INSEQUA LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08174453

INSEQUA LIMITED

Filleted Unaudited Abridged Financial Statements

31 August 2018

INSEQUA LIMITED

Abridged Statement of Financial Position

31 August 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	42,024	30,274

Current assets

Debtors	44,089	35,208
Cash at bank and in hand	184,058	175,470
	---------	---------
	228,147	210,678

Creditors: amounts falling due within one year	241,170	216,540
	---------	---------
Net current liabilities	13,023	5,862
	--------	--------
Total assets less current liabilities	29,001	24,412

Provisions	7,984	6,056
	--------	--------
Net assets	21,017	18,356
	--------	--------

INSEQUA LIMITED

Abridged Statement of Financial Position (continued)

31 August 2018

	2018	2017
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	20,917	18,256
	--------	--------
Shareholders funds	21,017	18,356
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 16 May 2019 , and are signed on behalf of the board by:

Mr P Hamilton

Director

Company registration number: 08174453

INSEQUA LIMITED

Notes to the Abridged Financial Statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bedford Heights, Manton Lane, Bedford, MK41 7PH.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents the amount chargeable, net of value added tax, in respect of the provision of services to clients during the period. Revenue from the provision of services is measured by reference to the stage of completion of the service transactions at the end of the reporting period provided that the outcome can be reliably estimated. When the the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is only recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference .

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Website	-	33% reducing balance
Equipment	-	33% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2017: 11 ).

5. Tangible assets

	£

Cost
At 1 September 2017	66,909
Additions	35,135
Disposals	( 7,174)
	--------
At 31 August 2018	94,870
	--------
Depreciation
At 1 September 2017	36,635
Charge for the year	21,351
Disposals	( 5,140)
	--------
At 31 August 2018	52,846
	--------
Carrying amount
At 31 August 2018	42,024
	--------
At 31 August 2017	30,274
	--------

6. Related party transactions

The company was under the control of Mr P Hamilton and Mr W Watson and their families at the 31st August 2018 and all dividend payments during the year were made to them. No other transactions with related parties were undertaken during the year other than as reported below. Mr P Hamilton and Mr W Watson invoiced the company during the year from businesses in which they have interests, the fees totalling £ 36,000 (2017-£ 34,000 ) and £ 36,000 (2017-£ 34,000 ) respectively. In addition a family member of Mr W Watson invoiced the company £12,996 (2017-£11,588) for writer services. At 31st August 2018 the directors and their families were owed £ 149,877 (2017-£ 124,012 ) by the company, this balance being included in creditors falling due within one year.