Inspiring Your Home Limited Filleted accounts for Companies House (small and micro)

INSPIRING YOUR HOME LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12297305

Inspiring Your Home Limited

Filleted Unaudited Financial Statements

30 November 2020

Inspiring Your Home Limited

Statement of Financial Position

30 November 2020

	30 Nov 20
Note	£

Fixed assets

Tangible assets	5	56,534

Current assets

Debtors	6	161,983
Cash at bank and in hand		118,023
		---------
		280,006

Creditors: amounts falling due within one year	7	239,342
		---------
Net current assets		40,664
		--------
Total assets less current liabilities		97,198
		--------
Net assets		97,198
		--------

Capital and reserves

Called up share capital	100
Profit and loss account	97,098
	--------
Shareholders funds	97,198
	--------

These 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 Section 1A of 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 statement of comprehensive income has not been delivered.

For the period ending 30 November 2020 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 period 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 .

Inspiring Your Home Limited

Statement of Financial Position (continued)

30 November 2020

These financial statements were approved by the board of directors and authorised for issue on 28 July 2021 , and are signed on behalf of the board by:

Mr M Ludwin

Director

Company registration number: 12297305

Inspiring Your Home Limited

Notes to the Financial Statements

Period from 4 November 2019 to 30 November 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Lumiere, Elstree Way, Borehamwood, WD6 1JH.

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	-	15% reducing balance
Equipment	-	20% reducing balance

4. Employee numbers

The average number of persons employed by the company during the period amounted to 10 .

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 4 November 2019	–	–	–
Additions	62,887	3,849	66,736
	--------	-------	--------
At 30 November 2020	62,887	3,849	66,736
	--------	-------	--------
Depreciation
At 4 November 2019	–	–	–
Charge for the period	9,433	769	10,202
	--------	-------	--------
At 30 November 2020	9,433	769	10,202
	--------	-------	--------
Carrying amount
At 30 November 2020	53,454	3,080	56,534
	--------	-------	--------

6. Debtors

	30 Nov 20
	£
Trade debtors	159,358
Other debtors	2,625
	---------
	161,983
	---------

7. Creditors: amounts falling due within one year

	30 Nov 20
	£
Trade creditors	138,613
Corporation tax	15,393
Social security and other taxes	44,179
Other creditors	41,157
	---------
	239,342
	---------