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

REGISTERED NUMBER: 07326217 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 FEBRUARY 2017 TO 31 MARCH 2018

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

7,501

5,238

CURRENT ASSETS

Debtors

5

13,551

6,349

Cash at bank

23

19,482

13,574

25,831

CREDITORS

Amounts falling due within one year

6

51,144

48,012

NET CURRENT LIABILITIES

(37,570

)

(22,181

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(30,069

)

(16,943

)

PROVISIONS FOR LIABILITIES

7

1,425

1,048

NET LIABILITIES

(31,494

)

(17,991

)

CAPITAL AND RESERVES

Called up share capital

8

950

950

Capital redemption reserve

9

50

50

Retained earnings

9

(32,494

)

(18,991

)

SHAREHOLDERS' FUNDS

(31,494

)

(17,991

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

Taxation

Taxation for the period 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 period 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.

Going concern

The financial statements have been drawn up on a going concern basis which assumes adequate finance will

continue to be made available and accordingly do not take account of adjustments, if any, which may be

necessary if the company is unable to continue as a concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 February 2017

7,471

2,263

9,734

Additions

4,765

-

4,765

At 31 March 2018

12,236

2,263

14,499

DEPRECIATION

At 1 February 2017

3,739

757

4,496

Charge for period

2,126

376

2,502

At 31 March 2018

5,865

1,133

6,998

NET BOOK VALUE

At 31 March 2018

6,371

1,130

7,501

At 31 January 2017

3,732

1,506

5,238

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

4,408

4,408

Other debtors

-

1,941

Directors' loan accounts

9,143

-

13,551

6,349

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

18,321

-

Trade creditors

743

15,945

Tax

802

433

Social security and other taxes

10,902

3,915

Other creditors

12,836

-

Directors' loan accounts

-

345

Accrued expenses

7,540

27,374

51,144

48,012

7.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

1,425

1,048

Deferred

tax

£

Balance at 1 February 2017

1,048

Movement in year

377

Balance at 31 March 2018

1,425

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

950

Ordinary

£1

950

950

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 February 2017

(18,991

)

50

(18,941

)

Deficit for the period

(13,503

)

(13,503

)

At 31 March 2018

(32,494

)

50

(32,444

)

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director was given an advance of £9,487 2017: £1,341) by the company. At the year end date

the amount due to the company was £9,144 (2017: £345 due from the company).

11.	RELATED PARTY DISCLOSURES

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

£35,029 (2017: £39,460). 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 period ended 31 March 2018 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 loss of Inspired Loans Ltd. You consider that Inspired Loans Ltd is exempt from the statutory audit requirement for the period.

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 2018