Purchasing Insight Limited - Accounts to registrar (filleted) - small 18.2

Purchasing Insight Limited - Accounts to registrar (filleted) - small 18.2

PURCHASING INSIGHT LIMITED - Company Information

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REGISTERED NUMBER: 08710628 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

Purchasing Insight Limited
Connolly Accountants & Business Advisors LTD
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN








Purchasing Insight Limited (Registered number: 08710628)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Purchasing Insight Limited

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2018







DIRECTOR: P Loughlin





REGISTERED OFFICE: The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN





REGISTERED NUMBER: 08710628 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors LTD
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN
1
Purchasing Insight Limited (Registered number: 08710628)

BALANCE SHEET
31 OCTOBER 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,584 7,308

CURRENT ASSETS
Debtors 5 23,533 49,683
Cash at bank 16,028 7,632
39,561 57,315
CREDITORS
Amounts falling due within one year 6 42,650 50,501
NET CURRENT (LIABILITIES)/ASSETS (3,089 ) 6,814
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,495
14,122

PROVISIONS FOR LIABILITIES 949 1,241
NET ASSETS 1,546 12,881

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,446 12,781
SHAREHOLDERS' FUNDS 1,546 12,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The notes form part of these financial statements

2 continued...
Purchasing Insight Limited (Registered number: 08710628)

BALANCE SHEET - continued
31 OCTOBER 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 31 July 2019 and were signed by:





P Loughlin - Director


The notes form part of these financial statements

3
Purchasing Insight Limited (Registered number: 08710628)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018

1. STATUTORY INFORMATION

Purchasing Insight Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added
tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.33% on cost, 4 years and 25% on reducing balance

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

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 costs 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.

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 a contract that evidences a residual interest in the assets of the company after deducting all of
its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies 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 costs, 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.


4 continued...
Purchasing Insight Limited (Registered number: 08710628)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2018

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent
that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire
purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over
their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the
future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2017 25,800
Additions 409
At 31 October 2018 26,209
DEPRECIATION
At 1 November 2017 18,492
Charge for year 2,133
At 31 October 2018 20,625
NET BOOK VALUE
At 31 October 2018 5,584
At 31 October 2017 7,308

5 continued...
Purchasing Insight Limited (Registered number: 08710628)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2018

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2017
and 31 October 2018 20,195
DEPRECIATION
At 1 November 2017 13,945
Charge for year 1,562
At 31 October 2018 15,507
NET BOOK VALUE
At 31 October 2018 4,688
At 31 October 2017 6,250

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 19,620 45,770
Other debtors 3,913 3,913
23,533 49,683

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Hire purchase contracts - 644
Taxation and social security 40,435 47,945
Other creditors 2,215 1,912
42,650 50,501

7. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Hire purchase contracts - 644

6