Company Registration No. 12080702 (England and Wales)
INSPIRATIONS CARE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
INSPIRATIONS CARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INSPIRATIONS CARE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
30,672
41,143
Current assets
Debtors
5
25,371
54,705
Cash at bank and in hand
67,208
36,791
92,579
91,496
Creditors: amounts falling due within one year
6
(241,780)
(236,847)
Net current liabilities
(149,201)
(145,351)
Total assets less current liabilities
(118,529)
(104,208)
Creditors: amounts falling due after more than one year
7
(39,686)
(50,242)
Net liabilities
(158,215)
(154,450)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(159,215)
(155,450)
Total equity
(158,215)
(154,450)
For the financial year ended 31 July 2023 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
Mr F W Bowen
Director
Company registration number 12080702 (England and Wales)
INSPIRATIONS CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Inspirations Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3.2 Clarendon Park, Clumber Avenue, Nottingham, NG5 1AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes
Revenue from contracts for the provision residential care home services is recognised at the point of provision.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
20 per cent on cost
Plant and equipment
20 per cent on cost
Fixtures and fittings
20 per cent on cost
Motor vehicles
20 per cent on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
INSPIRATIONS CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
8
INSPIRATIONS CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
37,258
6,839
28,484
72,581
Additions
515
3,908
4,423
At 31 July 2023
37,258
515
10,747
28,484
77,004
Depreciation and impairment
At 1 August 2022
18,457
1,587
11,394
31,438
Depreciation charged in the year
7,452
37
1,708
5,697
14,894
At 31 July 2023
25,909
37
3,295
17,091
46,332
Carrying amount
At 31 July 2023
11,349
478
7,452
11,393
30,672
At 31 July 2022
18,801
5,252
17,090
41,143
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,982
Other debtors
25,371
2,723
25,371
54,705
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,296
5,262
Trade creditors
490
1,364
Taxation and social security
7,505
6,386
Other creditors
228,489
223,835
241,780
236,847
Other creditors includes borrowing of £5,242 (2022: £4,965) secured against assets acquired under hire purchase contracts and interest free/repayable on demand borrowing from directors and other connected interests totaling £199,416 (2022:£199,416). This loan is interest free and repayable on demand.
INSPIRATIONS CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,027
39,243
Other creditors
5,659
10,999
39,686
50,242
Other creditors comprise borrowing secured against assets acquired under hire purchase contracts.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
95,610
129,210
10
Related party transactions
Personal guarantees have been made by directors and other connected persons in respect of the operating lease commitments disclosed in note 9.
Within Other Creditors in note 6, there is borrowing from directors and other connected interests totaling £199,416 (2022:£199,416). These loans are interest free and repayable on demand. Details of connected interests are disclosed below.
- Younas & Co Ltd - £30,050 (2022: £30,050)
- Yaqub Bros Ltd - £43,234 (2022: £43,234)
- AYD Care and Support Ltd - £39,800 (2022: £39,800)
- MYK Coral Ltd - £86,332 (2022: £86,332)