Innerspace Homes Group Ltd
Unaudited Financial Statements
For the year ended 30 November 2022
Pages for Filing with Registrar
Company Registration No. 11682311 (England and Wales)
Innerspace Homes Group Ltd
Company Information
Directors
D Abbott
T DiCarlo
Company number
11682311
Registered office
11 Falcon Lodge
Oak Hill Park
London
United Kingdom
NW3 7LD
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Business address
11 Falcon Lodge
Oak Hill Park
London
United Kingdom
NW3 7LD
Innerspace Homes Group Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Innerspace Homes Group Ltd
Balance Sheet
As at 30 November 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
74,551
103,406
Current assets
Stock
664,488
602,241
Debtors
4
2,967
75,971
Cash at bank and in hand
73
6,639
667,528
684,851
Creditors: amounts falling due within one year
5
(130,403)
(609,795)
Net current assets
537,125
75,056
Total assets less current liabilities
611,676
178,462
Creditors: amounts falling due after more than one year
6
(884,226)
(314,305)
Net liabilities
(272,550)
(135,843)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(272,552)
(135,845)
Total equity
(272,550)
(135,843)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Innerspace Homes Group Ltd
Balance Sheet (Continued)
As at 30 November 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
D Abbott
Director
Company Registration No. 11682311
Innerspace Homes Group Ltd
Notes to the Financial Statements
For the year ended 30 November 2022
Page 3
1
Accounting policies
Company information
Innerspace Homes Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 11 Falcon Lodge, Oak Hill Park, London, United Kingdom, NW3 7LD
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Stock
Development projects in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Innerspace Homes Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Innerspace Homes Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
1
Accounting policies
(Continued)
Page 5
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021: 2).
2022
2021
Number
Number
Total
2
2
Innerspace Homes Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
Page 6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2021 and 30 November 2022
144,277
Amortisation and impairment
At 1 December 2021
40,871
Amortisation charged for the year
28,855
At 30 November 2022
69,726
Carrying amount
At 30 November 2022
74,551
At 30 November 2021
103,406
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
26,879
Other debtors
2,967
49,092
2,967
75,971
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
34,691
Other creditors
126,403
572,219
Accruals and deferred income
4,000
2,885
130,403
609,795
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
884,226
314,305
Innerspace Homes Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
6
Creditors: amounts falling due after more than one year
(Continued)
Page 7
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares 0.00001p each of 0.001p each
200,000
2
2
2
On 12 January 2022 the 2 issued Ordinary shares of £1 each were subdivided into 200,000 Ordinary shares of £0.00001 each.