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Registered number: 05243072
Inspired People Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05243072
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 125,223 45,848
125,223 45,848
CURRENT ASSETS
Debtors 5 767,065 830,869
Cash at bank and in hand 45,926 115,603
812,991 946,472
Creditors: Amounts Falling Due Within One Year 6 (423,380 ) (470,604 )
NET CURRENT ASSETS (LIABILITIES) 389,611 475,868
TOTAL ASSETS LESS CURRENT LIABILITIES 514,834 521,716
Creditors: Amounts Falling Due After More Than One Year 7 (177,693 ) (154,717 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,713 ) (8,720 )
NET ASSETS 309,428 358,279
CAPITAL AND RESERVES
Called up share capital 11 32 32
Capital redemption reserve 8 8
Profit and Loss Account 309,388 358,239
SHAREHOLDERS' FUNDS 309,428 358,279
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Wheatcroft
Director
9 September 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Inspired People Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05243072 . The registered office is The Old Brewery, 9-11 Lodway, Pill, Bristol, BS20 0DH.
The presentation currency of the financial statements is the Pound Sterling (£)
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the revenue generated from the sale of services. Revenue is measured at the fair value of the consideration received and receivable excluding value added tax.
Revenue from services is recognised when services have been provided and the contractual right to the consideration has been earned. For incomplete contracts an assessment is made of the extent to which revenue has been earned.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses
Depreciation is provided at following annual rates in order to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 33% on cost
Computer Equipment 33% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter with a full charge on the year of acquisition.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2.5. Financial Instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
The average number of employees, including directors, during the year was 154 (2023: 148)
154 148
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 249 188,331 19,986 76,061 284,627
Additions - 111,665 - 6,930 118,595
Disposals - (49,010 ) - (8,442 ) (57,452 )
As at 31 March 2024 249 250,986 19,986 74,549 345,770
Depreciation
As at 1 April 2023 249 144,351 19,986 74,193 238,779
Provided during the period - 20,410 - 3,303 23,713
Disposals - (33,503 ) - (8,442 ) (41,945 )
As at 31 March 2024 249 131,258 19,986 69,054 220,547
...CONTINUED
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Page 5
Net Book Value
As at 31 March 2024 - 119,728 - 5,495 125,223
As at 1 April 2023 - 43,980 - 1,868 45,848
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 119,728 43,980
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 395,075 327,704
Amounts owed by participating interests 15,000 -
Other debtors 279,059 425,234
689,134 752,938
Due after more than one year
Other debtors 77,931 77,931
767,065 830,869
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 42,425 36,893
Trade creditors 19,445 11,618
Bank loans and overdrafts 34,000 34,000
Other creditors 102,127 109,202
Taxation and social security 225,383 278,891
423,380 470,604
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 98,360 41,384
Bank loans 79,333 113,333
177,693 154,717
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Page 6
8. Secured Creditors
The following secured debts are included within creditors:
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 140,785 78,276
Bank loans and overdrafts 113,333 147,333
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 45,172 40,690
Later than one year and not later than five years 102,297 43,694
147,469 84,384
Less: Finance charges allocated to future periods 6,684 6,107
140,785 78,277
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 8,720 8,720
Deferred taxation 18,993 18,993
Balance at 31 March 2024 27,713 27,713
The provision for deferred taxation is made up of accelerated capital allowances.
11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
24 Ordinary A shares of £ 1.000 each 24 24
2 Ordinary B shares of £ 1.000 each 2 2
6 Ordinary C shares of £ 1.000 each 6 6
32 32
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 42,605 43,730
Later than one year and not later than five years - 1,014
42,605 44,744
13. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the financial year were as follows:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr James Wheatcroft 230,907 108,000 (80,000 ) - 258,907
The loans provided to the directors were unsecured, interest free and repayable on demand.
Other than movements on the directors' loan accounts with the company, there were no other advances, credits and guarantees with the directors during the accounting period.
14. Related Party Transactions
During the year, total dividends of £80,000 (2023 - £65,000) were paid to the directors.
Mr J Wheatcroft, director and shareholder, is a director and shareholder of Ethi-call Limited. The company traded with Ethi-call Limited during the period generating sales transactions of £234,908 (2023: £175,629), net of value added tax.
Mr J Wheatcroft, director and shareholder, is a shareholder of Twobones Ltd. At 31 March 2024, £15,000 (2023: £Nil) was owed by Twobones Ltd. This amount is unsecured, interest free and repayable on demand.
15. Controlling Party
The company's controlling party is Mr J Wheatcroft and Mrs K Wheatcroft by virtue of their ownership of the issued share capital in the company.
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