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 2020

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

9,910

14,423

Investments

5

583,903

583,903

593,813

598,326

CURRENT ASSETS

Debtors

6

379,346

683,372

Cash at bank

774,810

469,447

1,154,156

1,152,819

CREDITORS

Amounts falling due within one year

7

932,522

901,616

NET CURRENT ASSETS

221,634

251,203

TOTAL ASSETS LESS CURRENT LIABILITIES

815,447

849,529

CREDITORS

Amounts falling due after more than one year

8

-

180,941

NET ASSETS

815,447

668,588

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

815,445

668,586

SHAREHOLDERS' FUNDS

815,447

668,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 15 September 2021 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 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

31,148

56,964

88,112

DEPRECIATION

At 1 January 2020

27,615

46,074

73,689

Charge for year

883

3,630

4,513

At 31 December 2020

28,498

49,704

78,202

NET BOOK VALUE

At 31 December 2020

2,650

7,260

9,910

At 31 December 2019

3,533

10,890

14,423

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

583,903

NET BOOK VALUE

At 31 December 2020

583,903

At 31 December 2019

583,903

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

351,629

656,527

Amounts owed by group undertakings

3,007

-

Prepayments

24,710

26,845

379,346

683,372

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

653,419

645,807

Amounts owed to group undertakings

18,283

21,424

Tax

47,204

27,491

Social security and other taxes

10,508

14,756

VAT

7,102

35,116

Other creditors

18,908

5,510

Directors' current accounts

92

9,461

Accruals and deferred income

30,466

26,581

Deferred consideration

146,540

115,470

932,522

901,616

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Deferred consideration

-

180,941

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 January 2020

668,586

Profit for the year

213,559

Dividends

(66,700

)

At 31 December 2020

815,445

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.