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Registered number: 10373330









SCL INSIGHT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SCL INSIGHT LIMITED
REGISTERED NUMBER: 10373330

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,671
3,562

Current assets
  

Debtors: amounts falling due within one year
 6 
447,943
301,144

Cash at bank and in hand
  
9,046
82,871

  
456,989
384,015

Creditors: amounts falling due within one year
 7 
(13,940)
(255,662)

Net current assets
  
 
 
443,049
 
 
128,353

Net assets
  
445,720
131,915


Capital and reserves
  

Called up share capital 
 8 
200
200

Share premium account
  
400
400

Profit and loss account
  
445,120
131,315

  
445,720
131,915


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.



N Oakes
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SCL INSIGHT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

SCL Insight Limited  is  a  private  company  limited  by  shares  and  registered  in  England  &  Wales.  The address of its registered office is 124 Finchley Road, London, NW3 5JS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company shows net assets at the reporting date of £348,659 (2022: £131,915). The company's director/shareholder has committed to provide the necessary financial resources to the company in the next twelve months to finance its operations and enable it to meet its obligations as they fall due. Accordingly, the company continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
SCL INSIGHT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of comprehensive income over its useful economic life of 5 years. 

 The estimated useful lives range as follows:


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25%
Reducing balance

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short term creditors are measured at the transaction price. 

Page 3

 
SCL INSIGHT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
SCL INSIGHT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
134,843



At 31 December 2023

134,843



Amortisation


At 1 January 2023
134,843



At 31 December 2023

134,843



Net book value



At 31 December 2023
-



At 31 December 2022
-




5.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost


At 1 January 2023
11,285



At 31 December 2023

11,285



Depreciation


At 1 January 2023
7,723


Charge for the year on owned assets
891



At 31 December 2023

8,614



Net book value



At 31 December 2023
2,671



At 31 December 2022
3,562

Page 5

 
SCL INSIGHT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
113,326
-

Other debtors
9,617
1,144

Prepayments and accrued income
325,000
300,000

447,943
301,144



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
28

Amounts owed to group undertakings
-
253,134

Other taxation and social security
11,440
-

Accruals
2,500
2,500

13,940
255,662



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1.00 each
200
200



9.


Related party transactions

During the year the company made sales totalling £606,667 (2022: £447,500) to Standard Global Limited, a company of which Nigel Oakes is a Director. £438,326 (2022: £50,116) was owed by Standard Global Limited at the reporting date.


10.


Controlling party

The company was under the control of N Oakes.

 
Page 6