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Inspire PPS Limited
Unaudited Financial Statements
For The Year Ended 31 May 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08345569
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 38,962 43,831
38,962 43,831
CURRENT ASSETS
Debtors 5 886,542 840,930
Cash at bank and in hand 408,234 533,236
1,294,776 1,374,166
Creditors: Amounts Falling Due Within One Year 6 (1,305,105 ) (1,371,855 )
NET CURRENT ASSETS (LIABILITIES) (10,329 ) 2,311
TOTAL ASSETS LESS CURRENT LIABILITIES 28,633 46,142
Creditors: Amounts Falling Due After More Than One Year 7 (20,833 ) (30,833 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,403 ) (8,328 )
NET ASSETS 397 6,981
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 297 6,881
SHAREHOLDERS' FUNDS 397 6,981
Page 1
Page 2
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G Barnett
Director
23 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Inspire PPS Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08345569 . The registered office is 5 Easter Court, Woodward Avenue, Yate, Bristol, BS37 5YS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% on reducing balance
Fixtures & Fittings 20% on reducing balance
Office Equipment 20% on reducing balance
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 14)
15 14
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Office Equipment Total
£ £ £ £
Cost
As at 1 June 2022 51,042 32,339 183,563 266,944
Additions - - 8,119 8,119
As at 31 May 2023 51,042 32,339 191,682 275,063
Depreciation
As at 1 June 2022 44,734 28,544 149,835 223,113
Provided during the period 1,577 949 10,462 12,988
As at 31 May 2023 46,311 29,493 160,297 236,101
Net Book Value
As at 31 May 2023 4,731 2,846 31,385 38,962
As at 1 June 2022 6,308 3,795 33,728 43,831
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 516,300 791,118
Other debtors 12,750 17,750
Prepayments 42,524 32,062
Directors' loan accounts 314,968 -
886,542 840,930
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 922,625 1,160,075
Bank loans and overdrafts 9,167 9,167
Corporation tax 294,374 117,883
Other taxes and social security 3,866 2,868
VAT 36,523 16,582
Other creditors 949 749
Accruals and deferred income 37,601 63,413
Directors' loan accounts - 1,118
1,305,105 1,371,855
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 20,833 30,833
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5
Page 6
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 66,020 66,020
Later than one year and not later than five years 97,104 163,124
163,124 229,144
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2022 Amounts advanced Amounts repaid Amounts written off As at 31 May 2023
£ £ £ £ £
Mr Gary Barnett (1,118 ) 316,086 - - 314,968
The above loan is unsecured, interest free and repayable on demand.
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