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Registered number: 06819740
Inner Strengths Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06819740
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 850 1,870
Tangible Assets 5 4,548 5,616
5,398 7,486
CURRENT ASSETS
Debtors 6 33,986 5,450
Cash at bank and in hand 218,164 165,105
252,150 170,555
Creditors: Amounts Falling Due Within One Year 7 (67,029 ) (66,051 )
NET CURRENT ASSETS (LIABILITIES) 185,121 104,504
TOTAL ASSETS LESS CURRENT LIABILITIES 190,519 111,990
Creditors: Amounts Falling Due After More Than One Year 8 (7,024 ) (13,000 )
NET ASSETS 183,495 98,990
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 183,493 98,988
SHAREHOLDERS' FUNDS 183,495 98,990
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Ms E A Jordan
Director
21 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Inner Strengths Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06819740 . The registered office is Sterling House, Outrams Wharf, Little Eaton, Derby, DE21 5EL.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Straight line
Computer Equipment 20% Reducing balance
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Intangible Assets
Other
£
Cost
As at 1 April 2023 5,100
As at 31 March 2024 5,100
Amortisation
As at 1 April 2023 3,230
Provided during the period 1,020
As at 31 March 2024 4,250
Net Book Value
As at 31 March 2024 850
As at 1 April 2023 1,870
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 6,537 4,135 10,672
Additions - 619 619
As at 31 March 2024 6,537 4,754 11,291
Depreciation
As at 1 April 2023 2,306 2,750 5,056
Provided during the period 1,307 380 1,687
As at 31 March 2024 3,613 3,130 6,743
Net Book Value
As at 31 March 2024 2,924 1,624 4,548
As at 1 April 2023 4,231 1,385 5,616
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 19,200 5,450
Other debtors 14,786 -
33,986 5,450
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Corporation tax 37,136 27,990
Other taxes and social security - 928
VAT 15,893 10,303
Other creditors - 8,851
Accruals and deferred income 8,000 11,979
67,029 66,051
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,024 13,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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