PolicyBee LLP Small abridged accounts

POLICYBEE 2021 LLP - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of PolicyBee LLP have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

REGISTERED NUMBER: OC358784

PolicyBee LLP

Filleted Unaudited Abridged Financial Statements

31 March 2018

PolicyBee LLP

Abridged Financial Statements

Year ended 31 March 2018

Contents	Page

Members' report	1

Abridged statement of financial position	3

Reconciliation of members' interests	5

Notes to the abridged financial statements	7

PolicyBee LLP

Members' Report

Year ended 31 March 2018

The members present their report and the unaudited abridged financial statements of the LLP for the year ended 31 March 2018 .

Principal activities

The principal object of the LLP is to provide insurance services to small and medium-sized businesses, freelancers and independent contractors.

Designated members

The designated members who served the LLP during the year were as follows:

Mr IG Hatfield
Mr DJ Pitt
Ms K Hockley
Mr M Pitcher

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 27 December 2018 and signed on behalf of the members by:

Mr IG Hatfield

Designated Member

Registered office:

7 The Close

Norwich

Norfolk

NR1 4DJ

PolicyBee LLP

Abridged Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5		13,046	–

Current assets

Debtors	585,658	942,490
Cash at bank and in hand	509,082	247,690
	------------	------------
	1,094,740	1,190,180

Creditors: amounts falling due within one year	239,804		192,011
	------------		------------
Net current assets		854,936	998,169
		---------	---------
Total assets less current liabilities		867,982	998,169
		---------	---------

Represented by:

Loans and other debts due to members

Other amounts	6		464,162	609,120

Members' other interests

Members' capital classified as equity	403,820	389,049
Other reserves	–	–
	---------	---------
	867,982	998,169
	---------	---------

Total members' interests

Amounts due from members		(469,322)	(782,938)
Loans and other debts due to members	6	464,162	609,120
Members' other interests		403,820	389,049
		---------	---------
		398,660	215,231
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the abridged statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements .

PolicyBee LLP

Abridged Statement of Financial Position (continued)

31 March 2018

These abridged financial statements were approved by the members and authorised for issue on 27 December 2018 , and are signed on their behalf by:

Mr IG Hatfield

Designated Member

Registered number: OC358784

PolicyBee LLP

Reconciliation of Members' Interests

Year ended 31 March 2018

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2018
	£	£	£	£	£	£
Amounts due to members				609,120	609,120
Amounts due from members				(782,938)	(782,938)
				---------	---------
Balance at 1 April 2017	389,049	–	389,049	(173,818)	(173,818)	215,231
Loss for the financial year available for discretionary division among members		(156,118)	(156,118)			(156,118)
	---------	---------	---------	---------	---------	---------
Members' interests after loss for the year	389,049	(156,118)	232,931	(173,818)	(173,818)	59,113
Other division of profits		156,118	156,118	(156,118)	(156,118)	–
Introduced by members	14,771		14,771	12,568	12,568	27,339
Repayments of debt				(11,502)	(11,502)	(11,502)
Drawings				(290,048)	(290,048)	(290,048)
Other movements	–	–	–	613,758	613,758	613,758
				---------	---------
Amounts due to members				464,162	464,162
Amounts due from members				(469,322)	(469,322)
	---------	---------	---------	---------	---------	---------
Balance at 31 March 2018	403,820	–	403,820	(5,160)	(5,160)	398,660
	---------	---------	---------	---------	---------	---------

PolicyBee LLP

Reconciliation of Members' Interests (continued)

Year ended 31 March 2018

	Members' other interests			Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total 2017
	£	£	£	£	£	£
Amounts due to members				533,529	533,529
Amounts due from members				(819,108)	(819,108)
				---------	---------
Balance at 1 April 2016	374,278	–	374,278	(285,579)	(285,579)	88,699
Loss for the financial year available for discretionary division among members		402,179	402,179			402,179
	---------	---------	---------	---------	---------	---------
Members' interests after loss for the year	374,278	402,179	776,457	(285,579)	(285,579)	490,878
Other division of profits		(402,179)	(402,179)	402,179	402,179	–
Introduced by members	14,771		14,771	15,612	15,612	30,383
Repayments of debt				–	–	–
Drawings				(283,300)	(283,300)	(283,300)
Other movements	–	–	–	(22,730)	(22,730)	(22,730)
				---------	---------
Amounts due to members				609,120	609,120
Amounts due from members				(782,938)	(782,938)
	---------	---------	---------	---------	---------	---------
Balance at 31 March 2017	389,049	–	389,049	(173,818)	(173,818)	215,231
	---------	---------	---------	---------	---------	---------

PolicyBee LLP

Notes to the Abridged Financial Statements

Year ended 31 March 2018

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

These abridged financial statements have been prepared in compliance with Section 1A 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' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

PolicyBee LLP

Notes to the Abridged Financial Statements (continued)

Year ended 31 March 2018

3. Accounting policies (continued)

Members' participation rights (continued)

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

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

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:

		-	20% straight line

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

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 13 (2017: 10 ).

5.	Intangible assets

	£
Cost
Additions	13,733
	--------
At 31 March 2018	13,733
	--------
Amortisation
Charge for the year	687
	--------
At 31 March 2018	687
	--------
Carrying amount
At 31 March 2018	13,046
	--------
At 31 March 2017	–
	--------

6.	Loans and other debts due to members

	2018	2017
	£	£
Amounts owed to members in respect of profits	34,814	180,838
Other amounts	429,348	428,282
	---------	---------
	464,162	609,120
	---------	---------

7.	Related party transactions

During the period PolicyBee LLP was charged marketing and IT costs of £660,000 (2017: £600,000) by DigiBee Limited. Included within trade creditors is £120,069 (2017: £90,781) owed to DigiBee Limited. Included within trade debtors is £8,961 (2017: £8,052) due from DigiBee Ltd. Members of PolicyBee LLP are directors and shareholders in DigiBee Limited.