INNERSPACE (CHESHIRE) LIMITED

INNERSPACE (CHESHIRE) LIMITED - Company Information

2022-04-012023-03-312023-03-31false06019321INNERSPACE (CHESHIRE) LIMITED2023-07-12iso4217:GBPxbrli:pure060193212022-04-01060193212023-03-31060193212022-04-012023-03-31060193212021-04-01060193212022-03-31060193212021-04-012022-03-3106019321bus:SmallEntities2022-04-012023-03-3106019321bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3106019321bus:FullAccounts2022-04-012023-03-3106019321bus:PrivateLimitedCompanyLtd2022-04-012023-03-3106019321core:WithinOneYear2023-03-3106019321core:AfterOneYear2023-03-3106019321core:WithinOneYear2022-03-3106019321core:AfterOneYear2022-03-3106019321core:ShareCapital2023-03-3106019321core:SharePremium2023-03-3106019321core:RevaluationReserve2023-03-3106019321core:OtherReservesSubtotal2023-03-3106019321core:RetainedEarningsAccumulatedLosses2023-03-3106019321core:ShareCapital2022-03-3106019321core:SharePremium2022-03-3106019321core:RevaluationReserve2022-03-3106019321core:OtherReservesSubtotal2022-03-3106019321core:RetainedEarningsAccumulatedLosses2022-03-3106019321core:LandBuildings2023-03-3106019321core:PlantMachinery2023-03-3106019321core:Vehicles2023-03-3106019321core:FurnitureFittings2023-03-3106019321core:OfficeEquipment2023-03-3106019321core:NetGoodwill2023-03-3106019321core:IntangibleAssetsOtherThanGoodwill2023-03-3106019321core:ListedExchangeTraded2023-03-3106019321core:UnlistedNon-exchangeTraded2023-03-3106019321core:LandBuildings2022-03-3106019321core:PlantMachinery2022-03-3106019321core:Vehicles2022-03-3106019321core:FurnitureFittings2022-03-3106019321core:OfficeEquipment2022-03-3106019321core:NetGoodwill2022-03-3106019321core:IntangibleAssetsOtherThanGoodwill2022-03-3106019321core:ListedExchangeTraded2022-03-3106019321core:UnlistedNon-exchangeTraded2022-03-3106019321core:LandBuildings2022-04-012023-03-3106019321core:PlantMachinery2022-04-012023-03-3106019321core:Vehicles2022-04-012023-03-3106019321core:FurnitureFittings2022-04-012023-03-3106019321core:OfficeEquipment2022-04-012023-03-3106019321core:NetGoodwill2022-04-012023-03-3106019321core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106019321core:ListedExchangeTraded2022-04-012023-03-3106019321core:UnlistedNon-exchangeTraded2022-04-012023-03-3106019321core:MoreThanFiveYears2022-04-012023-03-3106019321core:Non-currentFinancialInstruments2023-03-3106019321core:Non-currentFinancialInstruments2022-03-3106019321dpl:CostSales2022-04-012023-03-3106019321dpl:DistributionCosts2022-04-012023-03-3106019321dpl:AdministrativeExpenses2022-04-012023-03-3106019321core:LandBuildings2022-04-012023-03-3106019321core:PlantMachinery2022-04-012023-03-3106019321core:Vehicles2022-04-012023-03-3106019321core:FurnitureFittings2022-04-012023-03-3106019321core:OfficeEquipment2022-04-012023-03-3106019321core:NetGoodwill2022-04-012023-03-3106019321core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106019321dpl:GroupUndertakings2022-04-012023-03-3106019321dpl:ParticipatingInterests2022-04-012023-03-3106019321dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3106019321core:ListedExchangeTraded2022-04-012023-03-3106019321dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3106019321core:UnlistedNon-exchangeTraded2022-04-012023-03-3106019321dpl:CostSales2021-04-012022-03-3106019321dpl:DistributionCosts2021-04-012022-03-3106019321dpl:AdministrativeExpenses2021-04-012022-03-3106019321core:LandBuildings2021-04-012022-03-3106019321core:PlantMachinery2021-04-012022-03-3106019321core:Vehicles2021-04-012022-03-3106019321core:FurnitureFittings2021-04-012022-03-3106019321core:OfficeEquipment2021-04-012022-03-3106019321core:NetGoodwill2021-04-012022-03-3106019321core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3106019321dpl:GroupUndertakings2021-04-012022-03-3106019321dpl:ParticipatingInterests2021-04-012022-03-3106019321dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3106019321core:ListedExchangeTraded2021-04-012022-03-3106019321dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3106019321core:UnlistedNon-exchangeTraded2021-04-012022-03-3106019321core:NetGoodwill2023-03-3106019321core:IntangibleAssetsOtherThanGoodwill2023-03-3106019321core:LandBuildings2023-03-3106019321core:PlantMachinery2023-03-3106019321core:Vehicles2023-03-3106019321core:FurnitureFittings2023-03-3106019321core:OfficeEquipment2023-03-3106019321core:AfterOneYear2023-03-3106019321core:WithinOneYear2023-03-3106019321core:ListedExchangeTraded2023-03-3106019321core:UnlistedNon-exchangeTraded2023-03-3106019321core:ShareCapital2023-03-3106019321core:SharePremium2023-03-3106019321core:RevaluationReserve2023-03-3106019321core:OtherReservesSubtotal2023-03-3106019321core:RetainedEarningsAccumulatedLosses2023-03-3106019321core:NetGoodwill2022-03-3106019321core:IntangibleAssetsOtherThanGoodwill2022-03-3106019321core:LandBuildings2022-03-3106019321core:PlantMachinery2022-03-3106019321core:Vehicles2022-03-3106019321core:FurnitureFittings2022-03-3106019321core:OfficeEquipment2022-03-3106019321core:AfterOneYear2022-03-3106019321core:WithinOneYear2022-03-3106019321core:ListedExch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Registered Number
06019321
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

INNERSPACE (CHESHIRE) LIMITED

Company Information
for the year from 1 April 2022 to 31 March 2023


Directors	LAMB, Ian David
	RUSSELL, Richard James


Registered Address	Unit 11 Mullbry Business Park
	Shakespeare Way
	Whitchurch
	SY13 1LJ


Registered Number	06019321 (England and Wales)

INNERSPACE (CHESHIRE) LIMITED

Balance Sheet as at
31 March 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	6		561,231		523,082
Investment property	7		500,000		500,000
			1,061,231		1,023,082
Current assets
Stocks	9	157,250		108,840
Debtors	10	313,801		176,123
Cash at bank and on hand		651,323		345,991
		1,122,374		630,954
Creditors amounts falling due within one year	11	(270,434)		(193,355)
Net current assets (liabilities)			851,940		437,599
Total assets less current liabilities			1,913,171		1,460,681
Creditors amounts falling due after one year	12		(312,867)		(346,073)
Provisions for liabilities	13		(52,385)		(45,137)
Net assets			1,547,919		1,069,471
Capital and reserves
Called up share capital			2		2
Profit and loss account			1,547,917		1,069,469
Shareholders' funds			1,547,919		1,069,471

The company was entitled to exemption from audit for this reporting period 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 12 July 2023, and are signed on its behalf by:

LAMB, Ian David
Director

RUSSELL, Richard James
Director

Registered Company No. 06019321

INNERSPACE (CHESHIRE) LIMITED

Notes to the Financial Statements
for the year ended 31 March 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Principal activities
	The company's principal activity during the year continued to be a manufacturer and installation of surface design.

4.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	-	20
Vehicles	25	-
Office Equipment	20	-

	Investment property policy
	Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Taxation policy
	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 policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

5.	Employee information


		2023		2022
	Average number of employees during the year	19		19

6.	Property, plant and equipment

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 April 22	475,491	49,600	10,058	34,796	569,945
Additions	-	56,554	-	6,955	63,509
At 31 March 23	475,491	106,154	10,058	41,751	633,454
Depreciation and impairment
At 01 April 22	-	17,216	1,006	28,641	46,863
Charge for year	-	22,235	503	2,622	25,360
At 31 March 23	-	39,451	1,509	31,263	72,223
Net book value
At 31 March 23	475,491	66,703	8,549	10,488	561,231
At 31 March 22	475,491	32,384	9,052	6,155	523,082

7.	Investment property


		£
	Fair value at 01 April 22	500,000
	At 31 March 23	500,000

8.	Description of nature of transactions and balances with related parties
	There is a loan owing to Innerspace (Cheshire) Limited of £42,678 from Innerspace Properties Limited at 31 March 2023.

9.	Stocks

	2023	2022
	£	£
Raw materials and consumables	157,250	108,840
Total	157,250	108,840

10.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	247,245	138,306
Other debtors	-	26,303
Prepayments and accrued income	21,482	7,455
Other debtors (Non-current)	45,074	4,059
Total	313,801	176,123


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

11.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	15,624	64,884
Bank borrowings and overdrafts	19,675	12,026
Taxation and social security	173,387	76,490
Finance lease and HP contracts	8,043	-
Other creditors	11,329	39,037
Accrued liabilities and deferred income	42,376	918
Total	270,434	193,355


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

12.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	312,867	346,073
Total	312,867	346,073

13.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	52,385	45,137
Total	52,385	45,137