Registered number
05137642
Inspirational by Design Ltd
Unaudited Filleted Accounts
31 January 2025
Inspirational by Design Ltd
Registered number: 05137642
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 18,300 27,935
Tangible assets 4 18,823 22,559
37,123 50,494
Current assets
Stocks 148,895 143,499
Debtors 5 58,716 48,798
Cash at bank and in hand 347,592 304,649
555,203 496,946
Creditors: amounts falling due within one year 6 (234,181) (202,237)
Net current assets 321,022 294,709
Total assets less current liabilities 358,145 345,203
Provisions for liabilities (3,713) (4,519)
Net assets 354,432 340,684
Capital and reserves
Called up share capital 149,389 149,389
Profit and loss account 205,043 191,295
Shareholders' funds 354,432 340,684
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms R Larcombe
Director
Approved by the board on 29 April 2025
Inspirational by Design Ltd
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Over 3 - 10 years
Leasehold Improvements Over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets Website Goodwill
£ £
Cost
At 1 February 2024 - 223,805
Additions 4,350 -
At 31 January 2025 4,350 223,805
Amortisation
At 1 February 2024 - 195,870
Provided during the year 435 13,550
At 31 January 2025 435 209,420
Net book value
At 31 January 2025 3,915 14,385
At 31 January 2024 - 27,935
Both Goodwill & Website development are being written off in equal annual instalments over their estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2024 21,152 36,672 57,824
Additions - 1,116 1,116
Disposals - (83) (83)
At 31 January 2025 21,152 37,705 58,857
Depreciation
At 1 February 2024 4,230 31,035 35,265
Charge for the year 2,115 2,654 4,769
At 31 January 2025 6,345 33,689 40,034
Net book value
At 31 January 2025 14,807 4,016 18,823
At 31 January 2024 16,922 5,637 22,559
5 Debtors 2025 2024
£ £
Trade debtors 34,840 28,758
Other debtors 23,876 20,040
58,716 48,798
6 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 32,954 6,852
Taxation and social security costs 21,416 15,858
Other creditors 179,811 179,527
234,181 202,237
7 Other information
Inspirational by Design Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bawdenhayes
Sandford
Nr Crediton
Devon
EX17 4ET
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