REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Insurestreet Limited |
Trading as |
Canopy |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Warrant Reserve | 9 |
Share Based Payments | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
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 |
Other debtors |
Rent Deposit | 6,528 | 6,528 |
Tax |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Social security and other taxes |
Pension Payable | 6,250 | 6,132 |
Accruals and deferred income |
Accrued expenses |
Other Creditors | 11,507 | 5,892 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 2-5 years |
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 | ( |
) | (668,264 | ) |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 3,244,562 | (99,999 | ) | - | 3,144,563 |
Share Options vested | - | - | - | 1,506,224 | 1,506,224 |
At 30 September 2024 | ( |
) | (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). |