Company Registration No. 04734801 (England and Wales)
INSPIRED DEVELOPMENTS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
INSPIRED DEVELOPMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
INSPIRED DEVELOPMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,175,603
2,175,710
Current assets
Debtors
17,984
17,631
Cash at bank and in hand
75,256
26,517
93,240
44,148
Creditors: amounts falling due within one year
(44,707)
(46,309)
Net current assets/(liabilities)
48,533
(2,161)
Total assets less current liabilities
2,224,136
2,173,549
Capital and reserves
Called up share capital
3
1,122,864
1,122,864
Revaluation reserve
696,521
696,521
Profit and loss account
404,751
354,164
Shareholders' funds
2,224,136
2,173,549
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 20 January 2017
Mr D K Peters
Director
Company Registration No. 04734801
INSPIRED DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
The turnover in the profit and loss account represents rents receivable.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% straight line basis
Fixtures, fittings & equipment
15% reducing balance basis
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
INSPIRED DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 May 2015 & at 30 April 2016
2,186,526
Depreciation
At 1 May 2015
10,816
Charge for the year
107
At 30 April 2016
10,923
Net book value
At 30 April 2016
2,175,603
At 30 April 2015
2,175,710
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,122,864 Ordinary of £1 each
1,122,864
1,122,864
4
Transactions with directors
At 30 April 2016 the directors owed £nil (2015 - £nil) to the company.
The maximum balance owed to the company by the directors during the year was £nil (2015 - £12,080).