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
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| Note | 6 months ended 30 June 2021 | 6 months ended 30 June 2020 | 12 months ended 31 December 2020 |
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| (unaudited) | (unaudited) | (audited) |
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| £ | £ | £ |
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| Continuing operations |
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| Revenue |
| - | - | - |
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| Administrative expenses | (17,405) | (19,808) | (19,853) |
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| Loss from operations |
| (17,405) | (19,808) | (19,853) |
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| Finance income |
| - | - | - |
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| Loss before taxation | (17,405) | (19,808) | (19,853) |
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| Income tax |
| - | - | - |
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| Loss for the period |
| (17,405) | (19,808) | (19,853) |
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| Other comprehensive income | - | - | - | - | |
| Total comprehensive loss for the period | (17,405) | (19,808) | (19,853) |
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| Basic and diluted loss per share (Pence) 1 | (0.20) | (0.23) | (0.23) |
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Interim Statement of financial position
As at 30 June 2021
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| As at | As at | As at |
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| 30 June | 30 June | 31 December |
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| 2021 | 2020 | 2020 |
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| (unaudited) | (unaudited) | (audited) |
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| £ | £ | £ |
| Assets |
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| Current assets |
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| Trade and other receivables |
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| 1,500 | - | 1,500 |
| Cash and cash equivalents |
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| 680 | 16,130 | 10,085 |
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Total current assets |
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| 2,180 | 16,130 | 11,585 |
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| Liabilities |
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| Current liabilities |
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| Trade and other payables |
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| 11,200 | 7,700 | 3,200 |
| Total current liabilities |
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| 11,200 | 7,700 | 3,200 |
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| Net current (liabilities)/assets |
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| (9,020) | 8,430 | 8,385 |
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| Net (liabilities)/assets |
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| (9,020) | 8,430 | 8,385 |
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| Capital and reserves attributable to shareholders of the parent company |
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| Share capital |
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| 85,000 | 85,000 | 85,000 |
| Retained loss |
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| (94,020) | (76,570) | (76,615) |
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| Total equity |
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| (9,020) | 8,430 | 8,385 |
Interim Statement of changes in equity
As at 30 June 2021
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| Share capital | Retained earnings | Total Equity |
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| £ | £ | £ |
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| At 1 January 2020 |
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| 85,000 | (56,762) | 28,238 |
| Loss for the period |
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| - | (19,808) | (19,808) |
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At 30 June 2020 |
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| 85,000 | (76,570) | 8,430 |
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Loss for the period |
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- |
(45) |
(45) |
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At 31 December 2020 |
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85,000 |
(76,615) |
8,385 |
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Loss for the period |
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| - | (17,405) | (17,405) |
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At 30 June 2021 |
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| 85,000 | (94,020) | (9,020) |
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Interim Statement of cash flows
For the period ended 30 June 2021
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| As at | As at | As at |
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| 30 June | 30 June | 31 December |
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| 2021 | 2020 | 2020 |
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| (unaudited) | (unaudited) | (audited) |
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| £ | £ | £ |
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| Cash flows from operating activities |
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| Loss for the period | (17,405) | (19,808) | (19,853) |
| Finance income | - | - | - |
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| Increase in trade and other receivables | - | - | (1,500) |
| (Decrease)/increase in trade and other payables | 8,000 | 3,500 | (1,000) |
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| Cash generated from operations | (9,405) | (16,308) | (22,353) |
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| Cash flows from investing activities |
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| Interest received | - | - | - |
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| Net cash decrease in cash and cash equivalents | (9,405) | (16,308) | (22,353) |
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| Cash and cash equivalents at the beginning of period | 10,085 | 32,438 | 32,438 |
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| Cash and cash equivalents at the end of the period | 680 | 16,130 | 10,085 |
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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.
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| 6 months ended 30 June 2021 | 6 months ended 30 June 2020 | 12 months ended 31 December 2020 |
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| (unaudited) | (unaudited) | (audited) |
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| 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)
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