Registered number:
08733800
CYBER1ST R&D LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CYBER1ST R&D LIMITED
REGISTERED NUMBER:
08733800
BALANCE SHEET
AS AT
31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
30 July 2020
.
The notes on pages 2 to 6 form part of these financial statements.
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CYBER1ST R&D LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Cyber1st R&D Limited ("the Company") is a Company limited by shares, incorporated in England nad Wales. Its Registered Office is Meteor Centre, Mansfield Road, Derby, United Kingdom, DE21 4SY.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
The company has net liabilities and is financed by a connected company loan. The directors consider that the company will continue to trade for the foreseeable future and that the connected company loan will not be called at the prejudice of third party creditors.
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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2 - 10 years straight line
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2 - 10 years straight line
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Office and scientific equipment
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2 - 10 years straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Short term debtors are measured at transaction price, less any impairment.
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CYBER1ST R&D LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Research and development expenditure is expensed in the Profit and loss account in the period in which it is incurred.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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There were no judgements or key estimates made by the company during the year.
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CYBER1ST R&D LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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The average monthly number of employees, including directors, during the year was
14
(2019 -
13
)
.
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Company contributions to defined contribution pension schemes
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The highest paid director received remuneration of £
147,447
(2019 - £
211,143
)
.
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The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £
19,242
(2019 - £
18,473
)
.
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Office and scientific equipment
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Charge for the year on owned assets
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CYBER1ST R&D LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Called up share capital not paid
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Creditors: Amounts falling due within one year
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Amounts owed to connected companies
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Other taxation and social security
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £75,050 (
2019 - £
61,324). There were no contributions payable to the fund at the balance sheet date.
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Related party transactions
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During the year the company was charged management charges of £273,515
(2019 - £314,989)
and occupancy charges of £105,000
(2019 - £105,000)
by companies under common control.
During the year the company charged a licence fee of £150,138
(2019 - £309,081)
to a company under common control.
At the year end the company owed £6,492,300 (
2019 - £5,492,483)
to companies under common control. Interest of £433,390
(2019 - £385,740)
was charged during the year.
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The ultimate controlling party is Alan Watson.
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CYBER1ST R&D LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The auditor's report on the financial statements for the year ended 31 March 2020 was unqualified.
The audit report was signed on
31 July 2020
by
Stuart Moon
(Senior statutory auditor) on behalf of
Barnes Roffe LLP
.
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