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REGISTRAR OF COMPANIES

Registration number: 10774255

Aspire 17 Limited

Unaudited Financial Statements

31 May 2023

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Aspire 17 Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Aspire 17 Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aspire 17 Limited for the year ended 31 May 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Aspire 17 Limited, as a body, in accordance with the terms of our engagement letter dated 21 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Aspire 17 Limited and state those matters that we have agreed to state to the Board of Directors of Aspire 17 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aspire 17 Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Aspire 17 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aspire 17 Limited. You consider that Aspire 17 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Aspire 17 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

17 January 2024

 

Aspire 17 Limited

(Registration number: 10774255)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

541

751

Current assets

 

Debtors

5

92,224

59,080

Cash at bank and in hand

 

64,742

11,072

 

156,966

70,152

Creditors: Amounts falling due within one year

6

(143,847)

(80,469)

Net current assets/(liabilities)

 

13,119

(10,317)

Total assets less current liabilities

 

13,660

(9,566)

Provisions for liabilities

-

(5)

Net assets/(liabilities)

 

13,660

(9,571)

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

13,560

(9,671)

Total equity

 

13,660

(9,571)

 

Aspire 17 Limited

(Registration number: 10774255)
Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 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 17 January 2024 and signed on its behalf by:
 

.........................................

A Taylor

Director

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
13 Overwood Place
APPLEBY
CA16 6RN

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

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

Furniture, fittings and office equipment

33% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

Trade 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 where due after more than one year.

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.

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

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.

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 26).

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 June 2022

8,062

8,062

Additions

345

345

At 31 May 2023

8,407

8,407

Depreciation

At 1 June 2022

7,311

7,311

Charge for the year

555

555

At 31 May 2023

7,866

7,866

Carrying amount

At 31 May 2023

541

541

At 31 May 2022

751

751

5

Debtors

2023
£

2022
£

Other debtors

92,224

59,080

92,224

59,080

6

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

4,062

2,706

Taxation and social security

 

27,458

26,614

Corporation tax liability

 

32,458

2,787

Other creditors

 

79,869

48,362

 

143,847

80,469

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2023
£

A Taylor

Director's Loan

59,080

63,602

(6,040)

-

(41,944)

1,594

76,292

               
         

 

2022

At 1 June 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2022
£

A Taylor

Director's Loan

24,177

93,545

(19,430)

-

(40,614)

1,402

59,080

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.00/2.25% on advances to directors.

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Transition to FRS 102

For the year ended 31 May 2023 the company has chosen not to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102, involving a full retrospective restatement of assets and liabilities from the transition date, 1 June 2021. The only transition adjustment being the inclusion of a deferred tax liability, as follows:

Balance Sheet at 1 June 2021
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

1,187

-

-

1,187

Current assets

Debtors

61,219

-

-

61,219

Cash at bank and in hand

13,738

-

-

13,738

74,957

-

-

74,957

Creditors: Amounts falling due within one year

(49,118)

-

-

(49,118)

Net current assets

25,839

-

-

25,839

Total assets less current liabilities

27,026

-

-

27,026

Provisions for liabilities

-

-

(87)

(87)

Net assets/(liabilities)

27,026

-

(87)

26,939

Capital and reserves

Called up share capital

100

-

-

100

Profit and loss account

26,926

-

(87)

26,839

Total equity

27,026

-

(87)

26,939

 

Aspire 17 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

Balance Sheet at 31 May 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

751

-

-

751

Current assets

Debtors

59,080

-

-

59,080

Cash at bank and in hand

11,072

-

-

11,072

70,152

-

-

70,152

Creditors: Amounts falling due within one year

(80,469)

-

-

(80,469)

Net current liabilities

(10,317)

-

-

(10,317)

Total assets less current liabilities

(9,566)

-

-

(9,566)

Provisions for liabilities

-

-

(5)

(5)

Net liabilities

(9,566)

-

(5)

(9,571)

Capital and reserves

Called up share capital

100

-

-

100

Profit and loss account

(9,666)

-

(5)

(9,671)

Total equity

(9,566)

-

(5)

(9,571)