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Registration number: 05939569

Inspire Venture Limited
Annual Filleted Report and Unaudited Financial Statements
for the Year Ended 31 March 2023

Inspire Venture Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 9

Inspire Venture Limited

Company Information

Directors | Mr Lee White Mr Paul David French

Registered office | Unit 9a Sapper Jordan Rossi Park Otley Road Baildon BD17 7AX

Accountants | Smith Butler Accountants and Business Advisors Sapper Jordan Rossi Park Otley Road Baildon West Yorkshire BD17 7AX

Inspire Venture Limited

(Registration number: 05939569)
Balance Sheet as at 31 March 2023

| Note | 2023 £ | (As restated) 2022 £
Fixed assets |  |  |
Tangible assets | 4 | 477,711 | 361,893
Current assets |  |  |
Stocks | 5 | 13,600 | 287,246
Debtors | 6 | 247,765 | 76,497
Cash at bank and in hand |  | 14,405 | 13,780
|  | 275,770 | 377,523
Creditors: Amounts falling due within one year | 7 | (101,079) | (79,300)
Net current assets |  | 174,691 | 298,223
Total assets less current liabilities |  | 652,402 | 660,116
Creditors: Amounts falling due after more than one year | 7 | (550,702) | (642,111)
Net assets |  | 101,700 | 18,005
Capital and reserves |  |  |
Called up share capital | 8 | 100 | 100
Revaluation reserve |  | 13,474 | -
Retained earnings |  | 88,126 | 17,905
Shareholders' funds |  | 101,700 | 18,005

Inspire Venture Limited

(Registration number: 05939569)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:

......................................... Mr Paul David French Director

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Inspire Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 9a
Sapper Jordan Rossi Park
Otley Road
Baildon
BD17 7AX

These financial statements were authorised for issue by the Board on 28 September 2023.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Inspire Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Extras for Hire | 33.33% Straight line
Plant & Machinery | 25% Reducing balance
Website | 20% Straight line
Office Equipment | 33.33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Inspire Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

Inspire Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4 | Tangible assets

| Office Equipment £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2022 | 271 | 17,137 | 386,478 | 403,886
Revaluations | - | - | 13,474 | 13,474
Additions | 7,879 | 7,056 | 251,857 | 266,792
Disposals | (1,959) | (11,841) | (173,531) | (187,331)
At 31 March 2023 | 6,191 | 12,352 | 478,278 | 496,821
Depreciation
At 1 April 2022 | - | 3,295 | 38,698 | 41,993
Charge for the year | 999 | 5,236 | - | 6,235
Eliminated on disposal | (523) | (3,371) | (25,224) | (29,118)
At 31 March 2023 | 476 | 5,160 | 13,474 | 19,110
Carrying amount
At 31 March 2023 | 5,715 | 7,192 | 464,804 | 477,711
At 31 March 2022 | 271 | 13,842 | 347,780 | 361,893

5 | Stocks

| 2023 £ | 2022 £
Other inventories | 13,600 | 287,246

6 | Debtors

Current | 2023 £ | 2022 £
Trade debtors | 194,961 | 48,391
Prepayments | 2,306 | 17,973
Other debtors | 50,498 | 10,133
| 247,765 | 76,497

Inspire Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7 | Creditors

Creditors: amounts falling due within one year

| 2023 £ | 2022 £
Due within one year |  |
Trade creditors | 37,076 | 40,534
Taxation and social security | 15,129 | 1,308
Accruals and deferred income | 31,098 | 37,448
Other creditors | 17,776 | 10
| 101,079 | 79,300

Creditors: amounts falling due after more than one year

| Note | 2023 £ | (As restated) 2022 £
Due after one year |  |  |
Loans and borrowings | 10 | 269,258 | 360,667
Other non-current financial liabilities |  | 281,444 | 281,444
|  | 550,702 | 642,111

8 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary shares of £ 1 each | 50 | 50 | 50 | 50
Ordinary shares of £ 1 each | 50 | 50 | 50 | 50
| 100 | 100 | 100 | 100

Inspire Venture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9 | Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

| Revaluation reserve £ | Total £
Surplus/deficit on revaluation of other assets | 13,474 | 13,474

10 | Loans and borrowings

| 2023 £ | (As restated) 2022 £
Non-current loans and borrowings
Other borrowings | 269,258 | 360,667