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Registered number: 13353949
Innerspace Leicester Ltd
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13353949
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,610 9,840
Tangible Assets 5 12,829 17,989
21,439 27,829
CURRENT ASSETS
Stocks 6 92,816 125,525
Debtors 7 63,364 14,580
Investments 8 3,305 3,305
Cash at bank and in hand 6,942 10,996
166,427 154,406
Creditors: Amounts Falling Due Within One Year 9 (194,754 ) (179,202 )
NET CURRENT ASSETS (LIABILITIES) (28,327 ) (24,796 )
TOTAL ASSETS LESS CURRENT LIABILITIES (6,888 ) 3,033
NET (LIABILITIES)/ASSETS (6,888 ) 3,033
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (6,988 ) 2,933
SHAREHOLDERS' FUNDS (6,888) 3,033
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Muhammad Salim Allarakhia
Director
28th March 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
Innerspace Leicester Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13353949 . The registered office is 1 Freehold Street, Leicester, LE1 2LX.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... 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:
Plant & Machinery 20% on cost
Fixtures & Fittings 20% on cost
Office Equipment 20% on cost
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: )
3 -
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 12,300
As at 30 April 2024 12,300
Amortisation
As at 1 May 2023 2,460
Provided during the period 1,230
As at 30 April 2024 3,690
Net Book Value
As at 30 April 2024 8,610
As at 1 May 2023 9,840
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 May 2023 14,356 11,439 25,795
As at 30 April 2024 14,356 11,439 25,795
Depreciation
As at 1 May 2023 3,533 4,273 7,806
Provided during the period 2,872 2,288 5,160
As at 30 April 2024 6,405 6,561 12,966
Net Book Value
As at 30 April 2024 7,951 4,878 12,829
As at 1 May 2023 10,823 7,166 17,989
6. Stocks
2024 2023
£ £
Stock 92,816 125,525
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 19,517 (15,588 )
Other debtors 43,847 30,168
63,364 14,580
Page 4
Page 5
8. Current Asset Investments
2024 2023
£ £
Listed investments 3,305 3,305
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 32,051 42,612
Bank loans and overdrafts 9,150 -
Other creditors 142,363 135,507
Taxation and social security 11,190 1,083
194,754 179,202
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Muhammad Allarakhia (44,681 ) (6,695 ) - (5,136) -
The above loan is unsecured, interest free and repayable on demand.
Page 5