Company registration number 04899722 (England and Wales)
DEEPNET SECURITY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DEEPNET SECURITY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DEEPNET SECURITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,341
14,788
Current assets
Debtors
5
664,616
529,346
Cash at bank and in hand
10,847,291
10,358,910
11,511,907
10,888,256
Creditors: amounts falling due within one year
6
(4,815,813)
(4,636,589)
Net current assets
6,696,094
6,251,667
Total assets less current liabilities
6,705,435
6,266,455
Provisions for liabilities
(1,775)
(2,810)
Net assets
6,703,660
6,263,645
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,703,560
6,263,545
Total equity
6,703,660
6,263,645
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 March 2024
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 member has 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 March 2025 and are signed on its behalf by:
Mr Y Lin
Director
Company Registration No. 04899722
DEEPNET SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Deepnet Security Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 47, Enterprise Centre, Cranborne Road, Potters Bar, Hertfordshire, England, EN6 3DQ.
1.1
Accounting convention
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 historical cost convention.
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
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
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:
Fixtures and fittings
33% on cost
1.4
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.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to 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
Current tax is recognised at the amount of tax payable using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
DEEPNET SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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 statement. 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.
1.6
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There aren't any key judgments or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
17
17
DEEPNET SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
72,960
Additions
2,341
At 31 March 2024
75,301
Depreciation and impairment
At 1 April 2023
58,172
Depreciation charged in the year
7,788
At 31 March 2024
65,960
Carrying amount
At 31 March 2024
9,341
At 31 March 2023
14,788
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
659,773
524,826
Other debtors
4,843
4,520
664,616
529,346
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
642,142
656,963
Amounts owed to group undertakings
3,125,081
2,994,350
Corporation tax
486,357
408,063
Other taxation and social security
45,889
62,273
Other creditors
516,344
514,940
4,815,813
4,636,589
7
Related party transactions
The amount owed by the company to Diginet Security Ltd at the year end was £3,125,081 (2023: £2,994,350).
DEEPNET SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Parent company
The immediate and ultimate parent undertaking and controlling party is Diginet Security Limited, . The registered office of Diginet Security Limited is Enterprise Centre, Cranborne Road, Potters Bar, United Kingdom, EN6 3DQ.
Diginet Security Ltd is controlled by Mr Y Lin by virtue of his 100% holding of the issued share capital of the company.