Silverfin false 28/02/2023 01/03/2022 28/02/2023 P L Hutchison 19/09/2000 M Taylor 25/02/2022 28 November 2023 The principal activity of the Company during the financial year was graphic design marketing and the purchase and sale of collectable coins. 04044969 2023-02-28 04044969 bus:Director1 2023-02-28 04044969 bus:Director2 2023-02-28 04044969 2022-02-28 04044969 core:CurrentFinancialInstruments 2023-02-28 04044969 core:CurrentFinancialInstruments 2022-02-28 04044969 core:ShareCapital 2023-02-28 04044969 core:ShareCapital 2022-02-28 04044969 core:RetainedEarningsAccumulatedLosses 2023-02-28 04044969 core:RetainedEarningsAccumulatedLosses 2022-02-28 04044969 core:LandBuildings 2022-02-28 04044969 core:OtherPropertyPlantEquipment 2022-02-28 04044969 core:LandBuildings 2023-02-28 04044969 core:OtherPropertyPlantEquipment 2023-02-28 04044969 2022-03-01 2023-02-28 04044969 bus:FullAccounts 2022-03-01 2023-02-28 04044969 bus:SmallEntities 2022-03-01 2023-02-28 04044969 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04044969 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04044969 bus:Director1 2022-03-01 2023-02-28 04044969 bus:Director2 2022-03-01 2023-02-28 04044969 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 04044969 2021-03-01 2022-02-28 04044969 core:LandBuildings 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 04044969 (England and Wales)

INSPIRE CREATIVE LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

INSPIRE CREATIVE LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

INSPIRE CREATIVE LIMITED

BALANCE SHEET

As at 28 February 2023
INSPIRE CREATIVE LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 16,602 17,379
16,602 17,379
Current assets
Stocks 1,247,000 583,995
Debtors 4 201,509 832,817
Cash at bank and in hand 48,750 3,243
1,497,259 1,420,055
Creditors: amounts falling due within one year 5 ( 851,754) ( 867,609)
Net current assets 645,505 552,446
Total assets less current liabilities 662,107 569,825
Provision for liabilities 6 ( 4,823) ( 3,280)
Net assets 657,284 566,545
Capital and reserves
Called-up share capital 100 100
Profit and loss account 657,184 566,445
Total shareholders' funds 657,284 566,545

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Inspire Creative Limited (registered number: 04044969) were approved and authorised for issue by the Director on 28 November 2023. They were signed on its behalf by:

P L Hutchison
Director
M Taylor
Director
INSPIRE CREATIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
INSPIRE CREATIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Inspire Creative Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Cornmill Cottages, Hawkchurch, Axminster, EX13 5XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost
in a foreign currency are not re-translated.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises turnover in respect of coin sales when they are shipped to customers.

The company recognises turnover in respect of graphic design services on completion of the work.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Land and buildings were fully depreciated before disposal.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2022 14,310 104,918 119,228
Additions 0 6,353 6,353
Disposals ( 14,310) ( 15,404) ( 29,714)
At 28 February 2023 0 95,867 95,867
Accumulated depreciation
At 01 March 2022 14,310 87,539 101,849
Charge for the financial year 0 4,262 4,262
Disposals ( 14,310) ( 12,536) ( 26,846)
At 28 February 2023 0 79,265 79,265
Net book value
At 28 February 2023 0 16,602 16,602
At 28 February 2022 0 17,379 17,379

4. Debtors

2023 2022
£ £
Trade debtors 192,801 783,152
Other debtors 8,708 49,665
201,509 832,817

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 34,641 41,592
Taxation and social security 23,154 29,356
Other creditors 793,959 796,661
851,754 867,609

6. Provision for liabilities

2023 2022
£ £
Deferred tax 4,823 3,280