Company registration number 10433249 (England and Wales)
ASPIRE COMPULSORY PURCHASE LIMITED
Unaudited financial statements
For the year ended 31 March 2023
Pages for filing with registrar
ASPIRE COMPULSORY PURCHASE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
ASPIRE COMPULSORY PURCHASE LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
4
80,231
69,048
Cash and cash equivalents
133,063
132,469
213,294
201,517
Current liabilities
5
(139,775)
(185,245)
Net current assets
73,519
16,272
Non-current liabilities
6
(40,000)
Net assets/(liabilities)
73,519
(23,728)
Equity
Called up share capital
7
400
300
Share premium account
49,977
Retained earnings
23,142
(24,028)
Total equity
73,519
(23,728)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
The financial statements were approved and signed by the director and authorised for issue on 30 October 2023
A Maher
Director
Company Registration No. 10433249
ASPIRE COMPULSORY PURCHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information
Aspire Compulsory Purchase Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Bellevue Road, Kingston Upon Thames, Surrey, KT1 2UD.
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 amounts 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
Revenue
Revenue 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
Research and development expenditure
Research and development expenditure is written off against profits in the year in which it is incurred.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer Equipment
33.33% straight line
1.5
Cash and cash equivalents
Cash and cash equivalents 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.
1.6
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 statement of financial position 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.
ASPIRE COMPULSORY PURCHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payments 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.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants which are compensation for losses, or where there are no future associated costs, are recognised in income in the period they become receivable and government grants which relate to compensation for expenses are recognised in the periods in which the expenses are recognised.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
ASPIRE COMPULSORY PURCHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
1,229
Depreciation and impairment
At 1 April 2022 and 31 March 2023
1,229
Carrying amount
At 31 March 2023
At 31 March 2022
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
70,260
29,907
Other receivables
9,971
39,141
80,231
69,048
5
Current liabilities
2023
2022
£
£
Trade payables
14,296
53,973
Corporation tax
15,068
6,290
Other taxation and social security
16,575
10,279
Other payables
93,836
114,703
139,775
185,245
6
Non-current liabilities
2023
2022
£
£
Other payables
40,000
ASPIRE COMPULSORY PURCHASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" ordinary shares of £1 each
100
100
100
100
"B" ordinary shares of £1 each
100
100
100
100
"C" ordinary shares of £1 each
100
100
100
100
"D" ordinary shares of £1 each
100
-
100
-
400
300
400
300
During the year the company issued 100 "D" ordinary shares of £1 each for a cash consideration of £50,077.
8
Directors' transactions
During the year the company repaid the director £10,668 (2022 - £7,961 advanced). At the end of the year the company owed the director £90,026 (2022 - £100,694). The company paid interest of £15,000 (2022 - £15,000) to the director and his wife. The amount owed to the director is repayable on demand and is unsecured.