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REGISTERED NUMBER: 03894974 (England and Wales)















Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Ikano Insight Ltd

Ikano Insight Ltd (Registered number: 03894974)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Ikano Insight Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J Champagne
M C Gallstad
M King
J F Schmidt
L Thorsen
H B Van Thiel



REGISTERED OFFICE: Endeavour House
78 Stafford Road
Wallington
SM6 9AY



REGISTERED NUMBER: 03894974 (England and Wales)



AUDITORS: Wyatts
York House
1 Seagrave Road
Fulham
London
SW6 1RP



ACCOUNTANTS: PB Partners LLP
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY

Ikano Insight Ltd (Registered number: 03894974)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of marketing consultancy.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Champagne
M C Gallstad
M King
J F Schmidt
L Thorsen
H B Van Thiel

CHARITABLE DONATIONS AND EXPENDITURE
During the year, the company made charitable donations totalling £20,300 (2023: £21,500)

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgements and accounting estimates that are reasonable and prudent;
-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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


Ikano Insight Ltd (Registered number: 03894974)

Report of the Directors
for the Year Ended 31 December 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J F Schmidt - Director


24 April 2025

Report of the Independent Auditors to the Members of
Ikano Insight Ltd

Opinion
We have audited the financial statements of Ikano Insight Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 2024 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ikano Insight Ltd


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, 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 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.

Report of the Independent Auditors to the Members of
Ikano Insight Ltd


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

We obtained an understanding of the legal and regulatory frameworks applicable to the company and sector in which it operates. We determined that the following laws and regulations were most significant: FRS 102, companies Act 2006, UK Corporate governance code and taxation laws.

We understood how the company is complying with those legal and regulatory frameworks by, making inquiries to the management, those responsible for legal and compliance procedures and the company director. We corroborated our inquiries through our review of the board minutes. We identified whether there is culture of honesty and ethical behaviour and whether there is a strong emphasis of prevention and deterrence of fraud.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:

* Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

* Understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;

* Identifying and testing journal entries, in particular any journal entries posted with unusual combinations; and

* Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement items.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

* Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.


Report of the Independent Auditors to the Members of
Ikano Insight Ltd

* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at www.frc.org.uk/auditorsresponsibilities. RRThis description forms part of our auditors report.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Karen Wyatt (Senior Statutory Auditor)
for and on behalf of Wyatts
York House
1 Seagrave Road
Fulham
London
SW6 1RP

24 April 2025

Ikano Insight Ltd (Registered number: 03894974)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 2,416,949 2,942,257

Cost of sales 3,067,229 2,710,193
GROSS (LOSS)/PROFIT (650,280 ) 232,064

Administrative expenses 697,534 806,916
OPERATING LOSS 5 (1,347,814 ) (574,852 )

Interest receivable and similar income 1,858 952
(1,345,956 ) (573,900 )

Interest payable and similar expenses 6 185,322 124,010
LOSS BEFORE TAXATION (1,531,278 ) (697,910 )

Tax on loss 7 3,316 (1,791 )
LOSS FOR THE FINANCIAL YEAR (1,534,594 ) (696,119 )

Ikano Insight Ltd (Registered number: 03894974)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 31,365 31,991
Investments 9 90,054 90,054
121,419 122,045

CURRENT ASSETS
Debtors 10 186,676 335,853
Cash at bank 374,071 486,027
560,747 821,880
CREDITORS
Amounts falling due within one year 11 722,328 728,621
NET CURRENT (LIABILITIES)/ASSETS (161,581 ) 93,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

(40,162

)

215,304

CREDITORS
Amounts falling due after more than one
year

12

(3,275,805

)

(1,999,993

)

PROVISIONS FOR LIABILITIES (7,841 ) (4,525 )
NET LIABILITIES (3,323,808 ) (1,789,214 )

CAPITAL AND RESERVES
Called up share capital 14 6,705,678 6,705,678
Share premium 4,419 4,419
Retained earnings (10,033,905 ) (8,499,311 )
(3,323,808 ) (1,789,214 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





J F Schmidt - Director


Ikano Insight Ltd (Registered number: 03894974)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 6,705,678 (7,803,192 ) 4,419 (1,093,095 )

Changes in equity
Total comprehensive income - (696,119 ) - (696,119 )
Balance at 31 December 2023 6,705,678 (8,499,311 ) 4,419 (1,789,214 )

Changes in equity
Total comprehensive income - (1,534,594 ) - (1,534,594 )
Balance at 31 December 2024 6,705,678 (10,033,905 ) 4,419 (3,323,808 )

Ikano Insight Ltd (Registered number: 03894974)

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

1. STATUTORY INFORMATION

Ikano Insight Ltd ("the company") undertakes market consultancy for a network of customers. The company primarily works in the UK and the rest of Europe.

Ikano Insight Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Endeavour House, 78 Stafford Road, Wallington, Surrey SM6 9AY.

The presentation currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit and loss.

The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

The parent company has confirmed that it will continue to support the company for at least the next twelve months and has the financial resources to do so. The directors are therefore satisfied that the going concern basis remains appropriate.

Preparation of consolidated financial statements
The financial statements contain information about Ikano Insight Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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 and settlement discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery: 25% reducing balance
Fixtures, fittings & equipment: 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Ikano Insight Ltd (Registered number: 03894974)

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

3. ACCOUNTING POLICIES - continued

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

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method under FRS 109 only to the extent that, in the opinion of the directors, there is reasonable probability that a liability or asset will crystalise in the foreseeable future. Starting from 2019, the company recognised deferred tax assets and netted these off with deferred tax liabilities.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated until 2018 when the decision was made to no longer capitalise any research expenditure and all such expenditure will now be written off in the year which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Ikano Insight Ltd (Registered number: 03894974)

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

3. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where is is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit( is estimated to be less that its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 17 ) .

5. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 6,216 11,403

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 942 -
Loan interest 184,380 124,010
185,322 124,010

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2024 2023
£    £   
Deferred tax 3,316 (1,791 )
Tax on loss 3,316 (1,791 )

Ikano Insight Ltd (Registered number: 03894974)

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

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2024 54,306 10,260 64,566
Additions - 12,310 12,310
Disposals - (10,260 ) (10,260 )
At 31 December 2024 54,306 12,310 66,616
DEPRECIATION
At 1 January 2024 30,437 2,138 32,575
Charge for year 4,306 1,910 6,216
Eliminated on disposal - (3,540 ) (3,540 )
At 31 December 2024 34,743 508 35,251
NET BOOK VALUE
At 31 December 2024 19,563 11,802 31,365
At 31 December 2023 23,869 8,122 31,991

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 90,054
NET BOOK VALUE
At 31 December 2024 90,054
At 31 December 2023 90,054

The company acquired 100% of the share capital in Ikano Insight SDN. BHD. a company incorporated in Malaysia on 4th March 2022.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 31,709 10,956
Amounts owed by group undertakings 57,168 217,854
Other debtors 9,052 4,213
Social security and other taxes 42,732 33,365
Prepayments and accrued income 46,015 69,465
186,676 335,853

Ikano Insight Ltd (Registered number: 03894974)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 275,259 214,414
Amounts owed to group undertakings 213,877 250,761
Social security and other taxes 54,498 70,363
Other creditors - 23,000
Accruals and deferred income 178,694 170,083
722,328 728,621

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 3,275,805 1,999,993

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 75,120 117,510
Between one and five years 112,680 9,832
187,800 127,342

14. CALLED UP SHARE CAPITAL

Authorised Share Capital as at 31 December 2024 & 2023:
No £
1,135,589 ordinary shares of £0.005 each 1,135,589 5,678
2,000,000 Ordinary E shares of £1 each 2,000,000 2,000,000
1,900,000 Ordinary F shares of £1 each 1,900,000 1,900,000
1,400,000 Ordinary G shares of £1 each 1,400,000 1,400,000
1,400,000 Ordinary H shares of £1 each 1,400,000 1,400,000

7,835,589 6,705,678

15. RELATED PARTY TRANSACTIONS

The parent company, Ikano S.A. loaned the company £3,275,805 in accordance with the loan agreement.
Interest is being charged on this loan of £184,380 (2023 : £124,010) for the year.

The accounts of Ikano Insight Ltd are included in the consolidated financial statements of Ikano S.A. whose registered office address is 1, rue Nicolas Welter 2740 Luxembourg.

16. ULTIMATE CONTROLLING PARTY

The controlling party is Ikano S.A..

The ultimate controlling parties are Peter Kamprad, Hans Kamprad, and Niclas Kamprad as joint owners of ICAF International Control and Finance N.V.