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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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Insightful Technology Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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for |
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Insightful Technology Limited |
Insightful Technology Limited (Registered number: 08881788) |
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Contents of the Financial Statements |
for the Year Ended 29 February 2020 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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Insightful Technology Limited |
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Company Information |
for the Year Ended 29 February 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Orchard Cottage |
Old Apley |
Market Rasen |
Lincolnshire |
LN8 5JQ |
Insightful Technology Limited (Registered number: 08881788) |
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Report of the Directors |
for the Year Ended 29 February 2020 |
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The directors present their report with the financial statements of the company for the year ended 29 February 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of software development and computer |
consultancy. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Insightful Technology Limited (Registered number: 08881788) |
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Income Statement |
for the Year Ended 29 February 2020 |
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29.2.20 | 28.2.19 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS LOSS | ( |
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Administrative expenses |
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OPERATING LOSS | 4 | ( |
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Bad debt written off | 5 |
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(1,234,046 | ) | (648,098 | ) |
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Interest receivable and similar income |
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(1,234,046 | ) | (648,097 | ) |
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Interest payable and similar expenses |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | ( |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Insightful Technology Limited (Registered number: 08881788) |
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Balance Sheet |
29 February 2020 |
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29.2.20 | 28.2.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
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Tangible assets | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium | 12 |
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Retained earnings | 12 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Insightful Technology Limited (Registered number: 08881788) |
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Balance Sheet - continued |
29 February 2020 |
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The financial statements were approved by the Board of Directors on
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Insightful Technology Limited (Registered number: 08881788) |
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Notes to the Financial Statements |
for the Year Ended 29 February 2020 |
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1. | STATUTORY INFORMATION |
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Insightful Technology Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Insightful Technology Limited (Registered number: 08881788) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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29.2.20 | 28.2.19 |
£ | £ |
Depreciation - owned assets |
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5. | EXCEPTIONAL ITEMS |
29.2.20 | 28.2.19 |
£ | £ |
Bad debt written off | ( |
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6. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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7. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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Insightful Technology Limited (Registered number: 08881788) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade debtors |
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Bad debt provision | (862,389 | ) | (332,150 | ) |
Directors' accounts - Houghton | - | 8 |
Tax |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
TVB loan | 50,544 | 50,544 |
Trade creditors |
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HSBC credit card | 106 | - |
Social security and other taxes |
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Pension contributions | 18 | 1,868 |
VAT | 25,973 | 153,413 |
Receipts in advance | - | 10,000 |
Loan - Sherlock | 125,000 | 250,000 |
Directors' accounts - Houghton | 44,037 | 26,100 |
Accrued expenses |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Loan - Smith | 840,445 | 698,401 |
TVB loan |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.20 | 28.2.19 |
value: | £ | £ |
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A Ordinary | 0.01p | 109 | 100 |
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87,200 A Ordinary shares of 0.01p each were allotted as fully paid
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year. |
Insightful Technology Limited (Registered number: 08881788) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 March 2019 | ( |
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(457,480 | ) |
Deficit for the year | ( |
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Cash share issue | - | 871,991 | 871,991 |
At 29 February 2020 | ( |
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(785,592 | ) |
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13. | SUBDIVISION OF SHARES |
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On 22 January 2020, the company subdivided it's A Ordinary shares from 1p per share into 0.01p per share |
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14. | RIGHTS ISSUE |
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On 22 January 2020 the company issued 1 additional share for every 4 A Ordinary shares held by Investors of 4 |
April 2019 and 16 May 2019 |
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15. | OTHER INFORMATION |
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The company incurred bad debts in previous years in relation to invoices raised to customers. These were |
partially provided in the 2019 financial statements. Full provision has now been made resulting in a charge of |
£383,176 in these accounts. This had a significant impact on the results reported in these financial statements. |
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16. | WARRANTS |
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During the year, 4,762 warrants were issued with an exercise price of £1,000 per warrant to the holders. The |
exercise period is 15 years and is dependant upon sufficient capital being raised. |