Company Registration No. 03914773 (England and Wales)
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
COMPANY INFORMATION
Directors
SS Bennett
JS Gordon
C J Preston
R L Gerrard-Wright
HE Couchman
Secretary
MTD Simson
Company number
03914773
Registered office
21 Bedford Square
London
WC1B 3HH
Accountants
Barcant Beardon Limited
8 Blackstock Mews
Islington
London
N4 2BT
Business address
25 Southampton Buildings
London
WC2A 1AL
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,540
33,579
Investments
5
286,512
336,554
305,052
370,133
Current assets
Stocks
13,094
13,146
Debtors
6
1,109,208
735,838
Cash at bank and in hand
460,583
446,502
1,582,885
1,195,486
Creditors: amounts falling due within one year
7
(847,757)
(537,190)
Net current assets
735,128
658,296
Total assets less current liabilities
1,040,180
1,028,429
Creditors: amounts falling due after more than one year
8
(147,513)
(175,629)
Provisions for liabilities
(3,066)
(5,932)
Deferred income
(555,262)
(182,669)
Net assets
334,339
664,199
Capital and reserves
Called up share capital
9
55,465
62,809
Capital redemption reserve
19,535
12,191
Profit and loss reserves
259,339
589,199
Total equity
334,339
664,199
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2017 and are signed on its behalf by:
SS Bennett
Director
Company Registration No. 03914773
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Inspirational Development Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
, 21 Bedford Square, London, WC1B 3HH.
1.1
Accounting convention
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Inspirational Development Group Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33% pa on straight line
Computer equipment
33% pa on straight line
Motor vehicles
33% pa on straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 30 (2015 - 30).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2016 and 31 December 2016
230,000
Amortisation and impairment
At 1 January 2016 and 31 December 2016
230,000
Carrying amount
At 31 December 2016
-
At 31 December 2015
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2016
115,577
Additions
2,710
At 31 December 2016
118,287
Depreciation and impairment
At 1 January 2016
81,997
Depreciation charged in the year
17,750
At 31 December 2016
99,747
Carrying amount
At 31 December 2016
18,540
At 31 December 2015
33,579
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
5
Fixed asset investments
2016
2015
£
£
Investments
286,512
336,554
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2016
325,354
11,200
336,554
Valuation changes
(19,000)
(2,800)
(21,800)
Amounts written off Investments
(28,242)
-
(28,242)
At 31 December 2016
278,112
8,400
286,512
Carrying amount
At 31 December 2016
278,112
8,400
286,512
At 31 December 2015
325,354
11,200
336,554
6
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
818,843
479,488
Corporation tax recoverable
6,842
2,130
Other debtors
283,523
254,220
1,109,208
735,838
7
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
164,057
96,437
Amounts due to group undertakings
321,321
230,967
Other taxation and social security
128,497
87,348
Other creditors
233,882
122,438
847,757
537,190
INSPIRATIONAL DEVELOPMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 8 -
8
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
147,513
175,629
On 26 April 2016 the company purchased 23,265 A Preference shares for a total consideration of £23,265.
On 10 August 2016 the company purchased a further 4851 A Preference shares for a total consideration of £4,851.
These shares were subsequently cancelled.
9
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
55,465 Ordinary of £1 each
55,465
62,809
55,465
62,809
During the year the company bought back 7,344 shares which were subsequently cancelled, 4,687 of these shares were purchased at a premium.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2016
2015
£
£
15,964
101,964
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