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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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Ntrust Systems Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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for |
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Ntrust Systems Limited |
Ntrust Systems Limited (Registered number: 04397784) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
Ntrust Systems Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Barn |
Brighton Road |
Lower Beeding |
Horsham |
West Sussex |
RH13 6PT |
Ntrust Systems Limited (Registered number: 04397784) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Ntrust Systems Limited (Registered number: 04397784) |
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Balance Sheet - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Ntrust Systems Limited (Registered number: 04397784) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Ntrust Systems Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue is representative of net invoiced software, hardware and support income. |
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Long term support contracts are deferred and released to the profit and loss account over the duration of the contract within the month the services are performed. The balance of the contracts is carried within the balance sheet within deferred revenue. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Ntrust Systems Limited (Registered number: 04397784) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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Disposals |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Included in cost of land and buildings is freehold land of £ 164,846 (2020 - £ 164,846 ) which is not depreciated. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 71,054 | 65,659 |
Ntrust Systems Limited (Registered number: 04397784) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loan | 100,074 | 107,401 |
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The mortgage is secured by a fixed and floating charge over all the assets of the company, inclusive of the freehold property. |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2020 |
and 31 March 2021 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year, the directors supported the company with interest free loans. The balance outstanding at the year end date is £40,088 (2020 - £40,088). The loans are repayable on demand. |
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11. | GOING CONCERN |
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These accounts are prepared on a going concern basis and although the COVID-19 pandemic has meant disruptions and increased pressures for all businesses, after consideration of all areas of the business, the Directors do not feel that at this time that there have been any permanent issues that will result in the company being unable to continue operating on a going concern basis for the foreseeable future. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Ntrust Systems Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ntrust Systems Limited for the year ended 31 March 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Ntrust Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ntrust Systems Limited and state those matters that we have agreed to state to the Board of Directors of Ntrust Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ntrust Systems Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Ntrust Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ntrust Systems Limited. You consider that Ntrust Systems Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Ntrust Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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The Barn |
Brighton Road |
Lower Beeding |
Horsham |
West Sussex |
RH13 6PT |
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