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REGISTERED NUMBER: 04332017 (England and Wales)








Unaudited Financial Statements for the Year Ended 31 May 2024

for

Inspire Your Business Limited

Inspire Your Business Limited (Registered number: 04332017)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Inspire Your Business Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: M D McKenna ACA
R A Tait BFP ACA FCCA





SECRETARY: R A Tait BFP ACA FCCA





REGISTERED OFFICE: 6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU





REGISTERED NUMBER: 04332017 (England and Wales)





ACCOUNTANTS: Inspire Chartered Accountants
6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU

Inspire Your Business Limited (Registered number: 04332017)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 300,000 -
Tangible assets 5 7,113 4,300
307,113 4,300

CURRENT ASSETS
Debtors 6 1,069,364 1,090,426
Cash in hand - 5,359
1,069,364 1,095,785
CREDITORS
Amounts falling due within one year 7 772,749 540,352
NET CURRENT ASSETS 296,615 555,433
TOTAL ASSETS LESS CURRENT
LIABILITIES

603,728

559,733

CREDITORS
Amounts falling due after more than one
year

8

(427,945

)

(409,099

)

PROVISIONS FOR LIABILITIES (1,778 ) (109 )
NET ASSETS 174,005 150,525

Inspire Your Business Limited (Registered number: 04332017)

Balance Sheet - continued
31 May 2024

31.5.24 31.5.23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 2,100 2,100
Retained earnings 171,905 148,425
SHAREHOLDERS' FUNDS 174,005 150,525

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2025 and were signed on its behalf by:




R A Tait BFP ACA FCCA - Director



M D McKenna ACA - Director


Inspire Your Business Limited (Registered number: 04332017)

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

1. STATUTORY INFORMATION

Inspire Your Business Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Inspire Your Business Limited (Registered number: 04332017)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023 250,218
Additions 300,000
At 31 May 2024 550,218
AMORTISATION
At 1 June 2023
and 31 May 2024 250,218
NET BOOK VALUE
At 31 May 2024 300,000
At 31 May 2023 -

Inspire Your Business Limited (Registered number: 04332017)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 57,605
Additions 5,062
At 31 May 2024 62,667
DEPRECIATION
At 1 June 2023 53,305
Charge for year 2,249
At 31 May 2024 55,554
NET BOOK VALUE
At 31 May 2024 7,113
At 31 May 2023 4,300

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 553,731 452,719
Other debtors 515,633 637,707
1,069,364 1,090,426

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 202,825 160,082
Trade creditors 69,440 51,851
Taxation and social security 282,835 281,457
Other creditors 217,649 46,962
772,749 540,352

Inspire Your Business Limited (Registered number: 04332017)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 295,758 409,099
Other creditors 132,187 -
427,945 409,099

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank overdrafts 83,172 50,082
Bank loans 415,411 519,099
498,583 569,181

10. RELATED PARTY DISCLOSURES

During the year the company rented premises owned by Inspire Financial Management Limited, a company in which Mr McKenna and Mr Tait are directors and shareholders.

The charge for rent in the year was £33,000 (2023:£33,000).

At 31 May 2024, the company was owed £395,965 (2023:£616,965) by Inspire Your Business (Number 2) Limited, a company in which Mr McKenna and Mr Tait are directors and shareholders.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr McKenna and Mr Tait by virtue of their controlling shareholdings.