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Registered number: 11748693
Inspirext Consulting Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
SRL ACCOUNTING LIMITED
Unit 7a Waterside Bus Park
Waterside
Chesham
HP5 1PE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11748693
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,546 14,340
10,546 14,340
CURRENT ASSETS
Stocks 5 18,599 -
Debtors 6 1,516,982 1,048,122
Cash at bank and in hand 3,428,780 3,427,247
4,964,361 4,475,369
Creditors: Amounts Falling Due Within One Year 7 (897,763 ) (846,202 )
NET CURRENT ASSETS (LIABILITIES) 4,066,598 3,629,167
TOTAL ASSETS LESS CURRENT LIABILITIES 4,077,144 3,643,507
PROVISIONS FOR LIABILITIES
Provisions For Charges (155,828 ) (509,585 )
NET ASSETS 3,921,316 3,133,922
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 3,921,315 3,133,921
SHAREHOLDERS' FUNDS 3,921,316 3,133,922
Page 1
Page 2
For the year ending 31 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 Kuldeep Thakur
Director
Mrs. Kusum Thakur
Director
Mr. Manish Popli
Director
28 February 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
Inspirext Consulting Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11748693 . The registered office is 85 Great Portland Street, First Floor, London, W1W 7LT.
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. 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 33% Straight line
Computer Equipment 33% Straight line
2.4. 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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: 32 (2023: 21)
32 21
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 2,241 40,401 42,642
Additions - 8,861 8,861
As at 31 May 2024 2,241 49,262 51,503
Depreciation
As at 1 June 2023 2,241 26,061 28,302
Provided during the period - 12,655 12,655
As at 31 May 2024 2,241 38,716 40,957
Net Book Value
As at 31 May 2024 - 10,546 10,546
As at 1 June 2023 - 14,340 14,340
5. Stocks
2024 2023
£ £
WIP - Unbilled expenses and reveune 18,599 -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 811,732 620,254
Prepayments and accrued income 67,021 76,186
Other debtors - 9,591
Advance to Employees 6,917 -
Advance and prepaid expenses 24,100 -
Called up share capital not paid 1 1
Amounts owed by subsidiaries 597,121 332,000
1,506,892 1,038,032
Due after more than one year
Amounts owed by subsidiaries 10,090 10,090
1,516,982 1,048,122
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 76,944 244,210
Corporation tax 267,858 194,430
VAT 264,645 278,487
Pension creditor 23,060 17,705
PAYE/NIC Creditor 69,829 57,865
Employee Reimbursements 59,065 31,605
Unearned Revenue 99,786 8,550
Accruals and deferred income 36,576 13,350
897,763 846,202
8. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 1 1
Amount of Allotted, Called Up Share Capital 1 1
Page 5