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Company No: 13350213 (England and Wales)

ASPIRE ELECTRICAL HOLDINGS LTD

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

ASPIRE ELECTRICAL HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

ASPIRE ELECTRICAL HOLDINGS LTD

BALANCE SHEET

As at 30 April 2024
ASPIRE ELECTRICAL HOLDINGS LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 2 694,532 442,283
Investments 3 76,826 100
771,358 442,383
Current assets
Debtors 4 118,989 447,192
Cash at bank and in hand 151,180 449,333
270,169 896,525
Creditors: amounts falling due within one year 5 ( 17,750) ( 489,601)
Net current assets 252,419 406,924
Total assets less current liabilities 1,023,777 849,307
Net assets 1,023,777 849,307
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 1,023,677 849,207
Total shareholders' funds 1,023,777 849,307

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 Holdings Ltd (registered number: 13350213) 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 HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
ASPIRE ELECTRICAL HOLDINGS LTD

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 Holdings Ltd (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, Collette 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.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

2. Investment property

Investment property
£
Valuation
As at 01 May 2023 442,283
Additions 252,249
As at 30 April 2024 694,532

3. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 100 100
Other investments and loans 76,726 0
76,826 100

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 100
At 30 April 2024 100
Carrying value at 30 April 2024 100
Carrying value at 30 April 2023 100

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 0 0
Additions 97,154 97,154
Movement in fair value ( 20,428) ( 20,428)
At 30 April 2024 76,726 76,726
Carrying value at 30 April 2024 76,726 76,726
Carrying value at 30 April 2023 0 0

4. Debtors

2024 2023
£ £
Trade debtors 1,049 0
Amounts owed by Group undertakings 112,300 347,300
Prepayments 640 10,000
VAT recoverable 0 89,892
Other debtors 5,000 0
118,989 447,192

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 24 0
Accruals and deferred income 7,817 1,500
Corporation tax 0 14,500
Other taxation and social security 2,109 0
Other creditors 7,800 473,601
17,750 489,601

6. Called-up share capital

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