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Registered number: 09717838
PIVOTAL INTELLIGENCE LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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PIVOTAL INTELLIGENCE LIMITED
Company Information
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Nicholas Cronin (appointed 27 September 2018)
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Elizabeth Cholawsky (appointed 27 September 2018)
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PIVOTAL INTELLIGENCE LIMITED
Registered number: 09717838
Balance sheet
As at 31 December 2018
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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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Total assets less current liabilities
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PIVOTAL INTELLIGENCE LIMITED
Registered number: 09717838
Balance sheet (continued)
As at 31 December 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered 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 Company has opted not to file the statement of comprehensive income 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 29 September 2019.
The notes on pages 4 to 10 form part of these financial statements.
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PIVOTAL INTELLIGENCE LIMITED
Statement of changes in equity
For the Year Ended 31 December 2018
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At 1 January 2018 (as previously stated)
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At 1 January 2018 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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Statement of changes in equity
For the Year Ended 31 December 2017
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At 1 January 2017 (as previously stated)
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At 1 January 2017 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 10 form part of these financial statements.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
Pivotal Intelligence Limited is a private limited company incorporated in the United Kingdom, and registered in England and Wales. The company's regisited office is Kemp House, City Road, London, EC1V 2NX
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.
Section 1A of FRS 102 has been adopted by the Company as it no longer meets the criteria to qualify as a micro entity. There has been no transitional impact on the financial statements as a result of the adoption of this standard.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis despite an excess of liabilities over assets of £57,360. The directors consider this to be appropriate as the parent undertaking, HG Insights Inc, has comitted to provide financial support, in order to enable the company to meet it's obligations and liabilities as they fall due, for at least twelve months from the date of approval of these financial statements.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Royalties receivable
Royalty revenue is recognised on an accrual basis in accordance with the substance of the relevant agreement.
Consultancy and subscription fees
Consultancy & subscription fee revenue is recognised in respect of advisory services provided to other group companies. Revenue is recognised based on the stage of completion as the related services are provided. The stage of completion is determined with reference to the services performed to date as a proportion of total services to be performed.
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:
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 Profit and loss account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and loss account within 'other operating income'.
Tax is recognised in the Profit and loss account, 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.
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The average monthly number of employees, including directors, during the year was 4 (2017 - 3).
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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Investments in subsidiary companies
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals & deferred income
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
The financial statements contain adjustments to the prior two accounting periods to a) apply the correct revenue recognition criteria; and b) correctly apply cut off. As a result of these adjustments Revenue, Cost of sales, Other operating income, Administration expensess, Debtors and Creditors for the the years ended 31 December 2016 and 31 December 2017 have been restated.
The restatements had the following impact on the financial statements of the company as previously stated:
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Related party transactions
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The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, which are wholly owned subsidiaries.
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