Abbreviated Company Accounts - INSIGHT ICT LTD

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Registered Number 05588600

INSIGHT ICT LTD

Abbreviated Accounts

30 September 2013

INSIGHT ICT LTD Registered Number 05588600

Abbreviated Balance Sheet as at 30 September 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	6,899	9,850
		6,899	9,850
Current assets
Debtors		39,937	40,624
		39,937	40,624
Creditors: amounts falling due within one year		(54,441)	(42,945)
Net current assets (liabilities)		(14,504)	(2,321)
Total assets less current liabilities		(7,605)	7,529
Creditors: amounts falling due after more than one year		(3,051)	(7,773)
Total net assets (liabilities)		(10,656)	(244)
Capital and reserves
Called up share capital	3	200	200
Profit and loss account		(10,856)	(444)
Shareholders' funds		(10,656)	(244)

For the year ending 30 September 2013 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 28 July 2014

And signed on their behalf by:
Malcolm Green, Director

INSIGHT ICT LTD Registered Number 05588600

Notes to the Abbreviated Accounts for the period ended 30 September 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Leasing and hire purchase commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Going concern

The accounts have been prepared on a going concern basis even though the Balance Sheet shows the company to be technically insolvent. The directors believe the going concern basis to be appropriate as they are confident that the company can continue to meet its liabilities as they fall due.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 25% straight line
Fixtures and fittings 25% straight line
Motor vehicles 25% straight line

2Tangible fixed assets

	£
Cost
At 1 October 2012	25,095
Additions	866
Disposals	-
Revaluations	-
Transfers	-
At 30 September 2013	25,961
Depreciation
At 1 October 2012	15,245
Charge for the year	3,817
On disposals	-
At 30 September 2013	19,062
Net book values
At 30 September 2013	6,899
At 30 September 2012	9,850

3Called Up Share Capital
Allotted, called up and fully paid:

	2013 £	2012 £
200 Ordinary shares of £1 each	200	200

4Transactions with directors

Name of director receiving advance or credit:	Malcolm Green
Description of the transaction:	Director's Loan
Balance at 1 October 2012:	£ 19,325
Advances or credits made:	£ 4,167
Advances or credits repaid:	-
Balance at 30 September 2013:	£ 23,492