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Registration number: 07701756

Inspired Partnership Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Inspired Partnership Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Inspired Partnership Limited

(Registration number: 07701756)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

39,119

40,669

Current assets

 

Debtors

5

291,022

65,312

Cash at bank and in hand

 

187,999

352,335

 

479,021

417,647

Creditors: Amounts falling due within one year

6

(245,433)

(197,499)

Net current assets

 

233,588

220,148

Total assets less current liabilities

 

272,707

260,817

Provisions for liabilities

(1,035)

(3,881)

Net assets

 

271,672

256,936

Capital and reserves

 

Called up share capital

100

100

Retained earnings

271,572

256,836

Shareholders' funds

 

271,672

256,936

 

Inspired Partnership Limited

(Registration number: 07701756)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
 

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

................................

Mr J I G Ball

Director

................................

Mr J M Dover

Director

 

Inspired Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
UK

The principal place of business is:
Ash House
Cook Way
Taunton
Somerset
TA2 6BJ

These financial statements were authorised for issue by the Board on 9 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis.

 

Inspired Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Motor vehicles

25% straight line

Fixtures and fittings

25% straight line

Plant and machinery

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Inspired Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 15 (2022 - 14).

 

Inspired Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

890

46,475

33,245

80,610

Additions

99

6,675

11,995

18,769

Disposals

-

-

(9,995)

(9,995)

At 31 December 2023

989

53,150

35,245

89,384

Depreciation

At 1 January 2023

527

31,009

8,405

39,941

Charge for the year

111

6,867

8,672

15,650

Eliminated on disposal

-

-

(5,326)

(5,326)

At 31 December 2023

638

37,876

11,751

50,265

Carrying amount

At 31 December 2023

351

15,274

23,494

39,119

At 31 December 2022

363

15,466

24,840

40,669

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

63,393

47,297

Amounts owed by related parties

7

207,680

-

Other debtors

 

10

-

Prepayments

 

19,939

18,015

 

291,022

65,312

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

10,389

7,997

Amounts due to related parties

7

147

1,692

Social security and other taxes

 

131,674

130,239

Other creditors

 

2,236

2,441

Accruals

 

31,137

34,790

Deferred income

 

69,850

20,340

 

245,433

197,499

 

Inspired Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Related party transactions

Summary of transactions with parent

During the year, the company made a loan to its parent company. The loan is interest free and repayable on demand. At the balance sheet date, the amount due from the parent company was £207,680 (2022: £nil).
 

Loans (from)/to related parties

2023

Key management
£

Total
£

At start of period

(1,692)

(1,692)

Advanced

100,528

100,528

Repaid

(98,973)

(98,973)

At end of period

(137)

(137)

2022

Key management
£

Total
£

At start of period

(1,915)

(1,915)

Advanced

227,411

227,411

Repaid

(227,188)

(227,188)

At end of period

(1,692)

(1,692)

Terms of loans from related parties

During the year the Directors maintained a loan with the company. The loan is repayable on demand and, when overdrawn, interest is charged at the approved HMRC approved rate. At the balance sheet date, the amount due to the Directors was £137 (2022: £1,692).