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Company No: 07654756 (England and Wales)

INSIGHTLENSES LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

INSIGHTLENSES LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

INSIGHTLENSES LTD

COMPANY INFORMATION

For the financial year ended 31 October 2024
INSIGHTLENSES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
DIRECTORS S B Mason
T Mason
REGISTERED OFFICE Unit 4a Halifax Court Fernwood Business Park
Cross Lane
Balderton
Newark
NG24 3JP
United Kingdom
COMPANY NUMBER 07654756 (England and Wales)
ACCOUNTANT Duncan & Toplis Limited
14 London Road
Newark
NG24 1TW
United Kingdom
INSIGHTLENSES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
INSIGHTLENSES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 103,850 10,765
103,850 10,765
Current assets
Stocks 81,500 83,500
Debtors 5 302,355 269,413
Cash at bank and in hand 3,059 1,177
386,914 354,090
Creditors: amounts falling due within one year 6 ( 347,664) ( 342,624)
Net current assets 39,250 11,466
Total assets less current liabilities 143,100 22,231
Creditors: amounts falling due after more than one year 7 ( 115,624) ( 17,345)
Provision for liabilities ( 25,962) ( 2,692)
Net assets 1,514 2,194
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 1,512 2,192
Total shareholders' funds 1,514 2,194

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Insightlenses Ltd (registered number: 07654756) were approved and authorised for issue by the Board of Directors on 20 February 2025. They were signed on its behalf by:

T Mason
Director
INSIGHTLENSES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
INSIGHTLENSES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Insightlenses Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4a Halifax Court Fernwood Business Park, Cross Lane, Balderton, Newark, NG24 3JP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2023 22,009 22,009
At 31 October 2024 22,009 22,009
Accumulated amortisation
At 01 November 2023 22,009 22,009
At 31 October 2024 22,009 22,009
Net book value
At 31 October 2024 0 0
At 31 October 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2023 87,034 87,034
Additions 104,480 104,480
At 31 October 2024 191,514 191,514
Accumulated depreciation
At 01 November 2023 76,269 76,269
Charge for the financial year 11,397 11,397
At 31 October 2024 87,664 87,664
Net book value
At 31 October 2024 103,850 103,850
At 31 October 2023 10,765 10,765

5. Debtors

2024 2023
£ £
Trade debtors 132,445 104,227
Amounts owed by directors (note 10) 123,658 124,129
Other debtors 46,252 41,057
302,355 269,413

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,348 10,003
Trade creditors 218,758 188,384
Accruals 4,242 3,301
Taxation and social security 28,405 81,171
Obligations under finance leases and hire purchase contracts 12,859 0
Other creditors 73,052 59,765
347,664 342,624

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,972 17,345
Obligations under finance leases and hire purchase contracts 108,652 0
115,624 17,345

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.02 each 2 2

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 10,767 10,767
between one and five years 5,384 16,151
16,151 26,918

10. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

2024 2023
£ £
S B Mason and Mrs T Mason 123,658 124,129