Insight Legal Software Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07718228 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 October 2019

for

Insight Legal Software Ltd

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

B J Welsh

Ms D M Witkiss

T J Smith

REGISTERED OFFICE:

Cody Technology Park

Old Ively Road

Farnborough

GU14 0LX

REGISTERED NUMBER:

07718228 (England and Wales)

ACCOUNTANTS:

Advantage Accounting (Scotland) Ltd

11 Somerset Place

Glasgow

G3 7JT

The directors present their report with the financial statements of the company for the year ended 31 October 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of software development.

REVIEW OF BUSINESS

Insight Legal Software Ltd has once again surpassed its performance objective in the year ended 31st October 2019

recording an increase in turnover of 63% on the year before. Investment into the business in the year was below forecasted

levels due to the growth. The business now has the infrastructure both physically and organisationally to go forward to the

next stage of its growth strategy with little or no investment from its investors.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2018 to the date of this report.

B J Welsh

Ms D M Witkiss

T J Smith

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

B J Welsh - Director

1 May 2020

FIXED ASSETS

Tangible assets

4

27,139

3,280

CURRENT ASSETS

Debtors

5

184,068

34,639

Cash at bank

45,153

35,047

229,221

69,686

CREDITORS

Amounts falling due within one year

6

142,031

104,425

NET CURRENT ASSETS/(LIABILITIES)

87,190

(34,739

)

TOTAL ASSETS LESS CURRENT LIABILITIES

114,329

(31,459

)

CREDITORS

Amounts falling due after more than one year

7

588,327

383,486

NET LIABILITIES

(473,998

)

(414,945

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(474,098

)

(415,045

)

SHAREHOLDERS' FUNDS

(473,998

)

(414,945

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2020 and were signed on its behalf by:

B J Welsh - Director

T J Smith - Director

1.	STATUTORY INFORMATION

Insight Legal Software Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of FRS105 "The Financial

Reporting Standard applicable to Micro- entities Regime" Entities" and the Companies Act 2006. The financial

statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on cost

Taxation

Taxation for the year comprises current 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.

Current taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The financial statements have been prepared on a going concern basis. In the opinion of the directors this is

appropriate, despite the company's net liabilities, due to their continued support for the foreseeable future including

that of an associated company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2018 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

6,894

Additions

33,391

At 31 October 2019

40,285

DEPRECIATION

At 1 November 2018

3,614

Charge for year

9,532

At 31 October 2019

13,146

NET BOOK VALUE

At 31 October 2019

27,139

At 31 October 2018

3,280

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

44,224

24,835

Other debtors

139,844

9,804

184,068

34,639

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade creditors

15,079

26,813

Taxation and social security

64,909

33,743

Other creditors

62,043

43,869

142,031

104,425

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.19

31.10.18

£

£

Other creditors

588,327

383,486

8.	ULTIMATE CONTROLLING PARTY

The company is under the control of Directors, Mr B J Welsh and Mr T J Smith.

9.	RELATED PARTY DISCLOSURES

The figure for creditors due after one year, which makes up the majority of net liabilities is due to a related party of

the business and the debt is 100% internal with no set repayment date.