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Registered number: 11851669
Inspiring Restaurants Ltd
Financial Statements
For The Year Ended 26 May 2024
Virgate Accounts Ltd
1st Floor Olympus House
Quedgeley
Gloucester
GL2 4NF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11851669
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 17 217
Tangible Assets 5 33,817 68,800
33,834 69,017
CURRENT ASSETS
Stocks 6 20,138 23,067
Debtors 7 98,190 90,947
Cash at bank and in hand 10,375 65,327
128,703 179,341
Creditors: Amounts Falling Due Within One Year 8 (379,671 ) (391,680 )
NET CURRENT ASSETS (LIABILITIES) (250,968 ) (212,339 )
TOTAL ASSETS LESS CURRENT LIABILITIES (217,134 ) (143,322 )
Creditors: Amounts Falling Due After More Than One Year 9 (50,000 ) (112,500 )
NET LIABILITIES (267,134 ) (255,822 )
CAPITAL AND RESERVES
Called up share capital 10 2,080 2,080
Share premium account 73,140 73,140
Revaluation reserve 11 26,070 43,490
Profit and Loss Account (368,424 ) (374,532 )
SHAREHOLDERS' FUNDS (267,134) (255,822)
Page 1
Page 2
For the year ending 26 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
On behalf of the board
Mr Melvin D'Souza
Director
07/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Inspiring Restaurants Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11851669 . The registered office is 1st Floor Olympus House, Quedgeley, Gloucester, GL2 4NF.
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 - Other Intangible
Other intangible assets are intellectual property rights. They are amortised to profit and loss account over its estimated economic life of 5 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:
Leasehold 15 years straight line
Plant & Machinery 3 years straight line
Fixtures & Fittings 4 years straight line
Computer Equipment 3 years straight line
2.5. 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 46)
39 46
4. Intangible Assets
Other
£
Cost
As at 29 May 2023 1,000
As at 26 May 2024 1,000
Amortisation
As at 29 May 2023 783
Provided during the period 200
As at 26 May 2024 983
Net Book Value
As at 26 May 2024 17
As at 29 May 2023 217
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 29 May 2023 27,833 15,117 131,477 9,157 183,584
Additions 5,199 4,411 9,628 950 20,188
Disposals (25,583 ) (3,587 ) (41,767 ) (2,854 ) (73,791 )
As at 26 May 2024 7,449 15,941 99,338 7,253 129,981
Depreciation
As at 29 May 2023 2,707 7,467 96,627 7,983 114,784
Provided during the period 1,137 3,844 8,631 543 14,155
Disposals (2,739 ) (2,558 ) (25,187 ) (2,291 ) (32,775 )
As at 26 May 2024 1,105 8,753 80,071 6,235 96,164
Net Book Value
As at 26 May 2024 6,344 7,188 19,267 1,018 33,817
As at 29 May 2023 25,126 7,650 34,850 1,174 68,800
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 20,138 23,067
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 59,368 33,869
Other debtors 38,822 57,078
98,190 90,947
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 82,832 138,282
Bank loans and overdrafts 62,500 50,000
Other creditors 148,015 58,737
Taxation and social security 86,324 144,661
379,671 391,680
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 50,000 112,500
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,080 2,080
11. Reserves
Revaluation Reserve
£
As at 29 May 2023 43,490
Transfer to profit and loss (17,420 )
As at 26 May 2024 26,070
Page 5