Acorah Software Products - Accounts Production 15.0.600 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 07630556 Dr Mohammadreza Asghari Oskoei Mr Amir Mohammadi Rezaei iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07630556 2023-05-31 07630556 2024-05-31 07630556 2023-06-01 2024-05-31 07630556 frs-core:CurrentFinancialInstruments 2024-05-31 07630556 frs-core:FurnitureFittings 2024-05-31 07630556 frs-core:FurnitureFittings 2023-06-01 2024-05-31 07630556 frs-core:FurnitureFittings 2023-05-31 07630556 frs-core:ShareCapital 2024-05-31 07630556 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 07630556 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07630556 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 07630556 frs-bus:SmallEntities 2023-06-01 2024-05-31 07630556 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 07630556 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07630556 frs-bus:Director1 2023-06-01 2024-05-31 07630556 frs-bus:Director2 2023-06-01 2024-05-31 07630556 frs-core:CurrentFinancialInstruments 1 2024-05-31 07630556 frs-countries:EnglandWales 2023-06-01 2024-05-31 07630556 2022-05-31 07630556 2023-05-31 07630556 2022-06-01 2023-05-31 07630556 frs-core:CurrentFinancialInstruments 2023-05-31 07630556 frs-core:ShareCapital 2023-05-31 07630556 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 07630556 frs-core:CurrentFinancialInstruments 1 2023-05-31 07630556 frs-core:CurrentFinancialInstruments 2 2023-05-31
Registered number: 07630556
Insight Globe Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
TaxAssist Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07630556
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,026 2,702
2,026 2,702
CURRENT ASSETS
Cash at bank and in hand 96,706 63,276
96,706 63,276
Creditors: Amounts Falling Due Within One Year 5 (209,664 ) (209,435 )
NET CURRENT ASSETS (LIABILITIES) (112,958 ) (146,159 )
TOTAL ASSETS LESS CURRENT LIABILITIES (110,932 ) (143,457 )
NET LIABILITIES (110,932 ) (143,457 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (111,032 ) (143,557 )
SHAREHOLDERS' FUNDS (110,932) (143,457)
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Mohammadreza Asghari Oskoei
Director
12/07/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Insight Globe Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07630556 . The registered office is Suite 51 Spring Bridge Road, London, W5 2AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company is reliant on the support of its investor who has an outstanding loan due from the company of £200,004 as at 31 May 2022. The investor has confirmed they will not seek repayment of that loan until such time as the company can meet its obligations as they fall due.

2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 June 2023 5,516
As at 31 May 2024 5,516
...CONTINUED
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Depreciation
As at 1 June 2023 2,814
Provided during the period 676
As at 31 May 2024 3,490
Net Book Value
As at 31 May 2024 2,026
As at 1 June 2023 2,702
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 2,328 1,918
Net wages 2,476 2,754
Other loans 200,004 200,004
Pension creditor 1,191 809
Other creditors (2) - 18
Directors' loan accounts 3,665 3,932
209,664 209,435
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
7. Related Party Transactions
Included within creditors is a loan of £200,004 (2023 - £89,894) from Sino-Can International Ltd, a company registered in Hong Kong. This loan is unsecured, repayable on demand (as per the Directors Loan Agreement) and is subordinated to all third party creditors.
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