false false false false false false false false false true false false false false false false false 2017-03-01 Sage Accounts Production Advanced 2018 - FRS 3,756 337 4,093 939 1,023 1,962 2,131 2,817 xbrli:pure xbrli:shares iso4217:GBP 09998074 2017-03-01 2018-02-28 09998074 2018-02-28 09998074 2017-02-28 09998074 2016-02-10 2017-02-28 09998074 2017-02-28 09998074 bus:Director1 2017-03-01 2018-02-28 09998074 core:WithinOneYear 2018-02-28 09998074 core:WithinOneYear 2017-02-28 09998074 core:ShareCapital 2018-02-28 09998074 core:ShareCapital 2017-02-28 09998074 core:RetainedEarningsAccumulatedLosses 2018-02-28 09998074 core:RetainedEarningsAccumulatedLosses 2017-02-28 09998074 bus:SmallEntities 2017-03-01 2018-02-28 09998074 bus:AuditExemptWithAccountantsReport 2017-03-01 2018-02-28 09998074 bus:FullAccounts 2017-03-01 2018-02-28 09998074 bus:SmallCompaniesRegimeForAccounts 2017-03-01 2018-02-28 09998074 bus:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 09998074 core:ComputerEquipment 2017-03-01 2018-02-28 09998074 core:ComputerEquipment 2017-02-28 09998074 core:ComputerEquipment 2018-02-28 09998074 1 2017-03-01 2018-02-28
COMPANY REGISTRATION NUMBER: 09998074
INSPIRED SCS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2018
INSPIRED SCS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2018
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
INSPIRED SCS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
2,131
2,817
Current assets
Debtors
6
77
20,693
Cash at bank and in hand
6,932
14,537
-------
--------
7,009
35,230
Creditors: amounts falling due within one year
7
5,729
11,255
-------
--------
Net current assets
1,280
23,975
-------
--------
Total assets less current liabilities
3,411
26,792
-------
--------
Net assets
3,411
26,792
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,311
26,692
-------
--------
Shareholders funds
3,411
26,792
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
INSPIRED SCS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2018
These financial statements were approved by the board of directors and authorised for issue on 13 October 2018 , and are signed on behalf of the board by:
Mrs D Moore
Director
Company registration number: 09998074
INSPIRED SCS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O DPC, Vernon Road, Stoke-On-Trent, Staffordshire, ST4 2QY. The principal activity of the company during the year was the provision of supply chain solutions.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Estimated useful lives and residual values of fixed assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income is recognised when services have been provided to customers such that risks and rewards of the service have transferred to them.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2017
3,756
3,756
Additions
337
337
-------
-------
At 28 February 2018
4,093
4,093
-------
-------
Depreciation
At 1 March 2017
939
939
Charge for the year
1,023
1,023
-------
-------
At 28 February 2018
1,962
1,962
-------
-------
Carrying amount
At 28 February 2018
2,131
2,131
-------
-------
At 28 February 2017
2,817
2,817
-------
-------
6. Debtors
2018
2017
£
£
Trade debtors
20,485
Other debtors
77
208
----
--------
77
20,693
----
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,141
Accruals and deferred income
342
3,343
Corporation tax
5,387
6,470
Director loan accounts
47
Other creditors
254
-------
--------
5,729
11,255
-------
--------
8. Events after the end of the reporting period
There were no significant events up to the date of approval of the financial statements by the board.