Company registration number SC268203 (Scotland)
INSPIRON PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
INSPIRON PROPERTIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
INSPIRON PROPERTIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr L K Lilburn
Mr. J D Hart
Secretary
Mr L K Lilburn
Company number
SC268203
Registered office
Sallochy House
Rowardennan
Drymen
Glasgow
G63 0AW
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
INSPIRON PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
44
59
Investment properties
4
180,000
280,000
180,044
280,059
Current assets
Debtors
5
6,475
6,345
Cash at bank and in hand
151
824
6,626
7,169
Creditors: amounts falling due within one year
6
(106,424)
(117,277)
Net current liabilities
(99,798)
(110,108)
Total assets less current liabilities
80,246
169,951
Creditors: amounts falling due after more than one year
7
(3,202)
(15,057)
Net assets
77,044
154,894
Capital and reserves
Called up share capital
8
2
2
Fair value reserve
-
0
22,847
Profit and loss reserves
77,042
132,045
Total equity
77,044
154,894

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 31 May 2023 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.

INSPIRON PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
Mr L K Lilburn
Mr. J D Hart
Director
Director
Company Registration No. SC268203
INSPIRON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information

Inspiron Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Sallochy House, Rowardennan, Drymen, Glasgow, G63 0AW. The company's registration number is SC268203.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents the value of all rents receivable during the year, exclusive of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance

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 the profit and loss account.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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 current liabilities.

INSPIRON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.

1.8
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.

1.9
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.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
-
0
-
0
INSPIRON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
5,980
Depreciation and impairment
At 1 June 2022
5,921
Depreciation charged in the year
15
At 31 May 2023
5,936
Carrying amount
At 31 May 2023
44
At 31 May 2022
59
4
Investment property
2023
£
Fair value
At 1 June 2022
280,000
Revaluations
(100,000)
At 31 May 2023
180,000

The directors' valuation of the investment property as at 31 May 2023 has been revalued at £180,000.

 

If the property was sold at valuation a tax liability of £nil (2022 - £nil) would arise.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
6,475
6,345
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,976
24,174
Taxation and social security
5,199
5,104
Other creditors
90,249
87,999
106,424
117,277
INSPIRON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

The bank loan is secured by a standard security over the investment property.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,202
15,057

The bank loan is secured by a standard security over the investment property.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1
2
2
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Income
2023
2022
£
£
Rent charged to associated company
30,400
30,400
Balances with related parties

The following transactions with related parties took place during the year:

Amounts owed to
related parties
2023
2022
£
£
Amounts owed to directors
89,859
87,609
Other information

The above loans are unsecured, interest free and with no fixed terms of repayment in place.

 

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

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