CSignum Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC666714 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Csignum Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J J Carson

R M E Hopkins

P R Sharpe

R Soni

REGISTERED OFFICE:

Quartermile One Dentons UK & Middle East

Quartermile One

Edinburgh

EH3 9EP

REGISTERED NUMBER:

SC666714 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

826,900

884,600

Tangible assets

5

69,205

82,108

Investments

6

1

1

896,106

966,709

CURRENT ASSETS

Capital assets

67,361

67,361

Debtors

7

553,895

1,905,992

Cash at bank

26,243

998,460

647,499

2,971,813

CREDITORS

Amounts falling due within one year

8

234,266

58,174

NET CURRENT ASSETS

413,233

2,913,639

TOTAL ASSETS LESS CURRENT LIABILITIES

1,309,339

3,880,348

CREDITORS

Amounts falling due after more than one year

9

297,145

-

NET ASSETS

1,012,194

3,880,348

CAPITAL AND RESERVES

Called up share capital

2

962,859

Share premium

-

8,661,822

Capital redemption reserve

1,082,859

-

Retained earnings

(70,667

)

(5,744,333

)

1,012,194

3,880,348

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:

R M E Hopkins - Director

J J Carson - Director

1.	STATUTORY INFORMATION

Csignum Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Going concern

'The company is in the early stage of developing its product, working to turn the IP into a practical technology, particularly a modular technology platform that is well-qualified and can be adapted to meet the needs of various customers. The directors are committed to fund the projects and therefore the company is going concern'

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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.

Intellectual property are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

Straight line over 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Capital assets are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2023

and 31 December 2023

577,000

423,000

1,000,000

AMORTISATION

At 1 January 2023

115,400

-

115,400

Charge for year

57,700

-

57,700

At 31 December 2023

173,100

-

173,100

NET BOOK VALUE

At 31 December 2023

403,900

423,000

826,900

At 31 December 2022

461,600

423,000

884,600

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2023

105,559

Additions

9,052

At 31 December 2023

114,611

DEPRECIATION

At 1 January 2023

23,451

Charge for year

21,955

At 31 December 2023

45,406

NET BOOK VALUE

At 31 December 2023

69,205

At 31 December 2022

82,108

6.	FIXED ASSET INVESTMENTS

The company has 100% ownership interest in CSignum LLC, a company registered in America.

7.

DEBTORS

31/12/23

31/12/22

£

£

Amounts falling due within one year:

Trade debtors

16

36,527

Other debtors

553,879

906,069

553,895

942,596

Amounts falling due after more than one year:

Other debtors

-

963,396

Aggregate amounts

553,895

1,905,992

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/23

31/12/22

£

£

Trade creditors

138,460

38,872

Taxation and social security

41,818

-

Other creditors

53,988

19,302

234,266

58,174

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/23

31/12/22

£

£

Other creditors

297,145

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/23

31/12/22

£

£

Other loans

297,145

-

GKFF-Ennovo Holdings II LLC has a bond and floating charge covering all of the property and undertaking of the company.