Company Registration No. 08798471 (England and Wales)
Insure Telematics Solutions Limited
Unaudited accounts
for the year ended 31 December 2020
Insure Telematics Solutions Limited
Unaudited accounts
Contents
Insure Telematics Solutions Limited
Company Information
for the year ended 31 December 2020
Directors
N D Beckingham
E J Els
M R Aryaeenia
C P Burdett
B R Hallett
Company Number
08798471 (England and Wales)
Registered Office
BATCHWORTH HOUSE BATCHWORTH PLACE
CHURCH STREET
RICKMANSWORTH
WD3 1JE
ENGLAND
Accountants
C. J. Coates & Co.
16 Bainbridge Drive
Tiptree
Colchester
Essex
CO5 0BP
Insure Telematics Solutions Limited
Statement of financial position
as at
31 December 2020
Intangible assets
548,781
621,649
Tangible assets
5,095
12,852
Inventories
66,911
119,220
Cash at bank and in hand
13,907
52,088
Creditors: amounts falling due within one year
(643,570)
(237,958)
Net current (liabilities)/assets
(433,556)
207,965
Total assets less current liabilities
120,320
842,466
Creditors: amounts falling due after more than one year
-
(183,273)
Net assets
120,320
659,193
Called up share capital
6,819,443
6,779,443
Profit and loss account
(6,925,798)
(6,120,250)
Shareholders' funds
120,320
659,193
For the year ending 31 December 2020 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2021 and were signed on its behalf by
E J Els
Director
Company Registration No. 08798471
Insure Telematics Solutions Limited
Notes to the Accounts
for the year ended 31 December 2020
Insure Telematics Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 08798471. The registered office is BATCHWORTH HOUSE BATCHWORTH PLACE, CHURCH STREET, RICKMANSWORTH, WD3 1JE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% straight line
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
At 1 January 2020
1,450,289
At 31 December 2020
1,723,469
At 1 January 2020
828,640
Charge for the year
346,048
At 31 December 2020
1,174,688
At 31 December 2020
548,781
At 31 December 2019
621,649
Insure Telematics Solutions Limited
Notes to the Accounts
for the year ended 31 December 2020
5
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
At 1 January 2020
111,497
At 31 December 2020
113,032
Charge for the year
9,292
At 31 December 2020
107,937
At 31 December 2020
5,095
At 31 December 2019
12,852
6
Debtors: amounts falling due within one year
2020
2019
Trade debtors
113,917
62,574
Accrued income and prepayments
9,029
21,742
Other debtors
6,250
190,299
7
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
50,000
-
Trade creditors
60,228
156,703
Amounts owed to group undertakings and other participating interests
320,000
-
Taxes and social security
82,074
31,491
Other creditors
9,624
15,860
Deferred income
106,486
31,772
8
Creditors: amounts falling due after more than one year
2020
2019
Non-equity preference shares
-
183,273
9
Average number of employees
During the year the average number of employees was 14 (2019: 19).