Inspire Enterprise Ltd - Period Ending 2017-12-31

Registration number: 09881511

Inspire Enterprise Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Grenfell James Associates Limited
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP

Inspire Enterprise Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Inspire Enterprise Ltd

Company Information

Director

Mr David J Barker

Registered office

13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP

Registered number

09881511

Accountants

Grenfell James Associates Limited 13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP

Page 1

Inspire Enterprise Ltd

(Registration number: 09881511)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	3,129	1,343
Current assets
Debtors	5	23,870	18,411
Creditors: Amounts falling due within one year	6	(48,624)	(25,898)
Net current liabilities		(24,754)	(7,487)
Net liabilities		(21,625)	(6,144)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(21,725)	(6,244)
Total equity		(21,625)	(6,144)

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 September 2018
 

.........................................

Mr David J Barker
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Inspire Enterprise Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company's registered number and registered office address can be found on the Company Information page.

The company is a private company limited by share capital, incorporated in England and Wales.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Inspire Enterprise Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% on reducing balance

Borrowings

All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 1).

Page 4

Inspire Enterprise Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 January 2017	1,791	1,791
Additions	2,829	2,829
At 31 December 2017	4,620	4,620
Depreciation
At 1 January 2017	448	448
Charge for the year	1,043	1,043
At 31 December 2017	1,491	1,491
Carrying amount
At 31 December 2017	3,129	3,129
At 31 December 2016	1,343	1,343

5

Debtors

	2017 £	2016 £
Trade debtors	20,175	18,288
Other debtors	3,695	123
	23,870	18,411

6

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	30,519	10,891
Trade creditors		9,675	5,814
Taxation and social security		6,548	1,702
Other creditors		1,882	7,491
		48,624	25,898

Page 5

Inspire Enterprise Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

7	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	4,098	2,398
Other borrowings	26,421	8,493
	30,519	10,891

8	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	8,148	12,168

9	Parent and ultimate parent undertaking

The ultimate controlling party is Mr D J Barker.

Page 6