Investment Insight Ltd Company accounts

Investment Insight Ltd Company accounts

INVESTMENT INSIGHT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04058994
Investment Insight Ltd
Unaudited Financial Statements
For the year ended
30 June 2020
Investment Insight Ltd
Financial Statements
Year ended 30 June 2020
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
8
Investment Insight Ltd
Director's Report
Year ended 30 June 2020
The director presents her report and the unaudited financial statements of the company for the year ended 30 June 2020 .
Director
The director who served the company during the year was as follows:
Mrs L Sullivan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 January 2021 and signed on behalf of the board by:
Mrs L Sullivan
Director
Registered office:
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
Investment Insight Ltd
Statement of Income and Retained Earnings
Year ended 30 June 2020
2020
2019
Note
£
£
Turnover
55,606
63,582
--------
--------
Gross profit
55,606
63,582
Administrative expenses
( 16,578)
( 16,474)
--------
--------
Operating profit
39,028
47,108
Other interest receivable and similar income
90
123
--------
--------
Profit before taxation
5
39,118
47,231
Tax on profit
( 7,442)
( 8,986)
--------
--------
Profit for the financial year and total comprehensive income
31,676
38,245
--------
--------
Dividends paid and payable
( 33,000)
( 60,000)
Retained earnings at the start of the year
157,445
179,200
---------
---------
Retained earnings at the end of the year
156,121
157,445
---------
---------
All the activities of the company are from continuing operations.
Investment Insight Ltd
Statement of Financial Position
30 June 2020
2020
2019
Note
£
£
£
£
Fixed assets
Tangible assets
6
128,520
128,570
Current assets
Cash at bank and in hand
39,227
41,876
Creditors: amounts falling due within one year
7
( 11,624)
( 12,999)
--------
--------
Net current assets
27,603
28,877
---------
---------
Total assets less current liabilities
156,123
157,447
---------
---------
Net assets
156,123
157,447
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
156,121
157,445
---------
---------
Shareholders funds
156,123
157,447
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 January 2021 , and are signed on behalf of the board by:
Mrs L Sullivan
Director
Company registration number: 04058994
Investment Insight Ltd
Notes to the Financial Statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2020
2019
£
£
Depreciation of tangible assets
50
66
----
----
6. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 July 2019 and 30 June 2020
128,373
1,826
130,199
---------
-------
---------
Depreciation
At 1 July 2019
–
1,629
1,629
Charge for the year
–
50
50
---------
-------
---------
At 30 June 2020
–
1,679
1,679
---------
-------
---------
Carrying amount
At 30 June 2020
128,373
147
128,520
---------
-------
---------
At 30 June 2019
128,373
197
128,570
---------
-------
---------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
7,441
8,986
Other creditors
4,183
4,013
--------
--------
11,624
12,999
--------
--------
Investment Insight Ltd
Management Information
Year ended 30 June 2020
The following pages do not form part of the financial statements.
Investment Insight Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Investment Insight Ltd
Year ended 30 June 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Investment Insight Ltd for the year ended 30 June 2020, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Investment Insight Ltd in accordance with the terms of our engagement letter dated 24 January 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Investment Insight Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Investment Insight Ltd and its director for our work or for this report.
It is your duty to ensure that Investment Insight Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Investment Insight Ltd. You consider that Investment Insight Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Investment Insight Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BSG VALENTINE Chartered Accountants
Lynton House 7-12 Tavistock Square London WC1H 9BQ
21 January 2021