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COMPANY REGISTRATION NUMBER: 12297305
Inspiring Your Home Limited
Filleted Unaudited Financial Statements
29 November 2022
Inspiring Your Home Limited
Statement of Financial Position
29 November 2022
29 Nov 22
30 Nov 21
Note
£
£
Fixed assets
Tangible assets
5
115,070
103,933
Current assets
Stocks
27,240
Debtors
6
235,792
264,825
Cash at bank and in hand
153,758
154,828
---------
---------
416,790
419,653
Creditors: amounts falling due within one year
7
203,286
227,665
---------
---------
Net current assets
213,504
191,988
---------
---------
Total assets less current liabilities
328,574
295,921
Creditors: amounts falling due after more than one year
8
43,614
---------
---------
Net assets
284,960
295,921
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
284,860
295,821
---------
---------
Shareholders funds
284,960
295,921
---------
---------
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 income and retained earnings has not been delivered.
For the period ending 29 November 2022 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 period 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 .
Inspiring Your Home Limited
Statement of Financial Position (continued)
29 November 2022
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr M Ludwin
Director
Company registration number: 12297305
Inspiring Your Home Limited
Notes to the Financial Statements
Period from 1 December 2021 to 29 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Lumiere, Elstree Way, Borehamwood, WD6 1JH.
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, 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.
Revenue recognition
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.
Income 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. 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Motor vehicles
-
15% reducing balance
Equipment
-
20% reducing balance
4. Employee numbers
The average number of persons employed by the company during the period amounted to 13 (2021: 10 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 December 2021
123,078
9,397
132,475
Additions
44,912
44,912
Disposals
( 18,640)
( 18,640)
---------
-------
---------
At 29 November 2022
149,350
9,397
158,747
---------
-------
---------
Depreciation
At 1 December 2021
26,479
2,063
28,542
Charge for the period
19,207
1,100
20,307
Disposals
( 5,172)
( 5,172)
---------
-------
---------
At 29 November 2022
40,514
3,163
43,677
---------
-------
---------
Carrying amount
At 29 November 2022
108,836
6,234
115,070
---------
-------
---------
At 30 November 2021
96,599
7,334
103,933
---------
-------
---------
6. Debtors
29 Nov 22
30 Nov 21
£
£
Trade debtors
218,387
252,908
Other debtors
17,405
11,917
---------
---------
235,792
264,825
---------
---------
7. Creditors: amounts falling due within one year
29 Nov 22
30 Nov 21
£
£
Bank loans and overdrafts
32,664
Trade creditors
76,988
111,959
Corporation tax
31,567
62,074
Social security and other taxes
57,011
51,567
Other creditors
5,056
2,065
---------
---------
203,286
227,665
---------
---------
8. Creditors: amounts falling due after more than one year
29 Nov 22
30 Nov 21
£
£
Bank loans and overdrafts
43,614
--------
----
9. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
29 Nov 22
30 Nov 21
£
£