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Registration number: 11112852

Aspire Electrical Contractors Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Aspire Electrical Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Aspire Electrical Contractors Limited

Company Information

Director

A Senior

Registered office

1 The Snipe
Weston
SG4 7BD

Accountants

Bracey's Accountants (Stevenage) Limited
Chartered Certified Accountant
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ

 

Aspire Electrical Contractors Limited

(Registration number: 11112852)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

73,455

90,739

Tangible assets

5

8,261

10,138

 

81,716

100,877

Current assets

 

Debtors

6

79,525

66,720

Cash at bank and in hand

 

159,196

108,633

 

238,721

175,353

Creditors: Amounts falling due within one year

7

(52,720)

(39,074)

Net current assets

 

186,001

136,279

Total assets less current liabilities

 

267,717

237,156

Provisions for liabilities

(1,560)

(1,916)

Net assets

 

266,157

235,240

Capital and reserves

 

Called up share capital

100

100

Retained earnings

266,057

235,140

Shareholders' funds

 

266,157

235,240

 

Aspire Electrical Contractors Limited

(Registration number: 11112852)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 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.

Approved and authorised by the director on 30 July 2024
 

.........................................
A Senior
Director

 

Aspire Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
1 The Snipe
Weston
SG4 7BD
England and Wales

These financial statements were authorised for issue by the director on 30 July 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 Electrical Contractors Limited

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

Government grants

Grant related to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in which it becomes receivable.

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.

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

33% straight line

Motor vehicles

20% reducing balance

Fixture and fittings

20% straight line

Plant and machinery

20% straight line

 

Aspire Electrical Contractors Limited

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

Goodwill

Goodwill arising on the incorporation of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transactional price.

Trade debtors are reviewed annually for bad debts and any adjustment are made accordingly through the profit and loss.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 at the transaction price.

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.

 

Aspire Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 the director) during the year, was 4 (2022 - 4).

 

Aspire Electrical Contractors Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

172,836

172,836

At 31 December 2023

172,836

172,836

Amortisation

At 1 January 2023

82,097

82,097

Amortisation charge

17,284

17,284

At 31 December 2023

99,381

99,381

Carrying amount

At 31 December 2023

73,455

73,455

At 31 December 2022

90,739

90,739

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 January 2023

946

21,471

783

23,200

Additions

574

-

-

574

At 31 December 2023

1,520

21,471

783

23,774

Depreciation

At 1 January 2023

761

11,870

431

13,062

Charge for the year

374

1,920

157

2,451

At 31 December 2023

1,135

13,790

588

15,513

Carrying amount

At 31 December 2023

385

7,681

195

8,261

At 31 December 2022

185

9,601

352

10,138

 

Aspire Electrical Contractors Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

46,627

49,785

Prepayments

924

2,198

Other debtors

31,974

14,737

 

79,525

66,720

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

833

-

Taxation and social security

49,459

27,567

Accruals and deferred income

2,250

1,400

Other creditors

178

10,107

52,720

39,074

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £355.00 (2022 - £300.00) per ordinary share

 

35,500

 

30,000

         
 

Aspire Electrical Contractors Limited

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

10

Related party transactions

At the balance sheet date the company owed £164 (2022: £9,981) to A Senior, the director of the company. This loan is interest free and is repayable on demand.

11

Ultimate controlling party

The ultimate controlling party is Mr Andrew Senior, by virtue of their shareholding.