Company Registration No. 09959806 (England and Wales)
Aspire Properties Holdings Limited
Unaudited accounts
for the year ended 31 January 2024
Aspire Properties Holdings Limited
Unaudited accounts
Contents
Aspire Properties Holdings Limited
Company Information
for the year ended 31 January 2024
Directors
Ivan Ellison
Gabriella Ellison
G ELLISON
I ELLISON
Company Number
09959806 (England and Wales)
Registered Office
37 Studio 1
King Edwards Drive
Harrogate
North Yorkshire
HG1 4HA
United Kingdom
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Aspire Properties Holdings Limited
Accountants' report
Accountants' report to the board of directors of Aspire Properties Holdings Limited on the preparation of the unaudited statutory accounts for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Aspire Properties Holdings Limited for the year ended
31 January 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Aspire Properties Holdings Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Aspire Properties Holdings Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aspire Properties Holdings Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Aspire Properties Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aspire Properties Holdings Limited. You consider that Aspire Properties Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Aspire Properties Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
22 October 2024
Aspire Properties Holdings Limited
Statement of financial position
as at 31 January 2024
Tangible assets
385,301
382,333
Investment property
1,562,000
1,513,404
Cash at bank and in hand
11,557
24,156
Creditors: amounts falling due within one year
(259,410)
(291,097)
Net current liabilities
(233,654)
(255,526)
Total assets less current liabilities
1,713,647
1,640,211
Creditors: amounts falling due after more than one year
(1,343,498)
(1,353,384)
Provisions for liabilities
Deferred tax
(25,680)
(12,163)
Net assets
344,469
274,664
Called up share capital
2
2
Revaluation reserve
77,042
36,488
Profit and loss account
267,425
238,174
Shareholders' funds
344,469
274,664
For the 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. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by
Gabriella Ellison
Director
Company Registration No. 09959806
Aspire Properties Holdings Limited
Notes to the Accounts
for the year ended 31 January 2024
Aspire Properties Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number 09959806. The registered office is 37 Studio 1, King Edwards Drive, Harrogate, North Yorkshire, HG1 4HA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% on cost
Computer equipment
33% on cost
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Aspire Properties Holdings Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At valuation
At cost
At cost
At 1 February 2023
379,081
25,949
3,093
408,123
Revaluations
5,475
-
-
5,475
At 31 January 2024
384,556
25,949
3,093
413,598
At 1 February 2023
-
24,030
1,760
25,790
Charge for the year
-
1,476
1,031
2,507
At 31 January 2024
-
25,506
2,791
28,297
At 31 January 2024
384,556
443
302
385,301
At 31 January 2023
379,081
1,919
1,333
382,333
Fair value at 1 February 2023
1,513,404
Net gain from fair value adjustments
48,596
At 31 January 2024
1,562,000
Amounts falling due within one year
Other debtors
14,199
11,415
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
8,651
1,350
Other creditors
64,885
65,179
Loans from directors
185,074
223,268
Aspire Properties Holdings Limited
Notes to the Accounts
for the year ended 31 January 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,343,498
1,353,384
Aggregate of amounts that fall due for payment after five years
1,319,468
1,319,468
In May 2020, the company received a Bounce Back Loan of £50,000, which is a 100% UK Government backed loan.
Under the terms of the loan, the fees and interest incurred in the first 12 months are settled on behalf of the company by the UK Government.
After the first 12 months, an interest rate of 2.5% is applicable.
The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan Scheme.
9
Deferred taxation
2024
2023
Revaluation of land and buildings
1,369
-
Revaluation of investment property
24,311
12,163
Provision at start of year
12,163
-
Charged to the profit and loss account
13,517
12,163
Provision at end of year
25,680
12,163
Comparatives have been restated for deferred tax on revaluation of investment properties.
10
Transactions with related parties
Included in current liabilities is a related company loan of £46,840 (2022 - nil) from LSN Solutions Ltd, a related company. The loan is interest-free and repayable on demand.
11
Average number of employees
During the year the average number of employees was 0 (2023: 0).