Company registration number SC183651 (Scotland)
ASPEN SOLUTIONS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ASPEN SOLUTIONS LTD.
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
ASPEN SOLUTIONS LTD.
COMPANY INFORMATION
- 1 -
Directors
Mr V J Harkins
Mr P V Harkins
Secretary
Mrs K Harkins
Company number
SC183651
Registered office
2 Napier Way
Wardpark North
Cumbernauld
Glasgow
Scotland
G68 0EH
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
ASPEN SOLUTIONS LTD.
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
111,622
145,109
Tangible assets
4
216,435
135,159
Investments
5
1,000
1,000
329,057
281,268
Current assets
Stocks
122,313
156,489
Debtors
6
1,535,593
1,398,927
Cash at bank and in hand
1,128,617
1,125,429
2,786,523
2,680,845
Creditors: amounts falling due within one year
7
(1,641,421)
(1,612,031)
Net current assets
1,145,102
1,068,814
Total assets less current liabilities
1,474,159
1,350,082
Creditors: amounts falling due after more than one year
8
(59,790)
(23,086)
Provisions for liabilities
9
(42,150)
(20,315)
Net assets
1,372,219
1,306,681
Capital and reserves
Called up share capital
11
86,944
86,944
Capital redemption reserve
5,350
5,350
Profit and loss reserves
1,279,925
1,214,387
Total equity
1,372,219
1,306,681

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ASPEN SOLUTIONS LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Mr P V Harkins
Director
Company Registration No. SC183651
ASPEN SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Aspen Solutions Ltd. is a private company limited by shares incorporated in Scotland. The registered office is 2 Napier Way, Wardpark North, Cumbernauld, Glasgow, Scotland, G68 0EH. The company's registration number is SC183651.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales of supply and service of office equipment. Revenue is recognised as services and goods are provided.

1.3
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition (being cash paid and the fair value of other consideration given) over the fair value of the separable net assets acquired. The fair value of the acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life of 10 years.

Provision is made for any impairment in its value. The useful economic life is the expected period over which the company expects to derive an economic benefit, and is reviewed on an annual basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
- straight line over 10 years
Plant and equipment
- 25-33% straight line
Fixtures and fittings
- 10-20% straight line
Office equipment
- 33% straight line
Motor vehicles
- 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is charged to the profit and loss account.

1.5
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

ASPEN SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in first-out method, including the normal cost of transporting stock to its present location and condition, and consists of goods for resale.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

ASPEN SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

1.14
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants in respect of capital expenditure are treated as deferred income and credited to the profit and loss account over the estimated useful life of the assets to which they relate.

 

Government grants in respect of revenue expenditure are credited to the profit and loss account in the period to which they relate.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

ASPEN SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Total
29
31
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
334,868
Amortisation and impairment
At 1 April 2023
189,759
Amortisation charged for the year
33,487
At 31 March 2024
223,246
Carrying amount
At 31 March 2024
111,622
At 31 March 2023
145,109
ASPEN SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
54,340
135,778
11,303
88,894
111,187
401,502
Additions
-
0
17,750
-
0
16,136
114,435
148,321
Disposals
-
0
(32,369)
-
0
(46,882)
(24,231)
(103,482)
At 31 March 2024
54,340
121,159
11,303
58,148
201,391
446,341
Depreciation and impairment
At 1 April 2023
11,370
103,868
4,960
65,166
80,979
266,343
Depreciation charged in the year
5,434
21,300
1,805
14,567
23,931
67,037
Eliminated in respect of disposals
-
0
(32,255)
-
0
(46,988)
(24,231)
(103,474)
At 31 March 2024
16,804
92,913
6,765
32,745
80,679
229,906
Carrying amount
At 31 March 2024
37,536
28,246
4,538
25,403
120,712
216,435
At 31 March 2023
42,970
31,910
6,343
23,728
30,208
135,159
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
798,765
806,401
Amounts owed by group undertakings
688,919
566,216
Other debtors
47,909
26,310
1,535,593
1,398,927
ASPEN SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,206
10,044
Trade creditors
1,201,908
1,046,264
Amounts owed to group undertakings
1,000
1,000
Taxation and social security
217,808
190,996
Other creditors
210,499
363,727
1,641,421
1,612,031

Included within other creditors are hire purchase liabilities of £32,423 (2023 - £1,671). These liabilities are secured over the individual assets to which they relate.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,399
22,390
Other creditors
47,391
696
59,790
23,086

Included within other creditors are hire purchase liabilities of £47,391 (2023 - £696). These liabilities are secured over the individual assets to which they relate.

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
42,150
20,315
10
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2024
2023
Balances:
£
£
Accelerated capital allowances
42,150
20,315
ASPEN SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Deferred taxation
(Continued)
- 10 -
2024
Movements in the year:
£
Liability at 1 April 2023
20,315
Charge to profit or loss
21,835
Liability at 31 March 2024
42,150
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
81,592 Ordinary shares of £1
81,592
81,592
1 A Employee shares of £1
1
1
1 B Employee shares of £1
1
1
5,350 C Employee shares of £1
5,350
5,350
86,944
86,944
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
66,679
110,973
13
Related party transactions

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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