrar

CY2 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

CY2 Limited

(Registration number: 12173292)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

24,076

26,141

Current assets

 

Debtors

5

582,658

493,605

Cash at bank and in hand

 

5,536,189

4,856,999

 

6,118,847

5,350,604

Creditors: Amounts falling due within one year

6

(2,945,966)

(3,472,649)

Net current assets

 

3,172,881

1,877,955

Total assets less current liabilities

 

3,196,957

1,904,096

Deferred tax liabilities

 

(5,463)

(6,535)

Net assets

 

3,191,494

1,897,561

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

3,191,492

1,897,559

Shareholders' funds

 

3,191,494

1,897,561

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the directors' on 10 October 2024 :
 

D Blandford
Director

N Gurung
Director

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 902
Eagle Tower
Montpellier Drive
Cheltenham
GL50 1TA
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance

Computer equipment

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 12).

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

4

Tangible assets

Computer equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

40,748

2,858

43,606

Additions

11,888

473

12,361

At 31 January 2024

52,636

3,331

55,967

Depreciation

At 1 February 2023

16,885

580

17,465

Charge for the year

13,884

542

14,426

At 31 January 2024

30,769

1,122

31,891

Carrying amount

At 31 January 2024

21,867

2,209

24,076

At 31 January 2023

23,863

2,278

26,141

 

5

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

378,577

470,113

Amounts owed by related parties

9

906

1,400

Other debtors

 

187,815

462

Prepayments

 

15,360

21,630

   

582,658

493,605

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

130

-

Trade creditors

 

18,642

17,069

Social security and other taxes

 

115,204

77,228

Outstanding defined contribution pension costs

 

5,556

2,149

Accrued expenses

 

5,781

3,713

Corporation tax liability

785,653

427,490

Deferred income

 

2,015,000

2,945,000

 

2,945,966

3,472,649

 

CY2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

6,019

Short term timing differences

(556)

5,463

2023

Liability
£

Fixed asset timing differences

6,535

6,535

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

130

-

 

9

Related party transactions

At 31 January 2024, D Blandford was owed £130 by the company (2023 - £182 owed to the company) and N Gurung owed the company £906 (2023 - £1,218) in the form of directors' loan accounts. The loans are unsecured, repayable on demand and no interest is payable.