Insane Logic Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06622498 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2016

for

Insane Logic Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr A R Jackman

Ms Z M Peden

Mrs G P Bond

Mr J Sofat

Ms Z L C Atkins

J Webber

F Erber

REGISTERED OFFICE:

2 Church Street

Burnham

Buckinghamshire

SL1 7HZ

REGISTERED NUMBER:

06622498 (England and Wales)

ACCOUNTANTS:

Sweeting & Smedley Limited

2 Church Street

Burnham

Buckinghamshire

SL1 7HZ

ASSETS

FIXED ASSETS

Tangible assets

2

382

10,028

CURRENT ASSETS

Debtors

94,001

117,922

Cash at bank and in hand

27,708

101,798

121,709

219,720

122,091

229,748

LIABILITIES

CAPITAL AND RESERVES

Called up share capital

3

183

156

Share premium

943,074

543,101

Profit and loss account

(1,233,190

)

(745,727

)

SHAREHOLDERS' FUNDS

(289,933

)

(202,470

)

CREDITORS

412,024

432,218

122,091

229,748

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 5 October 2016 and were signed on its behalf by:

Ms Z M Peden - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on a going concern. The company is undergoing significant research and

development expenditure and losses have been anticipated during this phase. The directors anticipate that the

company will return to a profitable position in the near future.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

50% on cost, 33% on cost and 25% on cost

Deferred tax

Deferred tax is not recognised in respect of all timing differences that have originated as it is not considered

material.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

36,846

Disposals

(27,454

)

At 30 June 2016

9,392

DEPRECIATION

At 1 July 2015

26,818

Charge for year

370

Eliminated on disposal

(18,178

)

At 30 June 2016

9,010

NET BOOK VALUE

At 30 June 2016

382

At 30 June 2015

10,028

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

10,000,000

A Ordinary

0.01p

100

3,358,271

B Ordinary

0.01p

34

2,170,720

C Ordinary

0.001

p

22

2,671,654

C2 Ordinary

0.001

p

27

-

183

156

The following shares were issued during the year:

2,671,654 C2 Ordinary 0.001p shares were issued at a premium of 14.971p per share.