Contents of the Financial Statements

for the Period Ended 31 December 2019

Directors' report period ended 31 December 2019

The directors present their report with the financial statements of the company for the period ended 31 December 2019

Directors

The directors shown below have held office during the whole of the period from
6 August 2018 to 31 December 2019

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
6 August 2020

And signed on behalf of the board by:
Name: Patrick Michael Puzzuoli
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2019

Balance sheet

As at 31 December 2019

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue recognitionRevenue is generated from data breach notification and monitoring services.Data breach notificationAs the service is an indeterminate number of acts and notification is much more significant than any other act, revenue is recognised when notification is executed.Monitoring servicesMonitoring services include a number of indeterminate acts over a specified period of time agreed with the client. Revenue is recognised on a straight-line basis over the agreed period of timeDeferred revenueDifferences between the timing of billings and the recognition of revenue are recognised as either unbilled servicesor deferred revenue on the statement of financial position. Revenue recognised for services performed but not yetbilled to clients has been recorded as unbilled services and disclosed as amounts recoverable on contracts. Clientprepayments and retainers are classified as deferred revenue and recognised as earned over the service period.Reimbursable expenses including those relating to travel, other out-of-pocket expenses and any third-party costsare included as a component of revenue. Expenses reimbursements that are billable to clients are included in totalrevenue and typically an equivalent amount of reimbursable expenses are included in total direct client service costs.Reimbursable expenses related to time and materials and fixed fees engagements are recognised as revenue in the period in which expense is incurred and collectability is reasonably assured.

  Other accounting policies

  Cost of salesCost of sales includes reimbursable expenses such as travel costs and other out-of-pocket expenses, unbilled clientwrite off expenses, database costs for specific areas and third-party costs.TaxationCurrent tax is recognised for the amount of income tax payable in respect of the taxable profit for the current orpast reporting periods using the tax rates and laws that that have been enacted or substantively enacted by thereporting date.Deferred taxFull provision is made for deferred tax assets and liabilities arising from all timing differences between therecognition of gains and losses in the financial statements and recognition in the tax computation.A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitabletaxable profits from which the future reversal of the underlying timing differences can be deducted.Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timingdifferences are expected to reverse. Deferred tax assets and liabilities are not discounted.PensionsThe company operates a defined contribution pension scheme and the pension charge represents the amountspayable by the company to the fund in respect of the year. The assets of the scheme are held separately from thoseof the company. Annual contributions payable are charged to the profit and loss account in the period to which theyrelate.Amounts recoverable on contractsAmounts recoverable on contracts relate to service contracts under which the work performed falls into differentaccounting periods. Amounts recoverable on contracts are stated at cost plus profit recognised to date (see revenuerecognition policy above) less provision for foreseeable losses.Cash and cash equivalentsCash and cash equivalents includes cash in hand and deposits held at call with banks.ProvisionsThe company recognises a provision for annual leave by employees as a result of services rendered in the currentperiod, and which employees are entitled to carry forward and use within the next twelve months. The provision ismeasured at the salary cost payable for the period of absence.CreditorsShort term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, aremeasured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using theeffective interest method.DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initiallyat fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interestmethod, less any impairment.Key accounting estimates and assumptionsThe company makes estimates and assumptions concerning the future. The resulting accounting estimates will, bydefinition, seldom equal the related actual results. The estimates and assumptions that have a significant risk ofcausing a material adjustment to the carrying amounts of assets and liabilities within the next financial year areaddressed below.Trade debtorsManagement assess the likely recovery of trade debtors and where it is felt unlikely that amounts will be recovered,a provision is made.Valuation of amounts recoverable on contracts and recognition of revenueRevenue is recognised in accordance with the policy set out earlier and involves the judgments stated within thatnote. Where work is in progress at the end of the year and the right to consideration is being accrued as the work isperformed, management will assess their expectation of the amount they have earned as at the year end and if it isnot invoiced, accrue that revenue.Key management personnelKey management personnel are considered to be the directors of the company. Key management personnel arethose persons having authority and responsibility for planning, directing and controlling the activities of the entity,directly or indirectly.ProvisionsProvisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date,taking into account the risk and uncertainties surrounding the obligation.

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 2. Employees

  	17 months to 31 December 2019
  Average number of employees during the period	4