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Registered number: 11894169
Aspire Property Investments Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Root2growth Ltd
12 Fore Street
Chudleigh
Devon
TQ13 0HX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11894169
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,152 6,159
Investment Properties 5 300,000 290,000
305,152 296,159
CURRENT ASSETS
Debtors 6 1,845 -
Cash at bank and in hand 2,720 2,236
4,565 2,236
Creditors: Amounts Falling Due Within One Year 7 (35,511 ) (31,792 )
NET CURRENT ASSETS (LIABILITIES) (30,946 ) (29,556 )
TOTAL ASSETS LESS CURRENT LIABILITIES 274,206 266,603
Creditors: Amounts Falling Due After More Than One Year 8 (179,970 ) (179,970 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,551 ) (14,763 )
NET ASSETS 82,685 71,870
CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 55,642 45,642
Income Statement 27,041 26,226
SHAREHOLDERS' FUNDS 82,685 71,870
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Richard Michael Jones
Director
13/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Aspire Property Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11894169 . The registered office is 45 Wilton Way, Exeter, Devon, EX1 3UH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 16.67% straight line
Fixtures & Fittings 25.00% straight line
Computer Equipment 25.00% straight line
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 April 2023 1,646 4,012 5,085 10,743
Additions - 1,199 - 1,199
As at 31 March 2024 1,646 5,211 5,085 11,942
Depreciation
As at 1 April 2023 838 2,295 1,451 4,584
Provided during the period 305 880 1,021 2,206
As at 31 March 2024 1,143 3,175 2,472 6,790
Net Book Value
As at 31 March 2024 503 2,036 2,613 5,152
As at 1 April 2023 808 1,717 3,634 6,159
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 290,000
Revaluations 10,000
As at 31 March 2024 300,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 218,217 218,217
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,845 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,975 126
Corporation tax 612 7,473
Directors' loan accounts 32,924 24,193
35,511 31,792
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 179,970 179,970
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Reserves
Revaluation Reserve
£
As at 1 April 2023 45,642
Surplus on revaluation 10,000
As at 31 March 2024 55,642
Page 5