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REGISTERED NUMBER: 07511105




Financial Statements for the Year Ended 31 January 2024

for


Inspire Care Outreach Limited


Inspire Care Outreach Limited (Registered number: 07511105)







Contents of the Financial Statements

for the Year Ended 31 January 2024





Page



Company Information  

1



Income Statement  

2



Balance Sheet  

3



Notes to the Financial Statements  

5



Statement of Directors' Responsibilities  

9



Independent Certified Accountants' Review Report  

10




Inspire Care Outreach Limited


Company Information

for the Year Ended 31 January 2024









DIRECTORS:

Mrs Helen Odejimi


Mr Isaac Odejimi







REGISTERED OFFICE:

45 Elsenham Road


Manor Park


London


London


E12 6JZ







REGISTERED NUMBER:

07511105







ACCOUNTANTS:

Argon & Krypton Consulting Ltd


(Chartered Certified Accountants & Tax Advisers)


Unit 6


Town Quay Wharf


Abbey Road


Barking


Essex


IG11 7BZ


Inspire Care Outreach Limited (Registered number: 07511105)


Income Statement

for the Year Ended 31 January 2024



31.1.24

31.1.23



Notes

£   

£   

£   

£   



TURNOVER

1,963,394


1,819,373




Direct Costs

379,693


303,885



GROSS PROFIT

1,583,701


1,515,488




Overseas Activities

63,371


80,100



Administrative expenses

1,475,964


1,290,727



1,539,335

1,370,827

OPERATING PROFIT

4

44,366


144,661




Interest receivable and similar income

61


-



PROFIT BEFORE TAXATION

44,427


144,661




Tax on profit

7,234


19,259



PROFIT FOR THE FINANCIAL YEAR

37,193


125,402




Inspire Care Outreach Limited (Registered number: 07511105)


Balance Sheet

31 January 2024



31.1.24

31.1.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

5

7,200


14,400



Tangible assets

6

1,135,089


825,127



Investment property

7

103,144


103,144



1,245,433


942,671




CURRENT ASSETS

Cash at bank

21,128


225,773




CREDITORS

Amounts falling due within one year

8

124,057


253,106



NET CURRENT LIABILITIES

(102,929

)

(27,333

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

1,142,504


915,338




CREDITORS

Amounts falling due after more than one year

9

(299,053

)

(506,032

)



ACCRUALS AND DEFERRED INCOME

(291,517

)

(57,851

)


NET ASSETS

551,934


351,455




CAPITAL AND RESERVES

Called up share capital

2


2



Directors' Equity

10

355,830


182,925



Retained earnings

10

196,102


168,528



SHAREHOLDERS' FUNDS

551,934


351,455




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 Care Outreach Limited (Registered number: 07511105)


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.  


The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:






Mrs Helen Odejimi - Director



Inspire Care Outreach Limited (Registered number: 07511105)


Notes to the Financial Statements

for the Year Ended 31 January 2024


1.

STATUTORY INFORMATION



Inspire Care Outreach Limited is a private company, limited by shares , registered in Not specified/Other. 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.    



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.  



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant and machinery etc

-  

25% on cost and 20% on cost



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.


Inspire Care Outreach Limited (Registered number: 07511105)


Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 71 (2023 - 62 ) .


4.

OPERATING PROFIT



The operating profit is stated after charging:



31.1.24


31.1.23

£   

£   



Depreciation - owned assets

6,892


6,230




Goodwill amortisation

7,200


7,200




Annual Confirmation Statements

75


-




5.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 February 2023


and 31 January 2024

72,000




AMORTISATION


At 1 February 2023

57,600




Charge for year

7,200




At 31 January 2024

64,800




NET BOOK VALUE


At 31 January 2024

7,200




At 31 January 2023

14,400




Inspire Care Outreach Limited (Registered number: 07511105)


Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


6.

TANGIBLE FIXED ASSETS


Plant and



Land and


machinery



buildings


etc


Totals

£   

£   

£   



COST


At 1 February 2023

768,989


162,500


931,489




Additions

314,204


2,650


316,854




At 31 January 2024

1,083,193


165,150


1,248,343




DEPRECIATION


At 1 February 2023

-


106,362


106,362




Charge for year

-


6,892


6,892




At 31 January 2024

-


113,254


113,254




NET BOOK VALUE


At 31 January 2024

1,083,193


51,896


1,135,089




At 31 January 2023

768,989


56,138


825,127




7.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 February 2023


and 31 January 2024

103,144




NET BOOK VALUE


At 31 January 2024

103,144




At 31 January 2023

103,144




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.1.24


31.1.23

£   

£   



Bank loans and overdrafts

8,441


-




Trade creditors

(1

)

-




Trade Creditors

15,707


9,448




Corporation Tax

8,817


62,308




VAT Due

-


95,547




Social security and other taxes

83,969


85,803




NEST Creditor

7,124


-



124,057


253,106




Inspire Care Outreach Limited (Registered number: 07511105)


Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.1.24


31.1.23

£   

£   



Bounce Back Loan

24,167


18,962




Other Loans

-


39,280




Mortgage

274,886


447,790



299,053


506,032





Amounts falling due in more than five years:



Repayable by instalments


Other Loans

-


39,280




Mortgage

274,886


447,790



274,886


487,070




10.

RESERVES


Retained


Directors'



earnings


Equity


Totals

£   

£   

£   




At 1 February 2023

168,528


182,925


351,453




Profit for the year

37,193


37,193




Dividends

(9,619

)

(9,619

)



Cash share issue

-


172,905


172,905




At 31 January 2024

196,102


355,830


551,932




Inspire Care Outreach Limited (Registered number: 07511105)


Statement of Directors' Responsibilities

for the Year Ended 31 January 2024



The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.    


The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.



ON BEHALF OF THE BOARD:






Mrs Helen Odejimi - Director


29 October 2024


Independent Certified Accountants' Review Report to the Directors of

Inspire Care Outreach Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.    


We have reviewed the financial statements of Inspire Care Outreach Limited for the year ended 31 January 2024, which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).    


Directors' responsibility for the financial statements

As explained more fully in the Statement of Directors' Responsibilities set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.


Accountants' responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.


Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:


-

so as to give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;

-

in accordance with  United Kingdom Generally Accepted Accounting Practice; and

-

in accordance with the requirements of the Companies Act 2006.


Use of our report

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's 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 directors as a body for our work, for this report, or for the conclusions we have formed.    





Argon & Krypton Consulting Ltd

(Chartered Certified Accountants & Tax Advisers)

Unit 6

Town Quay Wharf

Abbey Road


Independent Certified Accountants' Review Report to the Directors of

Inspire Care Outreach Limited


Barking

Essex

IG11 7BZ



29 October 2024