Registered number
12481599
Organisation Insight Company Ltd
Filleted Accounts
28 February 2023
Organisation Insight Company Ltd
Registered number: 12481599
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,649 15,811
Current assets
Debtors 4 32,778 39,390
Cash at bank and in hand 242,316 144,871
275,094 184,261
Creditors: amounts falling due within one year 5 (87,670) (81,864)
Net current assets 187,424 102,397
Total assets less current liabilities 200,073 118,208
Creditors: amounts falling due after more than one year 6 (5,085) (5,085)
Provisions for liabilities (2,403) (3,004)
Net assets 192,585 110,119
Capital and reserves
Called up share capital 1 1
Profit and loss account 192,584 110,118
Shareholder's funds 192,585 110,119
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Oliver Davidson
Director
Approved by the board on 28 February 2024
Organisation Insight Company Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2022 17,899
At 28 February 2023 17,899
Depreciation
At 1 March 2022 2,088
Charge for the year 3,162
At 28 February 2023 5,250
Net book value
At 28 February 2023 12,649
At 28 February 2022 15,811
4 Debtors 2023 2022
£ £
Trade debtors 32,778 39,390
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 104,287 81,864
Other creditors (16,617) -
87,670 81,864
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's account 5,085 5,085
7 Controlling party
The ultimate controlling party during the period; Oliver Davidson
Oliver Davidson holds 100% of the issued share capital and is deemed the ultimate controlling party
8 Other information
Organisation Insight Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
26 Main Street
Cottesmore
Rutland
LE15 7DJ
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