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Registration number: 03093313

Insight Biotechnology Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Insight Biotechnology Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Insight Biotechnology Limited

Company Information

Directors

Mr Darren Croft

Mrs Alison Rawlinson

Mr John Rawlinson

Registered office

110 Chandos Avenue
Whetstone
London
N20 9DZ

Accountants

JPL Accountancy Services Ltd
Chartered Accountants
110 Chandos Avenue
Whetstone
London
N20 9DZ

 

Insight Biotechnology Limited

(Registration number: 03093313)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,426

7,521

Investments

6

100

100

 

10,526

7,621

Current assets

 

Stocks

7

70,000

75,000

Debtors

8

894,755

907,989

Cash at bank and in hand

 

2,565,993

2,459,999

 

3,530,748

3,442,988

Creditors: Amounts falling due within one year

9

(295,148)

(279,208)

Net current assets

 

3,235,600

3,163,780

Net assets

 

3,246,126

3,171,401

Capital and reserves

 

Called up share capital

10

10,000

10,000

Retained earnings

3,236,126

3,161,401

Shareholders' funds

 

3,246,126

3,171,401

For the financial year ending 31 December 2023 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. 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 4 September 2024 and signed on its behalf by:
 

.........................................
Mr John Rawlinson
Director

 

Insight Biotechnology Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
110 Chandos Avenue
Whetstone
London
N20 9DZ

The principal place of business is:
P O Box 520
WEMBLEY
Middlesex
HA9 7YN

These financial statements were authorised for issue by the Board on 4 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Insight Biotechnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 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

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

15% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Insight Biotechnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 15 (2022 - 15).

 

Insight Biotechnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,128

889

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

22,206

4,895

2,985

30,086

Additions

4,033

-

-

4,033

At 31 December 2023

26,239

4,895

2,985

34,119

Depreciation

At 1 January 2023

15,090

4,851

2,624

22,565

Charge for the year

1,067

7

54

1,128

At 31 December 2023

16,157

4,858

2,678

23,693

Carrying amount

At 31 December 2023

10,082

37

307

10,426

At 31 December 2022

7,116

44

361

7,521

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,503

Provision

At 1 January 2023

1,403

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

 

Insight Biotechnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Immunodelta Ltd

110 Chandos Avenue
London
N20 9DZ

England

Ordinary shares

100%

100%

Subsidiary undertakings

Immunodelta Ltd

The principal activity of Immunodelta Ltd is dormant.

7

Stocks

2023
£

2022
£

Stocks

70,000

75,000

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

228,740

183,157

Amounts owed by related parties

11

659,283

724,832

Prepayments

 

6,732

-

   

894,755

907,989

 

Insight Biotechnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

146,909

149,560

Taxation and social security

101,761

84,902

Accruals and deferred income

25,258

24,827

Other creditors

21,220

19,919

295,148

279,208

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       
 

Insight Biotechnology Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

Summary of transactions with other related parties

Insight Health Limited - a company under the control of the directors
 

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

650,100

2022

Other related parties
£

Receipt of services

650,100

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

724,832

724,832

Repaid

(65,550)

(65,550)

At end of period

659,282

659,282

2022

Other related parties
£

Total
£

At start of period

857,084

857,084

Repaid

(132,252)

(132,252)

At end of period

724,832

724,832