Sapien_Cover_Limited - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company recorded a loss of £4,000 for the period and had net liabilities of £3,000 at the year end.

The company continues to meet its day – to – day working capital requirements through loans from the director of £38,475. Furthermore, the company is in the process of finalising a claim for Research and Development corporation tax relief which, the director believes will provide funds for the business. The director is satisfied that he can continue to finance the business in this manner. Accordingly, the director considers it appropriate to prepare these financial statements on a going concern basis and they do not include any adjustments that would result from a withdrawal of support.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The average monthly number of persons (including directors) employed by the company during the period was 1.

During the year, 1,000 ordinary shares were issued at par for cash consideration.

Sapien Cover Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sovereign House, Albert Place, London, N3 1QB.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.