Company Registration No. 07776579 (England and Wales)
INSIGHT TWI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
INSIGHT TWI LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
INSIGHT TWI LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5
5
Tangible assets
4
92,999
96,205
93,004
96,210
Current assets
Debtors
5
35,537
66,041
Cash at bank and in hand
486,757
257,230
522,294
323,271
Creditors: amounts falling due within one year
6
(135,286)
(88,989)
Net current assets
387,008
234,282
Total assets less current liabilities
480,012
330,492
Creditors: amounts falling due after more than one year
7
(911,406)
(549,635)
Provisions for liabilities
(5,560)
(5,337)
Deferred income
8
(314,510)
-
Net liabilities
(751,464)
(224,480)
Capital and reserves
Called up share capital
9
200
100
Profit and loss reserves
(751,664)
(224,580)
Total equity
(751,464)
(224,480)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INSIGHT TWI LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 February 2021 and are signed on its behalf by:
S Kay
Director
Company Registration No. 07776579
INSIGHT TWI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Insight TWI Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As stated in note 10,
true
t
he directors have considered the effect of the Covid-19 outbreak. The outbreak has caused some disruption to the company’s business to date and the directors consider that a prolonged outbreak is likely to cause further disruption. The company has avoided terminating any staff and has sustained investigative production and post production operations with a significant reduction of its capacity to work internationally due to travel restrictions and the global health situation. The validity of this assumption is on the basis of that the company will continue to be supported by the directors. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Intangible fixed assets - goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
1.5
Intangible fixed assets other than goodwill
No depreciation has been provided on awards & trophies.
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance basis
Footage
No depreciation
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
INSIGHT TWI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.8
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
INSIGHT TWI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6
(2018: 6)
:
3
Intangible fixed assets
Goodwill
Awards & trophies
Total
£
£
£
Cost
At 1 January 2019 and 31 December 2019
4
1
5
Amortisation and impairment
At 1 January 2019 and 31 December 2019
-
-
-
Carrying amount
At 31 December 2019
4
1
5
At 31 December 2018
4
1
5
INSIGHT TWI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Footage
Total
£
£
£
Cost
At 1 January 2019
55,322
60,300
115,622
Additions
2,527
-
2,527
At 31 December 2019
57,849
60,300
118,149
Depreciation and impairment
At 1 January 2019
19,417
-
19,417
Depreciation charged in the year
5,733
-
5,733
At 31 December 2019
25,150
-
25,150
Carrying amount
At 31 December 2019
32,699
60,300
92,999
At 31 December 2018
35,905
60,300
96,205
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
6,411
-
Other debtors
20,136
34,683
Prepayments
8,990
31,358
35,537
66,041
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
447
1,848
Other taxation and social security
50,547
4,798
Other creditors
750
67,889
Accruals
83,542
14,454
135,286
88,989
INSIGHT TWI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
911,406
549,635
Other creditors represents amount due to the
shareholder
of the company
.
8
Deferred income
2019
2018
£
£
Deferred income
314,510
-
9
Called up share capital
2019
2018
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
190
100
Ordinary A shares of £1 each
10
-
200
100
During the year
, the company issued 90 Ordinary shares of £1 and 10 Ordinary A shares of £1 each at par.
10
Events after the reporting date
The directors have considered the effect of the Covid-19 outbreak, that spread throughout the world during 2020, on the company’s activities. This outbreak has caused some disruption to the company’s business prior to the date of approval of these financial statements. Due to the prolonged outbreak, the directors anticipate the disruption to continue. The extent and financial effect of any continuing disruption still remains uncertain.