Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312falseNo description of principal activity2021-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2true 03064365 2021-01-01 2021-12-31 03064365 2020-01-01 2020-12-31 03064365 2021-12-31 03064365 2020-12-31 03064365 c:CompanySecretary1 2021-01-01 2021-12-31 03064365 c:Director1 2021-01-01 2021-12-31 03064365 c:Director2 2021-01-01 2021-12-31 03064365 c:RegisteredOffice 2021-01-01 2021-12-31 03064365 d:CurrentFinancialInstruments 2021-12-31 03064365 d:CurrentFinancialInstruments 2020-12-31 03064365 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03064365 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 03064365 d:ShareCapital 2021-12-31 03064365 d:ShareCapital 2020-12-31 03064365 d:RetainedEarningsAccumulatedLosses 2021-12-31 03064365 d:RetainedEarningsAccumulatedLosses 2020-12-31 03064365 c:FRS102 2021-01-01 2021-12-31 03064365 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 03064365 c:FullAccounts 2021-01-01 2021-12-31 03064365 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03064365 2 2021-01-01 2021-12-31 03064365 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure
Registered number: 03064365










POLICYBASIS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021



















 
POLICYBASIS LIMITED
 
 
Company Information


Directors
Mr M Vaughan-Fowler 
Mrs J Vaughan-Fowler 




Company secretary
Mr M Vaughan-Fowler



Registered number
03064365



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
POLICYBASIS LIMITED
Registered number: 03064365

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2,670,148
2,682,701

Cash at bank and in hand
  
817,853
406,935

  
3,488,001
3,089,636

Creditors: amounts falling due within one year
 5 
(441,714)
(58,279)

Net current assets
  
 
 
3,046,287
 
 
3,031,357

Total assets less current liabilities
  
3,046,287
3,031,357

  

Net assets
  
3,046,287
3,031,357


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
3,045,987
3,031,057

  
3,046,287
3,031,357


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared and delivered 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 Company has opted not to file the profit and loss account 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 9 September 2022.




................................................
Mr M Vaughan-Fowler
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
POLICYBASIS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2021

1.


General information

Policybasis Limited is a private company limited by shares and is incorporated in England and Wales. The registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
The company's principal activity is that of marketing insurance.

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 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 following principal accounting policies have been applied:

 
2.2

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.3

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.

 
2.4

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.

Page 2

 
POLICYBASIS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2021

2.Accounting policies (continued)

 
2.5

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 Profit and loss account.

 
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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
POLICYBASIS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2021

2.Accounting policies (continued)

 
2.9

Taxation

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).


4.


Debtors

2021
2020
£
£


Other debtors
2,670,148
2,682,701

2,670,148
2,682,701



5.


Creditors: Amounts falling due within one year

2021
2020
£
£

Corporation tax
1,090
17,328

Other creditors
440,624
40,951

441,714
58,279


Page 4

 
POLICYBASIS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2021

6.


Related party transactions

A director and shareholder of Policybasis Limited, operates a current account with the company. At the balance sheet date the company owed the director £433,425 (2020: £33,452). 
Included within other debtors is an amount of £1,268,355 (2020: £1,242,709) due from Alternative Market Specialists LLC, a partnership incorporated in the United States. Policybasis Limited is a partner in Alternative Market Specialists LLC.

 
Page 5