Office Insight Limited Small abbreviated accounts

OFFICE INSIGHT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 07472765

Office Insight

Limited

Unaudited

Abbreviated accounts

31 January 2015

Office Insight Limited

Abbreviated balance sheet

31 January 2015

	2015	2014
Note	£	£	£
Fixed assets	2
Intangible assets		400,000	425,000
Tangible assets		27,472	61,009
		---------	---------
		427,472	486,009
		---------	---------

Current assets

Stocks	13,500		15,500
Debtors	3	137,568		277,310
Cash at bank and in hand	184,059		145,090
	---------		---------
	335,127		437,900
Creditors: Amounts falling due within one year	4	232,860		416,267
		---------		---------
Net current assets		102,267	21,633
		---------	---------
Total assets less current liabilities		529,739	507,642

Creditors: Amounts falling due after more than one year		326,601	362,390

Provisions for liabilities	-	2,371
	---------	---------
	203,138	142,881
	---------	---------

Capital and reserves

Called up equity share capital	5		100	100
Profit and loss account		203,038	142,781
		---------	---------
Shareholders' funds		203,138	142,881
		---------	---------

For the year ended 31 January 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 4 September 2015 , and are signed on their behalf by:

Mr G Dunbar

Director

Company Registration Number: 07472765

Office Insight Limited

Notes to the abbreviated accounts

Year ended 31 January 2015

1. Accounting policies

(a) Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

(b) Turnover

The turnover shown in the profit and loss account represents the invoice value of goods and services provided during the year, exclusive of Value Added Tax.

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful ecomonic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.

(d) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 5% straight line

(e) Fixed assets

All fixed assets are initially recorded at cost.

(f) Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 15% straight line

Fixtures & Fittings - 25% straight line

Motor Vehicles - 25% straight line

(g) Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.

(h) Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

(i) Operating lease agreements

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.

(j) Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

(k) 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.

2. Fixed assets

Intangible Assets	Tangible Assets	Total
£	£	£

Cost

At 1 February 2014	500,000	156,660	656,660
Disposals	–	( 11,995)	( 11,995)
	---------	---------	---------
At 31 January 2015	500,000	144,665	644,665
	---------	---------	---------

Depreciation

At 1 February 2014	75,000	95,651	170,651
Charge for year	25,000	31,288	56,288
On disposals	–	( 9,746)	( 9,746)
	---------	---------	---------
At 31 January 2015	100,000	117,193	217,193
	---------	---------	---------

Net book value

At 31 January 2015	400,000	27,472	427,472
	---------	--------	---------

At 31 January 2014	425,000	61,009	486,009
	---------	--------	---------

3. Debtors

Debtors include amounts of £3,305 (2014 - £Nil) falling due after more than one year.

4. Creditors: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2015	2014
	£	£
Hire purchase agreements	-	3,507
	----	-------

5. Share capital

Allotted, called up and fully paid:

2015	2014
No	£	No	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----
	100	100	100	100
	----	----	----	----