Half-year Report

RNS Number : 6434N

Insight Business Support PLC

30 September 2021

 

30 September 2021

Insight Business Support Plc ("IBS", "the Company")

Interim results for the six months ended 30 June 2021

Insight Business Support plc (IBSU) is pleased to announce its unaudited interim results for the six months ended 30 June 2021

The Company was formed to undertake an acquisition of a target company or business in the Support Services sector and has made progress towards this objective by raising funds through an equity issue after the reporting period.

The loss for the interim period was £17,405 (2020:  £19,808) and the Company's net liabilities as at 30 June 2021 were £9,020 (2020 net assets; £8,430).

Responsibility statement

We confirm that to the best of our knowledge:

(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Going Concern

The Directors have a reasonable expectation that the Company has adequate resources to continue in operation or existence for the foreseeable future thus we continue to adopt the going concern basis in preparing these interim financial statements.

Principal Risks and Uncertainties

The principal risks and uncertainties affecting the business activities of the Company remain those detailed in the Annual Report and Accounts 2020, a copy of which is available on the Company website at https://insightbusinessuk.com. The Board considers that these remain a current reflection of the risks and uncertainties facing the business for the remaining six months of the financial year.

 

Interim Statement of comprehensive Income

For the six months ended 30 June 2021

	Note	6 months ended 30 June 2021	6 months ended 30 June 2020	12 months ended 31 December 2020
		(unaudited)	(unaudited)	(audited)
		£	£	£
Continuing operations
Revenue		-	-	-
Administrative expenses		(17,405)	(19,808)	(19,853)
Loss from operations		(17,405)	(19,808)	(19,853)
Finance income		-	-	-
Loss before taxation		(17,405)	(19,808)	(19,853)
Income tax		-	-	-
Loss for the period		(17,405)	(19,808)	(19,853)
Other comprehensive income		-	-	-	-
Total comprehensive loss for the period		(17,405)	(19,808)	(19,853)
Basic and diluted loss per share (Pence)  1		(0.20)	(0.23)	(0.23)

 

Interim Statement of financial position

As at 30 June 2021

			As at	As at	As at
			30 June	30 June	31 December
			2021	2020	2020
			(unaudited)	(unaudited)	(audited)
			£	£	£
Assets
Current assets
Trade and other receivables			1,500	-	1,500
Cash and cash equivalents			680	16,130	10,085
Total current assets			2,180	16,130	11,585
Liabilities
Current liabilities
Trade and other payables			11,200	7,700	3,200
Total current liabilities			11,200	7,700	3,200
Net current (liabilities)/assets			(9,020)	8,430	8,385
Net (liabilities)/assets			(9,020)	8,430	8,385
Capital and reserves attributable to shareholders of the parent company
Share capital			85,000	85,000	85,000
Retained loss			(94,020)	(76,570)	(76,615)
Total equity			(9,020)	8,430	8,385

Interim Statement of changes in equity 

As at 30 June 2021

			Share capital	Retained earnings	Total Equity
			£	£	£
At 1 January 2020			85,000	(56,762)	28,238
Loss for the period			-	(19,808)	(19,808)
At 30 June 2020			85,000	(76,570)	8,430
Loss for the period			-	(45)	(45)
At 31 December 2020			85,000	(76,615)	8,385
Loss for the period			-	(17,405)	(17,405)
At 30 June 2021			85,000	(94,020)	(9,020)

Interim Statement of cash flows  

For the period ended 30 June 2021

 

	As at	As at	As at
	30 June	30 June	31 December
	2021	2020	2020
	(unaudited)	(unaudited)	(audited)
	£	£	£
Cash flows from operating activities
Loss for the period	(17,405)	(19,808)	(19,853)
Finance income	-	-	-
Increase in trade and other receivables	-	-	(1,500)
(Decrease)/increase in trade and other payables	8,000	3,500	(1,000)
Cash generated from operations	(9,405)	(16,308)	(22,353)
Cash flows from investing activities
Interest received	-	-	-
Net cash decrease in cash and cash equivalents	(9,405)	(16,308)	(22,353)
Cash and cash equivalents at the beginning of period	10,085	32,438	32,438
Cash and cash equivalents at the end of the period	680	16,130	10,085

 

Notes to the interim results

1.  Basis of preparation

Insight Business Support Plc is a public limited company incorporated in the United Kingdom under the Companies Act 2006 (registration number: 11504186). The Company's ordinary shares are admitted to trading on the main market of the London Stock Exchange.

The Company has been formed to undertake an acquisition of a target company or business in the Support Services sector.

The Company's interim report and accounts for the six months ended 30 June 2021 have been prepared using the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006.

These interim financial statements for the six months ended 30 June 2021 should be read in conjunction with the financial statements for the year ended 31 December 2020, which have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as applied in accordance with the provisions of the Companies Act 2006. The interim report and accounts do not include all the information and disclosures required in the annual financial statements. 

The interim report and accounts have been prepared in accordance with IAS34 (interim financial statements) and on the basis of the accounting policies, presentation and methods of computation as set out in the Company's December 2020 Annual Report and Accounts, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2021 and will be adopted in the 2021 annual financial statements. 

The financial information is presented in Pounds Sterling, rounded to the nearest pound and has been prepared under the historical cost convention.

The interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. These interim financial statements were approved by the Board of Directors on 30 September 2021. The results for the six months to 30 June 2021 and the comparative results for the six months to 30 June 2020 are unaudited.  The figures for the year ended 31 December 2020 are extracted from the audited statutory accounts of the Company for that period.

Going Concern

The Directors have confirmed their intention to support the Company whilst it is in the process of raising funds to achieve its business plans. As detailed in note 2 Events after the reporting period, the Company has recently raised funds from a share issue. The Directors consider that sufficient resources are available to support the Company's operations for the foreseeable future and therefore believe that the going concern basis of preparation is appropriate.

1.  Loss per share

Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. There are currently no share options in issue. 

		6 months ended 30 June 2021	6 months ended 30 June 2020	12 months ended 31 December 2020
		(unaudited)	(unaudited)	(audited)
Loss from operations	£	(17,405)	(19,808)	(19,853)
Weighted average number of shares		8,500,000	8,500,000	8,500,000
Basic and Diluted loss per share	Pence	(0.20)	(0.23)	(0.23)

2.  Events after the reporting period

On 6 July 2021 subscriptions were received for a total of 38,775,000 ordinary shares of 1p nominal value for a total consideration of £775,500.

On 12 July 2021 the Company issued 250,000 ordinary shares of 1p nominal value for total  consideration of £5,000

3.  Distribution of Interim Report

A copy of the interim report will be available shortly on the Company's website (https://insightbusinessuk.com)

 

END

 

 

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