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Registered number: 09717838
PIVOTAL INTELLIGENCE LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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PIVOTAL INTELLIGENCE LIMITED
Company Information
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PIVOTAL INTELLIGENCE LIMITED
Registered number: 09717838
Balance sheet
As at 31 December 2019
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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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Net current assets/(liabilities)
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Total assets less current liabilities
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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 18 February 2021.
The notes on pages 4 to 11 form part of these financial statements.
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PIVOTAL INTELLIGENCE LIMITED
Registered number: 09717838
Balance sheet (continued)
As at 31 December 2019
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PIVOTAL INTELLIGENCE LIMITED
Statement of changes in equity
For the Year Ended 31 December 2019
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At 1 January 2019 (as previously stated)
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At 1 January 2019 (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 11 form part of these financial statements.
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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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Profit for the year (as restated)
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Total comprehensive income for the year
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The notes on pages 4 to 11 form part of these financial statements.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis despite the company’s
dependency on the parent company for financial support and the generation of revenue. In the opinion of the directors the company will continue to trade for the foreseeable future, and for at least twelve months from the date of approval of the financial statements, and therefore consider this to be appropriate.
These financial statements do not include any adjustment which would result from the withdrawal of
funding by the parent company.
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.
Cost plus fees
Cost plus fees represents fee received for administrative support services provided during the year.
This turnover is recongised when the services provided and is measured at a mark-up on costs in
line with the Master Data License Agreement.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
2.Accounting policies (continued)
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 profit or loss.
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.
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 ordinary shares.
Short term creditors are measured at the transaction price.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
2.Accounting policies (continued)
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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 profit or loss 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 profit or loss within 'other operating income'.
Tax is recognised in profit or loss 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 6 (2018 - 4).
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
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Charge for the year on owned assets
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
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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 2019
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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 and deferred income
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
The financial statements contain several adjustments made by the Directors in respect of the prior accounting period to a) apply the correct revenue recognition criteria; and b) correctly apply cut off. As a result of these adjustments Revenue, Cost of sales, Administration expensess, Debtors and Creditors for the the year ended 31 December 2018 have been restated. The financial statements also contain reclassification adjustments made by the Directors to the prior accounting period to reflect amounts owed to/due from group undertakings correctly.
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 Section 1A and has not disclosed transactions with other group members, which are wholly owned subsidiaries.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
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Post balance sheet events
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On January 30,2020 the World Health Organisation (WHO) declared an international health emergency
due to the outbreak of coronavirus. Since March 11, 2020, the WHO has characterized the spread of the
coronavirus as a pandemic. This event has caused widespread disruptions to the business, with a
consequential negative impact on the economic activity. The continuing spread of the coronavirus and its
impact on the Company is being continually monitored.
The company considers this event to be a non-adjusting event after the reporting period and its impact
cannot be reasonably estimated as at the date of issue of these financial statements. Negative impact, if
any, arising during the year 2020 will be accounted for accordingly.
The parent undertaking of the largest and smallest group of which the company is a member and consolidated financial statements are prepared is HG Insights, Inc. Copies of consolidated financial statements can be obtained from 1 N Calle Cesar Chavez, STE 100, Santa Barbara, CA93103 which is its registered address.
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
As the company was exempt from audit under section 477 of the Companies Act 2006 in the prior year we have not audited the corresponding amounts for that year.
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The audit report was signed on 18 February 2021 by Martin Dunne (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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