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Company Information
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Contents
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Strategic report
For the year ended 31 March 2025
The directors present their strategic report for CoreTech Security Services Limited ('the company') for the year ended 31 March 2025.
The company is a specialist provider of cyber research and engineering services and solutions.
The company grew in line with Board and Shareholder expectations. Revenues grew by 19.5% to £10.1m, delivering profits of £1.8m. This reflects efficient resource utilisation and strong cost control, coupled with strategic investment in talent, facilities and technology.
The company's strong operating performance is reflected within its statement of financial position.
The market for cyber research and the delivery of cyber solutions remains robust. As the world becomes more connected through the explosion of networked endpoints (both IoT - Internet of Things and OT - Operational Technology), devices are becoming more vulnerable to cyber threats.
The company has evolved its offerings, broadening its research activities to understand technical vulnerabilities and their impact on the wider ecosystems, whilst developing services to counter the threat to client business operations. The company continues to invest heavily in talent acquisition and development; from early careers professionals through to experienced specialists. FY24/25 was the company's third year of taking on a graduate cohort, who have benefitted from focused upskilling and close mentoring, whilst experienced staff regularly attend conferences focused on industry-leading cyber practices to ensure their experience remains cutting-edge. The Company has a robust, market-driven strategy and three-year plan and will continue to evolve its services within a growing and diversified sector, investing in talent, whilst staying focused on high quality delivery of core services.
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Strategic report (continued)
For the year ended 31 March 2025
The management of the business and the execution of the Company's strategy are subject to a number of risks and uncertainties. These are managed through the implementation of the formal Company Operating Framework, which provides yearly, quarterly and monthly reviews of opportunities and risk. The key risks affecting the company relate to the political environment for cyber-related research, the ability to recruit and retain quality staff and client budget spending reviews. These risks are managed through the Board, the Leadership Team and Technical Directors.
This report was approved by the board and signed on its behalf by:
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Directors' report
For the year ended 31 March 2025
The directors present their annual report and the audited financial statements of CoreTech Security Services Limited ('the
company') for the year ended 31 March 2025.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The profit for the year, after taxation, amounted to £1,951,930 (2024 - £1,759,514).
During the year the directors proposed a total distribution of dividends amounted to £195,000 (2024 - £330,000).
The company has chosen, in accordance with s.414C(11) Companies Act 2006, to set out in the Strategic report
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has been done so in respect of future developments.
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Directors' report (continued)
For the year ended 31 March 2025
This report was approved by the board and signed on its behalf by:
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Independent auditors' report to the members of CoreTech Security Services Limited
For the year ended 31 March 2025
We have audited the financial statements of CoreTech Security Services Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent auditors' report to the members of CoreTech Security Services Limited (continued)
For the year ended 31 March 2025
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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Independent auditors' report to the members of CoreTech Security Services Limited (continued)
For the year ended 31 March 2025
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing firms providing software as a service;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with directors and other management at the planning stage, and from our knowledge and experience of auditing firms providing software as a service;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company including the Companies Act 2006, employment legislation, and taxation legislation. We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙reviewing legal expenditure and correspondence throughout the period for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non compliance with laws
and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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Independent auditors' report to the members of CoreTech Security Services Limited (continued)
For the year ended 31 March 2025
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
4th Floor
45 Ludgate Hill
EC4M 7JU
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Statement of income and retained earnings
For the year ended 31 March 2025
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Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 23 form part of these financial statements.
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Notes to the financial statements
For the year ended 31 March 2025
The company is a private company limited by shares and incorporated in England and Wales. Its registered office and trading address is Honeybourne Place, Jessop Avenue, Cheltenham, Gloucestershire, United Kingdom, GL50 3SH and the company registration is 12486085.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Coretech Security Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Analysis of turnover by country of destination:
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
11.Taxation (continued)
The deferred taxes at the reporting date reflected in these financial statements have been measured at the UK
rates likely to be applied when the deferred taxes crystallise.
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
Profit and loss account
There has been an adjustment has been made respect of prior periods for the company to recognise deferred taxation which had previously been omitted. The effects of the adjustment are increase deferred tax liability by £345,175 and decrease profit and loss by £345,175.
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Notes to the financial statements
For the year ended 31 March 2025
The company contributes to employees' personal pension schemes. The assets of those schemes are held separately from those of the company in independently administered funds. The pension cost charge represents
contributions payable by the company to the fund and amounted to £368,714 (2024 - £293,049). Contributions totaling £
There were no transactions with directors during the year ended 31 March 2025.
The immediate and ultimate parent undertaking of the company is
The smallest and largest group of undertakings for which group accounts have been drawn up which include the company is headed by
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