Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Current assets | ||||
| Debtors | 4 |
|
|
|
| 2,892,241 | 1,417,160 | |||
| Creditors: amounts falling due within one year | 5 | (
|
(
|
|
| Net current assets | 1,284,738 | 585,644 | ||
| Total assets less current liabilities | 1,284,738 | 585,644 | ||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
The financial statements of Believe Protect Limited (registered number:
|
R Wagstaff
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Believe Protect Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1st Floor Barclays Bank, Heavens Walk, Doncaster, DN4 5HZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has net assets of £1,284,738 (2023: 585,644) at 31 December 2024. The directors consider, on this basis, it is appropriate to prepare the financial statements on a going concern basis. The group within which the company resides was acquired by Pivotal Growth Limited, as described in note 9 and some liabilities of the parent company were settled at that time.
Income is recognised at the date of inception of the policy, at its net present value, further discounted for an expected rate of cancellations. As the policy matures, income is unwound based on the ongoing expected rate of cancellation.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
During the year, management became aware of an error in the recognition of income in respect of life insurance commission income. This income is recognised over a period of time but, due to an error in the calculations, income was overstated in 2022 and 2023. As a result, the comparative figures have been adjusted as follows:
• A reduction to opening reserves of £63,829
• A reduction to turnover of £282,180
The total impact on opening reserves as at 1 January 2024 is therefore £346,009.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
During the period, the company was recharged salary costs by a fellow subsidiary.
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by Group undertakings |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
During the year, it was identified that the group within which the company resides had not correctly included VAT on a number of inter-company recharges. As a result, an additional VAT liability has been calculated and a provision recognised in the Group financial statements of £1.2m. This liability has been recognised in the company's parent, Believe Money Group Limited. This liability will be settled by the shareholders out of the proceeds received from the sale of the business to Pivotal Growth and a corresponding debtor has been recognised in the group financial statements. As a result, there is no impact on the Company statement of comprehensive income.
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. 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 £10,055 (2023: £5,231) . Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.
The audit report was signed by Helen Besant-Roberts on behalf of Hurst Accountants Limited, 3 Stockport Exchange.
At the start of the financial year, and at the year end, the Company’s immediate and ultimate controlling party was Oak Barrel Investments LLC, a company incorporated in the United States of America.
On 18 September 2025, Pivotal Growth Limited, a company incorporated in the United Kingdom, acquired 100% of the issued share capital of the Company. From that date, Pivotal Growth Limited became the immediate and ultimate controlling party of the Group.