Instinctive Business Intelligence Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC529957 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

INSTINCTIVE BUSINESS INTELLIGENCE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Henry

N J McFadden

REGISTERED OFFICE:

27 Waterloo Street

Cadell House

Suite 1/2

Glasgow

G2 6BZ

REGISTERED NUMBER:

SC529957 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

4

8,150

7,303

CURRENT ASSETS

Stocks

370,815

315,873

Debtors

5

472,519

282,223

Cash at bank

172,372

37,699

1,015,706

635,795

CREDITORS

Amounts falling due within one year

6

943,399

639,504

NET CURRENT ASSETS/(LIABILITIES)

72,307

(3,709

)

TOTAL ASSETS LESS CURRENT LIABILITIES

80,457

3,594

PROVISIONS FOR LIABILITIES

8

1,515

1,374

NET ASSETS

78,942

2,220

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

78,940

2,218

SHAREHOLDERS' FUNDS

78,942

2,220

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 21 December 2020 and were signed on its behalf by:

N J McFadden - Director

S J Henry - Director

1.	STATUTORY INFORMATION

Instinctive Business Intelligence Ltd is a private company, limited by shares, registered in Scotland. The Company's registered number and registered office address are as below:

Registered number:

SC529957

Registered office:

27 Waterloo Street

Cadell House

Suite 1/2

Glasgow

G2 6BZ

The presentational and functional currency of the financial statements is the Pound Sterling (£).

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 Income Statement represents the value of all goods sold during the year, less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

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

Computer equipment

- 33% on cost

Work in progress

Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity.

For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

Where amounts invoiced exceed the value of work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

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

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Operating lease commitments

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged against profits on a straight line basis over the period of the lease.

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 the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2019 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

5,222

7,103

12,325

Additions

148

5,121

5,269

At 31 March 2020

5,370

12,224

17,594

DEPRECIATION

At 1 April 2019

3,837

1,185

5,022

Charge for year

1,312

3,110

4,422

At 31 March 2020

5,149

4,295

9,444

NET BOOK VALUE

At 31 March 2020

221

7,929

8,150

At 31 March 2019

1,385

5,918

7,303

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

419,436

268,415

Amounts owed by associates

2,769

-

Other debtors

50,314

13,808

472,519

282,223

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

137,500

-

Trade creditors

20,448

18,796

Amounts owed to associates

178,556

190,873

Taxation and social security

532,811

348,549

Other creditors

74,084

81,286

943,399

639,504

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

12,000

12,000

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

1,515

1,374

Deferred

tax

£

Balance at 1 April 2019

1,374

Charge to Income Statement during year

141

Balance at 31 March 2020

1,515

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

1

2

2

10.	RELATED PARTY DISCLOSURES

Amounts totalling £39,727 (2019 - £20,724) were due to the directors as at 31 March 2020. The loans are unsecured, interest free with no fixed terms of repayment in place and are included in other creditors.

Amounts totalling £178,556 (2019 - £190,873) were due to associated companies with common directorship. The loans are unsecured, interest free with no fixed terms of repayment.

Amounts totalling £2,769 (2019: £nil) were due from associated companies with common directorship. The loans are unsecured, interest free with no fixed terms of repayment in place.

No further transactions with related parties were undertaken such as required to be disclosed under the provisions on Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the Company are the directors by virtue of each holding 50% of the issued share capital.