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Company registration number: 04914712
Inspire Property Investments Limited
Unaudited filleted financial statements
30 September 2021
Inspire Property Investments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Inspire Property Investments Limited
Directors and other information
Directors Mr Syed Naveed Hussain
Mr Syed Junaed Hussain
Secretary Syed Naveed Hussain
Company number 04914712
Registered office 20 Barclay Road
Croydon
Surrey
CR0 1JN
Business address 20 Barclay Road
Croydon
Surrey
CR10 1JN
Accountants P R Shah & Co
10 Bouverie Gardens
Harrow
Middlesex
HA3 0RQ
Bankers HSBC Bank
139A North End
Croydon
Surrey
CR0 1TN
Metro Bank
One Southampton Row
London
WC1B 5HA
Solicitors Amphlett Lissimore
Greystoke House
80-86 Westow Street
London
SE1 3AF
Inspire Property Investments Limited
Statement of financial position
30 September 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 2,265,559 2,265,066
Investments 6 487,079 270,609
_______ _______
2,752,638 2,535,675
Current assets
Debtors 7 179,630 144,076
Cash at bank and in hand 53,603 49,507
_______ _______
233,233 193,583
Creditors: amounts falling due
within one year 8 ( 82,744) ( 112,270)
_______ _______
Net current assets 150,489 81,313
_______ _______
Total assets less current liabilities 2,903,127 2,616,988
Creditors: amounts falling due
after more than one year 9 ( 1,949,362) ( 1,681,417)
_______ _______
Net assets 953,765 935,571
_______ _______
Capital and reserves
Called up share capital 4 4
Revaluation reserve 903,320 903,320
Profit and loss account 50,441 32,247
_______ _______
Shareholders funds 953,765 935,571
_______ _______
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mr Syed Naveed Hussain
Director
Company registration number: 04914712
Inspire Property Investments Limited
Statement of changes in equity
Year ended 30 September 2021
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 October 2019 4 903,320 ( 27,685) 875,639
Profit for the year 59,932 59,932
_______ _______ _______ _______
Total comprehensive income for the year - - 59,932 59,932
_______ _______ _______ _______
At 30 September 2020 and 1 October 2020 4 903,320 32,247 935,571
Profit for the year 18,194 18,194
_______ _______ _______ _______
Total comprehensive income for the year - - 18,194 18,194
_______ _______ _______ _______
At 30 September 2021 4 903,320 50,441 953,765
_______ _______ _______ _______
Inspire Property Investments Limited
Notes to the financial statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Inspire Property Investments Limited, 20 Barclay Road, Croydon, Surrey, CR0 1JN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: 3 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 October 2020 2,265,000 1,991 2,266,991
Additions - 701 701
_______ _______ _______
At 30 September 2021 2,265,000 2,692 2,267,692
_______ _______ _______
Depreciation
At 1 October 2020 - 1,925 1,925
Charge for the year - 208 208
_______ _______ _______
At 30 September 2021 - 2,133 2,133
_______ _______ _______
Carrying amount
At 30 September 2021 2,265,000 559 2,265,559
_______ _______ _______
At 30 September 2020 2,265,000 66 2,265,066
_______ _______ _______
6. Investments
Loans to group undertakings and participating interests Total
£ £
Cost
At 1 October 2020 263,509 263,509
Additions 223,570 223,570
_______ _______
At 30 September 2021 487,079 487,079
_______ _______
Impairment
At 1 October 2020 and 30 September 2021 - -
_______ _______
Carrying amount
At 30 September 2021 487,079 487,079
_______ _______
At 30 September 2020 263,509 263,509
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 47,684 63,779
Amounts owed by group undertakings and undertakings in which the company has a participating interest 35,000 35,000
Other debtors 96,946 45,297
_______ _______
179,630 144,076
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 31,000 3,333
Trade creditors 21,692 54,030
Amounts owed to group undertakings and undertakings in which the company has a participating interest 20,000 40,000
Corporation tax 4,152 3,716
Other creditors 5,900 11,191
_______ _______
82,744 112,270
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 1,912,500 1,634,750
Other creditors 36,862 46,667
_______ _______
1,949,362 1,681,417
_______ _______
The Long Term Bank loan is secured on the freehold investment property. This loan was acquired in July 2021 and is Interest Only Loan. The Loan is for a period of 10 years and the interest rate is fixed for the first five years at 3.55% pa and then in reverts to the banks current variable rate, currently 4. 49% pa for the remaining term.
Bank loan is the Bounce Back Loan acquired on 10 May 2020 and is for a term of six years repayable after 12 months from commencement in equal instalments every month. The interest rate charged will be 2.5% per annum commencing from the first anniversary of the loan. The interest for the first year will be paid by the UK Government to the lending bank. In addition the loan is guaranteed by the UK Government under Bounce Back Loan Scheme.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Syed Naveed Hussain ( 4,191) 40,350 36,159
Mr Syed Junaed Hussain 20,348 1,017 21,365
_______ _______ _______
16,157 41,367 57,524
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Syed Naveed Hussain ( 4,191) - ( 4,191)
Mr Syed Junaed Hussain - 20,348 20,348
_______ _______ _______
11. Controlling party
In view of the nature of allocation of the shares, no single individual has overall control of the company. The same criteria applied in the previous year.