Company Registration No. 04734801 (England and Wales)
INSPIRED DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
INSPIRED DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr D K Peters
Mrs M E Peters
Secretary
Mrs M E Peters
Company number
04734801
Registered office
Priory House
Pilgrims Court
Sydenham Road
Guildford
Surrey
GU1 3RX
Accountants
Moore Stephens (South) LLP
Priory House
Pilgrims Court
Sydenham Road
Guildford
Surrey
GU1 3RX
INSPIRED DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
INSPIRED DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
4
512
603
Investment properties
5
2,175,000
2,175,000
2,175,512
2,175,603
Current assets
Trade and other receivables
6
15,216
17,984
Cash and cash equivalents
113,948
75,256
129,164
93,240
Current liabilities
7
(42,245)
(44,707)
Net current assets
86,919
48,533
Total assets less current liabilities
2,262,431
2,224,136
Provisions for liabilities
(106,544)
(109,990)
Net assets
2,155,887
2,114,146
Equity
Called up share capital
8
1,122,864
1,122,864
Fair value reserve
585,257
585,257
Retained earnings
447,766
406,025
Total equity
2,155,887
2,114,146
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
INSPIRED DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2018 and are signed on its behalf by:
Mr D K Peters
Director
Company Registration No. 04734801
INSPIRED DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2017
- 3 -
Share capital
Fair value reserve
Retained earnings
Total
£
£
£
£
Balance at 1 May 2015
1,122,864
585,257
354,164
2,062,285
Year ended 30 April 2016:
Profit and total comprehensive income for the year
-
-
51,861
51,861
Balance at 30 April 2016
1,122,864
585,257
406,025
2,114,146
Year ended 30 April 2017:
Profit and total comprehensive income for the year
-
-
41,741
41,741
Balance at 30 April 2017
1,122,864
585,257
447,766
2,155,887
INSPIRED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
1
Accounting policies
Company information
Inspired Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Priory House, Pilgrims Court, Sydenham Road, Guildford, Surrey, GU1 3RX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of Inspired Developments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.
1.2
Revenue
Revenue
represents rents receivable from investment properties.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance basis
Computer equipment
33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
INSPIRED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
INSPIRED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2
).
3
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
11,610
13,499
Deferred tax
Origination and reversal of timing differences
(3,446)
(1,274)
Total tax charge
8,164
12,225
INSPIRED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 May 2016 and 30 April 2017
11,526
Depreciation and impairment
At 1 May 2016
10,923
Depreciation charged in the year
91
At 30 April 2017
11,014
Carrying amount
At 30 April 2017
512
At 30 April 2016
603
5
Investment property
2017
£
Fair value
At 1 May 2016 and 30 April 2017
2,175,000
Investment property comprises nine residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2017 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The historic cost of the properties is £1,478,479 (2016 - £1,478,479).
6
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Other receivables
15,216
17,984
7
Current liabilities
2017
2016
£
£
Corporation tax
8,786
13,496
Other payables
33,459
31,211
42,245
44,707
INSPIRED DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 8 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,122,864 Ordinary of £1 each
1,122,864
1,122,864
1,122,864
1,122,864
9
Related party transactions
At 30 April 2017 the company owed the
Mr & Mrs Peters, the directors
, £12,804 (2016 - £11,399
).
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 May
30 April
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
2,173,549
2,224,136
Adjustments arising from transition to FRS 102:
Deferred tax
1
(111,264)
(109,990)
Equity reported under FRS 102
2,062,285
2,114,146
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
50,587
Adjustments arising from transition to FRS 102:
Deferred tax
1
1,274
Profit reported under FRS 102
51,861
Notes to reconciliations on adoption of FRS 102
1) Deferred tax
In accordance with the requirements of FRS102 1a, a deferred tax provision has been made in resect of the valuation increase of the investment properties after adjustment for indexation relief. The impact on the income statement and statement of financial position are noted above.
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