Inspiration Lifestyle Services Limited 06669070 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the provision of care and support services to adults with learning disabilities, mental illness, challenging behaviour and other long term conditions. Digita Accounts Production Advanced 6.30.9574.0 true true 06669070 2023-04-01 2024-03-31 06669070 2024-03-31 06669070 bus:Consolidated 2024-03-31 06669070 core:CurrentFinancialInstruments 2024-03-31 06669070 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06669070 core:FurnitureFittingsToolsEquipment 2024-03-31 06669070 core:LandBuildings 2024-03-31 06669070 core:MotorVehicles 2024-03-31 06669070 bus:SmallEntities 2023-04-01 2024-03-31 06669070 bus:Audited 2023-04-01 2024-03-31 06669070 bus:FullAccounts 2023-04-01 2024-03-31 06669070 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06669070 bus:RegisteredOffice 2023-04-01 2024-03-31 06669070 bus:Director1 2023-04-01 2024-03-31 06669070 bus:Director2 2023-04-01 2024-03-31 06669070 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06669070 core:ComputerEquipment 2023-04-01 2024-03-31 06669070 core:FurnitureFittings 2023-04-01 2024-03-31 06669070 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06669070 core:LandBuildings 2023-04-01 2024-03-31 06669070 core:MotorVehicles 2023-04-01 2024-03-31 06669070 core:OfficeEquipment 2023-04-01 2024-03-31 06669070 core:PlantMachinery 2023-04-01 2024-03-31 06669070 countries:EnglandWales 2023-04-01 2024-03-31 06669070 2023-03-31 06669070 core:FurnitureFittingsToolsEquipment 2023-03-31 06669070 core:LandBuildings 2023-03-31 06669070 core:MotorVehicles 2023-03-31 06669070 2022-03-23 2023-03-31 06669070 2023-03-31 06669070 core:CurrentFinancialInstruments 2023-03-31 06669070 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06669070 core:FurnitureFittingsToolsEquipment 2023-03-31 06669070 core:LandBuildings 2023-03-31 06669070 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06669070

Prepared for the registrar

Inspiration Lifestyle Services Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Inspiration Lifestyle Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Inspiration Lifestyle Services Limited

Company Information

Directors

A J Dawber

T C Pridmore

Registered office

Forum 4 Solent Business Park
Parkway South
Whiteley
Fareham
PO15 7AD

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Inspiration Lifestyle Services Limited

(Registration number: 06669070)
Balance Sheet as at 31 March 2024

Notes

31 March 2024
£

Unaudited
31 March 2023
£

Fixed assets

 

Tangible assets

4

-

1,548,343

Investment property

5

3,370,000

-

 

3,370,000

1,548,343

Current assets

 

Debtors

6

582,483

201,497

Cash at bank and in hand

 

22,055

539,547

 

604,538

741,044

Creditors: Amounts falling due within one year

7

(638,764)

(855,748)

Net current liabilities

 

(34,226)

(114,704)

Net assets

 

3,335,774

1,433,639

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,335,674

1,433,539

Shareholders' funds

 

3,335,774

1,433,639

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 


A J Dawber
Director

 

Inspiration Lifestyle Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Forum 4 Solent Business Park
Parkway South
Whiteley
Fareham
PO15 7AD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Inspiration Lifestyle Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Motor Vehicles

25% reducing balance

Computer equipment

33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Inspiration Lifestyle Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Inspiration Lifestyle Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Inspiration Lifestyle Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

1,483,213

202,503

69,991

1,755,707

Additions

-

7,655

-

7,655

Disposals

-

-

(8,144)

(8,144)

Transfers to group companies

-

(210,158)

(61,847)

(272,005)

Transfer to Investment properties

(1,483,213)

-

-

(1,483,213)

At 31 March 2024

-

-

-

-

Depreciation

At 1 April 2023

-

151,147

56,217

207,364

Charge for the year

-

4,688

2,137

6,825

Eliminated on disposal

-

-

(6,720)

(6,720)

Transfers to group companies

-

(155,835)

(51,634)

(207,469)

At 31 March 2024

-

-

-

-

Carrying amount

At 31 March 2024

-

-

-

-

At 31 March 2023

1,483,213

51,356

13,774

1,548,343

During the year, the company's tangible fixed assets excluding the freehold property were transferred to a parent company at net book value, together with the trade and other net assets. The freehold property was transferred to investment property as part of this group reorganisation.

 

5

Investment properties

£

Transfer from fixed assets

1,483,213

Fair value adjustments

1,886,787

At 31 March 2024

3,370,000

The investment properties were revalued as at 31 March 2024 by JLL, an independent third party. The valuation was at the estimated market value as at that date based upon an arms length transaction.

 

6

Debtors

31 March 2024
 £

Unaudited
31 March 2023
 £

Trade debtors

-

76,840

Amounts owed by group undertakings

576,153

111,744

Other debtors

6,330

7,532

Deferred tax assets

-

5,381

 

582,483

201,497

 

Inspiration Lifestyle Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

7

Creditors

31 March 2024
 £

Unaudited
31 March 2023
 £

Due within one year

 

Trade creditors

 

-

26,185

Amounts due to group undertakings

629,764

658,122

Social security and other taxes

 

-

28,519

Other creditors

 

-

65,435

Accrued expenses

 

9,000

28,054

Deferred income

 

-

49,433

 

638,764

855,748

 

8

Parent and ultimate parent undertaking

The company's immediate parent is M & D Care Group Limited, incorporated in England and Wales.
 
Up until 17 February 2024 the ultimate parent was Koala Care Holdings Limited, incorporated in England and Wales. Up until 17 February 2024 the results of this company are consolidated into that group and the financial statements may be obtained from Companies House.

Following the sale of the company on 17 February 2024, CIM Healthcare Properties LP is the smallest group into which the results of the company are consolidated. The largest UK group into which the results of the company are consolidated is Civitas Social Housing Limited (the 'REIT'). The ultimate parent undertaking is CK Asset Holdings Limited, a company which is registered in the Cayman Islands and listed on the Hong Kong stock exchange.

 

9

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The corresponding figures for the period from 23 March 2022 to 31 March 2023 shown in the financial statements are derived from the financial statements prepared for that period that were not audited. The name of the Senior Statutory Auditor who signed the audit report on 27 March 2025 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.