Safecypher Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 14233172 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 13 JULY 2022 TO 31 MARCH 2023

FOR

SAFECYPHER LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

317,658

CURRENT ASSETS

Debtors

5

137,550

Cash at bank

28,279

165,829

CREDITORS

Amounts falling due within one year

6

544,664

NET CURRENT LIABILITIES

(378,835

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(61,177

)

CAPITAL AND RESERVES

Called up share capital

174

Retained earnings

(61,351

)

(61,177

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2023 and were signed on its behalf by:

B Jordan - Director

1.	STATUTORY INFORMATION

Safecypher Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

14233172

Registered office:

4 Wharfe Mews

Cliffe Terrace

Wetherby

West Yorkshire

LS22 6LX

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

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 balance sheet shows that liabilities exceed assets by £61,177 and the company is dependent on the support of a major creditor. As the creditor has indicated its continued support for the foreseeable future, these accounts have been drawn up assuming a going concern.

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.

Taxation

Taxation for the period comprises current and deferred tax. 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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

353,333

At 31 March 2023

353,333

AMORTISATION

Charge for period

35,675

At 31 March 2023

35,675

NET BOOK VALUE

At 31 March 2023

317,658

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Tax

43,217

VAT

22,862

Deferred tax asset

71,471

137,550

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

80,878

Social security and other taxes

6,136

Other creditors

455,000

Accruals and deferred income

2,650

544,664

7.	RELATED PARTY DISCLOSURES

Safecypher Limited received an interest-free loan of £455,000 during the period from a company which has a shareholding in Safecypher Limited and is controlled by one of Safecypher Limited's directors. This loan was still outstanding as at 31 March 2023.