Cisiv Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03110147 (England and Wales)

CISIV LIMITED

Financial Statements for the Year Ended 31 December 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D M T Farmer

S J Powell

J Reynolds

SECRETARY:

Ms R H Whittaker

REGISTERED OFFICE:

12th Floor

CI Tower

St George's Square

New Malden

Surrey

KT3 4HG

REGISTERED NUMBER:

03110147 (England and Wales)

AUDITORS:

Xeinadin Auditing

Chartered Accountants and Statutory Auditors

Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

4

13,301

33,546

CURRENT ASSETS

Debtors

5

1,716,497

1,476,645

Cash at bank and in hand

217,913

616,023

1,934,410

2,092,668

CREDITORS

Amounts falling due within one year

6

1,944,044

1,308,729

NET CURRENT (LIABILITIES)/ASSETS

(9,634

)

783,939

TOTAL ASSETS LESS CURRENT LIABILITIES

3,667

817,485

CREDITORS

Amounts falling due after more than one year

7

720,355

823,127

NET LIABILITIES

(716,688

)

(5,642

)

CAPITAL AND RESERVES

Called up share capital

10

4,923

4,659

Share premium

11

6,717,932

6,347,515

Retained earnings

11

(7,439,543

)

(6,357,816

)

SHAREHOLDERS' FUNDS

(716,688

)

(5,642

)

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 7 February 2023 and were signed on its behalf by:

D M T Farmer - Director

1.	STATUTORY INFORMATION

Cisiv 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.

The directors consider that it is appropriate to prepare the accounts on a going concern basis as they expect the company to be able to pay its creditors as they fall due, to become profitable in the next year, and to be able to draw on financial support from investors if required for a period of at least twelve months from the date of approval of these accounts.

TURNOVER

The turnover shown in the profit and loss account represents services provided during the year, exclusive of Value Added Tax. Where amounts invoiced are in respect of services not delivered these amounts are shown as deferred revenue and recognised as turnover as and when delivered.

TANGIBLE FIXED ASSETS

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

50% on cost

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

TAXATION

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

(i) Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

(ii) Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

RESEARCH AND DEVELOPMENT

Expenditure on product development, which amounted to £2.49m in the year (2021: £2.09m) is written off in the year it is incurred.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial Liabilities

Basic financial liabilities, including trade and other payables, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2021 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2022

72,155

23,723

66,123

162,001

Additions

-

-

6,705

6,705

Disposals

-

-

(2,173

)

(2,173

)

At 31 December 2022

72,155

23,723

70,655

166,533

DEPRECIATION

At 1 January 2022

64,940

21,077

42,438

128,455

Charge for year

7,215

1,231

17,956

26,402

Eliminated on disposal

-

-

(1,625

)

(1,625

)

At 31 December 2022

72,155

22,308

58,769

153,232

NET BOOK VALUE

At 31 December 2022

-

1,415

11,886

13,301

At 31 December 2021

7,215

2,646

23,685

33,546

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

804,773

736,233

Other debtors

911,724

740,412

1,716,497

1,476,645

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

1,115,788

373,617

Trade creditors

298,913

284,264

Taxation and social security

152,530

91,508

Other creditors

376,813

559,340

1,944,044

1,308,729

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

720,355

823,127

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

157,235

151,632

Between one and five years

459,754

590,700

616,989

742,332

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,836,143

1,196,744

The bank loan is secured by fixed and floating charges over the whole assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted and called up:

2022

2022

2021

2021

No.

£

No.

£

Ordinary shares fully paid of £0.01 each

151,765

1,518

125,443

1,254

Ordinary A shares fully paid of £0.01 each

16,000

160

16,000

160

Ordinary B shares fully paid of £0.01 each

259,493

2,595

259,493

2,595

Ordinary C shares fully paid of £0.01 each

64,997

650

64,997

650

492,255

4,923

465,933

4,659

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2022

(6,357,816

)

6,347,515

(10,301

)

Deficit for the year

(1,081,727

)

(1,081,727

)

Cash share issue

-

370,417

370,417

At 31 December 2022

(7,439,543

)

6,717,932

(721,611

)

The share premium account is non-distributable.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Donald Nelson FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Auditing

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the fund and amounted to £158,443 (2021: £99,473). At the year end there were £23,601 (2021: £82,063) contributions payable to the fund.

14.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.