04 October 2022
Insight Business Support Plc ("IBS", "the Company")
Interim results for the six months ended 30 June 2022
Insight Business Support plc (IBSU) is pleased to announce its unaudited interim results for the six months ended 30 June 2022.
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.
The loss for the interim period was £56,960 (2021: £17,405) and the Company's net assets as at 30 June 2022 were £530,143 (2021: Net liabilities £9,020).
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 2021, 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.
Gordon A Harvey
Director
Interim Statement of comprehensive Income
For the six months ended 30 June 2022
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| Note | 6 months ended 30 June 2022 | 6 months ended 30 June 2021 | 12 months ended 31 December 2021 |
|
| | | (unaudited) | (unaudited) | (audited) |
|
| | | £ | £ | £ |
|
| Continuing operations |
| | | | |
| Revenue |
| - | - | - |
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| | | | | |
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| Administrative expenses 2 | (56,960) | (17,405) | (131,682) | | |
| Loss from operations | | (56,960) | (17,405) | (131,682) |
|
|
| | | | |
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| Finance income | | - | - | - |
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| Loss before taxation | (56,960) | (17,405) | (131,682) |
| |
|
| | | | |
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| Income tax | | - | - | - |
|
| Loss for the period |
| (56,960) | (17,405) | (131,682) |
|
| Other comprehensive income | - | - | - | - | |
| Total comprehensive loss for the period | (56,960) | (17,405) | (131,682) |
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| Basic and diluted loss per share (Pence) 1 | (0.12) | (0.20) | (0.47) |
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Interim Statement of financial position
As at 30 June 2022
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| | | As at | As at | As at |
|
| | | 30 June | 30 June | 31 December |
| | | | 2022 | 2021 | 2021 |
| | |
| (unaudited) | (unaudited) | (audited) |
| | | | £ | £ | £ |
| Assets | | | | | |
| | | | | | |
| Current assets | | | | | |
| Trade and other receivables | | | 92,441 | 1,500 | 47,589 |
| Cash and cash equivalents | | | 439,922 | 680 | 576,022 |
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Total current assets | | | 532,363 | 2,180 | 623,611 |
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| | | | | | |
| Liabilities | | | | | |
| Current liabilities | | | | | |
| Trade and other payables | | | (2,220) | (11,200) | (36,508) |
| Total current liabilities | | | (2,220) | (11,200) | (36,508) |
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| | | | | |
| Net current (liabilities)/assets | | | 530,143 | (9,020) | 587,103 |
| | | | | | |
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| | | | | |
| Net (liabilities)/assets | | | 530,143 | (9,020) | 587,103 |
| | | | | | |
| Capital and reserves attributable to shareholders of the parent company | | | | | |
| Share capital | | | 475,250 | 85,000 | 475,250 |
| Share Premium Reserve | | | 320,150 | | 320,150 |
| Retained Loss | | | (265,257) | (94,020) | (208,297) |
| Total equity | | | 530,143 | (9,020) | 587,103 |
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| | | | Share capital | Share Premium | Retained earnings | Total Equity |
| | |
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| | | | £ | £ | £ | £ |
| | | | | | | |
| At 1 January 2021 | | | 85,000 | - | (76,615) | 8,385 |
|
Loss for the period | | | - | - | (17,405) | (17,405) |
|
At 30 June 2021 | | | 85,000 |
- | (94,020) | (9,020) |
|
Loss for the period | | |
- |
|
(114,277) |
(114,277) |
|
Issue of Share Capital
| | |
390,250
|
390,250
| |
780,500 |
| Costs of Share Issue
| | | | (70,100)
| | (70,100) |
|
At 31 December 2021 | | |
475,250 |
320,150 |
(208,297) |
587,103 |
|
Loss for the period | | | - |
- | (56,960) | (56,960) |
|
At 30 June 2022 | | | 475,250 |
320,150 | (265,257) | 530,143 |
| | | | | | | |
Interim Statement of changes in equity
As at 30 June 2022
|
| As at | As at | As at |
|
| 30 June | 30 June | 31 December |
| | 2022 | 2021 | 2021 |
| | (unaudited) | (unaudited) | (audited) |
| | £ | £ | £ |
| | | | |
| | | | |
| Cash flows from operating activities | | | |
| Loss for the period | (56,960) | (17,405) | (131,682) |
| Finance income | - | - | - |
|
|
| | |
| Increase in trade and other receivables | (44,852) | - | (46,089) |
| (Decrease)/increase in trade and other payables | (34,288) | 8,000 | (33,308) |
|
| | | |
| Cash generated from operations | (136,100) | (9,405) | (144,463) |
| | | | |
| Cash flows from investing activities | | | |
| Issue of ordinary shares | - | - | 780,500 |
| Cost of share issue | - | - | (70,100) |
| | | | |
| Net cash decrease in cash and cash equivalents | (136,100) | (9,405) | (565,937) |
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| | |
| Cash and cash equivalents at the beginning of period | 576,022 | 10,085 | 10,085 |
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| Cash and cash equivalents at the end of the period | 439,922 | 680 | 576,022 |
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Interim Statement of cash flows
For the period ended 30 June 2022
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 2022 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 2022 should be read in conjunction with the financial statements for the year ended 31 December 2021, 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 2021 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 2022 and will be adopted in the 2022 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 30th September 2022. The results for the six months to 30 June 2022 and the comparative results for the six months to 30 June 2020 are unaudited. The figures for the year ended 31 December 2021 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. 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
| | | 6 months ended 30 June 2022 | 6 months ended 30 June 2021 | 12 months ended 31 December 2021 |
| | | (unaudited) | (unaudited) | (audited) |
| | | | | |
| Loss from operations | £ | (56,960) | (17,405) | (131,682) |
| Weighted average number of shares | | 47,525,000 | 8,500,000 | 28,279,795 |
| Basic and Diluted loss per share | Pence | (0.12) | (0.20) | (0.47) |
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.
2. Events after the reporting period
No significant events to note
3. Distribution of Interim Report
A copy of the interim report will be available shortly on the Company's website (https://insightbusinessuk.com)
Enquiries:-
John Green, CF Secretaries 07880 715905
| Registered Office: Caswell Science & Technology Park Caswell Towcester Northamptonshire NN12 8EQ | |
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