INSPIRIT MANAGEMENT LIMITED


Directors	FARRANT, Albert
	STAMP, William


Company Secretary	FARRANT, Albert


Registered Address	2 Babmaes Street
	London
	SW1Y 6HD


Registered Number	12201025 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	These financial statements have been prepared in compliance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', including the provisions of Section 1A “Small Entities” and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are prepared in Pound Sterling, which is the functional currency of the Company and the currency of the environment in which the company operates.

	Going concern
	The financial statements have been prepared on a going-concern basis, as there is a reasonable expectation by the Directors that the business will continue in the foreseeable future.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable for services supplied net of discounts and value added tax (VAT). Revenue from management services is recognised when the significant risks and rewards of ownership have transferred to the third party: the amount of revenue can be measured reliably: it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be reliably measured. Revenue from the rendering of services is recognised by reference to the stage of completion of the project or investment. The stage of completion of a project is measured by comparing the costs incurred for work performed to date to the total estimated project costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a project cannot be estimated reliably.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for services supplied net of discounts and value added tax (VAT).

Revenue from management services is recognised when the significant risks and rewards of ownership have transferred to the third party: the amount of revenue can be measured reliably: it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be reliably measured.

Revenue from the rendering of services is recognised by reference to the stage of completion of the project or investment. The stage of completion of a project is measured by comparing the costs incurred for work performed to date to the total estimated project costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a project cannot be estimated reliably.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate. The company does not operate any defined benefit schemes, but instead pays into a workplace pension scheme operated by NEST for the benefit of its employees.

	Defined contribution pension plan
	The Company pays into a defined contribution stakeholder pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The Company pays into a defined contribution stakeholder pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	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.

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.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable. Inspirit Management Limited is part of a Tax Group. The Provision for Taxation for the period is calculated with reference to the Tax Group and the applicable tax rate for the period.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Inspirit Management Limited is part of a Tax Group. The Provision for Taxation for the period is calculated with reference to the Tax Group and the applicable tax rate for the period.

	Deferred tax
	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.

Deferred tax

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.

	Tangible fixed assets and depreciation
	Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying value of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying value of an asset as a result of a revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation is calculated to write off the cost or revaluation of an asset, less its residual value, over the useful economic life of the asset, except in the case of Artwork (part of Fixtures & Fittings) which is not depreciated due to the nature of the asset.

Tangible fixed assets and depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying value of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying value of an asset as a result of a revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated to write off the cost or revaluation of an asset, less its residual value, over the useful economic life of the asset, except in the case of Artwork (part of Fixtures & Fittings) which is not depreciated due to the nature of the asset.


		Straight line (years)
	Fixtures and fittings	3
	Office Equipment	3

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Provision is made for impairment losses on a case-by-case basis. 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.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Provision is made for impairment losses on a case-by-case basis. 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.

	Trade and other 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.

2.	Average number of employees
	In accordance with section 411 of the Companies Act 2006, the average number of employees is calculated by determining the number of persons employed under contracts of service for each month of the year, summing these monthly totals, and dividing by the number of months in the year.


		2025		2024
	Average number of employees during the year	10		8

3.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 25	17,638	28,296	45,934
Additions	-	7,232	7,232
At 31 December 25	17,638	35,528	53,166
Depreciation and impairment
At 01 January 25	10,529	19,522	30,051
Charge for year	1,206	5,593	6,799
At 31 December 25	11,735	25,115	36,850
Net book value
At 31 December 25	5,903	10,413	16,316
At 31 December 24	7,109	8,774	15,883

4.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	284,349	227,828
Other debtors	55,138	133,071
Prepayments and accrued income	118,175	408,626
Deferred tax asset, debtors	17,023	-
Total	474,685	769,525


	During September 2025 the loans totalling £97,788.28 that were advanced to one of the Directors in the first half of 2024, were fully settled through a series of repayments. The amount owing at the end of December 2024 of £77,933 (including interest charged) is included within the Other Debtors amount of £133,071 shown above. In line with HMRC guidance at the time of taking out the loans, a rate of 2.25% interest has been charged on the amounts advanced. The value of the deferred tax asset at the balance sheet date has been calculated using the current corporation tax rate of 25%, as this is the current rate at which the asset is expected to be realised.

During September 2025 the loans totalling £97,788.28 that were advanced to one of the Directors in the first half of 2024, were fully settled through a series of repayments. The amount owing at the end of December 2024 of £77,933 (including interest charged) is included within the Other Debtors amount of £133,071 shown above. In line with HMRC guidance at the time of taking out the loans, a rate of 2.25% interest has been charged on the amounts advanced.

The value of the deferred tax asset at the balance sheet date has been calculated using the current corporation tax rate of 25%, as this is the current rate at which the asset is expected to be realised.

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	640,833	102,638
Bank borrowings and overdrafts	686	1,732
Taxation and social security	34,389	283,251
Accrued liabilities and deferred income	120,768	142,648
Total	796,676	530,269


	There is no tax provision for the company included in the financial statements for the year ended 31 December 2025, due to the loss incurred by the company. For the financial period ended 31 December 2024, the tax payable comprises both that of the Company and also that of other members of the Tax Group.

6.	Events after reporting date
	No events have arisen after the end of the financial period that affect the amounts reflected in these financial statements or the way that the amounts are disclosed.

7.	Further information regarding the company's financial position
	Due to the way that the company is funded, the revenue that it earns, coupled with the fact that the Company is expected to generate positive cash flows for the foreseeable future, the directors continue to adopt the going-concern basis of accounting in preparing these financial statements.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		16,316		15,883
			16,316		15,883
Current assets
Debtors	4	474,685		769,525
Cash at bank and on hand		333,368		164,580
		808,053		934,105
Creditors amounts falling due within one year	5	(796,676)		(530,269)
Net current assets (liabilities)			11,377		403,836
Total assets less current liabilities			27,693		419,719
Net assets			27,693		419,719
Capital and reserves
Other reserves			5,002		5,002
Profit and loss account			22,691		414,717
Shareholders' funds			27,693		419,719