Inspired Design Limited - Period Ending 2016-08-31

Registration number: 02213467

Inspired Design Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Leslie Dark & Co
Chartered Accountants
Dynamic House
2 Serbert Road
PORTISHEAD
Bristol
BS20 7GF

Inspired Design Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Inspired Design Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Inspired Design Limited for the year ended 31 August 2016 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Inspired Design Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Inspired Design Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inspired Design Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Inspired Design Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Inspired Design Limited. You consider that Inspired Design Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Inspired Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Leslie Dark & Co
Chartered Accountants
Dynamic House
2 Serbert Road
PORTISHEAD
Bristol
BS20 7GF

16 May 2017

Page 1

Inspired Design Limited
(Registration number: 02213467)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					2,287			3,049
Current assets
Stocks					-			2,292
Debtors					25,790			23,050
Cash at bank and in hand					10			10
					25,800			25,352
Creditors: Amounts falling due within one year					(29,043)			(27,986)
Net current liabilities					(3,243)			(2,634)
Net (liabilities)/assets					(956)			415
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(958)			413
Shareholders' (deficit)/funds					(956)			415

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Inspired Design Limited
(Registration number: 02213467)
Abbreviated Balance Sheet at 31 August 2016
......... continued

For the year ending 31 August 2016 the company was entitled to exemption 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 .

Approved by the Board on 16 May 2017 and signed on its behalf by:

.........................................
Nicola J O'Mara
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Inspired Design Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% Reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		19,063			19,063
At 31 August 2016		19,063			19,063
Depreciation
At 1 September 2015		16,014			16,014
Charge for the year		762			762
At 31 August 2016		16,776			16,776
Net book value
At 31 August 2016		2,287			2,287
At 31 August 2015		3,049			3,049

Page 4

Inspired Design Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Nicola J O'Mara
The director had an outstanding loan from the company at the year end the balance being	9,817	-	7,900	-
John Roddy Merriman
The director had an outstanding loan from the company at the year end the balance being	9,817	-	7,900	-

Page 5