Inspiron Systems Ltd
Registered number: 07659610
Statement of Financial Position
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,485 31,193
Current assets
Stocks 87,449 69,228
Debtors 4 27,795 86,079
Cash at bank and in hand 134,038 188,274
249,282 343,581
Creditors: amounts falling due within one year 5 (101,274) (200,368)
Net current assets 148,008 143,213
Total assets less current liabilities 170,493 174,406
Creditors: amounts falling due after more than one year 6 (10,424) (20,633)
Provisions for liabilities (4,976) (5,926)
Net assets 155,093 147,847
Capital and reserves
Called up share capital 501 501
Profit and loss account 154,592 147,346
Shareholders' funds 155,093 147,847
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
BL Grover
Director
Approved by the board on 10 September 2024
Inspiron Systems Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 87,272
Additions 2,684
Disposals (3,451)
At 30 June 2024 86,505
Depreciation
At 1 July 2023 56,080
Charge for the year 11,241
On disposals (3,301)
At 30 June 2024 64,020
Net book value
At 30 June 2024 22,485
At 30 June 2023 31,192
4 Debtors 2024 2023
£ £
Trade debtors 27,696 37,300
Other debtors 99 48,779
27,795 86,079
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,209 9,996
Trade creditors 18,508 13,472
Accruals 1,303 1,455
Corporation tax 19,043 -
Other taxes and social security costs 6,901 4,926
Other creditors 45,310 170,519
101,274 200,368
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,424 20,633
7 Other information
Inspiron Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9 Wayside Business Park
London Road
Braunston, Daventry
Northamptonshire
NN11 7HB
Inspiron Systems Ltd 07659610 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts April 2024 BL Grover No description of principal activity 07659610 2022-07-01 2023-06-30 07659610 core:WithinOneYear 2023-06-30 07659610 core:AfterOneYear 2023-06-30 07659610 core:ShareCapital 2023-06-30 07659610 core:RetainedEarningsAccumulatedLosses 2023-06-30 07659610 2023-07-01 2024-06-30 07659610 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07659610 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07659610 bus:Director40 2023-07-01 2024-06-30 07659610 1 2023-07-01 2024-06-30 07659610 2 2023-07-01 2024-06-30 07659610 core:PlantMachinery 2023-07-01 2024-06-30 07659610 countries:England 2023-07-01 2024-06-30 07659610 bus:FRS102 2023-07-01 2024-06-30 07659610 bus:FilletedAccounts 2023-07-01 2024-06-30 07659610 2024-06-30 07659610 core:WithinOneYear 2024-06-30 07659610 core:AfterOneYear 2024-06-30 07659610 core:ShareCapital 2024-06-30 07659610 core:RetainedEarningsAccumulatedLosses 2024-06-30 07659610 core:PlantMachinery 2024-06-30 07659610 2023-06-30 07659610 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure