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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
16,519
16,519
16,519
xbrli:pure
xbrli:shares
iso4217:GBP
13164035
2023-04-01
2024-03-31
13164035
2024-03-31
13164035
2023-03-31
13164035
2022-04-01
2023-03-31
13164035
2023-03-31
13164035
2022-03-31
13164035
core:NetGoodwill
2023-04-01
2024-03-31
13164035
bus:Director2
2023-04-01
2024-03-31
13164035
core:AfterOneYear
2024-03-31
13164035
core:AfterOneYear
2023-03-31
13164035
core:ShareCapital
2024-03-31
13164035
core:ShareCapital
2023-03-31
13164035
core:NetGoodwill
2024-03-31
13164035
core:NetGoodwill
2023-03-31
13164035
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
13164035
core:Non-currentFinancialInstruments
2024-03-31
13164035
core:Non-currentFinancialInstruments
2023-03-31
13164035
bus:SmallEntities
2023-04-01
2024-03-31
13164035
bus:AuditExempt-NoAccountantsReport
2023-04-01
2024-03-31
13164035
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
13164035
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
13164035
bus:FullAccounts
2023-04-01
2024-03-31
13164035
core:Associate1
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
13164035
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Intangible assets |
4 |
16,519 |
16,519 |
Investments |
5 |
193,481 |
193,481 |
|
--------- |
--------- |
|
210,000 |
210,000 |
|
|
|
|
Current assets
Debtors |
6 |
29,292 |
19,792 |
|
-------- |
-------- |
Net current assets |
29,292 |
19,792 |
|
--------- |
--------- |
Total assets less current liabilities |
239,292 |
229,792 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
219,292 |
209,792 |
|
--------- |
--------- |
Net assets |
20,000 |
20,000 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
20,000 |
20,000 |
|
-------- |
-------- |
Shareholders funds |
20,000 |
20,000 |
|
-------- |
-------- |
|
|
|
These 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
17 December 2024
, and are signed on behalf of the board by:
Company registration number:
13164035
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14 Brightwell Barns, Waldringfield Road, Ipswich, IP10 0BJ, United Kingdom.
2.
Statement of compliance
These 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'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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 company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
16,519 |
|
-------- |
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
-------- |
Carrying amount |
|
At 31 March 2024 |
16,519 |
|
-------- |
At 31 March 2023 |
16,519 |
|
-------- |
|
|
5.
Investments
|
Shares in group undertakings |
Other investments other than loans |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 and 31 March 2024 |
3,481 |
190,000 |
193,481 |
|
------- |
--------- |
--------- |
Impairment |
|
|
|
At 1 April 2023 and 31 March 2024 |
– |
– |
– |
|
------- |
--------- |
--------- |
|
|
|
|
Carrying amount |
|
|
|
At 31 March 2024 |
3,481 |
190,000 |
193,481 |
|
------- |
--------- |
--------- |
At 31 March 2023 |
3,481 |
190,000 |
193,481 |
|
------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
29,292 |
19,792 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
219,292 |
209,792 |
|
--------- |
--------- |
|
|
|
8.
Related party transactions
During the period the Company was under the control of
Mr IG Hatfield
, a Director and Shareholder. PolicyBee (Group) Ltd
is the controlling shareholder of PolicyBee Ltd. This investment is shown under note 6 of the financials. PolicyBee (Group) Ltd
also owns 190,000 £1 5% preference shares in PolicyBee Ltd and it earnt £9,500 worth of interest during the year. Accrued preference share interest is included under note 7, Debtors of £9,292 (2023: £19,792). PolicyBee Ltd declared a dividend of £250,000 during the financial year ending 31 March 2023 to PolicyBee (Group) Ltd
. DigiBee Ltd, a company with Mr IG Hatfield, Mr D Pitt and Mr M Pitcher as common shareholders owns 190,000 £1 5% preference shares in the company. Preference share interest of £9,500 accrued during the year and interest accrued to date of £29,292 (2023: £19,792) is included under note 9 Other creditors.