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Company No: 05095099 (England and Wales)

ASPIRE ELECTRICAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

ASPIRE ELECTRICAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

ASPIRE ELECTRICAL LIMITED

BALANCE SHEET

As at 30 April 2024
ASPIRE ELECTRICAL LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 336,083 323,144
336,083 323,144
Current assets
Stocks 5,000 5,000
Debtors 4 1,367,515 485,546
Cash at bank and in hand 283,201 1,274,056
1,655,716 1,764,602
Creditors: amounts falling due within one year 5 ( 1,132,071) ( 1,235,527)
Net current assets 523,645 529,075
Total assets less current liabilities 859,728 852,219
Provision for liabilities ( 32,813) ( 28,889)
Net assets 826,915 823,330
Capital and reserves
Called-up share capital 6 100 100
Revaluation reserve 45,284 45,284
Profit and loss account 781,531 777,946
Total shareholder's funds 826,915 823,330

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Aspire Electrical Limited (registered number: 05095099) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

Neil Hammacott
Director
ASPIRE ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
ASPIRE ELECTRICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Aspire Electrical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is 6 Millwood Business Park, Collett Way, Newton Abbot, Devon, TQ12 4PH.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 13

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 May 2023 190,000 5,599 238,610 2,966 48,956 486,131
Additions 0 1,014 39,245 0 11,522 51,781
Disposals 0 ( 340) 0 0 ( 8,309) ( 8,649)
At 30 April 2024 190,000 6,273 277,855 2,966 52,169 529,263
Accumulated depreciation
At 01 May 2023 0 2,250 118,479 2,698 39,560 162,987
Charge for the financial year 0 604 30,034 118 7,188 37,944
Disposals 0 ( 221) 0 0 ( 7,530) ( 7,751)
At 30 April 2024 0 2,633 148,513 2,816 39,218 193,180
Net book value
At 30 April 2024 190,000 3,640 129,342 150 12,951 336,083
At 30 April 2023 190,000 3,349 120,131 268 9,396 323,144

Included within the net book value of land and buildings above is £190,000 (2023 - £190,000) in respect of long leasehold land and buildings.

4. Debtors

2024 2023
£ £
Trade debtors 1,098,652 396,217
Amounts owed by directors 242,648 80,000
Prepayments 11,638 8,829
Other debtors 14,577 500
1,367,515 485,546

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 475,584 248,107
Amounts owed to Ultimate Parent undertakings 112,300 347,300
Accruals and deferred income 238,452 331,595
Corporation tax 82,858 181,039
Other taxation and social security 219,239 118,470
Other creditors 3,638 9,016
1,132,071 1,235,527

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Opening balance 80,000 (33,426)
Less loan repayments in the year (151) (310,000)
Plus loan advances made in the year 162,799 423,426
Closing balance 242,648 80,000

Interest on the outstanding loans has been charged at the official HMRC rate.

8. Ultimate controlling party

Parent Company:

Aspire Electrical Holdings Ltd