Insideout Technology Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06611436 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Insideout Technology Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J J D Wilkin

Mr A R Hazell

REGISTERED OFFICE:

The Old School House

3a Leckhampton Road

Cheltenham

Gloucestershire

GL53 0AX

REGISTERED NUMBER:

06611436 (England and Wales)

FIXED ASSETS

Tangible assets

4

5,327

5,299

CURRENT ASSETS

Debtors

5

56,408

12,717

Cash at bank

31,501

48,199

87,909

60,916

CREDITORS

Amounts falling due within one year

6

45,579

45,553

NET CURRENT ASSETS

42,330

15,363

TOTAL ASSETS LESS CURRENT LIABILITIES

47,657

20,662

PROVISIONS FOR LIABILITIES

1,060

1,060

NET ASSETS

46,597

19,602

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

46,497

19,502

SHAREHOLDERS' FUNDS

46,597

19,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2017 and were signed on its behalf by:

Mr J J D Wilkin - Director

Mr A R Hazell - Director

1.	STATUTORY INFORMATION

Insideout Technology Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive

of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of

work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term

contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates

and laws that have been enacted or substantively enacted by the year end and that are expected to apply to

the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of

the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2015 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2016

1,065

6,000

7,065

Additions

2,393

-

2,393

At 31 December 2016

3,458

6,000

9,458

DEPRECIATION

At 1 January 2016

266

1,500

1,766

Charge for year

865

1,500

2,365

At 31 December 2016

1,131

3,000

4,131

NET BOOK VALUE

At 31 December 2016

2,327

3,000

5,327

At 31 December 2015

799

4,500

5,299

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

56,408

12,717

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

5,606

-

Trade creditors

6,365

7,501

Corporation tax

22,416

17,946

Social security and other taxes

2,149

1,239

VAT

6,202

15,955

Other creditors

-

513

Directors' current accounts

2,166

1,724

Accruals and deferred income

675

675

45,579

45,553