ACCOUNTS - Final Accounts preparation

SONA INSURANCE SOLUTIONS LTD - Company Information

Registered Number:12300506

POZITIVE INSURANCE SOLUTIONS LTD

UNAUDITED

FINANCIAL STATEMENTS

PAGES FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 NOVEMBER 2020


POZITIVE INSURANCE SOLUTIONS LTD REGISTERED NUMBER:12300506

BALANCE SHEET

AS AT 30 NOVEMBER 2020

		2020
Note		£


Current assets
Debtors: amounts falling due within one year	4	4,211
Cash at bank and in hand	5	55,957
		60,168
Creditors: amounts falling due within one year	6	(131,800)
Net current (liabilities)/assets			(71,632)
Total assets less current liabilities			(71,632)

Net (liabilities)/assets			(71,632)

Capital and reserves
Called up share capital			100
Profit and loss account			(71,732)
			(71,632)

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 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 26 July 2021.

R Thacker

Director

The notes on pages 2 to 4 form part of these financial statements.

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POZITIVE INSURANCE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2020

1.	General information

Pozitive Insurance Solutions Ltd is a private company incorporated and registered in England and Wales. The address of the registered office is The Octagon, 27 Middleborough, Colchester, CO1 1TG. The company changed its name from Pozitive Insure Ltd on 6 August 2020.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 company incorporated on 6 November 2019. These financial statements include the results for the period from incorporation.

2.2

Going concern

The company made a loss for the year and had net liabilities at the year end. The directors have prepared detailed cash flow forecasts which indicate that the company will be able to settle its liabilities and obligation as they become due for at least 12 months from when these financial statements were approved for issues. The directors have also confirmed the company has got the financial support of Pozitive Energy Ltd, a company under common control. On this basis, the directors have considered it appropriate for the financial statements to be prepared on a going concern basis.

2.3

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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POZITIVE INSURANCE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2020

2.Accounting policies (continued)

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Financial instruments

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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POZITIVE INSURANCE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2020

Employees

	The Company has no employees other than the directors, who did not receive any remuneration.
	The average monthly number of employees, including directors, during the period was 0.

Debtors

					2020
					£


	Other debtors	4,211

5.	Cash and cash equivalents
		2020
		£

	Cash at bank and in hand	55,957

6.	Creditors: Amounts falling due within one year
		2020
		£

	Trade creditors	131,800

7.	Auditor's information

The auditor's report on the financial statements for the period ended 30 November 2020 was unqualified.

The audit report was signed on 26 July 2021 by Luke Morris (Senior Statutory Auditor) on behalf of Scrutton Bland LLP.

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