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
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
REGISTERED NUMBER:12300506
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BALANCE SHEET
AS AT 30 NOVEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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- 1 -
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
REGISTERED NUMBER:12300506
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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.
The notes on pages 3 to 9 form part of these financial statements.
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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
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Basis of preparation of financial statements
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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:
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
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Foreign currency translation
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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 -
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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.
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Operating leases: the Company as lessee
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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.
Interest income is recognised in profit or loss using the effective interest method.
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 -
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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.
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:
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.
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.
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Cash and cash equivalents
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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.
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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.
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.
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 10 (2022 - 4).
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The company has estimated corporation tax losses amounting to around £197k (2022: £221k) available for relief in future years.
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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Charge for the year on owned assets
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Prepayments and accrued income
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- 7 -
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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Cash and cash equivalents
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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.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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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).
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Allotted, called up and fully paid
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350,100 (2022 - 350,100) Ordinary shares of £1.00 each
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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 -
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SONA INSURANCE SOLUTIONS LTD
(Previously known as Pozitive Insurance Solutions Ltd)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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.
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