Insideout Technology Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06611436 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

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

31,967

5,327

CURRENT ASSETS

Debtors

5

34,802

56,408

Cash at bank

17,640

31,501

52,442

87,909

CREDITORS

Amounts falling due within one year

6

46,923

45,579

NET CURRENT ASSETS

5,519

42,330

TOTAL ASSETS LESS CURRENT LIABILITIES

37,486

47,657

PROVISIONS FOR LIABILITIES

6,154

1,060

NET ASSETS

31,332

46,597

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

31,232

46,497

SHAREHOLDERS' FUNDS

31,332

46,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 26 July 2018 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2017

-

3,458

6,000

9,458

Additions

12,744

25,928

-

38,672

At 31 December 2017

12,744

29,386

6,000

48,130

DEPRECIATION

At 1 January 2017

-

1,131

3,000

4,131

Charge for year

3,186

7,346

1,500

12,032

At 31 December 2017

3,186

8,477

4,500

16,163

NET BOOK VALUE

At 31 December 2017

9,558

20,909

1,500

31,967

At 31 December 2016

-

2,327

3,000

5,327

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

32,028

56,408

Other debtors

2,774

-

34,802

56,408

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

5,606

Trade creditors

28,207

6,365

Corporation tax

8,401

22,416

Social security and other taxes

939

2,149

VAT

-

6,202

Other creditors

4,567

-

Directors' current accounts

2,559

2,166

Accruals and deferred income

2,250

675

46,923

45,579