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REGISTERED NUMBER: 03865472 (England and Wales)















INFOSPECTRUM LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INFOSPECTRUM LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: H McCorquodale
P Panousis
R H Style
J A Fyvie





REGISTERED OFFICE: 60 St Aldates
Oxford
OX1 1ST





REGISTERED NUMBER: 03865472 (England and Wales)





AUDITORS: Mercer Lewin Ltd
Chartered Accountants and Registered Auditors
6-7 Citibase
New Barclay House
234 Botley Road
Oxford
OX2 0HP

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 518,443 423,742
Tangible assets 6 67,624 81,389
Investments 7 1 1
586,068 505,132

CURRENT ASSETS
Debtors 8 1,091,987 916,329
Cash at bank and in hand 6,276,586 6,040,992
7,368,573 6,957,321
CREDITORS
Amounts falling due within one year 9 2,581,912 2,235,992
NET CURRENT ASSETS 4,786,661 4,721,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,372,729

5,226,461

PROVISIONS FOR LIABILITIES 16,591 15,172
NET ASSETS 5,356,138 5,211,289

CAPITAL AND RESERVES
Called up share capital 245,255 245,081
Share premium 138,803 137,450
Capital redemption reserve 68,750 68,750
Retained earnings 4,903,330 4,760,008
5,356,138 5,211,289

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 31 October 2023 and were signed on its behalf by:




H McCorquodale - Director



P Panousis - Director


INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Infospectrum Ltd 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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no judgements that are deemed to have had a significant effect on amounts recognised in the financial statements.

TURNOVER
Turnover represents amounts due for subscriptions in respect of the year and is exclusive of Value Added Tax. Where subscriptions are received in advance this is treated as deferred revenue. Deferred income is released to revenue based on the appropriate time proportion of the contract that is relevant.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover is recognised in respect of long-term contracts and contracts for on-going services with reference to the stage of completion.

INTANGIBLE ASSETS
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The intangible assets represent internally generated software development and purchased intellectual property for software projects. These costs are capitalised based on expected future benefits following their introduction in the future. The projects are being amortised over 5 and 10 years.

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property-20% straight line
Database-33% straight line
Fixtures and Fittings-20% straight line
Office Equipment-33% straight line

INVESTMENTS IN SUBSIDIARIES
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

RESEARCH AND DEVELOPMENT
Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

-It is technically feasible to complete the intangible asset so that it will be available for use or sale;
-There is the intention to complete the intangible asset and use or sell it;
-There is the ability to use or sell the intangible asset;
-The use or sale of the intangible asset will generate probable future economic benefits;
-There are adequate technical, financial and other resources available to complete the
development and to use or sell the intangible asset; and
-The expenditure attributable to the intangible asset during its development can be measured
reliably.

Expenditure that does not meet the above criteria is expensed as incurred. The company does not capitalise labour in respect of these projects.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 67 (2022 - 56 ) .

4. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

10,000

8,400

5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2022 612,980
Additions 171,611
At 31 March 2023 784,591
AMORTISATION
At 1 April 2022 189,238
Amortisation for year 76,910
At 31 March 2023 266,148
NET BOOK VALUE
At 31 March 2023 518,443
At 31 March 2022 423,742

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 98,483 164,330 62,275 162,567 487,655
Additions - - 658 35,193 35,851
Disposals (36,331 ) - - (69,976 ) (106,307 )
At 31 March 2023 62,152 164,330 62,933 127,784 417,199
DEPRECIATION
At 1 April 2022 54,803 164,330 44,899 142,234 406,266
Charge for year 12,270 - 8,003 25,485 45,758
Eliminated on disposal (36,331 ) - - (66,118 ) (102,449 )
At 31 March 2023 30,742 164,330 52,902 101,601 349,575
NET BOOK VALUE
At 31 March 2023 31,410 - 10,031 26,183 67,624
At 31 March 2022 43,680 - 17,376 20,333 81,389

INTELLECTUAL PROPERTY

The directors recognise that the reports prepared and maintained on the database have an ongoing value to the company. The cost of producing these reports has not been capitalised , but in the opinion of the directors the value of the database is considerably in excess of its net book value.

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 781,585 738,978
Other debtors 310,402 177,351
1,091,987 916,329

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 309,483 211,414
Social security and other taxes 84,615 173,639
Payments received in advance
on contracts not yet delivered 1,347,965 1,071,879
Accruals 839,849 779,060
2,581,912 2,235,992

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 83,886 83,292
Between one and five years 123,143 157,699
207,029 240,991

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Paul Swayne (Senior Statutory Auditor)
for and on behalf of Mercer Lewin Ltd

12. SHARE BASED EQUITY PAYMENTS

The company has entered into a share option scheme for employees.

A tranche of the scheme was approved on 22 August 2011 under the EMI provisions schedule 5 ITEPA 2003 with options exercisable between 3 June 2014 and 3 June 2021 at £2 per option. At 31 March 2023 there were nil options outstanding (2022: nil).

An additional tranche of the scheme was approved on 23 October 2014 under the EMI provisions schedule 5 ITEPA 2003 with options exercisable between 23 December 2017 and 23 December 2024 at £2.20 per option. At 31 March 2023 there were 8,306 options outstanding (2022: 9,000) including 2,000 (2022: 2,000) to Mr J A Fyvie, a director of the company.

A further additional tranche of the scheme was approved on 7 March 2022 under the EMI provisions schedule 5 ITEPA 2003 with options exercisable between 7 March 2024 and 7 March 2027 at £4.15 per option. At 31 March 2023 there were 26,500 options outstanding (2022: 27,500) including 1,000 to Mr P Panousis (2022:1,000) and 1,000 to Mr J A Fyvie (2022:1,000), both directors of the company.

Section 26 of FRS 102 requires the directors to measure the fair value of the share options granted and the movement to be provided for as an expense in the profit and loss account. The directors have reviewed the possible adjustments that might be required to comply with Section 26 and do not consider that these are material and therefore no adjustment has been made in these accounts.