Insight222 Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 10926588 (England and Wales)
Insight222 Limited
Company Information
Directors
J Ferrar
D Green
V Jacobs
J Dorio
Company number
10926588
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Insight222 Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Insight222 Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
813,829
753,616
Tangible assets
5
20,442
16,093
Investments
6
168,568
168,568
1,002,839
938,277
Current assets
Debtors
7
900,984
927,093
Cash at bank and in hand
223,294
768,369
1,124,278
1,695,462
Creditors: amounts falling due within one year
8
(807,092)
(1,260,703)
Net current assets
317,186
434,759
Total assets less current liabilities
1,320,025
1,373,036
Creditors: amounts falling due after more than one year
9
(157,567)
(268,442)
Provisions for liabilities
(5,110)
(3,057)
Net assets
1,157,348
1,101,537
Capital and reserves
Called up share capital
11
2,202
2,125
Share premium account
412,211
412,211
Share based payment reserve
2,021
1,483
Profit and loss reserves
740,914
685,718
Total equity
1,157,348
1,101,537
Insight222 Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
J Ferrar
Director
Company Registration No. 10926588
Insight222 Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Insight222 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed a period of 12 months from the date of approval of the financial statements in assessing the ability of the company to continue as a going concern. Thus the directors have adopted the going concern basis of accounting in preparing the financial statements, given the strong cash position of the companytrue.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
5 - 10 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
5 years straight line
Computers
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 6
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
16
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023
1,166,012
Additions
288,661
At 31 December 2023
1,454,673
Amortisation and impairment
At 1 January 2023
412,396
Amortisation charged for the year
228,448
At 31 December 2023
640,844
Carrying amount
At 31 December 2023
813,829
At 31 December 2022
753,616
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
5
Tangible fixed assets
Office Equipment etc
£
Cost
At 1 January 2023
43,753
Additions
17,927
Disposals
(1,146)
At 31 December 2023
60,534
Depreciation and impairment
At 1 January 2023
27,660
Depreciation charged in the year
12,496
Eliminated in respect of disposals
(64)
At 31 December 2023
40,092
Carrying amount
At 31 December 2023
20,442
At 31 December 2022
16,093
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
168,568
168,568
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
691,977
697,275
Amounts owed by group undertakings
16,010
Other debtors
38,640
38,865
Prepayments and accrued income
154,357
190,953
900,984
927,093
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
69,079
69,261
Amounts owed to group undertakings
70,953
Corporation tax
88,495
162,633
Other taxation and social security
98,225
91,475
Other creditors
499,599
628,355
Accruals and deferred income
51,694
238,026
807,092
1,260,703
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
157,567
268,442
10
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
15,800
25,000
1.08
1.08
Exercised
(1,500)
1.08
Expired
(9,200)
1.08
Outstanding at 31 December 2023
14,300
15,800
1.08
1.08
Exercisable at 31 December 2023
The company has an EMI share option scheme for eligible employees.
At the end of the period a total of 14,300 (2022: 15,800) ordinary G share options at exercise price of £1.08 per ordinary G share were outstanding.
The options for all eligible employees are exercisable should the company be acquired, taken over or floated. The expiry date is ten years after the date the options were granted or at an earlier date should the employee cease to be an eligible employee.
The market price of the shares at 31 December 2023 is not considered to be materially different to the exercise price.
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
10
Share-based payment transactions
(Continued)
Page 10
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £538 (2022 - £609) which related to equity settled share based payment transactions.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
58,640
58,640
586
586
Ordinary B Shares of 1p each
50,000
50,000
500
500
Ordinary C Shares of 1p each
29,340
29,340
294
294
Ordinary D Shares of 1p each
22,500
22,500
225
225
Ordinary E Shares of 1p each
23,020
23,020
230
230
Ordinary F Shares of 1p each
24,020
24,020
240
240
Ordinary H Shares of 1p each
12,700
5,000
127
50
220,220
212,520
2,202
2,125
The Ordinary A, B, C, E and F shares have full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights on redemption.
The Ordinary H shares have dividend and capital distribution (including on winding up) rights only. They do not confer any rights on redemption.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
193,200
384,000
13
Related party transactions
Insight222 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
13
Related party transactions
(Continued)
Page 11
The disclosure exemption conferred by FRS 102 Section 33:1A has been utilised, whereby the company has not disclosed transactions with any wholly owned subsidiary undertaking of the group.
During the year the company made sales to TI People Gmbh, a company of which V H Jacobs is also a director, of £nil (2022: £74,220).
During the year the company made sales to Fount Global Inc, a company of which V H Jacobs is also a director, of £60,800 (2022: £143,352).
During the prior year, the company received consultancy services from 270 Degrees for which a former director I S Bailie is also a director, of £nil (2022: £21,125). I S Bailie was a director of Insight222 Limited until 30 June 2022.
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