2023-11-012024-10-312024-10-31false10428485INNER CHILD 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INNER CHILD LTD

Registered Number
10428485
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

INNER CHILD LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

HOBLYN, Stephen Keith

Registered Address

Stone Dykes Cottage
Lowick Green
Ulverston
LA12 8ES

Registered Number

10428485 (England and Wales)
INNER CHILD LTD
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets310,51620,119
10,51620,119
Current assets
Debtors491,63169,708
Cash at bank and on hand2425,033
91,65594,741
Creditors amounts falling due within one year5(75,790)(89,568)
Net current assets (liabilities)15,8655,173
Total assets less current liabilities26,38125,292
Creditors amounts falling due after one year6(15,772)(25,159)
Net assets10,609133
Capital and reserves
Called up share capital100100
Profit and loss account10,50933
Shareholders' funds10,609133
The financial statements were approved and authorised for issue by the Director on 29 January 2025, and are signed on its behalf by:
HOBLYN, Stephen Keith
Director
Registered Company No. 10428485
INNER CHILD LTD
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from rendering of services
Revenue 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Computer Equipment: 33.33% Motor Vehicles: On cost over 5 years Office Equipment: 25.00%
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 2358,231
Additions299
At 31 October 2458,530
Depreciation and impairment
At 01 November 2338,112
Charge for year9,901
Other adjustments1
At 31 October 2448,014
Net book value
At 31 October 2410,516
At 31 October 2320,119
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables20,9501,200
Other debtors70,68168,508
Total91,63169,708
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts3,00216,872
Taxation and social security65,21765,898
Finance lease and HP contracts7,5716,798
Total75,79089,568
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts14,44316,258
Other creditors1,3298,901
Total15,77225,159
Non-Current Liability consists of a Coronavirus Bounce Back Loan. Other Creditors consists of the long-term portion of a Hire Purchase Contract
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts1,3298,901
8.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
HOBLYN, Stephen Keith49,09501349,082
49,09501349,082