Company Registration No. 7771903 (England and Wales)
Inspire Activity Ltd
Unaudited accounts
for the year ended 31 August 2024
Inspire Activity Ltd
Statement of financial position
as at 31 August 2024
Tangible assets
10,663
17,784
Cash at bank and in hand
(14,735)
(20,203)
Creditors: amounts falling due within one year
(40,333)
(20,424)
Net current liabilities
(40,656)
(24,779)
Total assets less current liabilities
(29,993)
(6,995)
Creditors: amounts falling due after more than one year
(15,236)
(19,541)
Provisions for liabilities
Net liabilities
(45,229)
(29,915)
Called up share capital
100
100
Profit and loss account
(45,329)
(30,015)
Shareholders' funds
(45,229)
(29,915)
For the year ending 31 August 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by
Dennis Kennedy
Director
Company Registration No. 7771903
Inspire Activity Ltd
Notes to the Accounts
for the year ended 31 August 2024
Inspire Activity Ltd is a private company, limited by shares, registered in England and Wales, registration number 7771903. The registered office is 25 Melrose Avenue, Sutton Coldfield, West Midlands, B73 6NT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% straight line
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Inspire Activity Ltd
Notes to the Accounts
for the year ended 31 August 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 1 September 2023
15,000
At 1 September 2023
15,000
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2023
32,926
10,022
42,948
At 31 August 2024
32,926
10,022
42,948
At 1 September 2023
15,754
9,410
25,164
Charge for the year
6,802
319
7,121
At 31 August 2024
22,556
9,729
32,285
At 31 August 2024
10,370
293
10,663
At 31 August 2023
17,172
612
17,784
Amounts falling due within one year
Trade debtors
14,202
12,848
Accrued income and prepayments
-
3,000
Inspire Activity Ltd
Notes to the Accounts
for the year ended 31 August 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
3,484
3,484
Obligations under finance leases and hire purchase contracts
4,303
4,303
Taxes and social security
9
(403)
Loans from directors
16,262
10,056
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
6,717
11,020
9
Deferred taxation
2024
2023
Accelerated capital allowances
2,026
3,379
Tax losses carried forward
(2,236)
-
Provision at start of year
3,379
5,133
Credited to the profit and loss account
(3,589)
(1,754)
Provision at end of year
(210)
3,379
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Average number of employees
During the year the average number of employees was 2 (2023: 2).