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2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10511025










INSIGHT ANALYTICS SOLUTIONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

COMPANY INFORMATION


Directors
B E Hall 
E Golysheva 
J K Coultate (appointed 17 January 2023)
B R Allan (appointed 17 January 2023)




Registered number
10511025



Registered office
27 Old Gloucester Street

London

WC1N 3AX




Independent auditors
PKF Smith Cooper Audit Limited
Statutory auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 33


 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Insight Analytics Solutions Limited "ONYX" is a provider of software and analytics, sensing and engineering consulting services to the members of the wind ecosystem, serving OEMs, owner-operators, insurers, developers, and financiers of wind platforms.
ONYX’s sales are driven by years of experience, use cases and asset and field data demonstrating how the use of ONYX technology can assist turbine owners/operators with (i) avoiding catastrophic failures in the field, (ii) Telongating asset lifespan, and (iii) reducing turbine operations costs.
ONYX’s key value proposition includes providing a single source of truth for operators with multiple turbine types and vendors in the field, complementing condition-based monitoring solutions embedded in most turbine systems sold by the major OEMs. 
ONYX operates within a large and growing $1bn addressable market, driven by the overall growth in deployed turbines, the fragility and efficaciousness of newer turbines (bigger, more productive, shorter warranties, and more brittle), as well as regional clean energy mandates and incentives.
Global wind turbines are forecasted to grow from 320k units in 2022 to 377k in 2028, with nearly 90% out of warranty at any given time. Large owner-operators are increasingly developing in-house operations & maintenance capabilities, using digital solutions (e.g. ONYX) to manage and optimize turbines sourced from multiple OEMs. Recent wins include a sole source OEM contract with a leading turbine manufacturer. 
ONYX has a strong financial profile with high growth, robust margins, minimal capex and recurring revenue profile for software and analytics.

Business review
 
The loss for the year after taxation was £6,354,000 which, when added to the accumulated loss brought forward on 1 January 2023 of £13,780,000, gives a total accumulated loss carried forward at 31 December 2023 of £20,134,000.
During the period, the directors of the company continued to monitor progress against the company's strategy, as highlighted above, and decisions made by the directors of the company were in respect of routine board matters, in furtherance of the group’s purpose and were not considered to be principal in nature.

Page 1

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The group manages, monitors and reports on the principal risks and uncertainties that can impact the group's ability to deliver its strategy. The group’s system of internal control includes policies, processes, management systems, organizational structures, culture, and standards of conduct employed to manage group’s business and associated risks.
Throughout the year, management, the leadership team, the board and relevant committees provide oversight of how principal risks are identified, assessed and managed. They support appropriate governance of risk management including having relevant policies in place to help manage risks. Such oversight may include internal audit reports, group risk reports and reviews of the outcomes of business processes including strategy, planning and resource and capital allocation. 
The company aims to deliver sustainable value by identifying and responding successfully to risks in line with the group's risk management process.
The risks listed below, separately or in combination, could have a material adverse effect on the implementation of the company’s strategy, business, financial performance, results of operations, cash flows, liquidity, prospects, shareholder value and returns and reputation. 
Strategic and commercial risks
Major project delivery
Poor investment choice, efficiency or delivery, or operational challenges at any major project that underpins production or production growth, could adversely affect our financial performance.
The company seeks to manage this risk through the close management of key projects, detailed plans and monitoring outputs / key KPIs.   
Geopolitical
The company is exposed to a range of political, economic, and social developments and consequent changes to the operating and regulatory environment which could cause business disruption. Political instability, changes to the regulatory environment or taxation, international trade disputes and barriers to free trade, international sanctions, expropriation or nationalization of property, civil strife, strikes, insurrections, acts of terrorism, acts of war and public health situations (including the continued impact of the COVID-19 and supply chain crisis pandemic or any future epidemic or pandemic) may disrupt or curtail our operations, business activities or investments. These may in turn cause production to decline, limit our ability to pursue new opportunities, affect the recoverability of our assets and our related earnings and cash flow or cause us to incur additional costs, particularly due to the long-term nature of many of our projects and significant capital expenditure required.
Liquidity, financial capacity and financial, including credit, exposure.
Failure to work within the businesses financial framework could impact company’s ability to operate and result in financial loss. Credit rating downgrades could potentially increase financing costs and limit access to financing or engagement in the company's trading activities on acceptable terms, which could put pressure on the group’s liquidity.
Digital infrastructure and cybersecurity
The energy industry is subject to fast-evolving risks, including ransomware, from cyber threat actors, including nation states, criminals, terrorists, hacktivists, and insiders. Current geopolitical factors have increased these risks. There is also growing regulation around data protection and data privacy. A breach or failure of our or third parties’ digital infrastructure – including control systems – due to breaches of our cyber defences, or those of third parties, negligence, intentional misconduct, or other reasons, could seriously disrupt our operations. This could result in the loss or misuse of data or sensitive information, including employees’ and customers’ personal data, injury to people, disruption to our business, harm to the environment or our assets, legal or regulatory breaches, legal liability and significant costs including fines, cost of remediation or reputational consequences. Furthermore, the rapid detection of attempts to gain unauthorized access to our digital infrastructure, often using sophisticated and co-ordinated means, is a challenge and any delay or failure to detect could compound these potential harms.

 
Page 2

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Climate change and the transition to a lower carbon economy 
Laws, regulations, policies, obligations, government actions, social attitudes and customer preferences relating to climate change and the transition to a lower carbon economy, including the pace of change to any of these factors, and also the pace of the transition itself, could have adverse impacts on our business including on our access to and realization of competitive opportunities in any of our strategic focus areas, a decline in demand for, or constraints on our ability to sell certain products, constraints on production and supply, adverse litigation and regulatory or litigation outcomes, increased costs from compliance and increased provisions for environmental and legal liabilities. Changes in investor preferences and sentiment could affect our access to capital markets and our attractiveness to potential investors, potentially resulting in reduced access to financing, increased financing costs and impacts upon our business plans and financial performance.
Depending on the nature and speed of any such changes and our response, these changes could increase costs, reduce the company's profitability, reduce demand for certain products, limit our access to new opportunities, require us to write down certain assets or curtail or cease certain operations, and affect investor sentiment, our access to capital markets, our competitiveness and financial performance.
Policy, legal regulatory, technological and market developments related to climate change could also affect future price assumptions used in the assessment of recoverability of asset carrying values and the useful economic lives of assets used for the calculation of depreciation and amortisation.
Competition
Our group’s strategic progress and performance could be impeded if we are unable to control our development and operating costs and margins, if we fail to scale our businesses at pace, or to sustain, develop and operate a high-quality portfolio of assets efficiently. 
Our performance could also be negatively impacted if we fail to protect our intellectual property.
Talent and capability
The sectors in which we operate face increasing challenges to attract and retain diverse, skilled, and capable talent. An inability to successfully recruit, develop and retain core skills and capabilities and to reskill existing talent could negatively impact delivery of our strategy.
Crisis management and business continuity
The group's reputation and business activities could be negatively impacted if the management does not respond, or is perceived not to respond, in an appropriate manner to any major crisis.
I
nsurance
The group purchases insurance in situations where this is legally and contractually.
required. Uninsured losses could have a material adverse effect on the group financial position which in turn could adversely affect the company.
Operational risks
Product quality
Supplying customers with off-specification products could damage the company’s reputation, lead to regulatory action and legal liability, and potentially impact its financial performance.
Compliance and control risks
Ethical misconduct and non-compliance
Incidents of ethical misconduct or non-compliance with applicable laws and regulations, including antibribery and corruption, competition and antitrust, and anti-fraud laws, trade restrictions or other sanctions, could damage the company's reputation, and result in litigation, regulatory action, penalties and potentially affect our licence to operate. In relation to trade restrictions or other sanctions, current geopolitical factors have increased these risks.
Regulation
Changes in the law and regulation, including how they are interpreted and enforced, could increase costs, constrain the company's operations, and affect its business plans and financial performance.
 
Page 3

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Treasury and treasury trading activities
Ineffective oversight of treasury and trading activities could lead to business disruption, financial loss, regulatory intervention, fines or damage to the company’s reputation.
Reporting
External reporting of financial and non-financial data relies on the integrity of the control environment, group's systems and people operating them. Failure to report data accurately and in compliance with applicable standards could result in regulatory action, legal liability, and reputational damage.
Financial risk management
The company is exposed to several different financial risks arising from natural business exposures including market risks relating to foreign currency exchange rates and interest rates, credit risk; and liquidity risk. 

Financial key performance indicators
 
The key financial and other performance indicators during the year were as follows: 
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This report was approved by the board and signed on its behalf.



................................................
B R Allan
Director
Date: 21 February 2025

Page 4

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they 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 judgments and accounting 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 adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Company is condition monitoring of client assets, along with provision of supplementary engineering and consultancy services, all focused within the wind energy sector. 

Results and dividends

The loss for the year, after taxation, amounted to £6,085 thousand (2022 - loss £4,897 thousand).

No dividend was recommended (2022: £Nil).

Directors

The directors who served during the year were:

B E Hall 
E Golysheva 
J K Coultate (appointed 17 January 2023)
B R Allan (appointed 17 January 2023)

Future developments

In November 2022 Onyx shareholder launched project Levante, being the disinvestment in Onyx. On the 11th March 2024 Macquarie Capital acquired 100% of the shares of the Onyx group. Macquarie Capital have worked with Onyx management to accelerate growth, improve performance and liquidity. 
In August 2022 Onyx won the transformational first OEM contract to supply advanced sensor technology to the OEM wind turbine production line, the cut in was delayed through 2023 due to OEMs requirement changes. 

Page 5

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Research and development activities

The Company incurs expenditure on the development of condition monitoring solutions which is capitalised within intangible assets as development costs. 

Directors' indemnity

The Company indemnifies the directors in its Articles of Association to the extend allowed under section 232 of the Companies Act 2006. Such qualifying third party indemnity provisions for the benefit of the Company's directors remain in force at the date of this report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, on 11 March 2024, Ventus Sensing Limited acquired 100% of the share capital of the immediate parent undertaking, Insight Analytics Solutions Holdings Limited.

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





................................................
B R Allan
Director
Date: 21 February 2025

Page 6

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED
 

Opinion


We have audited the financial statements of Insight Analytics Solutions Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 7

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
 
management bias in respect of accounting estimates and judgements made;
management override of control;
posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to:

enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws ad regulations and fraud;
reviewing minutes of meetings of those charged with governance where available;
reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding the irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Bagley (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

21 February 2025
Page 10

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
As restated 2022
Note
£000
£000

  

Turnover
 4 
9,185
9,628

Cost of sales
  
(4,369)
(4,322)

Gross profit
  
4,816
5,306

Administrative expenses
  
(11,786)
(10,693)

Other operating income
 5 
829
572

Impairment of fixed asset investments
  
(156)
(36)

Operating loss
 6 
(6,297)
(4,851)

Interest payable and similar expenses
 10 
(57)
(46)

Loss before tax
  
(6,354)
(4,897)

Tax on loss
  
269
-

Loss for the financial year
  
(6,085)
(4,897)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 33 form part of these financial statements.

Page 11

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
REGISTERED NUMBER: 10511025

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£000
£000

  

Fixed assets
  

Intangible assets
 12 
1,820
2,381

Tangible assets
 13 
578
1,084

Investments
 14 
1,361
831

  
3,759
4,296

Current assets
  

Stocks
 16 
428
238

Debtors: amounts falling due within one year
 17 
3,771
3,188

Cash at bank and in hand
 18 
245
1,267

  
4,444
4,693

Creditors: amounts falling due within one year
 19 
(4,490)
(5,369)

Net current liabilities
  
 
 
(46)
 
 
(676)

Total assets less current liabilities
  
3,713
3,620

  

Creditors: amounts falling due after more than one year
 20 
(22,795)
(16,617)

  

  

Net liabilities
  
(19,082)
(12,997)


Capital and reserves
  

Called up share capital 
 22 
282
282

Share premium account
 23 
501
501

Profit and loss account
 23 
(19,865)
(13,780)

  
(19,082)
(12,997)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by by: 




................................................
B R Allan
Director
Date: 21 February 2025

The notes on pages 14 to 33 form part of these financial statements.

Page 12

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2022
282
501
(8,883)
(8,100)



Loss for the year (as restated)
-
-
(4,897)
(4,897)



At 1 January 2023 (as restated)
282
501
(13,780)
(12,997)



Loss for the year
-
-
(6,085)
(6,085)


At 31 December 2023
282
501
(19,865)
(19,082)


The notes on pages 14 to 33 form part of these financial statements.

Page 13

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Insight Analytics Solutions Limited is a private company limited by shares and incorporated in England and Wales. The registered company number is 10511025 and the registered office is 27 Old Gloucester Street, London, WC1N 3AX. The Company is principally engaged in condition monitoring of client assets, along with the provision of supplementary engineering and consultancy services, all focused within the wind energy sector. This is conducted from the Company's place of business located at Triumph Road, Nottingham, NG7 2TU.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The financial statements are presented in Sterling which is the functional currency of the Company and have been rounded to the nearest £1,000.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Page 14

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of BP p.l.c. as at 31 December 2023 and these financial statements may be obtained from 1 St James's Square, London, SW1Y 4PD.

 
2.3

Going concern

These financial statements have been prepared on a going concern basis, which assumes that the Company will continue to trade. The validity of this assumption is dependent on the continued support of Macquarie Asset Holdings Limited. Macquarie Asset Holdings Limited have confirmed that they will continue to support the Company for at least 12 months from the date of signing of the audit report in these financial statements.

Page 15

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

For revenue from contracts with customers, revenue recognition is determined according to the requirements of IFRS 15. Revenue is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
IFRS 15 prescribes a five-step model of accounting for revenue recognition which includes identifying the contract, identifying the performance obligations, determining the transaction price, allocating the transaction price to different performance obligations and the timing of recognition of revenue in connection with different performance obligations.
At contract inception, the transaction prices per performance obligations are identified and agreed. The Company then recognise revenue when (or as) those performance obligations are satisfied.
For the sale of hardware, the transfer of control of hardware usually coincides with title passing to the customer and the customer taking physical possession. The Company therefore satisfies the performance obligation at a point in time.
For the rendering of services, the Company satisfies the performance obligation over the contractual term. Revenue is therefore recognised in accordance with the terms of the contractual arrangements and in the accounting period in which the services are rendered. 

Page 16

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Balance sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.13.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

Page 17

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives and are amortised over 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets with a finite life are amortised on a straight line basis over their expected useful lives. The intangible assets generally have a useful life of five years.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 18

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Development costs

Expenditure on the development of condition monitoring software is capitalised within intangible assets and is amortised over its estimated useful life of five years.

 
2.13

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3 years
Office equipment
-
5 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.19

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.



Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 20

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Sources of estimation uncertainty 
The preparation of the financial statements requires the Company to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These 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 if the revision affects only that period, or of the period of the revision and future periods if the revision affects both current and future periods.
Critical accounting estimates and judgements
The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of turnover and expenses during the reporting period.
Estimates and judgements are continually made and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances. As the use of estimates is inherent in financial reporting, actual results could differ from these estimates.
The directors believe the following to be the key area of estimation and judgement: 
 
Impairment of investments in subsidiaries

The carrying value of the investments in subsidiaries is assessed at each reporting date to determine whether there is any indication that the investments are impaired. Where there is an indication that the investment may be impaired, the carrying value of the investment is tested for impairment. This requires judgements to be made in the assessment of the carrying value of the subsidiaries.
 

Page 21

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Revenue from contracts with customers
3,611
7,440

Management services charged to subsidiaries
5,574
2,188

9,185
9,628


Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
1,793
1,499

Rest of Europe
1,878
2,108

Rest of the world
5,514
6,021

9,185
9,628



5.


Other operating income

2023
2022
£000
£000

Other operating income
829
572



6.


Operating loss

The operating loss is stated after charging:

2023
2022 (As restated)
£000
£000

Research & development charged as an expense
49
-

Net foreign exchanges losses
195
32

Amortisation of intangible assets
852
893

Depreciation of tangible fixed assets
166
106

Depreciation of right-of-use assets
225
228

Impairment of fixed asset investments
156
36

Loss on disposal of tangible assets
124
2

Loss on disposal of intangible assets
83
259

Cost of stocks recognised as an expense
1,541
1,510

Secondment costs
82
1,426

Page 22

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
56
29

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022 (As restated)
£000
£000

Wages and salaries
5,303
4,331

Social security costs
491
430

Cost of defined contribution scheme
216
175

6,010
4,936


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
24
22



Research & development
48
30



Engineering & monitoring
10
20



Sales
1
1

83
73

Page 23

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£000
£000 (As restated)

Directors' emoluments
454
94

Company contributions to defined contribution pension schemes
18
4

472
98


During the year retirement benefits were accruing to 4 directors (2022 - NIL) in respect of defined contribution pension schemes.

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,000 (2022 - £4,000).


10.


Interest payable and similar expenses

2023
2022
£000
£000


Lease liabilities
57
46


11.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
(111)
-

Adjustments in respect of previous periods
(158)
-


(269)
-


Total current tax
(269)
-
Page 24

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19  %). The differences are explained below:

2023
2022
£000
£000


Loss on ordinary activities before tax
(6,354)
(4,897)


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -    19%)
(1,494)
(930)

Effects of:


Fixed asset differences
(1)
-

Expenses not deductible for tax purposes
66
142

Remeasurement of deferred tax for changes in tax rates
(88)
-

RDEC step 2
(111)
-

Movement in deferred tax not recognised
1,494
851

Adjustments to tax charge in respect of prior periods
(158)
-

Non-taxable income
-
(95)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
12
-

Other differences leading to an increase (decrease) in the tax charge
11
32

Total tax charge for the year
(269)
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets




Software
Development costs
Patents
Total

£000
£000
£000
£000



Cost


At 1 January 2023 (as restated) 
429
3,952
252
4,633


Additions
212
194
-
406


Disposals
(153)
(160)
-
(313)



At 31 December 2023

488
3,986
252
4,726



Amortisation


At 1 January 2023 (as restated)
121
1,949
180
2,250


Charge for the year
92
710
50
852


Disposals
(84)
(113)
-
(197)



At 31 December 2023

129
2,546
230
2,905



Net book value



At 31 December 2023
359
1,440
22
1,821



At 31 December 2022 (as restated)
307
2,002
72
2,381




Page 26

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Plant and machinery
Computer equipment
Office equipment
Right-of-use asset
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023 (as restated)
66
360
99
997
1,522


Additions
-
22
-
-
22


Disposals
-
(179)
-
(75)
(254)



At 31 December 2023

66
203
99
922
1,290



Depreciation


At 1 January 2023 (as restated)
26
80
20
312
438


Charge for the year on owned assets
22
126
18
-
166


Charge for the year on right-of-use assets
-
-
-
225
225


Disposals
-
(89)
-
(28)
(117)



At 31 December 2023

48
117
38
509
712



Net book value



At 31 December 2023
18
86
61
413
578



At 31 December 2022 (as restated) 
40
280
79
685
1,084

Page 27

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
831


Additions
686


Impairment
(156)



At 31 December 2023
1,361




The investments in subsidiaries are all stated at cost less provision for impairment.
The investments in subsidiaries undertakings are unlisted.
In the current year, an impairment charge of £129,000 was fully recognised on the Company's investment in the subsidiary Onyx Insight Analytics Shanghai Limited.
In the current year, an impairment charge of £27,000 was fully recognised on the Company's investment in the subsidiary Onyx Insight Australia Ptd Limited. 
The group undertakings of the Company at 31 December 2023, their registered addresses and the percentage of equity capital held are set out within note 15. 

Page 28

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.



Subsidiary undertakings





The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Onyx Insight Korea Co. Limited
3rd Floor
10, Baumoe-ro 21-gil
Seocho-gu
 Seoul, Korea
(the Republic of)
Ordinary
100%
Insight Analytics Solutions USA, Inc.
2108 55th Street
Suite 105
Boulder
Colorado
80301 United States
Ordinary
100%
Onsight Analytics Solutions India Private Limited
Office No. 306
Regus Business Centre
3rd Floor Abbusali St
Saligramam
Chennai
Tamil Nadu
600093
India
Ordinary
100%
Onyx Insight Australia Pty Limited
Level 11
307 Queen Street
Brisbane
Queensland
4000 Australia
Ordinary
100%
Onyx Insight Spain Sociedad Limitada
Calle Quintanadueñas
6, (Edificio Arqborea)
Madrid, 28050
Spain
Ordinary
100%
Onyx Insight Analytics Shanghai Limited
Room 603, Floor 6
No. 3 Lane 2889
Jinke Road (Shanghai)
Pilot Free Trade Zone
China
Ordinary
100%

Page 29

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

2023
2022
£000
£000

Finished goods and goods for resale
428
238




17.


Debtors

2023
2022
£000
£000


Trade debtors
1,297
1,368

Amounts owed by group undertakings
676
545

Other debtors
1,495
1,187

Prepayments and accrued income
303
88

3,771
3,188



18.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
245
1,267



19.


Creditors: Amounts falling due within one year

2023
2022 (as restated)
£000
£000

Trade creditors
2,479
2,314

Amounts owed to group undertakings
615
259

Other taxation and social security
150
125

Lease liabilities
204
162

Other creditors
50
13

Accruals and deferred income
992
2,496

4,490
5,369


Page 30

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022 (as restated)
£000
£000

Lease liabilities
288
598

Amounts owed to group undertakings
22,507
16,019

22,795
16,617


Loans from group undertakings comprise non-interest bearing loans of £22,507,000 (2022: £16,019,000). These loans are not going to be settled in the foreseeable future.


21.

Leases

Company as a lessee

The company leases a number of assets as part of its activities. 

Lease liabilities are due as follows:

2023
2022 (as restated)
£000
£000

Lease liabilities < 1 yr
204
162

Lease liabilities 1-2 yrs
212
260

Lease liabilities  2-5 yrs
76
338

492
760


22.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



281,610 (2022 - 281,610) Ordinary shares of £1.00 each
282
282


Page 31

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Reserves

Share capital account

The balance on the called up share capital account represents the aggregate nominal value of all ordinary shares in issue.

Share premium account

The share premium account represents the amount above the nominal value received for issued share capital, less transaction costs.

Profit and loss account

The profit and loss account represents cumulative profits and losses of the Company. 


24.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £216,000 (2022 - £175,000). 
Contributions totalling £50,000 (2022 - £44,000) were payable to the fund at the balance sheet date and are included in creditors.


25.


Related party transactions

The Company has taken advantage of the exemption contained within paragraphs 8(k) and (j) of FRS 101 and has not disclosed transactions entered into with wholly-owned group companies or key management personnel. There were no other related party transactions in the year. 


26.


Prior year adjustment

It was found that a number of intangible assets had been incorrectly capitalised in prior years. A prior year adjustment has been made to expense a total net book value of £259,000 of intangible assets as at 31 December 2022. This consists of £125,000 within computer software and £134,000 within development costs. The impact on profit in the year ended 31 December 2022 is a reduction of £259,000 which has been included in administrative expenses.
A number of errors were found within the prior year asset valuation. A prior year adjustment has been made to reduce the cost of right-of-use assets by £449,000 and to reduce depreciation by £338,000 as at 31 December 2022. A prior year adjustment has also been made to reduce the right-of-use liability by £200,000. The impact on profit in the year ended 31 December 2022 is an increase of £89,000 which has been included in administrative expenses. 
It was found that some prior year wages costs were disclosed within purchases as opposed to wages. A prior year reclassification has been made to move these costs to wages and therefore wages costs have increased by £889k and purchases have decreased by £889k.
It was found that Directors' remuneration was not separately disclosed in the prior year. A prior year reclassification has been made to separately disclosure Directors' remuneration of £98,000 for the year ended 31 December 2022 in note 9. 

Page 32

 
INSIGHT ANALYTICS SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Post balance sheet events

On 11 March 2024, 100% of the shares of the immediate parent undertaking were acquired by Ventus Sensing Limited. The ultimate parent company is Macquarie Group Limited. 


28.


Controlling party

The immediate parent undertaking was Insight Analytics Solutions Holdings Limited, a company registered in England and Wales. As at 31 December 2023, the ultimate controlling parent undertaking was BP p.l.c, a company registered in England and Wales, which is the smallest and largest group to consolidate these financial statements. Copies of the consolidated financial statements of BP p.l.c can be obtained from its registered address: 1 St James's Square, London, SW1Y 4PD. As detailed in note 27, at time of approval of the financial statements, the ultimate controlling party is Macquarie Group Limited. 


Page 33