Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-0110falseNo description of principal activity4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12300506 2022-12-01 2023-11-30 12300506 2021-12-01 2022-11-30 12300506 2023-11-30 12300506 2022-11-30 12300506 c:Director4 2022-12-01 2023-11-30 12300506 d:OfficeEquipment 2022-12-01 2023-11-30 12300506 d:OfficeEquipment 2023-11-30 12300506 d:OfficeEquipment 2022-11-30 12300506 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 12300506 d:CurrentFinancialInstruments 2023-11-30 12300506 d:CurrentFinancialInstruments 2022-11-30 12300506 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 12300506 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 12300506 d:ShareCapital 2023-11-30 12300506 d:ShareCapital 2022-11-30 12300506 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 12300506 d:RetainedEarningsAccumulatedLosses 2023-11-30 12300506 d:RetainedEarningsAccumulatedLosses 2022-11-30 12300506 c:OrdinaryShareClass1 2022-12-01 2023-11-30 12300506 c:OrdinaryShareClass1 2023-11-30 12300506 c:OrdinaryShareClass1 2022-11-30 12300506 c:FRS102 2022-12-01 2023-11-30 12300506 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 12300506 c:FullAccounts 2022-12-01 2023-11-30 12300506 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12300506 2 2022-12-01 2023-11-30 12300506 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:12300506













SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)




UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023











 
SONA INSURANCE SOLUTIONS LTD
  
(Previously known as Pozitive Insurance Solutions Ltd)
REGISTERED NUMBER:12300506


BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
9,379
7,739

  
9,379
7,739

Current assets
  

Debtors: amounts falling due within one year
 6 
54,985
81,111

Cash at bank and in hand
 7 
762,202
372,310

  
817,187
453,421

Creditors: amounts falling due within one year
 8 
(740,409)
(395,227)

Net current assets
  
 
 
76,778
 
 
58,194

Total assets less current liabilities
  
86,157
65,933

  

Net assets
  
86,157
65,933


Capital and reserves
  

Called up share capital 
 9 
350,100
350,100

Profit and loss account
 10 
(263,943)
(284,167)

  
86,157
65,933



- 1 -



 
SONA INSURANCE SOLUTIONS LTD
  
(Previously known as Pozitive Insurance Solutions Ltd)
REGISTERED NUMBER:12300506

    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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

The Company has opted not to file the statement of comprehensive income 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 26 November 2024.




R Thacker
Director

The notes on pages 3 to 9 form part of these financial statements.


- 2 -



 
SONA INSURANCE SOLUTIONS LTD
 
(Previously known as Pozitive Insurance Solutions Ltd)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Sona Insurance Solutions Ltd is a private company incorporated and registered in England and Wales. The address of the registered office is The Innovation Centre Knowledge Gateway, Boundary Road, Colchester, Essex, C04 3ZQ.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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

Going concern

The director has prepared profit and loss forecasts which indicate that the Company will be able to settle its liabilities and obligation as they become due for at least 12 months from when these financial statements were approved for issue.
On this basis, the director has considered it appropriate for the financial statements to be prepared on a going concern basis

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.


- 3 -



 
SONA INSURANCE SOLUTIONS LTD
 
(Previously known as Pozitive Insurance Solutions Ltd)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services
Turnover represents brokerage profit commission and fees net of any commission payable to third parties.  It arises on the placement of insurance contracts by the Company.
Brokerage is recognised when the Company's contractual rights to such income is established and the extent that the Company's relevant obligations under the contracts concerned have been performed.  For most of the Company's broking activities this means that brokerage is recognised at the inception of the underlying contract of insurance concerned.
Revenue that is recognised in accordance with this policy before it has been received is included within trade debtors in the company's balance sheet.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


- 4 -



 
SONA INSURANCE SOLUTIONS LTD
 
(Previously known as Pozitive Insurance Solutions Ltd)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

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.

 
2.11

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.


- 5 -



 
SONA INSURANCE SOLUTIONS LTD
 
(Previously known as Pozitive Insurance Solutions Ltd)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.


3.


Employees

2023
2022
£
£

Wages and salaries
405,794
157,127

Social security costs
37,528
14,597

Cost of defined contribution scheme
7,768
-

451,090
171,724


The average monthly number of employees, including directors, during the year was 10 (2022 - 4).


4.


Taxation

The company has estimated corporation tax losses amounting to around £197k (2022: £221k) available for relief in future years.


- 6 -



 
SONA INSURANCE SOLUTIONS LTD
 
(Previously known as Pozitive Insurance Solutions Ltd)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 December 2022
8,863


Additions
2,807



At 30 November 2023

11,670



Depreciation


At 1 December 2022
1,124


Charge for the year on owned assets
1,167



At 30 November 2023

2,291



Net book value



At 30 November 2023
9,379



At 30 November 2022
7,739


6.


Debtors

2023
2022
£
£


Trade debtors
51,309
28,333

Other debtors
-
32,894

Prepayments and accrued income
3,676
19,884

54,985
81,111



- 7 -



 
SONA INSURANCE SOLUTIONS LTD
 
(Previously known as Pozitive Insurance Solutions Ltd)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
762,202
372,310


Cash at bank and in hand includes Insurance related cash of £687,421 (2022: £151,034).  Insurance related cash balances represents amounts held by the Company on behalf of its clients or underwriters arising due to the Company's insurance broking operations. Monies held on behalf of clients are not available to be Company for its general use.  A corresponding liability in respect of this amount is included within trade creditors.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
717,543
377,680

Other taxation and social security
13,052
-

Other creditors
2,129
-

Accruals and deferred income
7,685
17,547

740,409
395,227


Included in trade creditors is an amount owed to Pozitive Energy Ltd amounting to £Nil (2022: £256,930) (a company that was under common control until the ownership changed in May 2023).


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



350,100 (2022 - 350,100) Ordinary shares of £1.00 each
350,100
350,100



10.


Reserves

Profit and loss account

The profit and loss account represents the company's accumulated profits/(losses) which may be available for distribution to shareholders.


- 8 -



 
SONA INSURANCE SOLUTIONS LTD
 
(Previously known as Pozitive Insurance Solutions Ltd)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,768 (2022 - £NIL). Contributions totalling £2,129 (2022 - £NIL) were payable to the fund at the balance sheet date.

 

- 9 -