Blue Cube Security Limited - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements for the Year Ended 31 December 2021

for

BLUE CUBE SECURITY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G J Haycock-West

R Swainson

C J Core

R C Marsh

N M Munro

SECRETARY:

C J Core

REGISTERED OFFICE:

Ratana House

Saint Hill Road

East Grinstead

West Sussex

RH19 4JU

REGISTERED NUMBER:

07118478 (England and Wales)

ACCOUNTANTS:

Yardley & Co

Chartered Accountants

48 Leigh Road

Leigh on Sea

Essex

SS9 1LF

FIXED ASSETS

Intangible assets

4

919,116

1,478,506

Tangible assets

5

84,596

90,382

1,003,712

1,568,888

CURRENT ASSETS

Debtors

6

2,520,703

4,213,007

Prepayments and accrued income

1,450,320

1,449,573

Cash at bank

24,771

497,461

3,995,794

6,160,041

CREDITORS

Amounts falling due within one year

7

4,372,515

5,466,197

NET CURRENT (LIABILITIES)/ASSETS

(376,721

)

693,844

TOTAL ASSETS LESS CURRENT LIABILITIES

626,991

2,262,732

CREDITORS

Amounts falling due after more than one year

8

(173,953

)

(294,875

)

PROVISIONS FOR LIABILITIES

(2,666

)

(2,666

)

NET ASSETS

450,372

1,965,191

CAPITAL AND RESERVES

Called up share capital

10

15

15

Retained earnings

450,357

1,965,176

SHAREHOLDERS' FUNDS

450,372

1,965,191

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 6 December 2022 and were signed on its behalf by:

C J Core - Director

1.	STATUTORY INFORMATION

Blue Cube Security Limited 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 represents net invoiced sales of goods and services excluding value added tax.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of four years.

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.

Research and Development are being amortised evenly over their estimated useful life of nil 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 etc

-

25% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statements. 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.

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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Pension costs and other post-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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Research

and

Developm-

Goodwill

ent

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

30,000

2,552,170

2,582,170

AMORTISATION

At 1 January 2021

30,000

1,073,664

1,103,664

Amortisation for year

-

559,390

559,390

At 31 December 2021

30,000

1,633,054

1,663,054

NET BOOK VALUE

At 31 December 2021

-

919,116

919,116

At 31 December 2020

-

1,478,506

1,478,506

5.	TANGIBLE FIXED ASSETS

Improvem-

Fixtures

ents to

Office

and

Computer

property

equipment

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

57,666

44,774

19,220

56,191

177,851

Additions

4,071

6,322

1,583

8,198

20,174

At 31 December 2021

61,737

51,096

20,803

64,389

198,025

DEPRECIATION

At 1 January 2021

3,941

35,176

13,115

35,237

87,469

Charge for year

12,969

3,616

1,818

7,557

25,960

At 31 December 2021

16,910

38,792

14,933

42,794

113,429

NET BOOK VALUE

At 31 December 2021

44,827

12,304

5,870

21,595

84,596

At 31 December 2020

53,725

9,598

6,105

20,954

90,382

6.

DEBTORS

31.12.21

31.12.20

£

£

Amounts falling due within one year:

Trade debtors

2,149,551

3,566,200

Other debtors

321,152

596,807

2,470,703

4,163,007

31.12.21

31.12.20

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

50,000

50,000

Aggregate amounts

2,520,703

4,213,007

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

56,429

-

Hire purchase contracts

23,335

-

Trade creditors

2,803,660

2,764,179

Tax

130,746

-

Social security and other taxes

59,690

50,582

VAT

140,215

755,676

Other creditors

2,121

8,076

Directors' loan accounts

66,543

-

Accrued expenses

1,089,776

1,887,684

4,372,515

5,466,197

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 1-2 years

173,953

250,000

Hire purchase contracts

-

44,875

173,953

294,875

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank overdraft

6,424

-

The company's financing facilities are secured on the company's assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

150

Ordinary

0.10

15

15

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

£

£

G J Haycock-West

Balance outstanding at start of year

290,545

-

Amounts advanced

-

290,545

Amounts repaid

(267,926

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

22,619

290,545

12.	RELATED PARTY DISCLOSURES

At 31 December 2021, Blue Cube Security Ltd was owed £50,000 by Blue Cube Security Holdings Ltd.

13.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by Gary J Haycock-West, a director of the company and a

shareholder and director of the ultimate holding company Blue Cube Security Holdings Limited.