Company Registration No. 11412418 (England and Wales)
418Sec Ltd
Unaudited Accounts For filing with the Registrar
for the year ended 30 June 2024
418Sec Ltd
Unaudited Accounts For filing with the Registrar
Contents
418Sec Ltd
Statement of financial position
as at 30 June 2024
Intangible assets
3,751
4,307
Tangible assets
1,761
3,009
Cash at bank and in hand
23,554
22,947
Creditors: amounts falling due within one year
(25)
(28,397)
Net current assets/(liabilities)
23,605
(5,165)
Total assets less current liabilities
29,117
2,151
Provisions for liabilities
Called up share capital
5
4
Share premium
614,992
614,992
Profit and loss account
(586,320)
(612,845)
Shareholders' funds
28,677
2,151
For the year ending 30 June 2024 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 February 2025 and were signed on its behalf by
Ian Swanson
Director
Company Registration No. 11412418
418Sec Ltd
Notes to the Accounts
for the year ended 30 June 2024
418Sec Ltd is a private company, limited by shares, registered in England and Wales, registration number 11412418. The registered office is C/O SIMONS MUIRHEAD & BURTON LLP, 87-91 NEWMAN STREET, LONDON, W1T 3EY, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
20% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
418Sec Ltd
Notes to the Accounts
for the year ended 30 June 2024
4
Intangible fixed assets
Total
5
Tangible fixed assets
Total
6
Deferred taxation
2024
2023
Accelerated capital allowances
440
-
Charged to the profit and loss account
440
-
Provision at end of year
440
-
418Sec Ltd is wholly owned subsidiary of Protect AI Inc, registered in the United States at 1201, 2nd Avenue, Seattle, WA 98101.
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).