Inspire Wealth Ltd 31/03/2024 iXBRL

Inspire Wealth Ltd 31/03/2024 iXBRL

INSPIRE WEALTH LTD - Company Information

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12 31/03/2024 2024-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 5988522 2023-04-01 2024-03-31 5988522 2024-03-31 5988522 2023-03-31 5988522 2022-04-01 2023-03-31 5988522 2023-03-31 5988522 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 5988522 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 5988522 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 5988522 core:NetGoodwill 2023-04-01 2024-03-31 5988522 bus:RegisteredOffice 2023-04-01 2024-03-31 5988522 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 5988522 bus:Director1 2023-04-01 2024-03-31 5988522 core:NetGoodwill 2023-03-31 5988522 core:NetGoodwill 2024-03-31 5988522 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 5988522 core:FurnitureFittingsToolsEquipment 2023-03-31 5988522 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 5988522 core:FurnitureFittingsToolsEquipment 2024-03-31 5988522 core:WithinOneYear 2024-03-31 5988522 core:WithinOneYear 2023-03-31 5988522 core:AfterOneYear 2024-03-31 5988522 core:AfterOneYear 2023-03-31 5988522 core:ShareCapital 2024-03-31 5988522 core:ShareCapital 2023-03-31 5988522 core:RetainedEarningsAccumulatedLosses 2024-03-31 5988522 core:RetainedEarningsAccumulatedLosses 2023-03-31 5988522 core:NetGoodwill 2023-03-31 5988522 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 5988522 core:Non-currentFinancialInstruments 2024-03-31 5988522 core:Non-currentFinancialInstruments 2023-03-31 5988522 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 5988522 core:FurnitureFittingsToolsEquipment 2023-03-31 5988522 bus:Director1 2023-03-31 5988522 bus:Director1 2024-03-31 5988522 bus:Director1 2022-03-31 5988522 bus:Director1 2023-03-31 5988522 bus:Director1 2022-04-01 2023-03-31 5988522 bus:SmallEntities 2023-04-01 2024-03-31 5988522 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 5988522 bus:FullAccounts 2023-04-01 2024-03-31 5988522 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 5988522 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 5988522 2 2023-04-01 2024-03-31
Company registration number: 5988522
Inspire Wealth Ltd
Unaudited filleted financial statements
31 March 2024
Inspire Wealth Ltd
Contents
Directors and other information
Balance sheet
Notes to the financial statements
Inspire Wealth Ltd
Directors and other information
Director Mr P D Williams
Company number 5988522
Registered office 2 Ensign House
Parkway Court
Longbridge Road
Plymouth
PL6 8LR
Business address 2 Ensign House
Parkway Court
Longbridge Road
Plymouth
PL6 8LR
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Mutley Plain
Plymouth
PL4 7JR
Inspire Wealth Ltd
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 64,069 73,221
Tangible assets 6 359,476 367,161
Investments 7 7 7
_______ _______
423,552 440,389
Current assets
Debtors 8 184,797 215,182
Cash at bank and in hand 102,539 47,340
_______ _______
287,336 262,522
Creditors: amounts falling due
within one year 9 ( 116,934) ( 81,879)
_______ _______
Net current assets 170,402 180,643
_______ _______
Total assets less current liabilities 593,954 621,032
Creditors: amounts falling due
after more than one year 10 ( 187,158) ( 215,651)
Provisions for liabilities ( 6,199) ( 4,253)
_______ _______
Net assets 400,597 401,128
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 400,497 401,028
_______ _______
Shareholders funds 400,597 401,128
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Detailed profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 June 2024 , and are signed on behalf of the board by:
Mr P D Williams
Director
Company registration number: 5988522
Inspire Wealth Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 2 Ensign House, Parkway Court, Longbridge Road, Plymouth, PL6 8LR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 13 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 91,527 91,527
_______ _______
Amortisation
At 1 April 2023 18,305 18,305
Charge for the year 9,153 9,153
_______ _______
At 31 March 2024 27,458 27,458
_______ _______
Carrying amount
At 31 March 2024 64,069 64,069
_______ _______
At 31 March 2023 73,222 73,222
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2023 354,974 48,797 403,771
Disposals ( 97) - ( 97)
_______ _______ _______
At 31 March 2024 354,877 48,797 403,674
_______ _______ _______
Depreciation
At 1 April 2023 5,099 31,511 36,610
Charge for the year 4,995 2,593 7,588
_______ _______ _______
At 31 March 2024 10,094 34,104 44,198
_______ _______ _______
Carrying amount
At 31 March 2024 344,783 14,693 359,476
_______ _______ _______
At 31 March 2023 349,875 17,286 367,161
_______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2023 and 31 March 2024 7 7
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 7 7
_______ _______
At 31 March 2023 7 7
_______ _______
7 ordinary £1 shares in Parkway Management Company Limited which represents a 7% holding.
8. Debtors
2024 2023
£ £
Other debtors 184,797 215,182
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 38,699 35,518
Corporation tax 64,006 27,414
Social security and other taxes 9,340 8,033
Other creditors 4,889 10,914
_______ _______
116,934 81,879
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 187,158 215,651
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr P D Williams 161,146 54,328 ( 83,000) 132,474
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr P D Williams 163,415 80,731 ( 83,000) 161,146
_______ _______ _______ _______
As at the year end the company has loaned to the director £132,474.10. This loan is interest free and repayable on demand.
12. Related party transactions
Dividends paid during the year totalled £173,000.
13. Controlling party
Inspire Wealth Ltd is owned by Inspire Wealth Holdings Ltd, it is controlled by Mr Peter Williams, the owner of Inspire Wealth Holdings Ltd and the sole director of both companies.