Computer Security Technology Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03357980 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

COMPUTER SECURITY TECHNOLOGY LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N L A Lewis

Mrs M A Lewis

SECRETARY:

Mrs M A Lewis

REGISTERED OFFICE:

50 Seymour Street

London

London

W1H 7JG

REGISTERED NUMBER:

03357980 (England and Wales)

ACCOUNTANTS:

Civvals Limited

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

14,423

17,091

Investments

5

583,903

-

598,326

17,091

CURRENT ASSETS

Debtors

6

683,372

478,449

Cash at bank

469,447

548,350

1,152,819

1,026,799

CREDITORS

Amounts falling due within one year

7

901,616

656,130

NET CURRENT ASSETS

251,203

370,669

TOTAL ASSETS LESS CURRENT LIABILITIES

849,529

387,760

CREDITORS

Amounts falling due after more than one year

8

180,941

-

NET ASSETS

668,588

387,760

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

668,586

387,758

SHAREHOLDERS' FUNDS

668,588

387,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 9 July 2020 and were signed on its behalf by:

Mr N L A Lewis - Director

1.	STATUTORY INFORMATION

Computer Security Technology 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Computer Security Technology Ltd. as an individual

company and do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are stated at cost less provisions for impairment. Carrying values are

reviewed for impairment either annually, or more frequently if events or changes in circumstances indicate a

possible decline in carrying values.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to

be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction,

like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not

a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is

measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar

debt instrument and subsequently at amortised cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the 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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Leases

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term,

unless the rental payments are structured to increase in line with expected general inflation, in which case the

company recognises annual rent expense to amounts owed to the lessor.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease

term on a straight line basis.

Pension costs

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a

pension plan under which the company pays fixed contributions into a separate entity. Contributions to the

company's pension scheme are charged to the profit or loss in the period to which they relate.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade

debtors are recognised at the undiscounted amount of cash receivable, which is normally the invoice price, less

any allowance for doubtful debts.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Trade creditors are recognised at the undiscounted amount owed to the supplier, which

is normally the invoice price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

41,470

103,049

144,519

Additions

-

4,409

4,409

Disposals

(10,322

)

(50,494

)

(60,816

)

At 31 December 2019

31,148

56,964

88,112

DEPRECIATION

At 1 January 2019

36,630

90,798

127,428

Charge for year

1,307

5,770

7,077

Eliminated on disposal

(10,322

)

(50,494

)

(60,816

)

At 31 December 2019

27,615

46,074

73,689

NET BOOK VALUE

At 31 December 2019

3,533

10,890

14,423

At 31 December 2018

4,840

12,251

17,091

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

583,903

At 31 December 2019

583,903

NET BOOK VALUE

At 31 December 2019

583,903

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

656,527

441,077

Prepayments

26,845

37,372

683,372

478,449

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

645,807

500,443

Amounts owed to group undertakings

21,424

20,609

Tax

27,491

34,184

Social security and other taxes

14,756

13,979

VAT

35,116

23,559

Other creditors

5,510

15,268

Directors' current accounts

9,461

6,010

Accruals and deferred income

26,581

42,078

Deferred consideration

115,470

-

901,616

656,130

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Deferred consideration

180,941

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 January 2019

387,758

Profit for the year

376,828

Dividends

(96,000

)

At 31 December 2019

668,586

11.	POST BALANCE SHEET EVENTS

Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies around the

globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods

of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing,

and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in

an economic slowdown.

Governments and central banks have responded with monetary and fiscal interventions to stabilise economic

conditions. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and

central bank responses, remains unclear of at this time. It is not possible to reliably estimate the duration and

severity of these consequences, as well as their impact on the economy as a whole and on the financial position

and results of the Company for future periods.

The directors have considered the potential impact of COVID 19 on the business and have determined it to be a

non-adjusting subsequent event.

12.	ULTIMATE CONTROLLING PARTY

International Computer Security Holdings Limited is the parent company and controls the company by virtue of

its 100% shareholdings. It is a private company, limited by shares, registered in England and Wales. Its principal

place of business is 8 Lovat Lane, London, EC3R 8DW.

Mr N L A Lewis and Mrs M A Lewis are the ultimate controlling parties by virtue of their 100% shareholding in

the parent undertaking.