Insideout Technology Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06611436 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Insideout Technology Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J J D Wilkin

Mr A R Hazell

REGISTERED OFFICE:

The Old School House

3a Leckhampton Road

Cheltenham

Gloucestershire

GL53 0AX

REGISTERED NUMBER:

06611436 (England and Wales)

FIXED ASSETS

Tangible assets

4

21,675

31,967

CURRENT ASSETS

Debtors

5

70,211

34,802

Cash at bank

26,193

17,640

96,404

52,442

CREDITORS

Amounts falling due within one year

6

83,374

46,923

NET CURRENT ASSETS

13,030

5,519

TOTAL ASSETS LESS CURRENT LIABILITIES

34,705

37,486

PROVISIONS FOR LIABILITIES

4,118

6,154

NET ASSETS

30,587

31,332

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

30,487

31,232

SHAREHOLDERS' FUNDS

30,587

31,332

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

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

The directors acknowledge their 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 August 2019 and were signed on its behalf by:

Mr J J D Wilkin - Director

Mr A R Hazell - Director

1.	STATUTORY INFORMATION

Insideout Technology Ltd 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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done

in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts

for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2018

12,744

29,386

6,000

48,130

Additions

-

2,321

-

2,321

At 31 December 2018

12,744

31,707

6,000

50,451

DEPRECIATION

At 1 January 2018

3,186

8,477

4,500

16,163

Charge for year

3,186

7,927

1,500

12,613

At 31 December 2018

6,372

16,404

6,000

28,776

NET BOOK VALUE

At 31 December 2018

6,372

15,303

-

21,675

At 31 December 2017

9,558

20,909

1,500

31,967

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

70,211

32,028

Other debtors

-

2,774

70,211

34,802

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

42,107

28,207

Corporation tax

15,566

8,401

Social security and other taxes

212

939

VAT

517

-

Other creditors

7,247

4,567

Directors' current accounts

15,475

2,559

Accruals and deferred income

2,250

2,250

83,374

46,923