Company Registration No. 10523918 (England and Wales)
ASPIRE 38 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ASPIRE 38 LIMITED
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
ASPIRE 38 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 1 -
Period
ended
31 December
2017
£
Loss for the Period
(17,385)
Other comprehensive income
-
Total comprehensive income for the Period
(17,385)
ASPIRE 38 LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 2 -
2017
Notes
£
£
Fixed assets
Tangible assets
3
502
Current assets
Stocks
4
854,217
Debtors
5
26,994
Cash at bank and in hand
82,739
963,950
Creditors: amounts falling due within one year
6
(981,737)
Net current liabilities
(17,787)
Total assets less current liabilities
(17,285)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
9
(17,385)
Total equity
(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 2017 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 30 August 2018 and are signed on its behalf by:
Mr S P Gillies
Director
Company Registration No. 10523918
ASPIRE 38 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 December 2017:
Loss and total comprehensive income for the period
-
(17,385)
(17,385)
Issue of share capital
8
100
-
100
Balance at 31 December 2017
100
(17,385)
(17,285)
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 4 -
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
Going concern
The company is reliant on the continued support of the bank and the directors in order to continue as a going concern. The company has not been in default of any of its repayments during the year under review, or since the year end.
On this basis, the directors are satisfied that the bank will not demand repayment of their loans within twelve months from signing the financial statements and the directors have no intention of recalling their directors loan within twelve months and, as such, it is appropriate to prepare these accounts on the going concern basis.
1.3
Reporting period
These financial statements are in relation to the first reporting period, and they are presented for a period that is longer than one year commencing 13 December 2016 to 31 December 2017. This period also includes a dormant period, and for these reasons future periods may not be entirely comparable.
1.4
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
.
1.5
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).
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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
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.
1.8
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. 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2.
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 6 -
3
Tangible fixed assets
Computers
£
Cost
At 13 December 2016
-
Additions
516
At 31 December 2017
516
Depreciation and impairment
At 13 December 2016
-
Depreciation charged in the Period
14
At 31 December 2017
14
Carrying amount
At 31 December 2017
502
4
Stocks
2017
£
Stocks
854,217
5
Debtors
2017
Amounts falling due within one year:
£
Other debtors
24,633
Deferred tax asset
2,361
26,994
6
Creditors: amounts falling due within one year
2017
£
Trade creditors
9,612
Other creditors
972,125
981,737
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 7 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2017
Balances:
£
£
Tax losses
2,361
-
2017
Movements in the Period:
£
Liability at 13 December 2016
-
Credit to profit or loss
(2,361)
Liability/(Asset) at 31 December 2017
(2,361)
Deferred tax is recognised in respect of
tax
losses of £
13,890.
8
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.
9
Profit and loss reserves
2017
£
At the beginning of the Period
-
Loss for the Period
(17,385)
At the end of the Period
(17,385)
10
Related party transactions
ASPIRE 38 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
10
Related party transactions
(Continued)
- 8 -
Transactions with related parties
2017
£
Amounts due from related parties
1,283
Amounts due to related parties
967,051
11
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.