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Registered number: 09717838
PIVOTAL INTELLIGENCE LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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PIVOTAL INTELLIGENCE LIMITED
Company Information
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Timothy Royston-Webb (resigned 31 March 2021)
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Nicholas Cronin (resigned 1 August 2021)
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Ingvard Myklebust III (appointed 31 March 2021)
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Chartered Accountants & Statutory Auditor
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PIVOTAL INTELLIGENCE LIMITED
Registered number: 09717838
Balance sheet
As at 31 December 2021
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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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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings 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 23 September 2022.
The notes on pages 2 to 7 form part of these financial statements.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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 company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis despite the company’s dependence on a group company for financial support and the generation of revenue. The directors have obtained confirmation from the group company that it will provide whatever financial support may be necessary in order for the company to meeting its liabilities and commitment as they fall due.
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 accruals basis in accordance with the substance of the relevant agreement.
Cost plus fees
Cost plus fees represents fees received for administrative support services provided during the year to related party entities. This turnover is recognised when the services are provided and is measured at a mark-up on costs.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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 2021
2.Accounting policies (continued)
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 4 (2020 - 5).
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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 2021
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Investments in subsidiary companies
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Fixed asset investments pertains to its wholly owned subsidiary, Pivotal IQ Limited, whose registered office is Kemp House, 152 – 160 City Road, London, EC1V 2NX.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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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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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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The immediate parent undertaking is HG Insights Inc, a company registered in the US.
The ultimate parent undertaking is Shoreline Parent Inc, a company registered in the US.
The parent undertaking of the 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.
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PIVOTAL INTELLIGENCE LIMITED
Notes to the financial statements
For the Year Ended 31 December 2021
The auditors' report on the financial statements for the year ended 31 December 2021 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 28 September 2022 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
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