Company Registration No. 07776579 (England and Wales)
INSIGHT TWI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2021
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
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5
5
Tangible assets
4
87,277
92,999
87,282
93,004
Current assets
Debtors
5
518,948
35,537
Cash at bank and in hand
417,697
486,757
936,645
522,294
Creditors: amounts falling due within one year
6
(484,760)
(135,286)
Net current assets
451,885
387,008
Total assets less current liabilities
539,167
480,012
Creditors: amounts falling due after more than one year
7
(1,300,335)
(911,406)
Provisions for liabilities
(5,127)
(5,560)
Deferred income
8
(314,510)
Net liabilities
(766,295)
(751,464)
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
(766,495)
(751,664)
Total equity
(766,295)
(751,464)
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 period ended 28 February 2021 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 period 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
28 FEBRUARY 2021
28 February 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 October 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 PERIOD ENDED 28 FEBRUARY 2021
- 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
The director ha
true
s
considered the effect of the Covid-19 outbreak. The outbreak has caused disruption to the company’s business to date and the director consider
s
that a prolonged outbreak is likely to cause further disruption, which cannot be quantified until the situation returns to normality. The company is being supported by the Government’s initiatives and are very appreciative of this continuing support. Notwithstanding this uncertainty, the Company has continued to trade successfully, albeit at a reduced level and it is therefore considered appropriate to adopt the going concern basis in these financial statements. The director closely monitor
s
the impact of this uncertainty and the Company is trading in line with forecasts that support this policy.
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 PERIOD ENDED 28 FEBRUARY 2021
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 PERIOD ENDED 28 FEBRUARY 2021
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
Government grants
Government grants
, which includes amount received under the Coronavirus Job Retention Scheme, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. the income recognised in the other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
1.15
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.
1.16
This current period relates to 1
4
months from 1
January
20
20
to
28
February
202
1
. The comparative figures relate to the year ended 3
1
December
2019.
2
Employees
The average monthly number of persons (including director) employed by the company during the period was:
2021
2019
Number
Number
Total
6
6
INSIGHT TWI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2021
- 6 -
3
Intangible fixed assets
Goodwill
Awards & trophies
Total
£
£
£
Cost
At 1 January 2020 and 28 February 2021
4
1
5
Amortisation and impairment
At 1 January 2020 and 28 February 2021
Carrying amount
At 28 February 2021
4
1
5
At 31 December 2019
4
1
5
4
Tangible fixed assets
Plant and machinery etc
Footage
Total
£
£
£
Cost
At 1 January 2020 and 28 February 2021
57,849
60,300
118,149
Depreciation and impairment
At 1 January 2020
25,150
25,150
Depreciation charged in the period
5,722
5,722
At 28 February 2021
30,872
30,872
Carrying amount
At 28 February 2021
26,977
60,300
87,277
At 31 December 2019
32,699
60,300
92,999
5
Debtors
2021
2019
Amounts falling due within one year:
£
£
Trade debtors
1,500
6,411
Corporation tax recoverable
349,918
Other debtors
20,136
Prepayments and accrued income
167,530
8,990
518,948
35,537
INSIGHT TWI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2019
£
£
Trade creditors
13,863
447
Other taxation and social security
32,219
50,547
Other creditors
679
750
Accruals
437,999
83,542
484,760
135,286
7
Creditors: amounts falling due after more than one year
2021
2019
£
£
Other creditors
1,300,335
911,406
Included in other creditors amounting to
£
919,111 (2019:
£
911,406)
due to the
shareholder
of the company
.
8
Deferred income
2021
2019
£
£
Deferred income
-
314,510
9
Called up share capital
2021
2019
2021
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
190
190
190
190
Ordinary A shares of £1 each
10
10
10
10
200
200
200
200