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COMPANY REGISTRATION NUMBER: 04889353
Inspire Design Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Inspire Design Limited
Financial Statements
Period ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Inspire Design Limited
Officers and Professional Advisers
Director
Mr A D Cook
Company secretary
Mrs T S Cook
Registered office
2 Oldfield Road
Bocam Park
Bridgend
Bridgend County Borough
CF35 5LJ
Accountants
Clay Shaw Thomas Ltd
Chartered Accountants
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Barclays Bank Plc
Corporate Banking Centre
PO Box 747
Barclays House
Ty Glas Avenue
Llanishen
Cardiff
Inspire Design Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Inspire Design Limited
Period ended 31 March 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the period ended 31 March 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd Chartered Accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
18 September 2024
Inspire Design Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
38,661
83,255
Current assets
Debtors
6
551,640
540,115
Cash at bank and in hand
36,074
7,031
---------
---------
587,714
547,146
Creditors: amounts falling due within one year
7
291,044
314,301
---------
---------
Net current assets
296,670
232,845
---------
---------
Total assets less current liabilities
335,331
316,100
Creditors: amounts falling due after more than one year
8
190,562
137,185
Provisions
Taxation including deferred tax
7,133
13,771
---------
---------
Net assets
137,636
165,144
---------
---------
Capital and reserves
Called up share capital
9
115
115
Capital redemption reserve
10
20,029
20,029
Profit and loss account
10
117,492
145,000
---------
---------
Shareholders funds
137,636
165,144
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2024 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Inspire Design Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr A D Cook
Director
Company registration number: 04889353
Inspire Design Limited
Notes to the Financial Statements
Period ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, Bridgend County Borough, CF35 5LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the director has taken in to account all available information about the future, and conclude that the company has adequate resources to to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
(i) Profit recognition on long term contracts The company makes an estimate of the attributable profit on long term contracts. The attributable profit on long term contracts is recognised once the outcome of the long term contract can be estimated reliably. When calculating the attributable profit to be recognised, management considers the stage of completion to date on the project. Full provision is made losses on all contracts in the year in which the loss is first foreseen. (ii) Amounts recoverable on contracts The company makes an estimate of the amounts recoverable on contracts. When calculating the amounts recoverable on contract, management considers the works done to date less amounts already invoiced.
Revenue recognition
The turnover shown in the profit and loss account represents services rendered during the year and relates to the company's principal activity which is that of architectural design and construction management. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 12 (2023: 13 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
44,703
45,650
121,361
211,714
Additions
5,437
5,437
Disposals
( 45,650)
( 45,650)
--------
--------
---------
---------
At 31 March 2024
44,703
126,798
171,501
--------
--------
---------
---------
Depreciation
At 1 April 2023
40,820
7,608
80,031
128,459
Charge for the period
971
1,902
11,018
13,891
Disposals
( 9,510)
( 9,510)
--------
--------
---------
---------
At 31 March 2024
41,791
91,049
132,840
--------
--------
---------
---------
Carrying amount
At 31 March 2024
2,912
35,749
38,661
--------
--------
---------
---------
At 31 March 2023
3,883
38,042
41,330
83,255
--------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
----
At 31 March 2023
38,042
--------
6. Debtors
2024
2023
£
£
Trade debtors
118,458
197,975
Other debtors
433,182
342,140
---------
---------
551,640
540,115
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
141,140
143,983
Trade creditors
12,574
775
Social security and other taxes
99,999
94,192
Other creditors
37,331
75,351
---------
---------
291,044
314,301
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
190,562
108,557
Other creditors
28,628
---------
---------
190,562
137,185
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 0.01 each
11,030
110
11,030
110
Ordinary 'B' shares of £ 0.01 each
420
4
420
4
--------
----
--------
----
11,450
115
11,450
115
--------
----
--------
----
10. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
49,283
68,383
Later than 1 year and not later than 5 years
21,459
24,864
--------
--------
70,742
93,247
--------
--------
12. Directors' advances, credit and guarantees
The transactions with the director in the year were as follows:
£
Balance owed from the director at 1 April 2023 (160,928)
Introduced 47,991
Withdrawn (73,442)
---------
Balance owed from the director at 31 March 2024 (186,379)
---------
There are no repayment terms or fixed interest charged on the above loan. The director Mr A D Cook have provided a personal guarantees to the value of £50,000 against the bank loans and overdrafts.
13. Related party transactions
The transactions with Mrs T S Cook in the year were as follows:
£
Balance owed from Mrs T S Cook at 1 April 2023 (63,417)
Introduced 42,822
Withdrawn (72,608)
--------
Balance owed from Mrs T S Cook at 31 March 2024 (93,203)
--------
These transactions are related as Mrs T S Cook has significant influence over the company.
14. Ultimate controlling party
In the opinion of the director, the ultimate controlling party is Mr A Cook.