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 2021

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

E T Hill

REGISTERED OFFICE:

Cody Technology Park

Old Ively Road

Farnborough

GU14 0LX

REGISTERED NUMBER:

07718228 (England and Wales)

ACCOUNTANTS:

Advantage Accounting (Scotland) Ltd

Pavilion 2

Finnieston Business Park

Minerva Way

Glasgow

G3 8AU

The directors present their report with the financial statements of the company for the year ended 31 October 2021.

PRINCIPAL ACTIVITY

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

REVIEW OF BUSINESS

Despite a further year of disruption which has seen a number of solicitors firms reduce headcount or cease trading altogether, Insight Legal has once again recorded significant growth in the year. The requirement for external investment into the business in the year was zero and through continual internal investment, the business is in a good position to go forward to the next stage of its growth strategy. In the coming years, future growth will be achieved with minimum requirement for further external financing from its investors.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2020 to the date of this report.

B J Welsh

Ms D M Witkiss

T J Smith

Other changes in directors holding office are as follows:

E T Hill - appointed 1 November 2020

DONATIONS

During the year, the company made charitable donations totalling £3,940 (2020: £1,000).

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

14 July 2022

FIXED ASSETS

Tangible assets

4

32,091

25,262

CURRENT ASSETS

Debtors

5

145,459

137,950

Cash at bank

230,950

310,477

376,409

448,427

CREDITORS

Amounts falling due within one year

6

242,927

203,518

NET CURRENT ASSETS

133,482

244,909

TOTAL ASSETS LESS CURRENT LIABILITIES

165,573

270,171

CREDITORS

Amounts falling due after more than one year

7

551,770

642,999

NET LIABILITIES

(386,197

)

(372,828

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(386,297

)

(372,928

)

SHAREHOLDERS' FUNDS

(386,197

)

(372,828

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 14 July 2022 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small 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 39 (2020 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

48,457

Additions

18,918

Disposals

(6,894

)

At 31 October 2021

60,481

DEPRECIATION

At 1 November 2020

23,195

Charge for year

11,697

Eliminated on disposal

(6,502

)

At 31 October 2021

28,390

NET BOOK VALUE

At 31 October 2021

32,091

At 31 October 2020

25,262

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade debtors

49,907

45,442

Other debtors

95,552

92,508

145,459

137,950

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans and overdrafts

10,000

4,167

Trade creditors

32,125

46,902

Taxation and social security

104,472

125,869

Other creditors

96,330

26,580

242,927

203,518

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans

36,071

45,834

Other creditors

515,699

597,165

551,770

642,999

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

5,834

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.