Aspire & Co Limited 08859316 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is UK distributor for pH formula skin products. Digita Accounts Production Advanced 6.30.9574.0 true true 08859316 2023-02-01 2024-01-31 08859316 2024-01-31 08859316 bus:OrdinaryShareClass1 2024-01-31 08859316 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 08859316 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 08859316 core:CurrentFinancialInstruments 2024-01-31 08859316 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08859316 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08859316 core:FurnitureFittings 2024-01-31 08859316 core:LandBuildings core:ShortLeaseholdAssets 2024-01-31 08859316 core:MotorVehicles 2024-01-31 08859316 core:OfficeEquipment 2024-01-31 08859316 core:PlantMachinery 2024-01-31 08859316 bus:SmallEntities 2023-02-01 2024-01-31 08859316 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08859316 bus:FilletedAccounts 2023-02-01 2024-01-31 08859316 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08859316 bus:RegisteredOffice 2023-02-01 2024-01-31 08859316 bus:Director1 2023-02-01 2024-01-31 08859316 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 08859316 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08859316 core:FurnitureFittings 2023-02-01 2024-01-31 08859316 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 08859316 core:LandBuildings 2023-02-01 2024-01-31 08859316 core:LandBuildings core:ShortLeaseholdAssets 2023-02-01 2024-01-31 08859316 core:MotorVehicles 2023-02-01 2024-01-31 08859316 core:OfficeEquipment 2023-02-01 2024-01-31 08859316 core:PlantMachinery 2023-02-01 2024-01-31 08859316 core:OtherRelatedParties 2023-02-01 2024-01-31 08859316 countries:EnglandWales 2023-02-01 2024-01-31 08859316 2023-01-31 08859316 core:FurnitureFittings 2023-01-31 08859316 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 08859316 core:MotorVehicles 2023-01-31 08859316 core:OfficeEquipment 2023-01-31 08859316 core:PlantMachinery 2023-01-31 08859316 2022-02-01 2023-01-31 08859316 2023-01-31 08859316 bus:OrdinaryShareClass1 2023-01-31 08859316 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 08859316 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 08859316 core:CurrentFinancialInstruments 2023-01-31 08859316 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08859316 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 08859316 core:FurnitureFittings 2023-01-31 08859316 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 08859316 core:MotorVehicles 2023-01-31 08859316 core:OfficeEquipment 2023-01-31 08859316 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08859316

Aspire & Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Aspire & Co Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Aspire & Co Limited

Company Information

Director

PJ Cushing

Registered office

Unit 36
Shirehill Industrial Estate
Saffron Walden
Essex
CB11 3AQ

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Aspire & Co Limited

(Registration number: 08859316)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

203,993

199,234

Current assets

 

Stocks

5

107,391

100,178

Debtors

6

586,027

143,932

Cash at bank and in hand

 

484,770

646,129

 

1,178,188

890,239

Creditors: Amounts falling due within one year

7

(262,926)

(236,862)

Net current assets

 

915,262

653,377

Total assets less current liabilities

 

1,119,255

852,611

Creditors: Amounts falling due after more than one year

7

(38,800)

-

Provisions for liabilities

(12,744)

(17,207)

Net assets

 

1,067,711

835,404

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,067,710

835,403

Shareholders' funds

 

1,067,711

835,404

For the financial year ending 31 January 2024 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 her 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 22 August 2024
 

 

Aspire & Co Limited

(Registration number: 08859316)
Balance Sheet as at 31 January 2024

.........................................
PJ Cushing
Director

 

Aspire & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
Unit 36
Shirehill Industrial Estate
Saffron Walden
Essex
CB11 3AQ
United Kingdom

These financial statements were authorised for issue by the director on 22 August 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Aspire & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Leasehold land and buildings

10 years' straight line basis

Plant and machinery

10 years' staright line basis

Fixtures and fittings

4 years' straight line basis

Office equipment

4 years' straight line basis

Motor vehicles

25% reducing balance basis

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 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.

 

Aspire & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or 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 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.

 

Aspire & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Aspire & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 February 2023

116,978

45,407

78,935

3,687

Additions

-

8,252

-

-

Disposals

-

-

-

-

At 31 January 2024

116,978

53,659

78,935

3,687

Depreciation

At 1 February 2023

23,396

19,910

13,814

1,844

Charge for the year

11,696

13,415

7,893

922

Eliminated on disposal

-

-

-

-

At 31 January 2024

35,092

33,325

21,707

2,766

Carrying amount

At 31 January 2024

81,886

20,334

57,228

921

At 31 January 2023

93,582

25,497

65,121

1,843

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

36,605

281,612

Additions

58,165

66,417

Disposals

(36,605)

(36,605)

At 31 January 2024

58,165

311,424

Depreciation

At 1 February 2023

23,414

82,378

Charge for the year

14,541

48,467

Eliminated on disposal

(23,414)

(23,414)

At 31 January 2024

14,541

107,431

Carrying amount

At 31 January 2024

43,624

203,993

At 31 January 2023

13,191

199,234

 

Aspire & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Included within the net book value of land and buildings above is £81,886 (2023 - £93,582) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

107,391

100,178

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

38,804

47,328

Amounts owed by related parties

10

474,858

84,378

Other debtors

 

72,365

12,226

   

586,027

143,932

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,846

-

Trade creditors

 

42,915

44,543

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

12,350

10,469

Taxation and social security

 

177,774

158,448

Accruals and deferred income

 

23,041

19,541

Other creditors

 

-

3,861

 

262,926

236,862

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

38,800

-

 

Aspire & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.10 each

10

1

10

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

38,800

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

6,846

-

10

Related party transactions

Summary of transactions with other related parties

During the year the company loaned the director £200,681 (2023 - £180,345). Interest of £1,288 (2023 - £614) was charged in year. Repayments of £125,000 (2023 - £120,000) were made in the year. At the year-end the director owed the company £137,928 (2023 - £60,959).

During the year the company entered into the following transactions and had loans outstanding with companies, which are controlled by the Director, Ms P Cushing. These loans have no fixed repayment terms, are interest free, and are repayable on demand. The company owes £12,350 (2023 - £10,469) to The International Skin And Aesthetics Academy Limited. The company is owed £15,791 (2023 - £23,419) by Aspire Medical Aesthetics Limited. During the year the company loaned £321,139 (2023 - £0) to Aspire Ireland Limited.