Caseware UK (AP4) 2023.0.135 2023.0.135 2truetruetruetruetrue2023-01-01falseManagement of subsidiaries2truefalse NI051580 2023-01-01 2023-12-31 NI051580 2022-01-01 2022-12-31 NI051580 2023-12-31 NI051580 2022-12-31 NI051580 2022-01-01 NI051580 1 2023-01-01 2023-12-31 NI051580 1 2022-01-01 2022-12-31 NI051580 d:CompanySecretary1 2023-01-01 2023-12-31 NI051580 d:Director1 2023-01-01 2023-12-31 NI051580 d:Director2 2023-01-01 2023-12-31 NI051580 d:RegisteredOffice 2023-01-01 2023-12-31 NI051580 d:Agent1 2023-01-01 2023-12-31 NI051580 e:Buildings 2023-01-01 2023-12-31 NI051580 e:Buildings 2023-12-31 NI051580 e:Buildings 2022-12-31 NI051580 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI051580 e:LandBuildings 2023-12-31 NI051580 e:LandBuildings 2022-12-31 NI051580 e:FurnitureFittings 2023-01-01 2023-12-31 NI051580 e:FurnitureFittings 2023-12-31 NI051580 e:FurnitureFittings 2022-12-31 NI051580 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI051580 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI051580 e:CurrentFinancialInstruments 2023-12-31 NI051580 e:CurrentFinancialInstruments 2022-12-31 NI051580 e:Non-currentFinancialInstruments 2023-12-31 NI051580 e:Non-currentFinancialInstruments 2022-12-31 NI051580 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 NI051580 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 NI051580 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 NI051580 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 NI051580 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 NI051580 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 NI051580 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 NI051580 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 NI051580 e:UKTax 2023-01-01 2023-12-31 NI051580 e:UKTax 2022-01-01 2022-12-31 NI051580 e:ShareCapital 2023-12-31 NI051580 e:ShareCapital 2022-12-31 NI051580 e:SharePremium 2023-12-31 NI051580 e:SharePremium 2022-12-31 NI051580 e:OtherMiscellaneousReserve 2023-12-31 NI051580 e:OtherMiscellaneousReserve 2022-12-31 NI051580 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI051580 e:RetainedEarningsAccumulatedLosses 2023-12-31 NI051580 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI051580 e:RetainedEarningsAccumulatedLosses 2022-12-31 NI051580 e:RetainedEarningsAccumulatedLosses 2022-01-01 NI051580 d:OrdinaryShareClass1 2023-01-01 2023-12-31 NI051580 d:OrdinaryShareClass1 2023-12-31 NI051580 d:OrdinaryShareClass1 2022-12-31 NI051580 d:OrdinaryShareClass2 2023-01-01 2023-12-31 NI051580 d:OrdinaryShareClass2 2023-12-31 NI051580 d:OrdinaryShareClass2 2022-12-31 NI051580 d:FRS102 2023-01-01 2023-12-31 NI051580 d:Audited 2023-01-01 2023-12-31 NI051580 d:FullAccounts 2023-01-01 2023-12-31 NI051580 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI051580 e:Subsidiary1 2023-01-01 2023-12-31 NI051580 e:Subsidiary1 1 2023-01-01 2023-12-31 NI051580 e:Subsidiary2 2023-01-01 2023-12-31 NI051580 e:Subsidiary2 1 2023-01-01 2023-12-31 NI051580 e:Subsidiary3 2023-01-01 2023-12-31 NI051580 e:Subsidiary3 1 2023-01-01 2023-12-31 NI051580 e:Subsidiary4 2023-01-01 2023-12-31 NI051580 e:Subsidiary4 1 2023-01-01 2023-12-31 NI051580 6 2023-01-01 2023-12-31 NI051580 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: NI051580










Inspired Business Investments Limited










Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
Inspired Business Investments Limited
 

Company Information


Directors
Neil McKibbin 
Pauline McKeating 




Company secretary
Pauline McKeating



Registered number
NI051580



Registered office
47 Mallusk Road

Newtownabbey

Antrim

BT36 4PJ




Independent auditors
ASM (B) Ltd
Chartered Accountants and Statutory Auditors

4th Floor, Glendinning House

6 Murray Street

Belfast

Co. Antrim

BT1 6DN




Bankers
Danske Bank
Donegal Square West

Belfast

BT1 2BA




Solicitors
Mills Selig
21 Arthur Street

Belfast

BT1 4GA





 
Inspired Business Investments Limited
 

Contents



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Income and Retained Earnings
 
 
10
Balance Sheet
 
 
11
Notes to the Financial Statements
 
 
12 - 21


 
Inspired Business Investments Limited
 

Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their Strategic report on the company for the year ended 31 December 2023.

Business review and future developments
 
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.

Principal risks and uncertainties
 
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. 

Key performance indicators
 
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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Page 1

 
Inspired Business Investments Limited
 

Strategic Report (continued)
For the Year Ended 31 December 2023

Human resources
 
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.



Pauline McKeating
Director

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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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

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)

Directors

The directors who served during the year were:

Neil McKibbin 
Pauline McKeating 

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Inspired Business Investments Limited
 

 
Directors' Report (continued)
For the Year Ended 31 December 2023

Financial risk management

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

Disclosure of information to auditors



Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.



Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsASM (B) Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 5 June 2024 and signed on its behalf.
 





Pauline McKeating
Director

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Inspired Business Investments Limited
 

 
Independent Auditors' Report to the Members of Inspired Business Investments Limited
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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Inspired Business Investments Limited
 

 
Independent Auditors' Report to the Members of Inspired Business Investments Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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)


Use of our report
 

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 2006Our 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.





Brian Clerkin (Senior Statutory Auditor)
  
for and on behalf of
ASM (B) Ltd
 
Chartered Accountants and Statutory Auditors
  
4th Floor, Glendinning House
6 Murray Street
Belfast
Co. Antrim
BT1 6DN

5 June 2024
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Inspired Business Investments Limited
 

Statement of Income and Retained Earnings
For the Year Ended 31 December 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
430
430

Gross profit
  
430
430

Administrative expenses
  
(167)
(151)

Operating profit
  
263
279

Interest payable and similar expenses
 8 
(496)
(231)

(Loss)/profit before tax
  
(233)
48

Tax on (loss)/profit
 9 
-
(84)

Loss after tax
  
£(233)
£(36)

  

  

Retained earnings at the beginning of the year
  
441
477

  
441
477

Loss for the year
  
(233)
(36)

Retained earnings at the end of the year
  
£208
£441
The notes on pages 12 to 21 form part of these financial statements.

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Page 10

 
Inspired Business Investments Limited
Registered number: NI051580

Balance Sheet
As at 31 December 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 10 
5,507
4,317

Investments
 11 
7,242
7,242

  
12,749
11,559

Current assets
  

Debtors: amounts falling due within one year
 12 
64
-

  
64
-

Creditors: amounts falling due within one year
 13 
(5,103)
(4,079)

Net current liabilities
  
 
 
(5,039)
 
 
(4,079)

Total assets less current liabilities
  
7,710
7,480

Creditors: amounts falling due after more than one year
 14 
(3,272)
(2,809)

  

Net assets
  
£4,438
£4,671


Capital and reserves
  

Called up share capital 
 17 
1,180
1,180

Share premium account
  
1,450
1,450

Other reserves
  
1,600
1,600

Profit and loss account
  
208
441

  
£4,438
£4,671


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2024.




Pauline McKeating
Director

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

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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Inspired Business Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (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:

Freehold property
-
2%
Straight-line
Fixtures and fittings
-
20%
Straight-line

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances: 
(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

4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Auditors' remuneration

The audit fee for the company in the current year and the prior year is borne by a related entity. 
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£000
£000

Wages and salaries
-
20

£-
£20


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
2
2


7.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
-
20

£-
£20



8.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
496
231

£496
£231

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Inspired Business Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

9.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
-
69


-
69


Total current tax
£-
£69

Deferred tax


Origination and reversal of timing differences
-
15

Total deferred tax
£-
£15


Taxation on profit on ordinary activities
£-
£84

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£000
£000


(Loss)/profit on ordinary activities before tax
£(233)
£48


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(55)
9

Effects of:


Expenses not deductible for tax purposes
10
2

Depreciation in excess of capital allowances
24
19

Adjustments to tax charge in respect of prior periods
-
39

Deferred tax
-
15

Tax losses surrendered to group
21
-

Total tax charge for the year
£-
£84


Factors that may affect future tax charges

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

10.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£000
£000
£000



Cost or valuation


At 1 January 2023
5,035
9
5,044


Additions
1,292
-
1,292



At 31 December 2023

6,327
9
6,336



Depreciation


At 1 January 2023
719
8
727


Charge for the year on owned assets
101
1
102



At 31 December 2023

820
9
829



Net book value



At 31 December 2023
£5,507
£-
£5,507



At 31 December 2022
£4,316
£1
£4,317




The net book value of land and buildings may be further analysed as follows:


2023
2022
£000
£000

Freehold Property
5,507
4,316

£5,507
£4,316



11.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
7,242



At 31 December 2023
£7,242




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Inspired Business Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

M-B Truck and Van (NI) Limited
47 Mallusk Road, Newtownabbey, Co Antrim, BT36 4PJ
Ordinary
100%
Rossetts (UK) Limited
Meadow Road Industrial Estate, Meadow Road, Worthing, West Sussex, BN11 2RU
Ordinary
100%
Rentatruck (Self Drive) Limited
47 Mallusk Road, Newtownabbey, Co Antrim, BT36 4PJ
Ordinary
100%
Truck & Trailer Spares (NI) Limited
47 Mallusk Road, Newtownabbey, Co Antrim, BT36 4PJ
Ordinary
100%

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Inspired Business Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

12.


Debtors

2023
2022
£000
£000


Other debtors
64
-

£64
£-



13.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Bank overdrafts
4,360
3,416

Bank loans
485
582

Corporation tax
-
30

Other taxation and social security
9
21

Other creditors
114
-

Accruals and deferred income
135
30

£5,103
£4,079



14.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Bank loans
3,272
2,809

£3,272
£2,809


The bank loan, relating to the Aldershot and Worthing mortgage is repayable in 19 equal instalments of £122k comprising both capital and interest, with the residual balance of £1.8m requiring refinance in November 2024. The loan carries interest of LIBOR plus 2%.
The bank loan, relating to the Dungannon mortgage is repayable in 17 equal instalments of £35.9k, with the residual balance requiring refinance in May 2028. The loan carries interest of SONIA plus 2.25%.
The bank loans and overdraft are secured by a fixed and floating debenture over the assets and undertakings of the Group, and by a legal charge over the Mallusk, Worthing and Aldershot sites. They are also secured by an unlimited intercompany cross guarantee and personal guarantees of £600,000 by a director. 

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Inspired Business Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

15.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£000
£000

Amounts falling due within one year

Bank loans
485
582


485
582

Amounts falling due 1-2 years

Bank loans
2,469
410


2,469
410

Amounts falling due 2-5 years

Bank loans
802
2,398


802
2,398


£3,756
£3,390


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Page 20

 
Inspired Business Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

16.


Deferred taxation


2022


£000






At beginning of year
15


(Charged)/Credited to profit or loss
(15)



At end of year
£-


17.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



143 (2022 - 143) Ordinary shares shares of £1.00 each
-
-
1,179,984 (2022 - 1,179,984) Deferred  shares of £1.00 each
1,180
1,180

£1,180

£1,180



18.


Related party transactions

The company has taken advantage of exemptions under paragraph 33.1A from the provisions of FRS 102, on the grounds that all of the voting rights of the company are controlled within the group. 







19.


Controlling party

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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