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REGISTERED NUMBER: 08834872 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Inspire Financial Management Limited

Inspire Financial Management Limited (Registered number: 08834872)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Inspire Financial Management Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: M D McKenna ACA
R A Tait BFP ACA FCCA
M Harding





REGISTERED OFFICE: 6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU





REGISTERED NUMBER: 08834872 (England and Wales)





ACCOUNTANTS: Inspire Chartered Accountants
6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU

Inspire Financial Management Limited (Registered number: 08834872)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 400,000 400,000

CURRENT ASSETS
Cash at bank 4,835 4,718

CREDITORS
Amounts falling due within one year 5 23,168 30,203
NET CURRENT LIABILITIES (18,333 ) (25,485 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

381,667

374,515

CREDITORS
Amounts falling due after more than one
year

6

(155,956

)

(165,054

)

PROVISIONS FOR LIABILITIES (5,760 ) (5,760 )
NET ASSETS 219,951 203,701

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 219,801 203,551
SHAREHOLDERS' FUNDS 219,951 203,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Inspire Financial Management Limited (Registered number: 08834872)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:




M D McKenna ACA - Director R A Tait BFP ACA FCCA - Director




M Harding - Director


Inspire Financial Management Limited (Registered number: 08834872)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Inspire Financial Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced rents, excluding value added tax.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 have been enacted or substantively enacted by the balance sheet date.

Deferred tax
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Inspire Financial Management Limited (Registered number: 08834872)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 400,000
NET BOOK VALUE
At 31 January 2024 400,000
At 31 January 2023 400,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2019 30,318
Cost 369,682
400,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 10,785 12,473
Taxation and social security 7,621 9,842
Other creditors 4,762 7,888
23,168 30,203

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans 155,956 165,054

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 112,836 115,162

Inspire Financial Management Limited (Registered number: 08834872)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 166,741 177,527

The bank loan is secured by a fixed charge on the leasehold property.