INSPIRED DESIGN AND BUILD LIMITED Company accounts

INSPIRED DESIGN AND BUILD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08145396

INSPIRED DESIGN AND BUILD LIMITED

Unaudited Financial Statements

31 July 2018

INSPIRED DESIGN AND BUILD LIMITED

Financial Statements

Year ended 31 July 2018

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

INSPIRED DESIGN AND BUILD LIMITED

Director's Report

Year ended 31 July 2018

The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2018 .

Director

The director who served the company during the year was as follows:

Mr K P Singh

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 27 April 2019 and signed on behalf of the board by:

Mr Kamal Preet Singh Director

Registered office:

12 Princes Park Lane

Hayes

Middlesex

UB3 1JS

INSPIRED DESIGN AND BUILD LIMITED

Statement of Income and Retained Earnings

Year ended 31 July 2018

	2018	2017
Note	£	£
Turnover	327,497	277,658

Cost of sales	206,243	155,728
	---------	---------
Gross profit	121,254	121,930

Administrative expenses	95,331	52,079
	---------	---------
Operating profit	25,923	69,851

Interest receivable		10	29
		---------	---------
Profit before taxation	5	25,933	69,880

Taxation on ordinary activities	4,862	12,041
	--------	--------
Profit for the financial year and total comprehensive income	21,071	57,839
	--------	--------

Dividends paid and payable	( 40,000)	( 38,000)

Retained earnings at the start of the year	21,705	1,866
	--------	--------
Retained earnings at the end of the year	2,776	21,705
	--------	--------

All the activities of the company are from continuing operations.

INSPIRED DESIGN AND BUILD LIMITED

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		18,348	18,348

Current assets

Stocks		26,175	–
Debtors	7	13,984	35,872
Cash at bank and in hand		1,298	19,527
		--------	--------
		41,457	55,399

Creditors: amounts falling due within one year	8	56,929		51,942
		--------		--------
Net current (liabilities)/assets			( 15,472)	3,457
			--------	--------
Total assets less current liabilities			2,876	21,805
			-------	--------
Net assets			2,876	21,805
			-------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,776	21,705
	-------	--------
Shareholders funds	2,876	21,805
	-------	--------

These financial statements have been prepared 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'.

For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;

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

INSPIRED DESIGN AND BUILD LIMITED

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 27 April 2019 , and are signed on behalf of the board by:

Mr Kamal Preet Singh Director

Company registration number: 08145396

INSPIRED DESIGN AND BUILD LIMITED

Notes to the Financial Statements

Year ended 31 July 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 12 Princes Park Lane, Hayes, Middlesex, UB3 1JS.

2. Statement of compliance

These 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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Motor Vehicles	-	20% reducing balance
Equipment	-	20% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to ( 5 ) (2017: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	–	6,116
	----	-------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 August 2017 and 31 July 2018	28,649	1,818	30,467
	--------	-------	--------
Depreciation
At 1 August 2017 and 31 July 2018	11,088	1,031	12,119
	--------	-------	--------
Carrying amount
At 31 July 2018	17,561	787	18,348
	--------	-------	--------
At 31 July 2017	17,561	787	18,348
	--------	-------	--------

7. Debtors

	2018	2017
	£	£
Other debtors	13,984	35,872
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	13,711	–
Trade creditors	10,151	8,300
Corporation tax	16,904	12,041
Social security and other taxes	3,857	2,803
Other creditors	12,306	28,798
	--------	--------
	56,929	51,942
	--------	--------

9. Director's advances, credits and guarantees

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

	Balance brought forward and outstanding
	2018	2017
	£	£
Mr K P Singh	( 3,567)	( 25,014)
	-------	--------

10. Related party transactions

The company was under the control of Mr K P Singh throughout the current and previous year. Mr Singh is the managing director and majority shareholder. No transactions with related parties were undertaken during this period.