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Registered number: 11256514









ESPIRE GLOBAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ESPIRE GLOBAL LIMITED
REGISTERED NUMBER: 11256514

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,805,170
3,914,934

  
3,805,170
3,914,934

Current assets
  

Debtors: amounts falling due within one year
 5 
492,028
388,913

Cash at bank and in hand
 6 
156,750
156,750

  
648,778
545,663

Creditors: amounts falling due within one year
 7 
(62,394)
(48,239)

Net current assets
  
 
 
586,384
 
 
497,424

Total assets less current liabilities
  
4,391,554
4,412,358

Creditors: amounts falling due after more than one year
 8 
(2,850,000)
(2,850,000)

  

Net assets
  
1,541,554
1,562,358


Capital and reserves
  

Called up share capital 
  
1,680,001
1,680,001

Profit and loss account
  
(138,447)
(117,643)

  
1,541,554
1,562,358


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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2024.



Mr A Rai
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
ESPIRE GLOBAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1,680,001
(90,181)
1,589,820


Comprehensive income for the year

Loss for the year
-
(27,462)
(27,462)
Total comprehensive income for the year
-
(27,462)
(27,462)



At 1 April 2023
1,680,001
(117,643)
1,562,358


Comprehensive income for the year

Loss for the year
-
(20,804)
(20,804)
Total comprehensive income for the year
-
(20,804)
(20,804)


At 31 March 2024
1,680,001
(138,447)
1,541,554


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ESPIRE GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Espire Global Limited is a private company limited by shares incorporated in England and Wales. The
registered office is 5 Margaret Road, Romford, Essex, United Kingdom, RM2 5SH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Espire Conglomerate Private Limited as at 31 March 2024 and these financial statements may be obtained from A41, Mohan Co-operative Estate, Mathura Road, NewDelhi - 110044, India.

 
2.3

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue its operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with contract.
 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
ESPIRE GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over term of lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
ESPIRE GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


At 1 April 2023
4,353,990



At 31 March 2024

4,353,990



Depreciation


At 1 April 2023
439,056


Charge for the year on owned assets
109,764



At 31 March 2024

548,820



Net book value



At 31 March 2024
3,805,170



At 31 March 2023
3,914,934

Page 5

 
ESPIRE GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
41,728
388,913

Other debtors
450,300
-

492,028
388,913



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
156,750
156,750

Less: bank overdrafts
(22,435)
(17,934)

134,315
138,816



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
22,435
17,934

Corporation tax
26,959
19,305

Other creditors
10,000
8,000

Accruals and deferred income
3,000
3,000

62,394
48,239


Page 6

 
ESPIRE GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,850,000
2,850,000

2,850,000
2,850,000


The following liabilities were secured:

2024
2023
£
£



Bank loan
2,850,000
2,850,000

2,850,000
2,850,000

Details of security provided:

The company has provided a Fixed charge over land and property and a guarantee from Espire Conglomerate Private limited, the parent company in repect of the borrowing.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
2,850,000
2,850,000

2,850,000
2,850,000

2,850,000
2,850,000



10.


Related party transactions

Included in debtors is an amount due to Espire Infolabs Limited a fellow subsidiary of £41,728Dr (2023: £388,914 Dr).
Included in the p& l a/c is Management fees charged of £350,000 (2023: £250,000) to Espire Infolabs Limited a fellow subsidiary.

Page 7

 
ESPIRE GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Controlling party

The ultimate parent company is Espire Conglomerate Private Limited, a company incorporated in
India. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 23 December 2024 by Jaswinder S Vasir (Senior Statutory Auditor) on behalf of Desaur LLP.


13.
 

Provisions available for audits of small entities

In common with other companies of our size and nature we use our auditors to prepare and submit tax
returns to the tax authorities and assist with the preparation of the financial statements.

 
Page 8