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Registered Number: 06772066
England and Wales

 

 

 

INSIGHT INSIDE COMPANY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors Paul Leatherdale
Michael Martin
Howden Andrew
Ewart Caroline
Susan Leatherdale
Registered Number 06772066
Registered Office Unit 8 (GF) Magellan Terrace
Gatwick Road
Gatwick
RH10 9PJ
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 March 2024
Principal activities
The companys principal activity during the year was that of market research and marketing strategy.
Directors
The directors who served the company throughout the year were as follows:
Paul Leatherdale
Michael Martin
Howden Andrew
Ewart Caroline
Susan Leatherdale
Statement of directors' responsibilities
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 (1a) and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
-select suitable accounting policies and then apply them consistently
-make judgements and estimates that are reasonable and prudent
-state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the board and signed on its behalf by:


----------------------------------
Michael Martin
Director
----------------------------------
Paul Leatherdale
Director

Date approved: 14 October 2024
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Insight Inside Company Limited for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Insight Inside Company Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Insight Inside Company Limited , as a body, in accordance with the terms of our engagement letter dated 06 June 2024. Our work has been undertaken solely to prepare for your approval the accounts of Insight Inside Company Limited and state those matters that we have agreed to state to the Board of Directors of Insight Inside Company Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Insight Inside Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Insight Inside Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Insight Inside Company Limited . You consider that Insight Inside Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Insight Inside Company Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts


Kimber William & Co Limited
Kimber William & Co Limited

Unit 8 (GF) Magellan Terrace
Gatwick Road
Gatwick
RH10 9PJ
14 October 2024
3
 
 
Notes
 
2024
£
  2023
£
Turnover 922,315    1,356,596 
Cost of sales (543,721)   (829,174)
Gross profit 378,594    527,422 
Administrative expenses (419,918)   (557,573)
Operating loss (41,324)   (30,151)
Other interest receivable and similar income 2,237    749 
Profit/(Loss) on ordinary activities before taxation (39,087)   (29,402)
Tax on profit on ordinary activities   2,011 
Profit/(Loss) for the financial year (39,087)   (27,391)
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,924    2,614 
1,924    2,614 
Current assets      
Debtors 4 85,912    245,024 
Cash at bank and in hand 229,577    161,983 
315,489    407,007 
Creditors: amount falling due within one year 5 (223,097)   (274,218)
Net current assets 92,392    132,789 
 
Total assets less current liabilities 94,316    135,403 
Net assets 94,316    135,403 
 

Capital and reserves
     
Called up share capital 1,143    1,143 
Share premium account 6 47,461    47,461 
Profit and loss account 45,712    86,799 
Shareholders' funds 94,316    135,403 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 14 October 2024 and were signed on its behalf by:


-------------------------------
Michael Martin
Director
-------------------------------
Paul Leatherdale
Director
5
General Information
Insight Inside Company Limited is a private company, limited by shares, registered in England and Wales, registration number 06772066, registration address Unit 8 (GF) Magellan Terrace, Gatwick Road, Gatwick, RH10 9PJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
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 thir 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.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 4 Straight Line
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.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 April 2023 23,778    23,778 
Additions  
Disposals  
At 31 March 2024 23,778    23,778 
Depreciation
At 01 April 2023 21,164    21,164 
Charge for year 690    690 
On disposals  
At 31 March 2024 21,854    21,854 
Net book values
Closing balance as at 31 March 2024 1,924    1,924 
Opening balance as at 01 April 2023 2,614    2,614 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 39,817    190,337 
Prepayments & Accrued Income 24,035    7,805 
Other Debtors 2,011    2,011 
VAT 20,049    44,871 
85,912    245,024 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 56,826    54,413 
PAYE & Social Security 10,545    30,336 
Accrued Expenses 151,783    186,166 
Other Creditors 1,943    3,303 
Directors' Current Accounts 2,000   
223,097    274,218 

6.

Share premium account

2024
£
  2023
£
Equity Share Premium b/fwd 47,461    47,461 
47,461    47,461 

7.

Controlling party

There is no ultimate controlling party. The company is controlled by Mr P Leatherdale, and Mr A Howden who each own 300 shares and Mr M Martin who owns 343 shares. Mrs S Leatherdale and Ms C Ewart own 100 shares each.
6