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Registration number: 04726009

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

for
 

Insight Engineers Limited

 

Insight Engineers Limited

Contents of the Financial Statements
for the Year Ended 30 June 2023

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Insight Engineers Limited

Company Information
for the Year Ended 30 June 2023

Directors:

J Deighton

E Deighton

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

04726009

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Insight Engineers Limited

(Registration number: 04726009)
Balance Sheet as at 30 June 2023

Note

30.06.23

30.06.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

2,798

 

589

CURRENT ASSETS

   

 

Debtors

5

124,692

 

93,501

 

Cash at bank and in hand

 

285,725

 

344,157

 

 

410,417

 

437,658

 

CREDITORS

   

 

Creditors within 1yr

6

151,890

 

191,113

 

Net current assets

   

258,527

 

246,545

Net assets

   

261,325

 

247,134

CAPITAL AND RESERVES

   

 

Called up share capital

 

10,000

 

10,000

Profit and loss account

 

251,325

 

237,134

Shareholders' funds

   

261,325

 

247,134

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 February 2024 and signed on its behalf by:
 

.........................................
J Deighton
Director

 

Insight Engineers Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

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:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the Board on 7 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentational currency is Pound Sterling (£).

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group..

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 and deferred 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.

 

Insight Engineers Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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% on cost

Fixtures & fittings

25% reducing balance

Pension costs and other post-retirement benefits

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 1 (2022 - 1).

 

Insight Engineers Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

4.

Tangible assets

Plant & Machinery, etc
total
£

Cost or valuation

At 1 July 2022

13,366

Additions

3,828

Disposals

(12,339)

At 30 June 2023

4,855

Depreciation

At 1 July 2022

12,777

Charge for the year

1,619

Eliminated on disposal

(12,339)

At 30 June 2023

2,057

Carrying amount

At 30 June 2023

2,798

At 30 June 2022

589

5.

Debtors

Current

30.06.23
£

30.06.22
£

Trade debtors

111,000

75,313

Prepayments

3,665

2,988

Other debtors

10,027

15,200

 

124,692

93,501

 

Insight Engineers Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

6.

Creditors

Creditors: amounts falling due within one year

Note

30.06.23
£

30.06.22
£

Due within one year

 

Trade creditors

 

27,436

15,012

Amounts owed to group undertakings and undertakings in which the company has a participating interest

470

371

Taxation and social security

 

49,416

56,187

Accruals and deferred income

 

74,568

119,543

 

151,890

191,113