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Registration number: 08731204

Aspire Air Conditioning Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2022

 

Aspire Air Conditioning Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Aspire Air Conditioning Solutions Limited

Company Information

Director

Mr Sam Roughley

Registered office

133 Smallbrook Lane
Leigh
WN7 5PZ

Accountants

EKWilliams Accountants Limited
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

 

Aspire Air Conditioning Solutions Limited

(Registration number: 08731204)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

668

890

Current assets

 

Debtors

5

8,283

14,215

Cash at bank and in hand

 

372

430

 

8,655

14,645

Creditors: Amounts falling due within one year

6

(12,329)

(4,917)

Net current (liabilities)/assets

 

(3,674)

9,728

Total assets less current liabilities

 

(3,006)

10,618

Creditors: Amounts falling due after more than one year

6

-

(10,000)

Net (liabilities)/assets

 

(3,006)

618

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(3,007)

617

Shareholders' (deficit)/funds

 

(3,006)

618

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 October 2023
 

.........................................
Mr Sam Roughley
Director

 

Aspire Air Conditioning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
133 Smallbrook Lane
Leigh
WN7 5PZ

These financial statements were authorised for issue by the director on 24 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Aspire Air Conditioning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

25% on Reducing Balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Aspire Air Conditioning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2021

1,187

1,187

At 31 October 2022

1,187

1,187

Depreciation

At 1 November 2021

297

297

Charge for the year

222

222

At 31 October 2022

519

519

Carrying amount

At 31 October 2022

668

668

At 31 October 2021

890

890

5

Debtors

Current

2022
£

2021
£

Other debtors

8,283

14,215

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9,770

-

Taxation and social security

 

-

4,035

Accruals and deferred income

 

936

882

Other creditors

 

1,623

-

 

12,329

4,917

 

Aspire Air Conditioning Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

-

10,000