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Registered number: 10639002
Earth Inspired Ltd
ABRIDGED Financial Statements
For The Year Ended 29 February 2024
J Leigh Accounting :td
MAAT
37 Bakery Way
Landkey
North Devon
EX32 0LJ
Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 10639002
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 171 171
Tangible Assets 5 122,014 86,018
122,185 86,189
CURRENT ASSETS
Stocks 5,000 22,524
Debtors 147,561 132,128
Cash at bank and in hand 57,316 75,810
209,877 230,462
Creditors: Amounts Falling Due Within One Year (225,848 ) (205,201 )
NET CURRENT ASSETS (LIABILITIES) (15,971 ) 25,261
TOTAL ASSETS LESS CURRENT LIABILITIES 106,214 111,450
Creditors: Amounts Falling Due After More Than One Year (81,025 ) (74,821 )
NET ASSETS 25,189 36,629
CAPITAL AND RESERVES
Called up share capital 7 120 1
Other reserves 718 718
Profit and Loss Account 24,351 35,910
SHAREHOLDERS' FUNDS 25,189 36,629
Page 1
Page 2
For the year ending 29 February 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 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.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 29 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Adam Cornish
Director
08/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Earth Inspired Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10639002 . The registered office is Unit 9 Coxleigh Barton, Shirwell, Barnstaple, EX31 4JL.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... 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:
Plant & Machinery 25% Striaght Line
Motor Vehicles 10% Straight Line
Fixtures & Fittings N/A
Computer Equipment 25% Striaght Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 20)
18 20
4. Intangible Assets
Total
£
Cost
As at 1 March 2023 171
As at 29 February 2024 171
Net Book Value
As at 29 February 2024 171
As at 1 March 2023 171
5. Tangible Assets
Total
£
Cost
As at 1 March 2023 157,713
Additions 56,679
As at 29 February 2024 214,392
Depreciation
As at 1 March 2023 71,695
Provided during the period 20,683
As at 29 February 2024 92,378
Net Book Value
As at 29 February 2024 122,014
As at 1 March 2023 86,018
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Page 5
6. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 17,042 -
Later than one year and not later than five years 21,923 -
38,965 -
Less: Finance charges allocated to future periods (25,890 ) -
64,855 -
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 120 1
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Adam Cornish - - - - 19,413
The above loan is unsecured, interest free and repayable on demand.
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