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REGISTERED NUMBER: 10287920 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Insurestreet Limited
Trading as
Canopy

Insurestreet Limited (Registered number: 10287920)
Trading as Canopy

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Insurestreet Limited
Trading as Canopy

Company Information
for the Year Ended 30 September 2024







DIRECTORS: C Hutchinson
A M Underwood
M Witherspoon
S A Walchek





SECRETARY: Eriska Secretaries Limited





REGISTERED OFFICE: 1st Floor
One Suffolk Way
Sevenoaks
Kent
TN13 1YL





REGISTERED NUMBER: 10287920 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
1st Floor
One Suffolk Way
Sevenoaks
Kent
TN13 1YL

Insurestreet Limited (Registered number: 10287920)
Trading as Canopy

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,758 16,491

CURRENT ASSETS
Debtors 5 1,635,212 1,064,766
Cash at bank 385,559 265,332
2,020,771 1,330,098
CREDITORS
Amounts falling due within one year 6 2,556,346 1,810,103
NET CURRENT LIABILITIES (535,575 ) (480,005 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(518,817

)

(463,514

)

CREDITORS
Amounts falling due after more than one year 7 59,095 203,831
NET LIABILITIES (577,912 ) (667,345 )

CAPITAL AND RESERVES
Called up share capital 8 1,169 919
Share premium 9 22,022,530 18,777,968
Warrant Reserve 9 - 99,999
Share Based Payments 9 1,756,893 250,669
Retained earnings 9 (24,358,504 ) (19,796,900 )
SHAREHOLDERS' FUNDS (577,912 ) (667,345 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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.

Insurestreet Limited (Registered number: 10287920)
Trading as Canopy

Statement of Financial Position - continued
30 September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





C Hutchinson - Director


Insurestreet Limited (Registered number: 10287920)
Trading as Canopy

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

Insurestreet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Significant judgements and estimates
In the application of the company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The company does not make significant estimates and assumptions concerning the future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Insurestreet Limited (Registered number: 10287920)
Trading as Canopy

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
We believe the company's financial statements should be prepared on a going concern basis on the grounds that the current and future sources of funding or support will be more than adequate for the company's needs.

We believe no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements. In assessing going concern, we have paid particular attention to a period of not less than one year from the date of approval of the financial statements.

Share option charges
The company is recognising the fair value of options vested during the year in review.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 38 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 October 2023 87,649
Additions 10,623
Disposals (44,312 )
At 30 September 2024 53,960
DEPRECIATION
At 1 October 2023 71,158
Charge for year 10,356
Eliminated on disposal (44,312 )
At 30 September 2024 37,202
NET BOOK VALUE
At 30 September 2024 16,758
At 30 September 2023 16,491

Insurestreet Limited (Registered number: 10287920)
Trading as Canopy

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 391,176 174,982
Other debtors 829,497 573,762
Rent Deposit 6,528 6,528
Tax 171,381 237,694
VAT 31,395 46,245
Prepayments 205,235 25,555
1,635,212 1,064,766

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 142 -
Other loans 294,613 203,616
Trade creditors 1,286,317 1,063,405
Social security and other taxes 683,227 323,038
Pension Payable 6,250 6,132
Accruals and deferred income 11,785 15,270
Accrued expenses 262,505 192,750
Other Creditors 11,507 5,892
2,556,346 1,810,103

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans - 2-5 years 59,095 203,831

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal value: 2024 2023
£ £
10,862,417 Ordinary 0.0001 1,087 837
822,673 Preferred Ordinary 0.0001 82 82
1,169 919

The following fully paid shares were allotted during the year at a premium as shown below:

1,222,050 Ordinary shares of £0.0001 each at £1.25 per share
44,444 Ordinary shares of £0.0001 each at £2.25 per share
1,186,280 Ordinary shares of £0.0001 each at £1.63 per share
44,000 Ordinary shares of £0.0001 each at £2.50 per share

Insurestreet Limited (Registered number: 10287920)
Trading as Canopy

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


9. RESERVES
Share
Retained Share Warrant Based
earnings premium Reserve Payments Totals
£    £    £    £    £   

At 1 October 2023 (19,796,900 ) 18,777,968 99,999 250,669 (668,264 )
Deficit for the year (4,561,604 ) (4,561,604 )
Cash share issue - 3,244,562 (99,999 ) - 3,144,563
Share Options vested - - - 1,506,224 1,506,224
At 30 September 2024 (24,358,504 ) 22,022,530 - 1,756,893 (579,081 )

10. ULTIMATE CONTROLLING PARTY

The controlling party is the shareholders by virtue of their shareholding.

11. SHARE-BASED PAYMENT RESERVE

The company has an equity settled option scheme.

The company has 1,935,895 options outstanding at the end of the period.

During the period nil (2023: 1,641,561) options were granted to employees.
During the period nil (2023: nil) options were forfeited.
During the period nil (2023: nil) options were exercised.
During the period nil (2023: nil) options expired.

The company has 1,561,683 (2023: 125,880) exercisable options at the end of the period.

The fair value of the share options has been valued at £1.25 in accordance with the value of the last equity round.

The total change in valuation of the vested options was £1,506,224, this was charged to the profit and loss. The total carrying amount is £1,756,893 (2023: £250,669).