Registered number
10059635
Aspire Stone Fabrications Ltd
Filleted Accounts
31 March 2024
Aspire Stone Fabrications Ltd
Registered number: 10059635
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 238,694 226,762
Current assets
Stocks 64,330 140,865
Debtors 4 8,993 88,613
Cash at bank and in hand 261,225 224,406
334,548 453,884
Creditors: amounts falling due within one year 5 (131,550) (186,245)
Net current assets 202,998 267,639
Total assets less current liabilities 441,692 494,401
Provisions for liabilities (56,721) (54,617)
Net assets 384,971 439,784
Capital and reserves
Called up share capital 2 2
Profit and loss account 384,969 439,782
Shareholders' funds 384,971 439,784
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Adam Abrahams Mr Joseph Smith Mr Keven Fisher
Director Director Director
Approved by the board on 12 September 2024
Aspire Stone Fabrications Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold unit refurbishment over 4 years
Plant and machinery over 5 years
Motor vehicles over 4 years
Fixtures, fittings, computer equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 23,835 273,086 75,634 372,555
Additions 11,713 102,416 8,333 122,462
Disposals - (72,241) - (72,241)
At 31 March 2024 35,548 303,261 83,967 422,776
Depreciation
At 1 April 2023 15,541 90,699 39,553 145,793
Charge for the year 8,198 71,719 19,777 99,694
On disposals - (61,405) - (61,405)
At 31 March 2024 23,739 101,013 59,330 184,082
Net book value
At 31 March 2024 11,809 202,248 24,637 238,694
At 31 March 2023 8,294 182,387 36,081 226,762
4 Debtors 2024 2023
£ £
Trade debtors 8,493 88,113
Other debtors 500 500
8,993 88,613
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 71,058 62,134
Directors' current account 88 18,000
Taxation and social security costs 22,460 76,760
Other creditors 37,944 29,351
131,550 186,245
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 2,302
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Adam Abrahams
Loan to company £Nil
Mr Joseph Smith
Loan to company - 712 (800) (88)
Mr Keven Fisher (Appointed 6 July 2023)
Loan to company - - £Nil
- 712 (800) (88)
8 Controlling party
The company is controlled by the directors, by virtue of their shareholdings.
9 Other information
Aspire Stone Fabrications Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, Tableland Farm
Burton Row
Brent Knoll
Somerset
TA9 4BW
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