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COMPANY REGISTRATION NUMBER: 08723574
Aspect CPM (UK) Limited
Filleted Unaudited Financial Statements
31 December 2023
Aspect CPM (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
40,086
13,604
Current assets
Stocks
57,538
68,240
Debtors
7
238,390
302,170
Cash at bank and in hand
165,442
289,840
---------
---------
461,370
660,250
Creditors: amounts falling due within one year
8
394,419
270,011
---------
---------
Net current assets
66,951
390,239
---------
---------
Total assets less current liabilities
107,037
403,843
Provisions
Taxation including deferred tax
10,022
2,585
---------
---------
Net assets
97,015
401,258
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
96,915
401,158
--------
---------
Shareholders funds
97,015
401,258
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aspect CPM (UK) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr C Elsworth
Director
Company registration number: 08723574
Aspect CPM (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, HG3 1GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Employee ownership trust
Aspect Employee Ownership Trust has been established with the object of ensuring that shares in the company are held by the trustee for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the provision of goods and services to customers outside the company net of returns, sales allowances and VAT. Revenue from goods and services is recognised at the point the company fulfils its commercial obligations to the customer, the revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
16% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,000,000
------------
Amortisation
At 1 January 2023 and 31 December 2023
1,000,000
------------
Carrying amount
At 31 December 2023
------------
At 31 December 2022
------------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
15,617
20,325
11,703
47,645
Additions
35,291
6,119
41,410
Disposals
( 6,117)
( 9,342)
( 15,459)
--------
--------
--------
--------
At 31 December 2023
9,500
55,616
8,480
73,596
--------
--------
--------
--------
Depreciation
At 1 January 2023
7,252
17,279
9,510
34,041
Charge for the year
2,091
8,849
2,613
13,553
Disposals
( 4,742)
( 9,342)
( 14,084)
--------
--------
--------
--------
At 31 December 2023
4,601
26,128
2,781
33,510
--------
--------
--------
--------
Carrying amount
At 31 December 2023
4,899
29,488
5,699
40,086
--------
--------
--------
--------
At 31 December 2022
8,365
3,046
2,193
13,604
--------
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
233,363
280,447
Other debtors
5,027
21,723
---------
---------
238,390
302,170
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
281,290
68,410
Corporation tax
30,005
39,758
Social security and other taxes
46,484
56,237
Other creditors
36,640
105,606
---------
---------
394,419
270,011
---------
---------
9. Director's advances, credits and guarantees
During the period the directors received advances of £15,519 and repaid £6,094 to the company. The balance was repaid post year end. There were no guarantees in the period.
10. Related party transactions
The company made a gift of £114,538 (2022: £600,000) to the Aspect Employee Ownership Trust.Future gifts will be made at the discretion of the company Directors based on available cashflows and the performance of the business.
11. Controlling party
The company is controlled by Aspect Trustees Limited, being the trustee of Aspect Employee Ownership Trust