Company Registration No. 10523918 (England and Wales)
ASPIRE 38 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ASPIRE 38 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ASPIRE 38 LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
332
502
Current assets
Stocks
3
428,678
854,217
Debtors
4
459,424
26,994
Cash at bank and in hand
34,826
82,739
922,928
963,950
Creditors: amounts falling due within one year
5
(849,598)
(981,737)
Net current assets/(liabilities)
73,330
(17,787)
Total assets less current liabilities
73,662
(17,285)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
8
73,562
(17,385)
Total equity
73,662
(17,285)
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 Period ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 Period 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.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2019 and are signed on its behalf by:
Mr S P Gillies
Director
Company Registration No. 10523918
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Aspire 38 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
228 Bournemouth Road, Chandler's Ford, Eastleigh, SO53 3AF.
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.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the
gross
value of the consideration received for
the sale of
goods and services provided in the normal course of business
.
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:
Computers
33% on cost
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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).
1.5
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Tangible fixed assets
Computers
£
Cost
At 1 January 2018 and 31 December 2018
516
Depreciation and impairment
At 1 January 2018
14
Depreciation charged in the Period
170
At 31 December 2018
184
Carrying amount
At 31 December 2018
332
At 31 December 2017
502
3
Stocks
2018
2017
£
£
Stocks
428,678
854,217
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 4 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
459,424
24,633
Deferred tax asset
-
2,361
459,424
26,994
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,644
9,612
Taxation and social security
62,064
-
Other creditors
785,890
972,125
849,598
981,737
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2018
2017
Balances:
£
£
Tax losses
-
2,361
2018
Movements in the Period:
£
Liability/(Asset) at 1 January 2018
(2,361)
Charge to profit or loss
2,361
Liability at 31 December 2018
-
Deferred tax
was
recognised in respect of
tax
losses
available.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
7
Called up share capital
(Continued)
- 5 -
8
Profit and loss reserves
2018
2017
£
£
At the beginning of the Period
(17,385)
-
Profit/(loss) for the Period
90,947
(17,385)
At the end of the Period
73,562
(17,385)
9
Related party transactions
Transactions with related parties
2018
2017
£
£
Amounts due from related parties
413,005
1,283
Amounts due to related parties
787,811
967,051
10
Parent company
The parent company of Aspire 38 Limited is Alchemist Residential Limited and its registered office is 228 Bournemouth Road, Chandler's Ford, Eastleigh, SO53 3AF.