PolicyBee 2021 LLP Filleted accounts for Companies House (small and micro)
PolicyBee 2021 LLP Filleted accounts for Companies House (small and micro)
REGISTERED NUMBER:
OC358784
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Abridged Statement of Financial Position |
31 Mar 22 |
31 Dec 20 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
6 |
– |
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Current assets
Debtors |
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Cash at bank and in hand |
– |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
– |
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--------- |
--------- |
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Net current assets |
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--------- |
--------- |
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Total assets less current liabilities |
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--------- |
--------- |
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Represented by:
Loans and other debts due to members
Other amounts |
7 |
– |
276,283 |
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Members' other interests
Members' capital classified as equity |
300,422 |
326,271 |
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Other reserves |
– |
– |
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--------- |
--------- |
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300,422 |
602,554 |
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--------- |
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Total members' interests
Amounts due from members |
(300,422) |
(42,546) |
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Loans and other debts due to members |
7 |
– |
276,283 |
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Members' other interests |
300,422 |
326,271 |
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--------- |
--------- |
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– |
560,008 |
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--------- |
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In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged statement of comprehensive income has not been delivered.
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
members
and authorised for issue on
31 January 2023
, and are signed on their behalf by:
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Designated Member |
Registered number:
OC358784
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Notes to the Abridged Financial Statements |
Period from 1 January 2021 to 31 March 2022
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is 7 The Close, Norwich, NR1 4DJ, Norfolk.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Revenue recognition
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the abridged statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the abridged statement of comprehensive income and are equity appropriations in the abridged statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Foreign currencies
Goodwill
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
Finance leases and hire purchase contracts
Financial instruments
Defined contribution plans
4. |
Employee numbers |
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to Nil
(2020:
18
).
5. |
Change of financial year end |
The financial year end of the LLP was changed from 31 December to 31 March.
Accordingly, the comparative figures for the income statements, statements of changes in equity, cash flow statements and the related notes are for 1 April 2020 to 31 December 2020.
6. |
Intangible assets |
£ |
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Cost |
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At 1 January 2021 |
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Disposals |
(
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-------- |
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At 31 March 2022 |
– |
-------- |
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Amortisation |
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At 1 January 2021 |
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Other movements |
(
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-------- |
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At 31 March 2022 |
– |
-------- |
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Carrying amount |
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At 31 March 2022 |
– |
-------- |
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At 31 December 2020 |
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-------- |
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7. |
Loans and other debts due to members |
31 Mar 22 |
31 Dec 20 |
|
£ |
£ |
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Amounts owed to members in respect of profits |
– |
172,029 |
Other amounts |
– |
104,254 |
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--------- |
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– |
276,283 |
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---- |
--------- |
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8. |
Related party transactions |
During the 15 months ending 31 March 2022
PolicyBee 2021 LLP
was charged marketing and IT costs of £876,000 (9 month period ending 31 December 2020: £394,500) by DigiBee Limited. Included within trade debtors is £NIL (31 December 2020: £8,056) owed by DigiBee Ltd. Members of PolicyBee 2021 LLP
also served as Directors of DigiBee Ltd during the period. PolicyBee 2021 LLP
was acquired by the PolicyBee Group in February 2021 and all business operations were subsequently transferred to PolicyBee Ltd (another firm within the PolicyBee Group) on 1 October 2021. Beneficial ownership of the business remained unchanged.