Insuppa Ltd 13322693 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Sale of motor vehicle parts and accessories Digita Accounts Production Advanced 6.30.9574.0 true true 13322693 2023-01-01 2023-12-31 13322693 2023-12-31 13322693 bus:OrdinaryShareClass1 2023-12-31 13322693 core:CurrentFinancialInstruments 2023-12-31 13322693 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13322693 1 2023-12-31 13322693 bus:SmallEntities 2023-01-01 2023-12-31 13322693 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13322693 bus:FilletedAccounts 2023-01-01 2023-12-31 13322693 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13322693 bus:RegisteredOffice 2023-01-01 2023-12-31 13322693 bus:Director1 2023-01-01 2023-12-31 13322693 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13322693 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13322693 core:AllSubsidiaries 2023-01-01 2023-12-31 13322693 countries:EnglandWales 2023-01-01 2023-12-31 13322693 1 2023-01-01 2023-12-31 13322693 1 2022-12-31 13322693 2022-05-01 2022-12-31 13322693 2022-12-31 13322693 bus:OrdinaryShareClass1 2022-12-31 13322693 core:CurrentFinancialInstruments 2022-12-31 13322693 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13322693 1 2022-12-31 13322693 1 2022-05-01 2022-12-31 13322693 1 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13322693

Insuppa Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Insuppa Ltd

(Registration number: 13322693)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

264,800

329,000

Debtors

5

36,373

63,588

 

301,173

392,588

Creditors: Amounts falling due within one year

6

(119,120)

(306,526)

Net assets

 

182,053

86,062

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

181,953

85,962

Shareholders' funds

 

182,053

86,062

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.

Director's 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 director acknowledges his 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.

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.

Approved and authorised by the director on 28 August 2024
 

.........................................
Mr I Beyaz
Director

 

Insuppa Ltd

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:
58 Kinson Road
Wallisdown
Bournemouth
BH10 4AN

These financial statements were authorised for issue by the director on 28 August 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 £1.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Insuppa Ltd

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

2

Accounting policies (continued)

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.

Trade 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Insuppa Ltd

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

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Stocks

2023
£

2022
£

Other inventories

264,800

329,000

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,686

-

Other debtors

34,687

63,588

 

36,373

63,588

 

Insuppa Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

51,077

35,559

Trade creditors

 

28,788

15,800

Taxation and social security

 

12,930

35,391

Accruals and deferred income

 

4,830

211,495

Other creditors

 

21,495

8,281

 

119,120

306,526

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

24,084

23,240

Other borrowings

26,993

12,319

51,077

35,559

 

Insuppa Ltd

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

9

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Transactions ensued during the year

55,361

(29,819)

25,542

 

2022

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Transactions ensued during the year

64,949

20,412

(30,000)

55,361

 

Interest was charged on the overdrawn directors’ loan account at the official rate.

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,334

-

Summary of transactions with subsidiaries

During the year the company made purchases totalling £437,990 from its subsidiary company, Insuppa Trading International Ltd.

As of the year end the company owed Insuppa Trading International Ltd is £14,808 (2022: -£6,628).