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Registered number: 13493753
CYRO CYBER LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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CYRO CYBER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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Business overview and trading outlook
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Cyro Cyber Ltd offers a full range of cyber security managed and professional services from governance, risk and compliance consultancy through to pro-active fully managed security services and penetration testing.
Partnership with Telent Technology Services Limited has brought access to their long-standing blue-chip customer base with Cyro offering services to customers such as Network Rail and National Highways through an exclusive Master Services Agreement with Telent Technology Services Limited, as well as continuing to develop its direct relationships with key customers such as BMS Group, Royal Bank of Canada & Police Digital Service.
During the year ended 31 March 2025, the Company recorded revenues of £6.5m and a net profit of £0.47m (operating profit of £0.51m). With strong financial backing and access to a strong customer base, Cyro is ideally positioned to address the seismic opportunity presented by the rapidly growing requirement for cyber security services across the UK and Ireland.
As permitted by the Companies Act 2006, the Company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place following Telent Technology Services Limited’s acquisition of Cyro Cyber Limited on 1 Dec 2022.
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CYRO CYBER LTD
REGISTERED NUMBER: 13493753
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 December 2025.
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Shannon Turney Simpson
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The notes on pages 4 to 13 form part of these financial statements.
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CYRO CYBER LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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Total comprehensive income for the period
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The notes on pages 4 to 13 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Comprehensive income for the period
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Total comprehensive income for the period
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Total transactions with owners
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The notes on pages 4 to 13 form part of these financial statements.
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Cyro Cyber Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. Up until the 7th August 2025 the address of the registered office was Point 3 Haywood Road, Warwick, CV34 5AH. From the same date, the registered office became Abel Smith House, Gunnels Wood Road, Stevenage, England, SG1 2ST.
The nature of the company’s operations and principal activities are that of cyber security consultancy and service provider.
The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to continue its operations for the foreseeable future and realize its assets and discharge its liabilities in the normal course of business.
Management has assessed the Company’s ability to continue as a going concern and believes that there are no material uncertainties that cast significant doubt upon the Company’s ability to continue as a going concern. Accordingly, the financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The Company recognises revenue from cyber security consultancy and managed services.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Cyber Security Consultancy
Cyber security consultancy includes:
• Governance, Risk & Compliance
• Security Architecture
• Offensive Security Testing
Revenue is recognised in the period in which the services are provided.
Cyber Security Managed Services
Managed services include monitoring and investigating activity on client’s systems. Managed services revenue is recognised over the life of the contract. The directors have assessed that the company’s efforts are spread evenly throughout the period and therefore consider it appropriate to recognise revenue on a straight-line basis.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Further detail can be found in Note 5.
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company has two classes of intangible assets:
• Development expenditure
• Master service agreement (MSA) exclusivity
MSA exclusivity is amortised on a straight line basis over 5 years, in line with the contractual agreement entered (see note 6).
Development expenditure amortisation will commence when the asset is available for use.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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.
The estimated useful lives range as follows:
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources and which affect the value of assets and liabilities reported in the statement of financial position and the loss for the year reported in the statement of income.
Intangible assets
Following contractual agreements entered into as part of Telent Technology Services Limited’s acquisition of Cyro Limited on 1 Dec 2022, the Company recognised an intangible asset for MSA exclusivity. Within the calculation of that intangible asset, the royalty valuation method, which includes a judgemental market royalty rate of 0.5% to reflect the rights of use for the particular asset, was used. In addition, the asset was assessed for impairment during the year and the directors deem that, based on current revenue forecasts, an impairment should be recognised. Please see note 8 intangible assets for further details.
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The average monthly number of employees, including directors, during the year was 49 (2024 - 38).
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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The amounts owed by group undertakings is a receivable of £660,009 (2024: £501,026) from Telent Technology Services Limited in relation to revenue arising from the principal activity of the company providing cyber security services and is unsecured, receivable within the standard 30 day payment terms and does not bear interest.
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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8,000 (2024 - 8,000) A Ordinary shares of £0.0005 each
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4,000 (2024 - 4,000) B Ordinary shares of £0.0005 each
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560 (2024 - 420) Growth shares of £0.0005 each
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The company has three classes of shares; A Ordinary shares, B Ordinary shares and Growth shares.
The holders of A Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
The holders of B Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
The holders of Growth shares are not entitled to receive dividends and are not entitled to vote at company meetings.
During the year, the Company issued 140 Growth shares with a nominal value of £0.0005 each (2024: no Growth Shares were issued).
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Other reserves
The other reserves represent the accumulated amounts credited to equity in respect of the fair value of growth shares granted in the prior year (£182,112) and intangibles recognised upon contractual agreements entered into as part of Telent Technology Services Limited’s acquisition of the Company on 1 December 2022 (£1,034,000).
In 2022, the company entered into an exclusive service agreement with its parent company Telent Technology Services Limited. The contractual agreement was valued and treated as a capital contribution from Telent Technology Services Ltd.
Profit and loss account
The accumulated profits and losses attributable to equity shareholders less dividends declared.
There were no dividends declared in the year (2024: nil).
There were no contractual commitments as at 31 March 2025 (2024: £nil).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £157,269 (2024: £104,315). Contributions totalling £nil (2024: £27,242) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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Related party transactions include transactions with parent Telent Technology Services Limited.
The amount owed to Telent Technology Services Limited at the year end was £91,213 (2024: £676,967). Services purchased in the year amounted to £55,269 (2024: £62,203). This is broken down as follows:
- £76,021 (2024: £605,733) relates to an unsecured revolving credit facility which has a final repayment date of 31st December 2025. The interest rate on the loan is 2.5% above the Bank of England Base Rate. The loan was repaid in full during April 2025.
- £15,192 (2024: £71,234) relates to vehicle lease, the provison of software and shared office facilities.
The amount owed by Telent Technology Services Limited at the year end was £660,009 (2024: £501,026). Services sold in the year amounted to £4,690,280 (2024: £893,041).
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CYRO CYBER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
As at the balance sheet date, the immediate parent company was Telent Technology Services Limited and the ultimate holding company was Tusk Investments LP Inc. a Guernsey registered limited liability partnership.
Tusk Corporation Limited (formerly Telent Limited) was the ultimate parent undertaking which
prepared consolidated financial statements including the results of the Company for the year ended 31st March 2025. Copies of the consolidated financial statements of Tusk Corporation Limited are available from the Secretary at 4th Floor, 95 Gresham Street, London, EC2V 7AB.
Following a change of ownership of Telent Technology Services Limited, at the date of approval of these
accounts the ultimate parent company is Midas Holdings Jersey Limited.
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 9 December 2025 by Daniel Varley
Senior Statutory Auditor (Senior Statutory Auditor) on behalf of BHP LLP.
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