Insight Out Solutions Limited - Period Ending 2015-12-31

Registration number: 09276074

Insight Out Solutions Limited

trading as i-intro

Unaudited Abbreviated Accounts

for the Period from 22 October 2014 to 31 December 2015

 

ES Accountancy Limited
6 Barnswick View
Cookridge
Leeds
West Yorkshire
LS16 7DP

Insight Out Solutions Limited
trading as i-intro
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Insight Out Solutions Limited
trading as i-intro
for the Period Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Insight Out Solutions Limited for the period ended 31 December 2015 set out on pages 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Insight Out Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Insight Out Solutions Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Insight Out Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Insight Out Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Insight Out Solutions Limited. You consider that Insight Out Solutions Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Insight Out Solutions Limited. 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 accounts.

......................................

ES Accountancy Limited
6 Barnswick View
Cookridge
Leeds
West Yorkshire
LS16 7DP

27 April 2016

Page 1

Insight Out Solutions Limited
trading as i-intro
(Registration number: 09276074)
Abbreviated Balance Sheet at 31 December 2015

		Note			31 December 2015 £
Fixed assets
Intangible fixed assets					16,000
Tangible fixed assets					62,419
					78,419
Current assets
Debtors					52,647
Cash at bank and in hand					475
					53,122
Creditors: Amounts falling due within one year					(98,016)
Net current liabilities					(44,894)
Total assets less current liabilities					33,525
Creditors: Amounts falling due after more than one year					(140,000)
Net liabilities					(106,475)
Capital and reserves
Called up share capital		3			100
Profit and loss account					(106,575)
Shareholders' deficit					(106,475)

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

Approved by the Board on 27 April 2016 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Insight Out Solutions Limited
trading as i-intro
(Registration number: 09276074)
Abbreviated Balance Sheet at 31 December 2015
......... continued

.........................................
Mr Plamen Ivanoff
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Insight Out Solutions Limited
trading as i-intro
Notes to the Abbreviated Accounts for the Period from 22 October 2014 to 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Trademarks	straight line over 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office Equipment	straight line over 5 years
Plant and Machinery	straight line over 5 years

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Insight Out Solutions Limited
trading as i-intro
Notes to the Abbreviated Accounts for the Period from 22 October 2014 to 31 December 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
Additions		20,000			78,024			98,024
At 31 December 2015		20,000			78,024			98,024
Depreciation
Charge for the period		4,000			15,605			19,605
At 31 December 2015		4,000			15,605			19,605
Net book value
At 31 December 2015		16,000			62,419			78,419

3	Share capital

Allotted, called up and fully paid shares

	31 December 2015
		No.			£
Ordinary Class A of £0.10 each		750			75
Ordinary Class B of £0.10 each		250			25
		1,000			100

4	Related party transactions

Directors' advances and credits

	22 October 2014 to 31 December 2015 Advance/ Credit £	22 October 2014 to 31 December 2015 Repaid £
Mr Plamen Ivanoff
The director has received a short term interest free loan.	1,218	-

Page 5

Insight Out Solutions Limited
trading as i-intro
Notes to the Abbreviated Accounts for the Period from 22 October 2014 to 31 December 2015
......... continued

Mr Paul Leonard Hickey
The director has received a short term interest free loan.	1,500	-

Page 6