Company registration number 13947798 (England and Wales)
INSPIRED PROPERTY LETTINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INSPIRED PROPERTY LETTINGS LTD
COMPANY INFORMATION
Director
Mr J P Dee
Company number
13947798
Registered office
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
INSPIRED PROPERTY LETTINGS LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
INSPIRED PROPERTY LETTINGS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,562,000
2,562,000
Current assets
Debtors
5
65,223
500
Cash at bank and in hand
12,339
889
77,562
1,389
Creditors: amounts falling due within one year
6
(116,711)
(1,972,299)
Net current liabilities
(39,149)
(1,970,910)
Total assets less current liabilities
2,522,851
591,090
Creditors: amounts falling due after more than one year
7
(2,106,560)
-
0
Provisions for liabilities
-
0
(143,577)
Net assets
416,291
447,513
Capital and reserves
Called up share capital
500
500
Other reserves
464,673
430,732
Profit and loss reserves
9
(48,882)
16,281
Total equity
416,291
447,513

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

INSPIRED PROPERTY LETTINGS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr J P Dee
Director
Company registration number 13947798 (England and Wales)
INSPIRED PROPERTY LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Inspired Property Lettings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, Colindale, London, United Kingdom, NW9 6BX.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent receivable.

 

Rental income is recognised on a calendar basis.

 

The lease incentive as a lessor in its investment property portfolio are recognised in the income statement over the lease period.

1.3
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.

Deferred tax is recognised on the timing differences that have originated due to any fair value gains recognised through the income statement.

1.4
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.

1.5
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 statement of financial position 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.

INSPIRED PROPERTY LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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 income statement 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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

INSPIRED PROPERTY LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revaluation of properties

The company carries investment property at fair value, with changes in fair value being recognised in profit or loss. The key assumptions used to determine the fair value of investment property.

3
Employees

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

2023
2022
Number
Number
Total
1
-
0
4
Investment property
2023
£
Fair value
At 1 December 2022
2,562,000
Additions
109,637
Revaluations
(109,637)
At 30 November 2023
2,562,000

Investment property was valued on an open market value basis on the 30 November 2023 by the director.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
58,122
500
Other debtors
7,101
-
0
65,223
500
INSPIRED PROPERTY LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
97,086
1,970,499
Other creditors
15,000
-
0
Accruals and deferred income
4,625
1,800
116,711
1,972,299
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
2,106,560
-
0

The loans are secured by fixed and floating charges over the properties.

8
Fair value reserve

The fair value reserve is not distributable.

9
Profit and loss reserves

Retained earnings include all current retained profits, all of which are distributable reserves.

10
Related party transactions

Included within debtors is an amount owed by companies where the director has a material interest. Included in the debtors balances are £3,976 ( 2022: £ 0 )

 

Included within creditors is an amount owed to companies where the director has a material interest. The loan amounts are interest free and repayable on demand. Included in the creditors balances are £ 15,000 ( 2022: £ 0 )

2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr J P DeeMr D M J Matthewsfalsefalse139477982022-12-012023-11-3013947798bus:Director12022-12-012023-11-3013947798bus:Director22022-12-012023-11-3013947798bus:RegisteredOffice2022-12-012023-11-30139477982023-11-30139477982022-11-3013947798core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3013947798core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3013947798core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3013947798core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3013947798core:CurrentFinancialInstruments2023-11-3013947798core:CurrentFinancialInstruments2022-11-3013947798core:ShareCapital2023-11-3013947798core:ShareCapital2022-11-3013947798core:OtherMiscellaneousReserve2023-11-3013947798core:OtherMiscellaneousReserve2022-11-3013947798core:RetainedEarningsAccumulatedLosses2023-11-3013947798core:RetainedEarningsAccumulatedLosses2022-11-30139477982022-03-012022-11-30139477982022-11-3013947798core:Non-currentFinancialInstruments2023-11-3013947798core:Non-currentFinancialInstruments2022-11-3013947798bus:PrivateLimitedCompanyLtd2022-12-012023-11-3013947798bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3013947798bus:FRS1022022-12-012023-11-3013947798bus:AuditExempt-NoAccountantsReport2022-12-012023-11-3013947798bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP