Inspired Testing Limited Filleted accounts for Companies House (small and micro)

INSPIRED TESTING LIMITED - Company Information

18 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10141744 2022-03-01 2023-02-28 10141744 2023-02-28 10141744 2022-02-28 10141744 2021-03-01 2022-02-28 10141744 2022-02-28 10141744 core:FurnitureFittings 2022-03-01 2023-02-28 10141744 bus:Director5 2022-03-01 2023-02-28 10141744 core:WithinOneYear 2023-02-28 10141744 core:WithinOneYear 2022-02-28 10141744 core:ShareCapital 2023-02-28 10141744 core:ShareCapital 2022-02-28 10141744 core:RetainedEarningsAccumulatedLosses 2023-02-28 10141744 core:RetainedEarningsAccumulatedLosses 2022-02-28 10141744 bus:SmallEntities 2022-03-01 2023-02-28 10141744 bus:Audited 2022-03-01 2023-02-28 10141744 bus:AbridgedAccounts 2022-03-01 2023-02-28 10141744 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10141744 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10141744 core:OfficeEquipment 2022-03-01 2023-02-28

COMPANY REGISTRATION NUMBER: 10141744

Inspired Testing Limited

Filleted Abridged Financial Statements

28 February 2023

Inspired Testing Limited

Abridged Financial Statements

Year ended 28 February 2023

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	2

Inspired Testing Limited

Abridged Statement of Financial Position

28 February 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		16,592	14,399

Current assets

Debtors	1,866,328	1,415,186
Cash at bank and in hand	276,594	337,315
	------------	------------
	2,142,922	1,752,501

Creditors: amounts falling due within one year	2,085,744		1,740,864
	------------		------------
Net current assets		57,178	11,637
		--------	--------
Total assets less current liabilities		73,770	26,036
		--------	--------
Net assets		73,770	26,036
		--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	72,770	25,036
	--------	--------
Shareholders funds	73,770	26,036
	--------	--------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 18 August 2023 , and are signed on behalf of the board by:

Mr J H Fouche
Director

Company registration number: 10141744

Inspired Testing Limited

Notes to the Abridged Financial Statements

Year ended 28 February 2023

1. General information

The company is a private company limited by shares, registered in England and Wales (Company number 10141744 ) . The address of the registered office is C/- Sable Accounting, 13th Floor, One Croydon, 12-16 Addiscombe Road, Croydon, CR0 0XT. The trading address is Scott House, Suite 1 The Concourse, Waterloo Station, SE1 7LY

2. Statement of compliance

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.

Going concern

These accounts have been prepared on the going concern basis on the understanding that the immediate parent company will continue to provide financial support, as required, to enable the company to continue trading for a period of at least 12 months from the date of approval of these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered relating to business and domestic software development, stated net of discounts and of Value Added Tax. Revenue is recognised when the time is worked on the customer or when software costs are incurred by the company.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Fixtures and fittings	-	33% straight line
Equipment	-	33% straight line

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. The Company only enters into basic financial instrument contracts that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans with related parties. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2022: 9 ).

5. Tangible assets

	£
Cost
At 1 March 2022	21,511
Additions	13,401
Disposals	( 2,970)
	--------
At 28 February 2023	31,942
	--------
Depreciation
At 1 March 2022	7,112
Charge for the year	8,935
Disposals	( 697)
	--------
At 28 February 2023	15,350
	--------
Carrying amount
At 28 February 2023	16,592
	--------
At 28 February 2022	14,399
	--------

6. Summary audit opinion

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditors' report was unqualified

The senior statutory auditor was Mark Rogers FCCA

The auditor was HJS (Reading) Limited

18 August 2023

7. Related party transactions

The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. Sales to related parties:

	2023	2022
	£	£
Group companies	638,130	369,109

Purchases from related parties:

	2023	2022
	£	£
Group companies	2,105,070	868,170
Entities controlled by directors	–	278,301

Amounts owed by related parties:

	2023	2022
	£	£
Group companies	74,029	203,839

Amounts owed to related parties:

	2023	2022
	£	£
Group companies	–	847,506

8. Ultimate controlling party

The immediate parent company is Inspired Testing (Pty) Ltd and the ultimate controlling party is Dynamic Technologies Holdings (Pty) Ltd , both companies are incorporated in South Africa.

The largest and smallest group which the company is consolidated into is Dynamic Technologies Holdings (Pty) Ltd.

The business address for both is: 2 Venus Street, Melrose estate, Johannesburg, South Africa.