GCRYPT_LIMITED - Accounts
GCRYPT_LIMITED - Accounts
Company Registration No. 05671802 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
- 1 -
2016
2015
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
2
Tangible assets
2
-
Investments
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(216,410 )
(346,503 )
Net current liabilities
(33,568 )
(99,841 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(165,112 )
(395,833 )
2,431,990
2,091,992
Capital and reserves
Called up share capital
3
Share premium account
Profit and loss account
(3,688,982 )
(4,028,980 )
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 29 June 2017
Director
Company Registration No. 05671802
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
In 2011, the Company reached an agreement to license in perpetuity the Secure File Transfer software it is developing in conjunction with Litera Corp, a company registered in the US.
Monies were received in the form of a secured loan and licencing revenue arising from sales of the software will be used to repay the loan. The first Litera client went live, with the release of the first version of the software, in January 2015. With this licensing agreement in operation and the instituted measures to improve cost savings in future periods, the directors are confident that the Company will move towards a profitable position by building recurring subscription revenue streams.
The company has net current liabilities of £33,568 (2015: £99,841) at the balance sheet date which suggests that the going concern basis may not be appropriate. However the directors have further concluded that with the support of the investors there is reasonable expectation that the Company has sufficient resources to continue in operational existence for the foreseeable future. For this reason the directors consider it appropriate to prepare the financial statements on the going concern basis and the financial statements do not include any adjustments that would result from a withdrawal of the facilities provided by the company's investors.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Plant and machinery
Fixtures, fittings & equipment
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.8
Intangible fixed assets
Intangible fixed assets are stated at cost less amortisation. Amortisation is to be provided at the rates calculated to write off of the intangible asset over the life of the license agreement. This will be 14 years on a straight line basis from when the software is fully developed.
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 October 2013 (as restated)
-
5
2,587,666
Additions
-
43,412
Disposals
-
-
(4)
(4)
At 30 September 2016
1
2,631,074
Depreciation
At 1 October 2015
-
-
-
-
Charge for the year
-
-
404
At 30 September 2016
-
-
404
Net book value
At 30 September 2016
2,630,670
At 30 September 2013 (as restated)
-
2,587,666
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ordinary
VSM Cloud services Ltd - the Company has been liquidated and the £1 share investment has been written off in the accounts during the year.
APS Management Ltd - the Company has been liquidated and the £1 share investment has been written off in the accounts during the year.
AutoEnroll.me Ltd and SSLPost Cloud Services Ltd - the shares invested in these companies were transferred to SSLP Group Ltd on the 6th November 2016.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 5 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4
Related party relationships and transactions
During the year, the company was charged a fee of £2,750 (2015: £22,603) by CNG Associates Limited, the company secretary, for the provision of administration and account support services. As at the balance sheet date, £15,326 (2015: £15,626) was due to CNG Associates Limited.
At the year end, the reporting entity owed £20,000 (2015: £20,000) to R Jeens, a Director of the company.
At the year end, the reporting entity owed £20,000 (2015: £20,000) to R Hargreaves, a Director of the company.
At the year end, the reporting entity owed £102,877 (2015: £240,000) to SSLP Group Limited (formerly AE Pensions Limited). a company owned by the following common shareholders in GCrypt Ltd:
R Hargreaves, R Jeens, J Monro, A Scott, N Shott, Lord J Marland, N Brabbins & M Alculumbre.