Insight Legal Software Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07718228 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 October 2017

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 Edwards

T J Smith

REGISTERED OFFICE:

Westmead House

Westmead

Farnborough

GU14 7LP

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 2017.

PRINCIPAL ACTIVITY

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

REVIEW OF BUSINESS

Insight Legal Software Limited is continuing to follow its plan of reinvesting profits back into the company to grow the

product and the business. The company continues to surpass its performance objectives without compromising on delivering

the highest possible levels of customer service and satisfaction. This period of reinvestment is expected to continue at its

current level for at least the medium term.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2016 to the date of this report.

B J Welsh

Ms D M Edwards

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

12 June 2018

FIXED ASSETS

Tangible assets

4

1,702

285

CURRENT ASSETS

Debtors

5

28,105

22,862

Cash at bank

8,521

17,053

36,626

39,915

CREDITORS

Amounts falling due within one year

6

52,822

41,143

NET CURRENT LIABILITIES

(16,196

)

(1,228

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(14,494

)

(943

)

CREDITORS

Amounts falling due after more than one year

7

317,918

263,639

NET LIABILITIES

(332,412

)

(264,582

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(332,512

)

(264,682

)

SHAREHOLDERS' FUNDS

(332,412

)

(264,582

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12 June 2018 and were signed on its behalf by:

B J Welsh - 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 Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

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

-

25% on cost

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.

Current or deferred 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.

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 11 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

1,098

Additions

2,233

At 31 October 2017

3,331

DEPRECIATION

At 1 November 2016

813

Charge for year

816

At 31 October 2017

1,629

NET BOOK VALUE

At 31 October 2017

1,702

At 31 October 2016

285

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

28,105

22,862

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade creditors

10,315

16,798

Taxation and social security

30,094

13,339

Other creditors

12,413

11,006

52,822

41,143

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Other creditors

317,918

263,639

8.	ULTIMATE CONTROLLING PARTY

The company is under the control of directors, Mr B J Welsh, Mr T J Smith and Ms D M Edwards.

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.