Regtek Solutions Uk Ltd. - Accounts to registrar (filleted) - small 18.2

REGTEK SOLUTIONS UK LTD.

Financial Statements

for the Year Ended 31 December 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

B G Lynch

R Bernstein

K G Black

Secretary:

K G Black

Registered office:

Office 6007

1 Fore Street Avenue

London

EC2Y 9DT

Registered number:

05295685 (England and Wales)

Accountants:

Haines Watts

2nd Floor

Titchfield House

69-85 Tabernacle Street

London

EC2A 4BD

Fixed assets

Intangible assets

4

738,775

454,659

Tangible assets

5

5,944

3,011

744,719

457,670

Current assets

Debtors

6

223,950

460,356

Cash at bank

247,448

145,316

471,398

605,672

Creditors

Amounts falling due within one year

7

1,798,189

1,392,660

Net current liabilities

(1,326,791

)

(786,988

)

Total assets less current liabilities

(582,072

)

(329,318

)

Capital and reserves

Called up share capital

8

1

1

Retained earnings

9

(582,073

)

(329,319

)

Shareholders' funds

(582,072

)

(329,318

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 May 2019 and were signed on its behalf by:

R Bernstein - Director

1.	Statutory information

Regtek Solutions Uk Ltd. is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

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 the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents amounts receivable for services provided in the year and is stated net of Vat

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	Employees and directors

The average number of employees during the year was 6 (2017 - 1 ) .

4.	Intangible fixed assets

Development

costs

£

Cost

At 1 January 2018

537,365

Additions

561,012

At 31 December 2018

1,098,377

Amortisation

At 1 January 2018

82,706

Amortisation for year

276,896

At 31 December 2018

359,602

Net book value

At 31 December 2018

738,775

At 31 December 2017

454,659

5.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 January 2018

5,463

Additions

5,735

At 31 December 2018

11,198

Depreciation

At 1 January 2018

2,452

Charge for year

2,802

At 31 December 2018

5,254

Net book value

At 31 December 2018

5,944

At 31 December 2017

3,011

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

190,917

441,087

Other debtors

10,000

2,991

Deposits

13,290

14,750

Prepayments and accrued income

9,743

1,528

223,950

460,356

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

267,568

115,379

Amounts owed to group undertakings

1,161,954

721,275

Tax

(119,853

)

2,451

VAT

51,919

32,126

Other creditors

34,062

69,711

Accruals and deferred income

402,539

451,718

1,798,189

1,392,660

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

1

1

1

9.

Reserves

Retained

earnings

£

At 1 January 2018

(329,319

)

Deficit for the year

(252,754

)

At 31 December 2018

(582,073

)

10.	Related party disclosures

At the balance sheet date the company owed it's parent, Regtek Solution Inc. £1,161,954 (2017: £721,275).

At the balance sheet date the company owed a related company, Risk Focus Inc. £244,420 (2017: £66,407)

which was included in trade creditors. The companies are related by virtue of common ownership.

11.	Ultimate controlling party

The controlling party is Regtek Solutions Inc..

Regtek Solutions Inc. is a company incorporated in New York, USA.