Inspired Fragrance & Gifts Limited Filleted accounts for Companies House (small and micro)

INSPIRED FRAGRANCE & GIFTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 7800687

Inspired Fragrance & Gifts Limited

Filleted Unaudited Abridged Financial Statements

31 October 2018

Inspired Fragrance & Gifts Limited

Abridged Statement of Financial Position

31 October 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		6,983	8,167

Current assets

Debtors	3,972	1,290
Cash at bank and in hand	–	1,138
	-------	-------
	3,972	2,428

Creditors: amounts falling due within one year	9,960		9,354
	-------		-------
Net current liabilities		5,988	6,926
		-------	-------
Total assets less current liabilities		995	1,241

Provisions

Taxation including deferred tax	1,091	–
	-------	-------
Net (liabilities)/assets	( 96)	1,241
	-------	-------

Capital and reserves

Called up share capital	4	4
Profit and loss account	( 100)	1,237
	----	-------
Shareholders (deficit)/funds	( 96)	1,241
	----	-------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 October 2018 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 October 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Inspired Fragrance & Gifts Limited

Abridged Statement of Financial Position (continued)

31 October 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 23 July 2019 , and are signed on behalf of the board by:

F Rauh
Director

Company registration number: 7800687

Inspired Fragrance & Gifts Limited

Notes to the Abridged Financial Statements

Year ended 31 October 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Upper Wick Barn, Wick Lane, Downton, Salisbury, SP5 3NW.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold	-	10 years straight line
Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

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 entity after deducting all of its financial liabilities. Liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tangible assets

	£
Cost
At 1 November 2017	11,736
Additions	315
	--------
At 31 October 2018	12,051
	--------
Depreciation
At 1 November 2017	3,569
Charge for the year	1,499
	--------
At 31 October 2018	5,068
	--------
Carrying amount
At 31 October 2018	6,983
	--------
At 31 October 2017	8,167
	--------

6. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
F Rauh	–	3,972	3,972
	----	-------	-------

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
F Rauh	( 1)	1	–
	----	----	----

At the year end the director owed the company £3,972. This was repaid on 23 July 2019.

7. Related party transactions

The company was under the control of F Rauh throughout the current and previous year. F Rauh is the managing director and majority shareholder.