Insurestreet Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10287920 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

Insurestreet Limited

Trading as

Canopy

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M T Farooqui

C Hutchinson

Ms S L Vander Linden

A M Underwood

M Witherspoon

SECRETARY:

Eriska Secretaries Limited

REGISTERED OFFICE:

First Floor, Buckhurst House

42/44 Buckhurst Avenue

Sevenoaks

Kent

TN13 1LZ

REGISTERED NUMBER:

10287920 (England and Wales)

ACCOUNTANTS:

Cameron Cunningham Limited

1st Floor, Buckhurst House

42/44 Buckhurst Avenue

Sevenoaks

Kent

TN13 1LZ

FIXED ASSETS

Tangible assets

4

17,784

19,018

CURRENT ASSETS

Debtors

5

815,430

210,638

Cash at bank

709,119

1,647,342

1,524,549

1,857,980

CREDITORS

Amounts falling due within one year

6

(898,411

)

(301,902

)

NET CURRENT ASSETS

626,138

1,556,078

TOTAL ASSETS LESS CURRENT LIABILITIES

643,922

1,575,096

CREDITORS

Amounts falling due after more than one year

7

(234,073

)

-

NET ASSETS

409,849

1,575,096

CAPITAL AND RESERVES

Called up share capital

375

358

Share premium

9,685,683

9,259,150

Warrant Reserve

-

621,461

Share Based Payments

159,030

125,739

Advance Subscriptions Reserves

2,437,886

-

Retained earnings

(11,873,125

)

(8,431,612

)

SHAREHOLDERS' FUNDS

409,849

1,575,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2022 and were signed on its behalf by:

C Hutchinson - Director

1.	STATUTORY INFORMATION

Insurestreet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

The depreciation on Plant and Machinery is 33% straight line basis.

Financial instruments

All the financial instruments in the current assets and current liabilities are basic financial instruments measured at transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

We believe the company's financial statements should be prepared on a going concern basis on the grounds that the current and future sources of funding or support will be more than adequate for the company's needs.

We believe no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements. In assessing going concern, we have paid particular attention to a period of not less than one year from the date of approval of the financial statements.

Share option charges

The company is recognising the fair value of options vested during the year in review.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

48,909

Additions

12,957

At 30 September 2021

61,866

DEPRECIATION

At 1 October 2020

29,891

Charge for year

14,191

At 30 September 2021

44,082

NET BOOK VALUE

At 30 September 2021

17,784

At 30 September 2020

19,018

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

99,393

14,983

Other debtors

716,037

195,655

815,430

210,638

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

409,005

517,082

Taxation and social security

310,918

(304,406

)

Other creditors

178,488

89,226

898,411

301,902

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

234,073

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2021 and 30 September 2020:

2021

2020

£

£

M T Farooqui

Balance outstanding at start of year

5,379

-

Amounts advanced

2,381

5,379

Amounts repaid

-

-

Amounts written off

(7,760

)

-

Amounts waived

-

-

Balance outstanding at end of year

-

5,379

9.	SHARE-BASED PAYMENT RESERVE

The company has an equity settled option scheme.

The company has 148,743 options outstanding at the end of the period. These were granted over 4 years at an exercise price of £0.0001.

The company had 82,450 options at the start of the year.

During the period 66,960 (2020: 85,450) options were granted to employees.

During the period 667 (2020: 3,000) options were forfeited.

During the period nil (2020: nil) options were exercised.

During the period nil (2020: nil) options expired.

The company has 70,680 (2020: 27,942) exercisable options at the end of the period.

The fair value of the share options has been valued at £2.25 in accordance with the value of the last equity round.

The total change in valuation of the vested options was £33,291, this was charged to the profit and loss. The total carrying amount is £288,621 (2020: £125,739).