IRIS Accounts Production v24.3.0.553 SC574407 Board of Directors 1.2.23 31.1.24 31.1.24 30.10.24 false true false false false true false Auditors Opinion Ordinary Shares 0.0100 Ordinary A1 Shares 0.0100 Ordinary A2 Shares 0.0100 Ordinary Shares 0.0100 Ordinary A1 Shares 0.0100 Ordinary A2 Shares 0.0100 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5744072023-01-31SC5744072024-01-31SC5744072023-02-012024-01-31SC5744072022-01-31SC5744072022-02-012023-01-31SC5744072023-01-31SC574407ns15:Scotland2023-02-012024-01-31SC574407ns14:PoundSterling2023-02-012024-01-31SC574407ns10:Director12023-02-012024-01-31SC574407ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31SC574407ns10:SmallEntities2023-02-012024-01-31SC574407ns10:Audited2023-02-012024-01-31SC574407ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31SC574407ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC574407ns10:FullAccounts2023-02-012024-01-31SC57440712023-02-012024-01-31SC574407ns10:OrdinaryShareClass12023-02-012024-01-31SC574407ns10:OrdinaryShareClass22023-02-012024-01-31SC574407ns10:OrdinaryShareClass32023-02-012024-01-31SC574407ns10:Director22023-02-012024-01-31SC574407ns10:Director32023-02-012024-01-31SC574407ns10:Director42023-02-012024-01-31SC574407ns10:Director52023-02-012024-01-31SC574407ns10:RegisteredOffice2023-02-012024-01-31SC574407ns5:CurrentFinancialInstruments2024-01-31SC574407ns5:CurrentFinancialInstruments2023-01-31SC574407ns5:Non-currentFinancialInstruments2024-01-31SC574407ns5:Non-currentFinancialInstruments2023-01-31SC574407ns5:ShareCapital2024-01-31SC574407ns5:ShareCapital2023-01-31SC574407ns5:SharePremium2024-01-31SC574407ns5:SharePremium2023-01-31SC574407ns5:RetainedEarningsAccumulatedLosses2024-01-31SC574407ns5:RetainedEarningsAccumulatedLosses2023-01-31SC574407ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31SC574407ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-02-012024-01-31SC574407ns5:IntangibleAssetsOtherThanGoodwill2023-01-31SC574407ns5:IntangibleAssetsOtherThanGoodwill2024-01-31SC574407ns5:IntangibleAssetsOtherThanGoodwill2023-01-31SC574407ns5:MotorVehicles2023-01-31SC574407ns5:ComputerEquipment2023-01-31SC574407ns5:MotorVehicles2023-02-012024-01-31SC574407ns5:ComputerEquipment2023-02-012024-01-31SC574407ns5:MotorVehicles2024-01-31SC574407ns5:ComputerEquipment2024-01-31SC574407ns5:MotorVehicles2023-01-31SC574407ns5:ComputerEquipment2023-01-31SC574407ns5:CostValuation2023-01-31SC574407ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31SC574407ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31SC574407ns5:WithinOneYear2024-01-31SC574407ns5:WithinOneYear2023-01-31SC574407ns5:BetweenOneFiveYears2024-01-31SC574407ns5:BetweenOneFiveYears2023-01-31SC574407ns5:AllPeriods2024-01-31SC574407ns5:AllPeriods2023-01-31SC574407ns5:Secured2024-01-31SC574407ns5:Secured2023-01-31SC574407ns10:OrdinaryShareClass12024-01-31SC574407ns10:OrdinaryShareClass22024-01-31SC574407ns10:OrdinaryShareClass32024-01-31SC57440712023-02-012024-01-31
REGISTERED NUMBER: SC574407 (Scotland)















Financial Statements

for the Year Ended 31 January 2024

for

BROKER INSIGHTS LIMITED

BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BROKER INSIGHTS LIMITED

Company Information
for the Year Ended 31 January 2024







Directors: I D Crole
F M Edmond
H Lough
C R D van der Kuyl
A P Niemczewski





Registered office: 30 & 34 Reform Street
Dundee
DD1 1RJ





Registered number: SC574407 (Scotland)





Auditors: CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 5 16,473 8,656
Tangible assets 6 82,956 113,058
Investments 7 826 826
100,255 122,540

Current assets
Debtors: amounts falling due within one year 8 868,074 659,069
Debtors: amounts falling due after more
than one year

8

1,210,571

607,453
Cash at bank 641,273 2,395,288
2,719,918 3,661,810
Creditors
Amounts falling due within one year 9 1,960,411 872,453
Net current assets 759,507 2,789,357
Total assets less current liabilities 859,762 2,911,897

Creditors
Amounts falling due after more than one
year

10

19,909

112,434
Net assets 839,853 2,799,463

Capital and reserves
Called up share capital 13 1,270 1,260
Share premium 6,125,018 6,119,654
Retained earnings (5,286,435 ) (3,321,451 )
Shareholders' funds 839,853 2,799,463

The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





F M Edmond - Director


BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. Statutory information

Broker Insights Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company and its subsidiaries comprise a small group. The company has therefore taken advantage of Section 398 of the Companies Act 2006 not to prepare group accounts.

Going concern
The financial statements have been prepared on a going concern basis. The directors have taken steps to ensure that they believe the going concern basis of preparation remains appropriate. The key conditions are summarized below:

- Following receipt of the successful £3.85m CLN issue in February 2024 the Directors have prepared cash flow forecasts extending to January 2026. The cash flow forecasts are a base case, prudent scenario.

- The base scenario shows that the Company will breach its existing overdraft facilities and hence require further funding by April 2025, for which the directors have received non-binding assurances of further investment from the company's current investors sufficient to meet the forecast future funding requirements. Furthermore, and fully aligned with the company's strategic planning, unique product and position in an expanding market, further funding will be secured from either the company's current investors and/or an external funding raising exercise.

- In a worst-case scenario, further funding, in addition to the funding required in the base scenario, would be needed within 12 months from the date of signing the financial statements.

Based on the above indications and assumptions, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

The Directors consider a worst-case scenario to be a severe yet plausible scenario. These events or conditions indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

Amounts due from group undertaking
There is a balance due from group undertakings of £1,210,571 (2023 : £607,453). The loan has been provided as start up funding and recoverability has been assessed by reference to forecasts and business plans. It was concluded that a provision against this balance is not required.

BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued

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 and from software platform fees. Turnover is reduced for estimated discounts, rebates and other similar allowances.

Rendering of services
Turnover from the rendering of services is recognised by reference to the services provided in the period being reported on.The turnover recognised is in line with the rates as per the underlying contracts.

Software platform fees
Fees for the use of the Broker Insights software platform are recognised over the period of the software access licence.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of two years.

Tangible fixed assets
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:

Motor Vehicles 15% straight line
Computer Equipment 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Other income
Other income is recognised on an accruals basis.

4. Employees and directors

The average number of employees during the year was 53 (2023 - 48 ) .

5. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 February 2023 10,567
Additions 16,574
At 31 January 2024 27,141
Amortisation
At 1 February 2023 1,911
Charge for year 8,757
At 31 January 2024 10,668
Net book value
At 31 January 2024 16,473
At 31 January 2023 8,656

BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


6. Tangible fixed assets
Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 February 2023 116,493 83,305 199,798
Additions 410 9,766 10,176
At 31 January 2024 116,903 93,071 209,974
Depreciation
At 1 February 2023 45,709 41,031 86,740
Charge for year 17,514 22,764 40,278
At 31 January 2024 63,223 63,795 127,018
Net book value
At 31 January 2024 53,680 29,276 82,956
At 31 January 2023 70,784 42,274 113,058

7. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 February 2023
and 31 January 2024 826
Net book value
At 31 January 2024 826
At 31 January 2023 826

8. Debtors
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 466,675 526,899
Other debtors 401,399 132,170
868,074 659,069

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,210,571 607,453

Aggregate amounts 2,078,645 1,266,522

BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


9. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 160,701 9,769
Trade creditors 79,883 43,887
Taxation and social security 109,811 169,136
Other creditors 1,610,016 649,661
1,960,411 872,453

10. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 19,909 29,923
Other creditors - 82,511
19,909 112,434

11. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 106,500 106,500
Between one and five years - 106,500
106,500 213,000

12. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 150,687 -
Bank loans 29,923 39,692
180,610 39,692

The bank loan and bank overdraft are secured by a fixed and floating charge over all assets of the company.

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,005,760 Ordinary Shares 0.001 1,016 1,006
237,252 Ordinary A1 Shares 0.001 237 237
17,384 Ordinary A2 Shares 0.001 17 17
1,270 1,260

BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


13. Called up share capital - continued

All shares are ranked pari pasu.

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

The share premium account includes the premium on issue of equity share, net of any issue cost.

On 20 December 2019, share options were granted to purchase 978 share options for an exercise price of £3.066 per share exercisable between 3 and 10 years after they were granted. In February 2021 and March 2021, share options were granted to purchase 18,920 share options for an exercise price of £6.96 per share exercisable between 3 and 10 years after they were granted. During the year-end, 1,750 shares were exercised following a termination of employment. The remaining share options were terminated.

On 15 July 2022 and 22 July 2022, shares options were granted to purchase 18,000 share options for an exercise price of £23.58 per share exercisable between 3 and 10 years after they were granted.

On 12 October 2022, share options were granted to purchase 25,050 share options for an exercise price of £0.001 per share exercisable 1 April 2024. During the year, 8,355 share options were exercised following a termination of employment. The remaining share options were terminated.

Between June 2023 and December 2023, share options were granted to purchase 45,500 share options for an exercise price of £23.58 per share exercisable between 3 and 10 years after they were granted.

On 08 June 2023, share options were granted to purchase 638 share options and an additional 142 share options per month thereafter for an exercise price of £0.001 per share, exercisable immediately after they are granted, but no more than two occasions in a calendar year.

14. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Angela Chorlton FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

Material uncertainty related to going concern

We draw attention to Note 3, going concern accounting policy in the financial statements, which states that the ability of the Company to continue as a going concern is reliant on the Company securing further funding which is not guaranteed. Failure to obtain this external funding would adversely impact the Company's working capital position and its ability to meet short obligations as they arise. As stated in Note 3, going concern accounting policy, these events or conditions, along with other matters as set forth in Note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

15. Pension commitments

The defined contribution expense for the year was £123,819 (2023: £95,017). The pension creditor at year end was £23,824 (2023: £21,280).

16. Related party disclosures

Entities over which the entity has control, joint control or significant influence

2024 2023
£ £
Amount due from group undertakings 1,210,571 607,453

BROKER INSIGHTS LIMITED (REGISTERED NUMBER: SC574407)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


17. Post balance sheet events

The company secured convertible loan note funding post year-end of £3.85 million (gross proceeds) in February 2024.