Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
COMPANY INFORMATION
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INSIGHT ANALYTICS SOLUTIONS LIMITED
CONTENTS
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INSIGHT ANALYTICS SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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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. Insurance 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.
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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.
The key financial and other performance indicators during the year were as follows:
This report was approved by the board and signed on its behalf.
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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.
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 loss for the year, after taxation, amounted to £6,085 thousand (2022 - loss £4,897 thousand).
No dividend was recommended (2022: £Nil).
The directors who served during the year were:
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company incurs expenditure on the development of condition monitoring solutions which is capitalised within intangible assets as development costs.
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.
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED
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 policies. The 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).
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.
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.
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 Report. Our 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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED (CONTINUED)
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.
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED (CONTINUED)
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGHT ANALYTICS SOLUTIONS LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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INSIGHT ANALYTICS SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
REGISTERED NUMBER: 10511025
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by by:
The notes on pages 14 to 33 form part of these financial statements.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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. 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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Expenditure on the development of condition monitoring software is capitalised within intangible assets and is amortised over its estimated useful life of five years.
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:
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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:
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital account
Share premium account
Profit and loss account
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.
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.
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INSIGHT ANALYTICS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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