INSIDEOUT CREATIVE LIMITED - Filleted accounts

INSIDEOUT CREATIVE LIMITED - Filleted accounts

INSIDEOUT CREATIVE LIMITED - Company Information

Print Friendly Version

Registered number
05681807
INSIDEOUT CREATIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
INSIDEOUT CREATIVE LIMITED
CONTENTS
Page
Balance sheet 1
Notes to the financial statements 2 - 6
INSIDEOUT CREATIVE LIMITED
Balance Sheet
as at 31 January 2021
Company Registration No. 05681807
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 2,462 4,342
Current assets
Debtors 4 38,968 24,271
Creditors: amounts falling due within one year 5 (35,004) (26,579)
Net current assets/(liabilities) 3,964 (2,308)
Total assets less current liabilities 6,426 2,034
Creditors: amounts falling due after more than one year 6 (21,667) -
Net (liabilities)/assets (15,241) 2,034
Capital and reserves
Called up share capital 100 100
Profit and loss account (15,341) 1,934
Shareholder's funds (15,241) 2,034
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
James Reeves
Director
Approved by the board on 16 March 2021
INSIDEOUT CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
1 Accounting policies
Basis of preparation
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 the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support of the company's director who is also a shareholder. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholder and director has expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% straight line
Financial instruments
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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 transactions costs, 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. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and 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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 February 2020 12,040
At 31 January 2021 12,040
Depreciation
At 1 February 2020 7,698
Charge for the year 1,880
At 31 January 2021 9,578
Net book value
At 31 January 2021 2,462
At 31 January 2020 4,342
4 Debtors 2021 2020
£ £
Director's current account 29,410 18,318
Other debtors 9,558 5,953
38,968 24,271
The Director's current account represents amount due from James Reeves, director of the company. The amount outstanding at the year end date was £29,410 (2019: £18,318). The loan is interest free, unsecured and repayable on demand.
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 11,234 7,344
Corporation tax 9,818 7,913
Other taxes and social security costs 2,649 1,568
Other creditors 11,303 9,754
35,004 26,579
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 21,667 -
Amounts included above which fall due after five years are as follows:
Payable by instalments 1,667 -
The long-term bank loans are secured by Guarantee from the UK Government under Bounce Back Loan Scheme (BBLS).
7 Other information
InsideOut Creative Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD.
INSIDEOUT CREATIVE LIMITED 05681807 false 2020-02-01 2021-01-31 2021-01-31 VT Final Accounts April 2020 James Reeves No description of principal activity 05681807 2019-02-01 2020-01-31 05681807 core:WithinOneYear 2020-01-31 05681807 core:AfterOneYear 2020-01-31 05681807 core:ShareCapital 2020-01-31 05681807 core:RetainedEarningsAccumulatedLosses 2020-01-31 05681807 2020-02-01 2021-01-31 05681807 bus:PrivateLimitedCompanyLtd 2020-02-01 2021-01-31 05681807 bus:AuditExemptWithAccountantsReport 2020-02-01 2021-01-31 05681807 bus:Director40 2020-02-01 2021-01-31 05681807 1 2020-02-01 2021-01-31 05681807 2 2020-02-01 2021-01-31 05681807 core:PlantMachinery 2020-02-01 2021-01-31 05681807 countries:England 2020-02-01 2021-01-31 05681807 bus:FRS102 2020-02-01 2021-01-31 05681807 bus:FullAccounts 2020-02-01 2021-01-31 05681807 2021-01-31 05681807 core:WithinOneYear 2021-01-31 05681807 core:AfterOneYear 2021-01-31 05681807 core:ShareCapital 2021-01-31 05681807 core:RetainedEarningsAccumulatedLosses 2021-01-31 05681807 core:PlantMachinery 2021-01-31 05681807 2020-01-31 05681807 core:PlantMachinery 2020-01-31 iso4217:GBP xbrli:pure