Accounting Policies

Summary of significant accounting policies and key accounting estimates 

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 

Statement of compliance 

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 

Basis of preparation 

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. 

Group accounts not prepared 

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts. 

Going concern 

Whilst the Company has been loss-making throughout the period, the Board is confident that the Company will be able to meet its liabilities as they fall due for a period of not less than 12 months from the signing of the Balance Sheet. This conclusion is supported by strong net assets of £1,677,274 and the securing of investments (December 2024 and January 2025) alongside the increased revenue from client contracts secured in 2025, which ensures the company has adequate working capital and a secure revenue stream for the foreseeable future. 

Based on these factors, the financial statements have been prepared on a going concern basis. 

Cash and cash equivalents 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

Trade creditors 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 

Borrowings 

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. 

Interest expense is recognised based on the effective interest method and is included in interest payable and similar charges. 

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 

Development Expenditure 

Capitalised development costs are amortised on a straight-line basis over their estimated useful life of 20 years from the point the asset is available for use. The Directors have determined this longer useful life based on the specialised, core nature of the software platform within the insurance sector, which typically involves extended usage and replacement periods. 

This amortisation commenced in the year ending 31 December 2025. 

Share capital 

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. 

Subsequent Events 

Events after the balance sheet date that provide additional evidence of conditions that existed at the balance sheet date are reflected in the financial statements. Events that are indicative of conditions that arose after the balance sheet date are disclosed as notes to the financial statements. 

Taxation

Factors that may affect future tax charges include the trading tax losses carried forward from the period ended 31 December 2025 totalling £1,154,452 which may reduce the Company's tax liability on profits generated from the same trade in future periods. 

Investment in Subsidiaries

SureAPX is the 100% owner of Blocksure Godo Gaisha, whose registered office is Ohara Building 8F, 1-27-8 Shinkawa , Chuo-Ku , Tokyo, Japan.

The principal activity of Blocksure Godo Gaisha is marketing, sales, and distribution of the SureAPX Platform in Japan.