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INSPIRING MINDS SCOTLAND LTD

Registered Number
SC718856
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

INSPIRING MINDS SCOTLAND LTD
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

HUGHES, Martin Robert

Registered Address

Mckellar Accountancy, Unit Studio 2001 Mile End Mill, Abbey Mill Business Centre Ltd
12 Seedhill Road
Paisley
PA1 1JS

Registered Number

SC718856 (Scotland)
INSPIRING MINDS SCOTLAND LTD
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,435-
1,435-
Current assets
Debtors48,8626,428
Cash at bank and on hand36,7678,886
45,62915,314
Creditors amounts falling due within one year5(9,199)(7,803)
Net current assets (liabilities)36,4307,511
Total assets less current liabilities37,8657,511
Net assets37,8657,511
Capital and reserves
Called up share capital11
Profit and loss account37,8647,510
Shareholders' funds37,8657,511
The financial statements were approved and authorised for issue by the Director on 29 January 2025, and are signed on its behalf by:
HUGHES, Martin Robert
Director
Registered Company No. SC718856
INSPIRING MINDS SCOTLAND LTD
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. 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.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment25
2.Average number of employees

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

Office Equipment

Total

££
Cost or valuation
Additions1,5381,538
At 31 January 241,5381,538
Depreciation and impairment
Charge for year103103
At 31 January 24103103
Net book value
At 31 January 241,4351,435
At 31 January 23--
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables8,8626,428
Total8,8626,428
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables144-
Taxation and social security7,2686,922
Other creditors1,787881
Total9,1997,803
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.