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REGISTERED NUMBER: 07907134 (England and Wales)















Inside Out Property Repairs Ltd

Unaudited Financial Statements

for the Period 1 January 2022 to 31 May 2023






Inside Out Property Repairs Ltd (Registered number: 07907134)






Contents of the Financial Statements
for the period 1 January 2022 to 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Inside Out Property Repairs Ltd

Company Information
for the period 1 January 2022 to 31 May 2023







DIRECTOR: SJ Conroy





REGISTERED OFFICE: 5 Rose Avenue
Ashton on Ribble
Preston
Lancashire
PR2 2HA





REGISTERED NUMBER: 07907134 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Inside Out Property Repairs Ltd (Registered number: 07907134)

Balance Sheet
31 May 2023

2023 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 3,041 4,522

CURRENT ASSETS
Debtors 5 8,849 5,156
Cash at bank 3,500 2,878
12,349 8,034
CREDITORS
Amounts falling due within one year 6 14,016 11,512
NET CURRENT LIABILITIES (1,667 ) (3,478 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,374

1,044

PROVISIONS FOR LIABILITIES 7 578 860
NET ASSETS 796 184

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 696 84
SHAREHOLDERS' FUNDS 796 184

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Inside Out Property Repairs Ltd (Registered number: 07907134)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 January 2024 and were signed by:





SJ Conroy - Director


Inside Out Property Repairs Ltd (Registered number: 07907134)

Notes to the Financial Statements
for the period 1 January 2022 to 31 May 2023

1. STATUTORY INFORMATION

Inside Out Property Repairs Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis despite the excess of current liabilities over current assets as the director has indicated his willingness to continue to support the company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Inside Out Property Repairs Ltd (Registered number: 07907134)

Notes to the Financial Statements - continued
for the period 1 January 2022 to 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 January 2022
and 31 May 2023 17,915 13,500 31,415
DEPRECIATION
At 1 January 2022 15,796 11,097 26,893
Charge for period 694 787 1,481
At 31 May 2023 16,490 11,884 28,374
NET BOOK VALUE
At 31 May 2023 1,425 1,616 3,041
At 31 December 2021 2,119 2,403 4,522

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£ £
Other debtors 2,195 1,312
Director's current account 6,654 3,844
8,849 5,156

Inside Out Property Repairs Ltd (Registered number: 07907134)

Notes to the Financial Statements - continued
for the period 1 January 2022 to 31 May 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£ £
Corporation tax 4,240 6,097
Social security and other taxes 4,884 983
Accrued expenses 4,892 4,432
14,016 11,512

7. PROVISIONS FOR LIABILITIES
2023 2021
£ £
Deferred tax
Accelerated capital allowances 578 860

Deferred tax
£
Balance at 1 January 2022 860
Provided during period (282 )
Balance at 31 May 2023 578

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2021
value: £ £
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

In the opinion of the director the company is controlled by Mr SJ Conroy by virtue of his shareholding.