Company registration number 05054886 (England and Wales)
INSIGHT FINANCIAL ASSOCIATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
INSIGHT FINANCIAL ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
A P Howard
J R Howard
D Appleton
R Green
M J C Phillips
Company number
05054886
Registered office
Insight House
7A Alkmaar Way
Norwich International Business Park
NORWICH
Norfolk
United Kingdom
NR6 6BF
Auditor
Argents Audit Services Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
INSIGHT FINANCIAL ASSOCIATES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
INSIGHT FINANCIAL ASSOCIATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

This is a balanced and comprehensive review of the performance of the Group during the period and its position at the period end consistent with the size and nature of our Group and is written in the context of the risks and uncertainties faced.

 

 

Review of the business

The business being carried out consists of the giving of independent financial advice.    

 

The results for the Group show turnover of £15,259,297 (2023 - £12,882,958) and a pre-tax profit of £1,947,683 (2023 - £1,795,538) for the year. At the year end the group Balance Sheet had net assets of £3,901,068 (2023 - £3,705,167).

 

The turnover has increased by 18.4% in the year, which reflects another positive year and the continuation of our acquisition policy to expand operations.  The entire share capital of Sophex Limited was acquired during the year.  The directors are keen for the Group to continue this expansion policy where opportunities arise and indeed further acquisitions have taken place since the year end.  The results for the year are considered to be a reflection of the hard work put in by all of the Insight Team during the period.  The directors would like to express their gratitude to the teams at all of the companies in the group for their contributions to a successful year. 

 

Principal risks and uncertainties

With a drop in UK consumer confidence, the ongoing performance within the Group could be adversely affected and the directors’ consider this a key risk going forward.  The directors aim to minimise the effect of this risk by maintaining high service standards and customer relationships.

 

The costs of regulation and the requirements from the Group’s regulator continue to be a material risk.  The directors will continue to recruit and retain high calibre employees to ensure sufficient time and resource is spent on these important tasks to minimise ongoing risk.

 

The directors continue to look for opportunities to expand operations by acquisition of other businesses.  With that in mind maintaining ongoing cashflow whilst servicing fixed costs and debt is of key importance.  The directors are keen to maintain the very good relationships it has with the Group’s finance providers to assist in this.

 

 

Key performance indicators

The most important KPIs are considered to be turnover and profit before tax.  The directors are satisfied with these results and can advise the strong performance has continued into 2024/25.

 

On behalf of the board

J R Howard
Director
30 July 2025
INSIGHT FINANCIAL ASSOCIATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activities of the companies within the group continued to be that of the provision of financial services. The majority of the companies within the group are Independent Financial Advisers and are authorised and regulated by the Financial Conduct Authority where necessary.

 

 

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £768,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A P Howard
J R Howard
D Appleton
R Green
M J C Phillips
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J R Howard
Director
30 July 2025
INSIGHT FINANCIAL ASSOCIATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INSIGHT FINANCIAL ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INSIGHT FINANCIAL ASSOCIATES LIMITED
- 4 -
Opinion

We have audited the financial statements of Insight Financial Associates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

INSIGHT FINANCIAL ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSIGHT FINANCIAL ASSOCIATES LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

INSIGHT FINANCIAL ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSIGHT FINANCIAL ASSOCIATES LIMITED
- 6 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- enquiring of management, including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

- discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; and

- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the companies. The key laws and regulations we considered in this context included the Companies Act 2006, tax legislation, and laws specifically applicable to sector in which the company operates.

 

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- enquiring of management, concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance, reviewing internal controls/systems notes and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- Assessing compliance with relevant laws and regulations applicable to the hospitality trade, including Alcohol Licencing Act, Live Music Act and Data Protection Act, to which we found no material shortfalls or had any concerns.

- Assessing compliance with relevant laws and regulations, including those applicable to Financial Services companies and employers, to which we found no material shortfalls or had any concerns.

- Assessing compliance with relevant laws and regulations, including Equality Act 2010, Employers' Liability Act 1969 and Health & Safety at Work Act 1974, to which we found no material shortfalls or had any concerns.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

INSIGHT FINANCIAL ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSIGHT FINANCIAL ASSOCIATES LIMITED
- 7 -
Mark Johnstone
For and on behalf of
30 July 2025
Argents Audit Services Limited
Chartered Accountants
Statutory Auditor
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
INSIGHT FINANCIAL ASSOCIATES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
4
15,259,297
12,882,958
Cost of sales
(4,380,627)
(3,465,260)
Gross profit
10,878,670
9,417,698
Administrative expenses
(8,601,787)
(7,737,309)
Other operating income
59,099
171,113
Operating profit
5
2,335,982
1,851,502
Share of results of associates
(261,102)
10,817
Interest receivable and similar income
9
31,101
18,834
Interest payable and similar expenses
10
(152,088)
(85,615)
Amounts written off investments
11
(6,210)
-
Profit before taxation
1,947,683
1,795,538
Tax on profit
12
(943,852)
(670,285)
Profit for the financial year
1,003,831
1,125,253
Profit for the financial year is attributable to:
- Owners of the parent company
950,311
1,067,071
- Non-controlling interests
53,520
58,182
1,003,831
1,125,253
INSIGHT FINANCIAL ASSOCIATES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
£
£
Profit for the year
1,003,831
1,125,253
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,003,831
1,125,253
Total comprehensive income for the year is attributable to:
- Owners of the parent company
950,311
1,067,071
- Non-controlling interests
53,520
58,182
1,003,831
1,125,253
INSIGHT FINANCIAL ASSOCIATES LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
4,583,650
4,206,466
Tangible assets
15
135,483
132,704
Investments
16
766,539
921,571
5,485,672
5,260,741
Current assets
Debtors
19
1,182,926
994,521
Investments
20
281,078
503,375
Cash at bank and in hand
580,852
749,730
2,044,856
2,247,626
Creditors: amounts falling due within one year
21
(2,897,741)
(3,155,166)
Net current liabilities
(852,885)
(907,540)
Total assets less current liabilities
4,632,787
4,353,201
Creditors: amounts falling due after more than one year
22
(698,508)
(614,888)
Provisions for liabilities
Deferred tax liability
24
33,211
33,176
(33,211)
(33,176)
Net assets
3,901,068
3,705,137
Capital and reserves
Called up share capital
26
1,300
1,200
Capital redemption reserve
230
230
Profit and loss reserves
3,876,256
3,686,445
Equity attributable to owners of the parent company
3,877,786
3,687,875
Non-controlling interests
23,282
17,262
3,901,068
3,705,137
INSIGHT FINANCIAL ASSOCIATES LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2025 and are signed on its behalf by:
30 July 2025
J R Howard
Director
Company registration number 05054886 (England and Wales)
INSIGHT FINANCIAL ASSOCIATES LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
799,036
1,216,858
Tangible assets
15
127,028
129,225
Investments
16
8,884,276
6,479,767
9,810,340
7,825,850
Current assets
Debtors
19
1,058,664
867,894
Investments
20
281,078
503,375
Cash at bank and in hand
168,894
173,181
1,508,636
1,544,450
Creditors: amounts falling due within one year
21
(4,016,772)
(3,628,267)
Net current liabilities
(2,508,136)
(2,083,817)
Total assets less current liabilities
7,302,204
5,742,033
Creditors: amounts falling due after more than one year
22
(467,140)
(311,105)
Provisions for liabilities
Deferred tax liability
24
31,757
32,306
(31,757)
(32,306)
Net assets
6,803,307
5,398,622
Capital and reserves
Called up share capital
26
1,300
1,200
Capital redemption reserve
230
230
Profit and loss reserves
6,801,777
5,397,192
Total equity
6,803,307
5,398,622

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,172,585 (2023 - £1,886,311 profit).

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

INSIGHT FINANCIAL ASSOCIATES LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2025 and are signed on its behalf by:
30 July 2025
J R Howard
Director
Company registration number 05054886 (England and Wales)
INSIGHT FINANCIAL ASSOCIATES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 September 2022
1,200
230
3,212,874
3,214,304
11,580
3,225,884
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
1,067,071
1,067,071
58,182
1,125,253
Dividends
13
-
-
(576,000)
(576,000)
(70,000)
(646,000)
Other movements
-
-
(17,500)
(17,500)
17,500
-
Balance at 31 August 2023
1,200
230
3,686,445
3,687,875
17,262
3,705,137
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
950,311
950,311
53,520
1,003,831
Issue of share capital
26
100
-
-
100
-
100
Dividends
13
-
-
(768,000)
(768,000)
(40,000)
(808,000)
Other movements
-
-
7,500
7,500
(7,500)
-
Balance at 31 August 2024
1,300
230
3,876,256
3,877,786
23,282
3,901,068
INSIGHT FINANCIAL ASSOCIATES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,200
230
4,086,881
4,088,311
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
1,886,311
1,886,311
Dividends
13
-
-
(576,000)
(576,000)
Balance at 31 August 2023
1,200
230
5,397,192
5,398,622
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
2,172,585
2,172,585
Issue of share capital
26
100
-
-
100
Dividends
13
-
-
(768,000)
(768,000)
Balance at 31 August 2024
1,300
230
6,801,777
6,803,307
INSIGHT FINANCIAL ASSOCIATES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
3,589,722
3,016,400
Interest paid
(105,244)
(85,615)
Income taxes paid
(740,216)
(368,925)
Net cash inflow from operating activities
2,744,262
2,561,860
Investing activities
Purchase of intangible assets
(1,835,660)
(2,417,586)
Purchase of tangible fixed assets
(46,952)
(42,951)
Proceeds from disposal of tangible fixed assets
94,099
40,746
Purchase of subsidiaries, net of cash acquired
(294,606)
-
Proceeds from disposal of subsidiaries, net of cash disposed
(5,189)
-
Proceeds from disposal of investments
229,776
-
Purchase of investments
(114,570)
(509,468)
Advancement of directors loan
-
27,728
Interest received
31,101
18,834
Net cash used in investing activities
(1,942,001)
(2,882,697)
Financing activities
Proceeds from borrowings
-
369,886
Repayment of bank loans
(150,397)
(159,606)
Dividends paid to equity shareholders
(768,000)
(576,000)
Dividends paid to non-controlling interests
(40,000)
(70,000)
Net cash used in financing activities
(958,397)
(435,720)
Net decrease in cash and cash equivalents
(156,136)
(756,557)
Cash and cash equivalents at beginning of year
550,642
1,307,199
Cash and cash equivalents at end of year
394,506
550,642
Relating to:
Cash at bank and in hand
580,852
749,730
Bank overdrafts included in creditors payable within one year
(186,346)
(199,088)
INSIGHT FINANCIAL ASSOCIATES LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
1
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,003,831
1,125,253
Adjustments for:
Share of results of associates and joint ventures
261,102
(10,817)
Taxation charged
943,852
670,285
Finance costs
152,088
85,615
Investment income
(31,101)
(18,834)
Loss on disposal of tangible fixed assets
12,708
4,335
Amortisation and impairment of intangible assets
1,458,476
1,252,488
Depreciation and impairment of tangible fixed assets
37,004
38,181
Other gains and losses
6,210
-
Movements in working capital:
Increase in debtors
(80,643)
(123,602)
Decrease in creditors
(173,805)
(6,504)
Cash generated from operations
3,589,722
3,016,400
2
Accounting policies
Company information

Insight Financial Associates Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7A Alkmaar Way, Norwich International Business Park, NORWICH, Norfolk, United Kingdom, NR6 6BF.

 

The group consists of Insight Financial Associates Limited and all of its subsidiaries.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 18 -
2.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

2.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Insight Financial Associates Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

2.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 19 -
2.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6
Research and development expenditure

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.

2.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

2.8
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:

Freehold land and buildings
25% reducing balance
Leasehold improvements
10% straight line
Fixtures and fittings
20% straight line, 20% reducing balance and 15% reducing balance
Computers
25% reducing balance, 20% reducing balance and 15% 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 recognised in the profit and loss account.

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 20 -
2.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.10
Impairment of fixed assets

At each reporting period end date, the group 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 it 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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 than 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.

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 21 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 22 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

2.14
Taxation

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

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 23 -
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

3
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Financial services
15,259,297
12,882,958
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,259,297
12,882,958
2024
2023
£
£
Other revenue
Interest income
31,101
18,834
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Research and development costs
2,450
-
Fees payable to the group's auditor for the audit of the group's financial statements
9,600
6,600
Depreciation of owned tangible fixed assets
37,004
38,181
Loss on disposal of tangible fixed assets
12,708
4,335
Amortisation of intangible assets
1,458,476
1,252,488
Operating lease charges
346,276
316,586
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
108
92
95
89
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,174,044
3,486,960
3,933,587
3,374,677
Pension costs
565,847
465,588
473,561
454,039
4,739,891
3,952,548
4,407,148
3,828,716

The amounts above include salaries payable to directors of £86,175 (2023 - £80,347). The highest paid director was paid £71,538 (2023 - £65,127).

7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,600
6,600
Audit of the financial statements of the company's subsidiaries
-
21,300
9,600
27,900
8
Directors' remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
260,000
240,000
Sums paid to third parties for directors' services
28,095
25,637
288,095
265,637
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,873
2,718
Other interest income
28,228
16,116
Total income
31,101
18,834
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,873
2,718
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
70,155
49,679
Other interest on financial liabilities
78,532
31,209
148,687
80,888
Other finance costs:
Interest on finance leases and hire purchase contracts
-
497
Other interest
3,401
4,230
Total finance costs
152,088
85,615
11
Amounts written off investments
2024
2023
£
£
Loss on disposal of financial assets held at cost
(1,021)
-
Other gains and losses
(5,189)
-
(6,210)
-
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
970,401
677,056
Deferred tax
Origination and reversal of timing differences
(26,549)
(6,771)
Total tax charge
943,852
670,285
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,947,683
1,795,538
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
486,921
448,885
Tax effect of expenses that are not deductible in determining taxable profit
15,126
23,674
Unutilised tax losses carried forward
255
-
0
Amortisation on assets not qualifying for tax allowances
364,619
137,688
Other permanent differences
-
0
82,050
Under/(over) provided in prior years
(25,498)
(20,781)
Tax at marginal rate
(172)
-
0
Removal of inter-group transactions in profit & loss
(7,500)
-
0
Consolidated adjustments in profit & loss
110,101
(1,231)
Taxation charge
943,852
670,285
13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
768,000
576,000
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023
7,787,430
Additions
1,835,660
Disposals
(65,000)
At 31 August 2024
9,558,090
Amortisation and impairment
At 1 September 2023
3,580,964
Amortisation charged for the year
1,458,476
Disposals
(65,000)
At 31 August 2024
4,974,440
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
14
Intangible fixed assets
(Continued)
- 28 -
Carrying amount
At 31 August 2024
4,583,650
At 31 August 2023
4,206,466
Company
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
2,445,479
Amortisation and impairment
At 1 September 2023
1,228,621
Amortisation charged for the year
417,822
At 31 August 2024
1,646,443
Carrying amount
At 31 August 2024
799,036
At 31 August 2023
1,216,858
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
15
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
1
-
0
7,392
279,379
-
0
286,772
Additions
-
0
-
0
839
46,113
-
0
46,952
Disposals
(1)
(1,131)
(13,551)
(65,890)
(167,199)
(247,772)
Exchange adjustments
-
0
2,991
24,340
-
0
167,199
194,530
At 31 August 2024
-
0
1,860
19,020
259,602
-
0
280,482
Depreciation and impairment
At 1 September 2023
1
-
0
5,009
149,058
-
0
154,068
Depreciation charged in the year
-
0
140
939
35,925
-
0
37,004
Eliminated in respect of disposals
(1)
(503)
(13,343)
(53,231)
(66,438)
(133,516)
Exchange adjustments
-
0
875
20,130
-
0
66,438
87,443
At 31 August 2024
-
0
512
12,735
131,752
-
0
144,999
Carrying amount
At 31 August 2024
-
0
1,348
6,285
127,850
-
0
135,483
At 31 August 2023
-
0
-
0
2,383
130,321
-
0
132,704
Company
Computers
£
Cost
At 1 September 2023
266,018
Additions
46,113
Disposals
(65,890)
At 31 August 2024
246,241
Depreciation and impairment
At 1 September 2023
136,793
Depreciation charged in the year
35,651
Eliminated in respect of disposals
(53,231)
At 31 August 2024
119,213
Carrying amount
At 31 August 2024
127,028
At 31 August 2023
129,225
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
7,960,206
5,661,767
Investments in associates
18
314,469
575,571
530,000
530,000
Unlisted investments
452,070
346,000
394,070
288,000
766,539
921,571
8,884,276
6,479,767
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2023
575,571
346,000
921,571
Additions
-
114,570
114,570
Share of associate profit
(261,102)
-
(261,102)
Disposals
-
(8,500)
(8,500)
At 31 August 2024
314,469
452,070
766,539
Carrying amount
At 31 August 2024
314,469
452,070
766,539
At 31 August 2023
575,571
346,000
921,571
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2023
6,191,767
288,000
6,479,767
Additions
2,298,439
114,570
2,413,009
Disposals
-
(8,500)
(8,500)
At 31 August 2024
8,490,206
394,070
8,884,276
Carrying amount
At 31 August 2024
8,490,206
394,070
8,884,276
At 31 August 2023
6,191,767
288,000
6,479,767
17
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Subsidiaries
(Continued)
- 31 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Robert Gerrard & Westbrook Holdings Ltd
Insight House, 7a Alkmaar Way, Norwich, NR6 6BF
Ordinary
75.00
-
Robert Gerrard & Westbrook Limited
Insight House, 7a Alkmaar Way, Norwich, NR6 6BF
Ordinary
0
75.00
Penvest Limited
Insight House 7a Alkmaar Way, Norwich International Business Park, Norwich, Norfolk, NR6 6BF
Ordinary
100.00
-
Insight Wealth Limited
Insight House 7a Alkmaar Way, Norwich International Business Park, Norwich, Norfolk, England, NR6 6B
Ordinary
100.00
-
D B Financial Management Limited
Insight House 7a Alkmaar Way, Norwich International Business Park, Norwich, Norfolk, England, NR6 6B
Ordinary
100.00
-
DRC Associates Limited
Insight House, 7a Alkmaar Way, Norwich, NR6 6BF
Ordinary
100.00
-
Asset Investment Management Ltd
Insight House, 7a Alkmaar Way, Norwich, NR6 6BF
Ordinary
100.00
-
Trillium Financial Planning Ltd
Insight House, 7a Alkmaar Way, Norwich, NR6 6BF
Ordinary
100.00
-
IFA Financial Services (UK) Ltd
Insight House, 7a Alkmaar Way, Norwich, NR6 6BF
Ordinary
100.00
-
Sophex Limited
Insight House, 7a Alkmaar Way, Norwich, NR6 6BF
Ordinary
100.00
-
18
Associates

Details of associates at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Platform One Group Limited
Peartree Business Centre, Cobham Road, Wimborne, Dorset, BH21 7PT
Ordinary
33
-
Platform One Limited
Peartree Business Centre, Cobham Road, Wimborne, Dorset, BH21 7PT
Ordinary
0
33
Roxy Capital Limited
9 Dover Patrol, London, England, SE3 0DW
Ordinary
0
33
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
386,023
338,564
346,384
277,262
Other debtors
490,494
235,579
488,002
235,579
Prepayments and accrued income
206,409
420,378
124,278
355,053
1,082,926
994,521
958,664
867,894
Amounts falling due after more than one year:
Other debtors
100,000
-
0
100,000
-
0
Total debtors
1,182,926
994,521
1,058,664
867,894
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 32 -
20
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Short term deposits
281,078
503,375
281,078
503,375
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
280,713
300,589
280,713
290,431
Other borrowings
23
222,400
216,103
-
0
-
0
Trade creditors
325,850
601,871
264,288
509,272
Amounts owed to group undertakings
-
0
-
0
1,828,548
1,164,190
Corporation tax payable
958,439
703,472
579,530
421,347
Other taxation and social security
115,980
89,335
92,143
85,696
Other creditors
908,264
1,190,437
907,214
1,136,436
Accruals and deferred income
86,095
53,359
64,336
20,895
2,897,741
3,155,166
4,016,772
3,628,267
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
60,000
216,273
60,000
216,273
Other borrowings
23
231,368
303,783
-
0
-
0
Other creditors
407,140
94,832
407,140
94,832
698,508
614,888
467,140
311,105
23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
154,367
317,774
154,367
317,774
Bank overdrafts
186,346
199,088
186,346
188,930
Other loans
453,768
519,886
-
0
-
0
794,481
1,036,748
340,713
506,704
Payable within one year
503,113
516,692
280,713
290,431
Payable after one year
291,368
520,056
60,000
216,273
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
23
Loans and overdrafts
(Continued)
- 33 -

The long-term loans are secured by fixed and floating charges over the property and undertaking of the company.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
33,211
33,176
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
31,757
32,306
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
33,176
32,306
Charge/(credit) to profit or loss
35
(549)
Liability at 31 August 2024
33,211
31,757

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
565,847
465,588

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares A of £1 each
1,000
1,000
1,000
1,000
Ordinary Shares B of £1 each
300
200
300
200
1,300
1,200
1,300
1,200
27
Acquisition of a business

On 24 April 2024 the group acquired 100% of the issued capital of Sophex Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
5,539
-
5,539
Trade and other receivables
370,879
-
370,879
Cash and cash equivalents
64,278
-
64,278
Trade and other payables
(38,759)
-
(38,759)
Tax liabilities
(42,100)
-
(42,100)
Deferred tax
(953)
-
(953)
Total identifiable net assets
358,884
-
358,884
Goodwill
1,835,660
Total consideration
2,194,544
The consideration was satisfied by:
£
Cash
500,000
Deferred consideration
1,694,544
2,194,544
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
270,456
Profit after tax
85,185
28
Related party transactions
INSIGHT FINANCIAL ASSOCIATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
28
Related party transactions
(Continued)
- 35 -

During the year commissions and recharges totalling £5,469,126 (2023 - £4,616,334) were receivable from an associated company. The company also provided a loan to this associated company, of which £160,000 (2023 - £200,000) was outstanding at the year end.

 

During the year sales of £81,254 (2023 - £97,920) and purchases of £1,182,465 (2023 - £900,898) were made to companies under significant control of one of more of the directors of Insight Financial Associates Limited. At the balance sheet date Insight Financial Associates Limited was owed £42,292 (2023 - £32,666) in total by some of these companies, and owed £40,339 (2023 - £61,158) to some of these companies.

 

Pension contributions were made on behalf of the directors totalling £260,000 (2023 - £240,000) to the Insight Directors Small Self Administered Plan, a Pension scheme in which the directors are members.

 

During the year salaries of £215,501 (2023 - £181,110) were paid to close family members of the directors.

 

During the year salaries of £113,756 (2023 - £0) were paid to shareholders who were not directors of the company.

 

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