ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
COMPANY INFORMATION
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CORNWALL INSIGHT LIMITED
CONTENTS
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CORNWALL INSIGHT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2020
The directors present their strategic report for the Company.
Strategy and business model Cornwall Insight Limited provides market regulatory, policy analysis, insight, training and advisory services to businesses and other stakeholders engaged in the energy sector. Services are delivered through subscription reports and models, advisory and consulting services, and through training provision. The strategy of the business is to build sustainable and strategic relationships with the proliferating range of actors who become engaged with the energy sector through the drive to further decarbonise all aspects of developed economies. It is also to diversify our service provision across all parts of the energy value chain and to take the company into selected new international markets where the directors consider that there are strong opportunities for Cornwall Insight to succeed. The Company currently has a presence in Great Britain, and through subsidiaries in Ireland, and Australia.
Company turnover in the year ending 31 March 2020 increased modestly on the previous financial year.. EBITDA (before exceptional inter-company write offs) was slightly down at £852k (2019: £1,058k) reflecting mainly the changes in the underlying business described below and further investments made in the business.
Growth in the Company’s subscription order book was strong in energy generation and in the energy storage sectors. However, there have been exits from the Great British energy market by energy suppliers who take service from us. The net effect has been that the order book as marginally increased, but with stronger growth as the financial year ended. Overall subscription revenue reported in the period is 6% up on the previous financial year as recognition from longer term growth flows through. The Company’s consulting revenues in the year ending 31 March 2020 increased by 10% on the previous year, but training revenues were lower by 6%. Political and energy market uncertainty has also been high in Great Britain due to the election and Country’s exit from the European Union creating hiatus in some discretionary expenditure by some our customers during the year, particularly impacting spending on learning and development services. In line with the Company strategy, there has been progress made in the Irish and Australian energy markets through the Company’s subsidiaries in those countries. In Ireland, key customers have been secured for our consulting activities helping to continue the growth in income derived from this market, and we have also expanded the team to support conversion of consulting contracts into revenue. In Australia, the directors also approved further investment into entry into the Australian energy market, creating a team and building a presence based out of Melbourne. It is anticipated that revenue generation in Australia will commence in earnest in financial year ending 31 March 2021, with growth driven by regulatory and policy insight services, and power market modelling supporting revenue generated on a subscription or consulting basis In terms of investment, in the year ending 31 March 2020, and in keeping with the Company’s overall strategy, the directors approved expenditure for a new Customer Relationship Management (CRM) system to ensure improved stewardship of the customer journey. Further investment has also been made in expanding headcount generally to support service diversification, and in modelling, quantitative and data analytical capability specifically.
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CORNWALL INSIGHT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
Business review and key performance indicators (continued)
Finally, Covid 19 impacted on business activities only in the final weeks of the financial year. The Company responded dynamically to the challenge, transitioning all employees to home working in a matter of days and ensuring virtual delivery of all services, including training, within a matter of weeks. Continuity of earnings ensued as a result and momentum in lead indicators and results between the year ending 31 March 2020 and the new financial year has been good. In addition, the directors instituted more granular and frequent reporting of operational financial metrics, including cashflow on a short, medium and long-term basis, and developed sensitivities (and mitigating strategies in relation) to the Group’s financial projections to account for possible Covid risks.
The directors have identified the following principal risks and uncertainties affecting the company.
Market risk Continued exits by energy suppliers in Great Britain could impact further on the customer subscriptions order book. The business manages these risks by successfully diversifying the customer base into the generator and battery segments of the market, and by deepening and expanding relationships with those energy suppliers who are emerging as strong actors in a consolidating market, and through diversifying internationally. Additions to the order book through winning new business and upsell since the turn of the calendar year has been strong. The Company also risk rates the order book, and as we close the year our judgement is the “at risk” share is now low compared to March 2019. Performance in international expansion Costs incurred in establishing the Australian subsidiary do not lead to revenue generation and become a cash burden on the Company. The business manages these risks through the development of the full-service suite ahead of the commencement of the new financial year, providing a platform to grow our subscription order book in the country. This has been accompanied by high quality recruitment and a fully developed sales and marketing plan for the territory.
Outside of the normal production of financial statements the Company and its directors monitor performance using several lead and lag measures. These include:
• Monthly subscriptions gross and net order book growth by country, customer, and sector; • Monthly consulting contracts secured by country, customer, and sector; • Monthly Utilisation rates by consultant and by team; • Monthly Training bookings by type of training; and • Rolling gross and risk adjusted pipelines across all channels. Final quarter performance against these indicators for the business were strong and improved on the position at the start and mid-point of the financial year. As a result, the directors consider that recent initiatives and investments have begun to bear fruit and expect further benefits to be derived through significant growth in the coming financial year.
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CORNWALL INSIGHT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
This report was approved by the board and signed on its behalf.
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CORNWALL INSIGHT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
The directors present their report and the financial statements for the year ended 31 March 2020.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £9,713 (2019 - profit £784,563).
No final dividend (2019: £Nil) was recommended for payment.
The directors who served during the year were:
Future developments are discussed in detail within the Strategic Report.
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CORNWALL INSIGHT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Larking Gowen LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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CORNWALL INSIGHT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORNWALL INSIGHT LIMITED
We have audited the financial statements of Cornwall Insight Limited (the 'Company') for the year ended 31 March 2020, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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CORNWALL INSIGHT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORNWALL INSIGHT LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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CORNWALL INSIGHT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORNWALL INSIGHT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
King Street House
15 Upper King Street
NR3 1RB
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CORNWALL INSIGHT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
REGISTERED NUMBER: 05379768
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
REGISTERED NUMBER: 05379768
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 28 form part of these financial statements.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Cornwall Insight Limited is a private company, limited by shares and incorporated in England and Wales, registration number 05379768. The registered office is Level 3 The Union House, 51-59 Rose Lane, Norwich, Norfolk NR1 1BY.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Cornwall Insight Group Limited as at 31 March 2020 and these financial statements may be obtained from Companies House.
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
The directors have considered the Company’s position at the time of signing the financial statements,and in particular the trading performance throughout the 2021FY and the 2022FY to date which has continued strongly and the Company’s business plan for FY2022-24 including anticipated cashflows.
Based on this, the directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in these financial statements. Income from consultancy services is recognised based on the stage of completion of the contract. Turnover from subscriptions is recognised over the subscription period on an accruals basis. Turnover from training services is recognised on the date that the training course takes place. At the period end, a deferred income balance represents amounts received from customers but not yet earned by the Company, in accordance with the above. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Impairment of debtors The Company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management considered factors including the current credit rating, the ageing profile of debtors and historical experience. Accrued income The Company makes an estimate of the degree of completion on consultancy contracts at the year end by consideration to the percentage of work done on each project at the year end date. Useful economic lives of tangible assets The annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic conditions and the physical condition of the assets. Refer to note 2.13 for the useful economic lives of the asset. Useful economic lives of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually and are amended when necessary to reflect the current use of the assets acquired. Refer to note 2.12 for the useful economic lives of intangible assets.
All turnover arose from the principal activity of the Company, namely the provision of consultancy, information and training services to the energy sector.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
11.Taxation (continued)
At the year end, legislation to reduce the main rate of corporation tax to 17% by 1 April 2020 had been substantively enacted. However, post year end, legislation to hold the rate of corporation tax at 19% has been enacted. As there is not a material impact of this change on the figures disclosed, the deferred tax has been provided for at 19% in these financial statements.
The main rate of corporation tax is expected to increase to 25% with effect from 1 April 2023.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Share premium account
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £97,103 (2019 - £79,011). Contributions totalling £19,352 (2019 - £12,937) were payable to the fund at the reporting date and are included in creditors.
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CORNWALL INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The ultimate parent company of Cornwall Insight Limited is Cornwall Insight Group Limited who draw up the consolidated financial statements of the group. There is no ultimate controlling party.
The Company's registered office is Level 3 The Union Building, 51-59 Rose Lane, Norwich, Norfolk NR1 1BY.
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