Registered number:
For the Year Ended
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Inspired Business Investments Limited
Company Information
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Inspired Business Investments Limited
Contents
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Inspired Business Investments Limited
Strategic Report
For the Year Ended 31 December 2023
The directors present their Strategic report on the company for the year ended 31 December 2023.
This year ahead continues to have economic challenges in respect of commercial vehicle sales, however, as at the time of signing these financial statements the directors are confident that 2024 will show continued improvement across all sectors of its businesses and improvement in trading profits for the coming year.
Going concern
At the date of this report, the directors are confident that the company can continue to demonstrate its resilience and navigate these challenging times successfully. At the Balance Sheet date the company had net assets of £4,438,000 (2022: £4,671,000) and continued to generate operating profits. The directors have prepared budgets and cash flow forecasts. As a result, the directors continue to prepare the financial statements on a going concern basis as they are satisfied that the company has the ability to meet its liabilities as and when they fall due for a period of no less than 12 months from the date of this report.
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the· current economic climate, competition from other dealerships, supplier stability, employee retention and Mercedes-Benz support. These risks are addressed through a good relationship with Mercedes-Benz, strong customer service and after sales support as well as investment in its people and facilities.
The directors manage the company's operations at a group level, rather than at an individual company level. For this reason, the company's directors believe that analysis using KPl's for the company is not necessary or appropriate for an understanding of the development, performance or position of the company business. The development, performance and position of MBNI Holdings Ltd, which include those of the company, are discussed on page 2 of the group's annual report, which does not form part of this report.
Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and safety
The company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
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Inspired Business Investments Limited
Strategic Report (continued)
For the Year Ended 31 December 2023
The company's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression
arrangements.
Employees
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned, In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. Consultation with employees or their representatives has continued at all levels, with the aim of ensuring their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the company.
Statement by the directors in performance of their statutory duties accordance with s172(1) Companies Act 2006
This section describes how the directors have had regard to the matters set out in section 172(1) (a) to (f), and forms the directors' statement required under the Companies (Miscellaneous Reporting) Regulations 2018. The directors require all employees of the company to adhere to the highest standards of integrity and meet with all legal and regulatory requirements. In making decisions, the directors give appropriate consideration to the short and long term impacts of those decisions. These decisions are based on relevant budgets, forecasts, considerations of principal and emerging business risks and the wider market environment. In making these decisions the directors give due consideration to the impact on key stakeholders and acknowledge that appropriate engagement and consultation with these stakeholders supports the future success of the company. This includes decisions which impact the company's: • Employees, to ensure that appropriate levels of communication are provided by the directors and feedback received from the employees and acted on; • Customers, to ensure that appropriate levels of engagement are maintained across the customer base and that high levels of customer service is monitored and maintained; • Suppliers, to ensure that a strong relationship is maintained with the key suppliers e.g. Mercedes-Benz; • Community and environment, to ensure that the activities of the company support the local community and environment, for example, through providing employment for local people, supporting in their training and ensuring that the company's activities look after the local environment; • Regulators, to ensure that the company is in compliance with all laws and regulations; and • Other key stakeholders.
This report was approved by the board on 5 June 2024 and signed on its behalf.
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Inspired Business Investments Limited
Directors' Report
For the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £233,000 (2022 - loss £36,000).
There were no dividends paid during the financial year (2022: £Nil)
The directors who served during the year were:
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Inspired Business Investments Limited
Directors' Report (continued)
For the Year Ended 31 December 2023
The company's operations expose it to a variety of financial risks that include foreign exchange risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the finance department. Foreign exchange risk While the greater part of the company's revenues and expenses are denominated in sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally euros. While the company has not used financial instruments to date to hedge foreign exchange exposure, this position is kept under review. Credit risk The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. Liquidity risk The company actively maintains a mixture of medium-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions. Interest rate risk The company has interest bearing liabilities in the form of bank overdrafts and bank loans. The company has a policy of maintaining debt at a competitive rate to ensure a reasonable degree of certainty over future interest cash flows. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. Future developments A review of the business, results and future developments are detailed in the Strategic Report and included in this report by cross reference. Greenhouse gas emissions for UK office The Statement of Greenhouse Gas (GHG) Emissions for UK offices are included in the Director's report in the financial statements of MBNI Holdings Ltd, which does not form part of this report.
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Inspired Business Investments Limited
Directors' Report (continued)
For the Year Ended 31 December 2023
There have been no significant events affecting the Company since the year end.
The auditors, ASM (B) Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Inspired Business Investments Limited
Independent Auditors' Report to the Members of Inspired Business Investments Limited
We have audited the financial statements of Inspired Business Investments Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Inspired Business Investments Limited
Independent Auditors' Report to the Members of Inspired Business Investments Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Inspired Business Investments Limited
Independent Auditors' Report to the Members of Inspired Business Investments Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risk and sample testing of journals posted during the year. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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Inspired Business Investments Limited
Independent Auditors' Report to the Members of Inspired Business Investments Limited (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
4th Floor, Glendinning House
6 Murray Street
Co. Antrim
BT1 6DN
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Inspired Business Investments Limited
Statement of Income and Retained Earnings
For the Year Ended 31 December 2023
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Inspired Business Investments Limited
Registered number: NI051580
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 21 form part of these financial statements.
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
The principal activity of the company is the management of subsidiaries. The subsidiary companies are involved in the purchase, sale and hire of commercial vehicles and associated services.
The company is a private company limited by shares and is incorporated and domiciled in Northern Ireland, within the United Kingdom. The address of the registered office is 47 Mallusk Road, Newtownabbey, Co Antrim, BT36 4PJ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of MBNI Holdings Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.
The company is a wholly owned subsidiary of MBNI Holdings Ltd. It is included in the consolidated financial statements of MBNI Holdings Ltd which are publicly available. The company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The financial statements are the company's separate financial statements.
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
(a) Critical judgements in applying the entity's accounting policies There are no critical judgements in applying the company's accounting policies. (b) Critical accounting estimates and assumptions There are no critical accounting estimates and assumptions.
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
The whole of the turnover is attributable to the principal activity of the company.
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
There were no factors that may affect future tax charges.
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Inspired Business Investments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
The ultimate parent undertaking at the year end was MBNI Holdings Ltd, a company incorporated in Northern Ireland.
At the year end, the smallest and largest group undertakings for which group financial statements are drawn up and of which the company is a member is MBNI Holdings Ltd. Copies of the group financial statements are available to the public from Companies House, The Linenhall, 32 Linenhall Street, Belfast, BT2 8BG. The ultimate controlling party is considered to be the shareholders of MBNI Holdings Ltd.
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