COMPANY REGISTRATION NUMBER:
Insight Medical Writing Ltd
for the
Year Ended 30 June 2019
Insight Medical Writing Ltd
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Insight Medical Writing Ltd
Statement of Financial Position as at 30 June 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
6,030 |
6,030 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Comprehensive Income has been taken.
Page 1 |
Insight Medical Writing Ltd
Statement of Financial Position as at 30 June 2019 (continued)
Company registration number: :04214826
Approved and authorised by the
Director
Company secretary and director
Page 2 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 3 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
Reducing Balance 25% |
Motor vehicles |
Reducing Balance 25% |
Office equipment |
Reducing Balance 25% |
Leasehold improvements |
Straight Line 10% |
Investment property
basis
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
These are fully depreciated |
Page 4 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Work in progress
Work in progress represents the value of unbilled direct labour costs as assessed for impairment.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
Intangible assets |
Development costs |
Total |
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Cost or valuation |
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At 1 July 2018 |
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At 30 June 2019 |
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Amortisation |
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At 1 July 2018 |
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At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
- |
- |
Page 6 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
Tangible assets |
Land and buildings |
Short leasehold land and buildings |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2018 |
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Revaluations |
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- |
- |
- |
- |
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Additions |
- |
- |
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- |
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Disposals |
- |
- |
- |
- |
( |
( |
At 30 June 2019 |
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Depreciation |
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At 1 July 2018 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 30 June 2019 |
- |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Page 7 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
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Tangible assets (continued) |
Included within the net book value of land and buildings above is £578,500 (2018 - £567,195) in respect of freehold land and buildings and £4,703 (2018 - £5,290) in respect of short leasehold land and buildings.
Page 8 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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Provision |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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B4 Danebrook Court
England |
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H-1027
Hungary |
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Page 9 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
6 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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B4 Danebrook Court
England |
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Subsidiary undertakings |
Insight MW Limited The principal activity of Insight MW Limited is |
Insight MW Kft The principal activity of Insight MW Kft is |
Insight PMI Ltd The principal activity of Insight PMI Ltd is |
Page 10 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 July 2018 |
6,030 |
6,030 |
At 30 June 2019 |
6,030 |
6,030 |
Impairment |
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Carrying amount |
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At 30 June 2019 |
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6,030 |
Stocks |
2019 |
2018 |
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Work in progress |
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Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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- |
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Page 11 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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80 |
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80 |
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100 |
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100 |
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2,025 |
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2,025 |
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Page 12 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/(deficit) on property, plant and equipment revaluation |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Surplus/(deficit) on property, plant and equipment revaluation |
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £134,201 (2018 - £154,267). The Mortgage is secured by way of a charge on the freehold property in favour of National Westminster Bank plc
Related party transactions |
No transactions with related parties were undertaken such as are required to be disclosed under FRS102 1A
Page 13 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
15 |
Related party transactions (continued) |
Directors' remuneration
The directors' remuneration for the year was as follows:
2019 |
2018 |
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Remuneration |
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Contributions paid to money purchase schemes |
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205,990 |
168,685 |
Page 14 |
Insight Medical Writing Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019 (continued)
15 |
Related party transactions (continued) |
Summary of transactions with all subsidiaries
Insight MW Kft is a wholly owned subsidiary
Insight PMI Ltd Is a wholly owned subsidiary
Insight MW Kft - loan
Insight PMI Ltd - loan
Expenditure with and payables to related parties
2019 |
Subsidiary |
Rendering of services |
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Amounts payable to related party |
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2018 |
Subsidiary |
Rendering of services |
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Loans to related parties
2019 |
Subsidiary |
Total |
At start of period |
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Advanced |
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At end of period |
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2018 |
Subsidiary |
Total |
Advanced |
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Page 15 |