TIDMIBSU
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 GBP17,405 (2020: GBP19,808)
and the Company's net liabilities as at 30 June 2021 were GBP9,020
(2020 net assets; GBP8,430).
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 6 months 12 months
ended ended ended 31
30 June 30 June December
2021 2020 2020
(unaudited) (unaudited) (audited)
GBP GBP GBP
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)
GBP GBP GBP
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 Total Equity
earnings
GBP GBP GBP
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)
GBP GBP GBP
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 6 months 12 months
ended ended ended 31
30 June 30 June December
2021 2020 2020
(unaudited) (unaudited) (audited)
Loss from operations GBP (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 GBP775,500.
On 12 July 2021 the Company issued 250,000 ordinary shares of 1p
nominal value for total consideration of GBP5,000
3. Distribution of Interim Report
A copy of the interim report will be available shortly on the
Company's website (https://insightbusinessuk.com)
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