Registered number
07765916
INSPIRATIONS LEICESTERSHIRE LIMITED
Filleted Accounts
30 September 2024
INSPIRATIONS LEICESTERSHIRE LIMITED
Registered number: 07765916
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,121,127 1,200,950
Current assets
Debtors 4 1,345,390 642,680
Cash at bank and in hand 452,588 438,615
1,797,978 1,081,295
Creditors: amounts falling due within one year 5 (1,652,668) (910,377)
Net current assets 145,310 170,918
Total assets less current liabilities 3,266,437 1,371,868
Creditors: amounts falling due after more than one year 6 (1,021,021) (660,719)
Net assets 2,245,416 711,149
Capital and reserves
Called up share capital 200 200
Revaluation reserve 7 520,000 -
Profit and loss account 1,725,216 710,949
Shareholders' funds 2,245,416 711,149
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.
Mr Harjinder Singh
Director
Approved by the board on 10 December 2024
INSPIRATIONS LEICESTERSHIRE LIMITED
Notes to the Accounts
for the year ended 30 September 2024
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Freehold buildings and improvements not depreciated
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 63 49
3 Tangible fixed assets
Leasehold and Freehold Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 825,196 64,655 591,469 1,481,320
Additions 1,467,195 - 96,680 1,563,875
Surplus on revaluation 520,000 - - 520,000
Disposals - (9,525) (116,601) (126,126)
At 30 September 2024 2,812,391 55,130 571,548 3,439,069
Depreciation
At 1 October 2023 - 54,067 226,303 280,370
Charge for the year - 1,063 65,138 66,201
On disposals - - (28,629) (28,629)
At 30 September 2024 - 55,130 262,812 317,942
Net book value
At 30 September 2024 2,812,391 - 308,736 3,121,127
At 30 September 2023 825,196 10,588 365,166 1,200,950
4 Debtors 2024 2023
£ £
Trade debtors 881,683 521,703
Amounts owed by group undertakings and undertakings in which the company has a participating interest 106,227 99,227
Other debtors 357,480 21,750
1,345,390 642,680
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 94,723 156,039
Obligations under finance lease and hire purchase contracts 35,939 35,939
Trade creditors 56,795 12,085
Corporation tax 663,101 217,916
Other taxes and social security costs 141,100 212,398
Other creditors 661,010 276,000
1,652,668 910,377
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 900,343 512,884
Obligations under finance lease and hire purchase contracts 120,678 147,835
1,021,021 660,719
7 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 520,000 -
At 30 September 2024 520,000 -
8 Other information
INSPIRATIONS LEICESTERSHIRE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
131A London Road
Oadby
Leicester
LE2 5DP
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