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Registration number: 04178615

Aspen Maintenance Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Aspen Maintenance Services Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

Aspen Maintenance Services Limited

(Registration number: 04178615)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

544,964

404,926

Current assets

 

Stocks

5

160,854

110,246

Debtors

6

390,372

529,997

Cash at bank and in hand

 

346,383

436,616

 

897,609

1,076,859

Creditors: Amounts falling due within one year

7

(647,873)

(821,589)

Net current assets

 

249,736

255,270

Total assets less current liabilities

 

794,700

660,196

Creditors: Amounts falling due after more than one year

7

(245,728)

(215,434)

Provisions for liabilities

(46,404)

(13,556)

Net assets

 

502,568

431,206

Capital and reserves

 

Called up share capital

100

100

Retained earnings

502,468

431,106

Shareholders' funds

 

502,568

431,206

 

Aspen Maintenance Services Limited

(Registration number: 04178615)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 

I R Sweeten
Director

   
     
 

Aspen Maintenance Services Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

100

431,106

431,206

Profit for the year

-

278,362

278,362

Dividends

-

(207,000)

(207,000)

At 30 April 2023

100

502,468

502,568

Share capital
£

Retained earnings
£

Total
£

At 1 May 2021

100

468,370

468,470

Profit for the year

-

169,736

169,736

Dividends

-

(207,000)

(207,000)

At 30 April 2022

100

431,106

431,206

 

Aspen Maintenance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

These financial statements were authorised for issue by the Board on 6 November 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Aspen Maintenance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Land

Nil

Buildings

2% straight line

Furniture, fittings and equipment

15% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Aspen Maintenance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Aspen Maintenance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 30 (2022 - 30).

 

Aspen Maintenance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

366,832

14,322

110,621

491,775

Additions

-

15,124

157,812

172,936

At 30 April 2023

366,832

29,446

268,433

664,711

Depreciation

At 1 May 2022

21,600

12,114

53,135

86,849

Charge for the year

3,600

1,390

27,908

32,898

At 30 April 2023

25,200

13,504

81,043

119,747

Carrying amount

At 30 April 2023

341,632

15,942

187,390

544,964

At 30 April 2022

345,232

2,208

57,486

404,926

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

160,854

110,246

6

Debtors

2023
£

2022
£

Trade debtors

340,636

378,535

Other debtors

1,464

-

Prepayments

48,272

151,462

390,372

529,997

 

Aspen Maintenance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

28,051

25,196

Trade creditors

 

375,871

654,777

Social security and other taxes

 

83,891

53,609

Other creditors

 

4,546

1,372

Accruals

 

125,333

49,030

Corporation tax liability

30,181

37,605

 

647,873

821,589

Due after one year

 

Loans and borrowings

8

245,728

215,434

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

212,375

215,434

Finance lease liabilities

33,353

-

245,728

215,434

Bank borrowings are loans that are secured against assets held in the company by way of fixed and floating charges.

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,250

25,196

Finance lease liabilities

13,801

-

28,051

25,196

Bank borrowings are loans that are secured against assets held in the company by way of fixed and floating charges.

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

 

Aspen Maintenance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

32,514

30,943

Later than one year and not later than five years

39,234

40,229

71,748

71,172

10

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Transactions during the year

-

111,062

(111,028)

34

         
       

 

Other transactions with directors

Loans to directors are repayable on demand, with interest charged at the HMRC approved rate.