Inspired Testing Limited Filleted accounts for Companies House (small and micro)

INSPIRED TESTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10141744

Inspired Testing Limited

Filleted Financial Statements

29 February 2020

Inspired Testing Limited

Financial Statements

Year ended 29 February 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Inspired Testing Limited

Statement of Financial Position

29 February 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		5,642	1,382

Current assets

Debtors	6	417,299	99,865
Cash at bank and in hand		193,155	98,550
		---------	---------
		610,454	198,415

Creditors: amounts falling due within one year	7	765,458		408,746
		---------		---------
Net current liabilities			155,004	210,331
			---------	---------
Total assets less current liabilities			( 149,362)	( 208,949)

Provisions

Taxation including deferred tax	( 27,466)	–
	---------	---------
Net liabilities	( 121,896)	( 208,949)
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 122,896)	( 209,949)
	---------	---------
Shareholders deficit	( 121,896)	( 208,949)
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 23 November 2020 , and are signed on behalf of the board by:

Mr J H Fouche
Director

Company registration number: 10141744

Inspired Testing Limited

Notes to the Financial Statements

Year ended 29 February 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 C/- Sable Accounting, 13th Floor, One Croydon, 12-16 Addiscombe Road, Croydon, CR0 0XT.

2. Statement of compliance

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on the going concern basis on the understanding that the immediate parent company will continue to provide financial support, as required, to enable the company to continue trading for a period of at least 12 months from the date of approval of these financial statements. The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered relating to business and domestic software development, stated net of discounts and of Value Added Tax. Revenue is recognised when the time is worked on the customer or when software costs are incurred by the company.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

	Computer equipment	-	33% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2019: 1 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 March 2019	1,449	1,449
Additions	4,836	4,836
	-------	-------
At 29 February 2020	6,285	6,285
	-------	-------
Depreciation
At 1 March 2019	67	67
Charge for the year	576	576
	-------	-------
At 29 February 2020	643	643
	-------	-------
Carrying amount
At 29 February 2020	5,642	5,642
	-------	-------
At 28 February 2019	1,382	1,382
	-------	-------

6. Debtors

	2020	2019
	£	£
Trade debtors	360,322	65,883
Amounts owed by group undertakings	26,264	22,351
Other debtors	30,713	11,631
	---------	--------
	417,299	99,865
	---------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	39,508	14,736
Amounts owed to group undertakings	552,010	346,535
Social security and other taxes	95,968	9,163
Other creditors	77,972	38,312
	---------	---------
	765,458	408,746
	---------	---------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions	( 27,466)	–
	--------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Unused tax losses	( 27,466)	–
	--------	----

9. Events after the end of the reporting period

The existence of Coronavirus (Covid-19) was confirmed in early 2020 and has since spread globally, causing disruptions to businesses and economic activity. This outbreak of Covid-19 was declared a global pandemic on 11 March 2020 by the World Health organisation. The UK then went into national lockdown on 23 March 2020 and has seen various levels of restrictions since this date. The Company considers this outbreak to be a non-adjusting post balance sheet event. As the situation is fluid and rapidly evolving, we do not consider it practicable to provide a quantitative estimate of the potential impact of this outbreak on the company however due to the nature of the business the impact to date has not been significant.

10. Summary audit opinion

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditors' report was unqualified

The senior statutory auditor was Mark Rogers FCCA

The auditor was HJS (Reading) Limited

11. Related party transactions

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group Sales to related parties:

	2020	2019
	£	£
Group companies	220,000	30,100

Purchases from related parties:

	2020	2019
	£	£
Group companies	57,600	5,126
Entities controlled by directors	147,797	82,669

Amounts owed by related parties:

	2020	2019
	£	£
Group companies	21,430	21,948

Amounts owed to related parties:

	2020	2019
	£	£
Group companies	2,205	831
Entities controlled by directors	12,000	–

12. Ultimate controlling party

The immediate parent company is Dynamic Visual Technologies (Pty) Ltd and the ultimate controlling party is Dynamic Technologies Holdings (Pty) Ltd , both companies are incorporated in South Africa.

The largest and smallest group which the company is consolidated into is Dynamic Technologies Holdings (Pty) Ltd.

The business address for both is: 2 Venus Street, Melrose estate, Johannesburg, South Africa