Inspired Loans Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07326217 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

INSPIRED LOANS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTOR:

J M Chanot

REGISTERED OFFICE:

Channing House

14 Butts Road

Alton

Hampshire

GU34 1ND

REGISTERED NUMBER:

07326217 (England and Wales)

ACCOUNTANTS:

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

FIXED ASSETS

Tangible assets

4

5,626

7,501

CURRENT ASSETS

Stocks

32,000

-

Debtors

5

99,438

13,551

Cash at bank

96,659

23

228,097

13,574

CREDITORS

Amounts falling due within one year

6

72,426

51,144

NET CURRENT ASSETS/(LIABILITIES)

155,671

(37,570

)

TOTAL ASSETS LESS CURRENT LIABILITIES

161,297

(30,069

)

CREDITORS

Amounts falling due after more than one year

7

(105,709

)

-

PROVISIONS FOR LIABILITIES

8

(1,069

)

(1,425

)

NET ASSETS/(LIABILITIES)

54,519

(31,494

)

CAPITAL AND RESERVES

Called up share capital

9

950

950

Capital redemption reserve

10

50

50

Retained earnings

10

53,519

(32,494

)

SHAREHOLDERS' FUNDS

54,519

(31,494

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 19 December 2019 and were signed by:

J M Chanot - Director

1.	STATUTORY INFORMATION

Inspired Loans Ltd 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 represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 19 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

12,236

2,263

14,499

DEPRECIATION

At 1 April 2018

5,865

1,133

6,998

Charge for year

1,593

282

1,875

At 31 March 2019

7,458

1,415

8,873

NET BOOK VALUE

At 31 March 2019

4,778

848

5,626

At 31 March 2018

6,371

1,130

7,501

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

4,408

Other debtors

926

-

Directors' loan accounts

95,540

9,143

Tax

2,972

-

99,438

13,551

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

9,163

18,321

Trade creditors

-

743

Tax

25,006

802

Social security and other taxes

13,705

10,902

Other creditors

18,614

12,323

Pensions

2,398

513

Accrued expenses

3,540

7,540

72,426

51,144

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

105,709

-

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

1,069

1,425

Deferred

tax

£

Balance at 1 April 2018

1,425

Movement in year

(356

)

Balance at 31 March 2019

1,069

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

950

Ordinary

£1

950

950

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2018

(32,494

)

50

(32,444

)

Profit for the year

86,013

86,013

At 31 March 2019

53,519

50

53,569

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director was given an advance of £86,394 (2018: £9,487) by the company. At the year end

date the amount due to the company was £95,540 (2018: £9,143 due to the company). Interest has been charged

on the loan at the official rate, the loan is to be repaid within 9 months of the year end.

12.	RELATED PARTY DISCLOSURES

During the year Inspired Loans Limited received commissions from Inspired Mortgages Limited totalling £Nil

(2018: £35,029). J M Chanot is a director and shareholder of Inspired Mortgages Limited.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Inspired Loans Ltd for the year ended 31 March 2019 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Inspired Loans Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Inspired Loans Ltd and state those matters that we have agreed to state to the director of Inspired Loans Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Inspired Loans Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Inspired Loans Ltd. You consider that Inspired Loans Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Inspired Loans Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

19 December 2019