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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29TH FEBRUARY 2020 |
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INSPIRE INSURANCE SERVICES LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29TH FEBRUARY 2020 |
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FOR |
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INSPIRE INSURANCE SERVICES LTD |
INSPIRE INSURANCE SERVICES LTD (REGISTERED NUMBER: 07164836) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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INSPIRE INSURANCE SERVICES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29TH FEBRUARY 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants and Tax Advisers |
1 & 2 Mercia Village |
Torwood Close |
Westwood Business Park |
Coventry |
West Midlands |
CV4 8HX |
INSPIRE INSURANCE SERVICES LTD (REGISTERED NUMBER: 07164836) |
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BALANCE SHEET |
29TH FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
INSPIRE INSURANCE SERVICES LTD (REGISTERED NUMBER: 07164836) |
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BALANCE SHEET - continued |
29TH FEBRUARY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
signed by: |
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INSPIRE INSURANCE SERVICES LTD (REGISTERED NUMBER: 07164836) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Inspire Insurance Services Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Commissions |
All commissions earned during the year have been incorporated in the accounts. Commission is taken when the |
client pays the premium either in full or by way of a deposit. The turnover and operating profit for the year was |
derived from the company's principal activity and was carries out wholly in the UK. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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INSPIRE INSURANCE SERVICES LTD (REGISTERED NUMBER: 07164836) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st March 2019 |
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Additions |
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At 29th February 2020 |
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DEPRECIATION |
At 1st March 2019 |
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Charge for year |
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At 29th February 2020 |
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NET BOOK VALUE |
At 29th February 2020 |
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At 28th February 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Commissions receivable | 351,519 | 121,959 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Pension | 1,667 | 1,091 |
Directors' current accounts | 40,950 | 44,685 |
Deferred income |
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Accrued expenses |
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7. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 1,438 | 761 |
INSPIRE INSURANCE SERVICES LTD (REGISTERED NUMBER: 07164836) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2020 |
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7. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1st March 2019 |
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Provided during year |
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Deferred Tax Movement |
Balance at 29th February 2020 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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Ordinary B | £1 | 100 | 100 |
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Ordinary C | £1 | 1 | 1 |
201 | 201 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1st March 2019 |
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Profit for the year |
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At 29th February 2020 |
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10. | RELATED PARTY DISCLOSURES |
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The Director has indicated that his Current account has been kept in credit during the year, there is no fixed date |
for repayment and no interest has been charged. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Inspire Investments HoldingsLimited. |