Inspirate Accounts






Inspirate

	Company No. 08024328
		Information for Filing with The Registrar
		31 December 2019

The Directors present their report and the accounts for the year ended 31 December 2019.

Principal activities
The principal activity of the company during the year under review was inspiring education through creativity through festivals and events..




Directors

The Directors who served at any time during the year were as follows:

J.J. Anand
S.L. Carroll
S. Kataria

































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

J.J. Anand
Director
31 December 2019

at	31 December 2019
Company No.		08024328	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		3	1,600	2,133


				1,600	2,133
Current assets

	Debtors		4	793	1,111

	Cash at bank and in hand			16,139	11,120
				16,932	12,231
Creditors: Amount falling due within one year			5	(12,983)	(9,597)
Net current assets				3,949	2,634
Total assets less current liabilities				5,549	4,767

Provisions for liabilities
	Deferred taxation		6	(304)	(405)

Net assets				5,245	4,362

Reserves


	Income and expenditure account			5,245	4,362

Total equity				5,245	4,362



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's income and expenditure account.

Approved by the board on 31 December 2019

And signed on its behalf by:

J.J. Anand
Director
31 December 2019

for the year ended 31 December 2019

General information

Its registered number is: 08024328

Its registered office is:

Phoenix Square Workspace

144 Midland Street

Leicester

LE1 1TG

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these accounts as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

25% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from the surplus as reported in the income and expenditure account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in the income and expenditure account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 January 2019	4,584	4,584




		At 31 December 2019	4,584	4,584
		Depreciation
		At 1 January 2019	2,451	2,451
		Charge for the year	533	533



		At 31 December 2019	2,984	2,984
		Net book values
		At 31 December 2019	1,600	1,600
		At 31 December 2018	2,133	2,133

4	Debtors
			2019	2018
			£	£
		Trade debtors	793	1,111







			793	1,111

5	Creditors:
		amounts falling due within one year
			2019	2018
			£	£



		Trade creditors	298	818

		Corporation tax	3	-
		Other taxes and social security	60	(1,130)
		Loans from directors	3,120	9,308

		Accruals and deferred income	9,502	601
			12,983	9,597

6	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 January 2019	405	405
		Charge to the income and expenditure account for the year	(101)	(101)

		At 31 December 2019	304	304



			2019	2018
			£	£



		Other timing differences	304	405
			304	405

Reserves

Income and expenditure account - includes all current and prior period retained surpluses and deficits.

8	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 January 2019	Advanced	Repaid	At 31 December 2019
				£	£	£	£
		J.J. Anand	Unsecured and non-interest	9,308	-	(6,188)	3,120







































				9,308	-	(6,188)	3,120