Inspion Sports Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07718006 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

FOR

INSPION SPORTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A A Tofalides

REGISTERED OFFICE:

12 Gateway Mews

Ring Way

London

N11 2UT

REGISTERED NUMBER:

07718006 (England and Wales)

ACCOUNTANTS:

G. George Associates Limited

Chartered Certified Accountants

12 Gateway Mews

Ring Way

London

N11 2UT

FIXED ASSETS

Tangible assets

4

45,182

CURRENT ASSETS

Debtors

5

2,100

Cash at bank

29,892

31,992

CREDITORS

Amounts falling due within one year

6

34,049

NET CURRENT LIABILITIES

(2,057

)

TOTAL ASSETS LESS CURRENT LIABILITIES

43,125

CREDITORS

Amounts falling due after more than one year

7

42,892

NET ASSETS

233

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

133

SHAREHOLDERS' FUNDS

233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 March 2022 and were signed by:

A A Tofalides - Director

1.	STATUTORY INFORMATION

Inspion Sports Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Capital based government grants are included within accruals and deferred income in the balance sheet and credited to trading profit over the expected useful economic lives of the assets to which they relate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

Additions

49,792

750

50,542

At 31 July 2021

49,792

750

50,542

DEPRECIATION

Charge for year

5,172

188

5,360

At 31 July 2021

5,172

188

5,360

NET BOOK VALUE

At 31 July 2021

44,620

562

45,182

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

2,100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

7,108

Other creditors

26,941

34,049

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans

42,892