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REGISTERED NUMBER: 08163330 (England and Wales)










Prosure Solutions Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023






Prosure Solutions Limited (Registered number: 08163330)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Prosure Solutions Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Lee Saunders
Andrew Lucia





REGISTERED OFFICE: 150 Minories
London
EC3N 1LS





REGISTERED NUMBER: 08163330 (England and Wales)





ACCOUNTANTS: Baker Watkin Accounting Ltd
Chartered Accountants
Middlesex House
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

Prosure Solutions Limited (Registered number: 08163330)

Abridged Balance Sheet
30 September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 345 485
Tangible assets 5 7,361 10,523
7,706 11,008

CURRENT ASSETS
Debtors 235,148 425,464
Prepayments 41,765 36,626
Cash at bank 971,189 1,480,124
1,248,102 1,942,214
CREDITORS
Amounts falling due within one year (338,731 ) (288,451 )
NET CURRENT ASSETS 909,371 1,653,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

917,077

1,664,771

CAPITAL AND RESERVES
Called up share capital 6 24,512 24,512
Share premium 8,788 8,788
Retained earnings 883,777 1,631,471
SHAREHOLDERS' FUNDS 917,077 1,664,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

Prosure Solutions Limited (Registered number: 08163330)

Abridged Balance Sheet - continued
30 September 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:




Andrew Lucia - Director



Lee Saunders - Director


Prosure Solutions Limited (Registered number: 08163330)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Prosure Solutions Limited is a private company limited by shares incorporated in England and Wales. Company registration number is 08163330. The registered office is 150 Minories, London, EC3N 1LS.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

TURNOVER
Income is included as turnover once the client has been issued with a premium debit note and the policy has been placed on risk by the insurance company.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Prosure Solutions Limited (Registered number: 08163330)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Computer Equipment - 33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Prosure Solutions Limited (Registered number: 08163330)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

CASH AND CASH EQUIVALENTS
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FINANCIAL INSTRUMENT

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally 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.

BASIC FINANCIAL ASSETS

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLASSIFICATION OF FINANCIAL LIABILITIES
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Prosure Solutions Limited (Registered number: 08163330)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystalize in the foreseeable future. The deferred tax balance has not been discounted.

EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LEASES

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 15 ) .

Prosure Solutions Limited (Registered number: 08163330)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2022
and 30 September 2023 700
AMORTISATION
At 1 October 2022 215
Amortisation for year 140
At 30 September 2023 355
NET BOOK VALUE

At 30 September 2023 345
At 30 September 2022 485

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2022 22,936
Additions 639
Disposals (2,111 )
At 30 September 2023 21,464
DEPRECIATION
At 1 October 2022 12,413
Charge for year 3,366
Eliminated on disposal (1,676 )
At 30 September 2023 14,103
NET BOOK VALUE
At 30 September 2023 7,361
At 30 September 2022 10,523

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,100 A Ordinary 1 20,100 20,100
4,167 B Ordinary 1 4,167 4,167
245 C Ordinary 1 245 245

24,512 24,512

Prosure Solutions Limited (Registered number: 08163330)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £234,148 (2022: £167,135).