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Registration number: 08881788

Insightful Technology Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2019

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Insightful Technology Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Insightful Technology Limited

Company Information

Directors

Mr R D Houghton

Mr R F Millett

Mr A S P Stewart

Mr S J Garrood

Company secretary

Mr R F Millett

Registered office

No 2
The Royal Exchange
London
EC3V 3LL

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Insightful Technology Limited

(Registration number: 08881788)
Balance Sheet as at 28 February 2019

Note

2019
£

2018
£

Fixed assets

 

Intangible assets

4

212,287

127,287

Tangible assets

5

109,062

-

 

321,349

127,287

Current assets

 

Debtors

6

831,050

618,712

Cash at bank and in hand

 

408

20,040

 

831,458

638,752

Creditors: Amounts falling due within one year

7

(1,275,948)

(629,302)

Net current (liabilities)/assets

 

(444,490)

9,450

Total assets less current liabilities

 

(123,141)

136,737

Creditors: Amounts falling due after more than one year

7

(334,239)

(135,326)

Net (liabilities)/assets

 

(457,380)

1,411

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(457,480)

1,311

Total equity

 

(457,380)

1,411

For the financial year ending 28 February 2019 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 August 2019 and signed on its behalf by:
 

.........................................
Mr R D Houghton
Director

   
 

Insightful Technology Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
No 2
The Royal Exchange
London
EC3V 3LL

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Insightful Technology Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.33% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and licenses

Straight line over 10 years

Development costs

Straight line over 10 years

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Insightful Technology Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

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 on the basis of 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2018 - 7).

 

Insightful Technology Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 March 2018

20,000

107,287

127,287

Additions acquired separately

-

85,000

85,000

At 28 February 2019

20,000

192,287

212,287

Amortisation

Carrying amount

At 28 February 2019

20,000

192,287

212,287

At 28 February 2018

20,000

107,287

127,287

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

117,578

117,578

At 28 February 2019

117,578

117,578

Depreciation

Charge for the year

8,516

8,516

At 28 February 2019

8,516

8,516

Carrying amount

At 28 February 2019

109,062

109,062

6

Debtors

2019
£

2018
£

Trade debtors

749,407

618,712

Other debtors

81,643

-

Total current trade and other debtors

831,050

618,712

 

Insightful Technology Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

7

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Bank loans and overdrafts

8

50,544

150,000

Trade creditors

 

314,423

158,047

Amounts owed to related parties

26,092

5,242

Taxation and social security

 

162,120

20,172

Other creditors

 

722,769

295,841

 

1,275,948

629,302

Creditors: amounts falling due after more than one year

Note

2019
£

2018
£

Due after one year

 

Loans and borrowings

8

334,239

135,326

8

Loans and borrowings

2019
£

2018
£

Non-current loans and borrowings

Bank borrowings

84,239

135,326

Other borrowings

250,000

-

334,239

135,326

2019
£

2018
£

Current loans and borrowings

Bank borrowings

50,544

50,000

Other borrowings

-

100,000

50,544

150,000

 

Insightful Technology Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

9

Warrants

In August 2018, 26 warrants were issued with an excercise price of £1,250.00 to the holders. The excercise period is 15 years and is dependent on sufficient capital being raised after the end of the current accoutning period.

10

Non adjusting events after the financial period

Since the year end 102 A ordinary shares have been allotted at a share price of £1,250 per share.

11

Other information

The company incurred a bad debt charge of £332,150 in the year in relation to invoices raised to a customer who went into administration. This had a significant impact on the results reported in these financial statements.