Company registration number 10127442 (England and Wales)
ASPIRE LETTING INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ASPIRE LETTING INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ASPIRE LETTING INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
1,316
Investment property
4
3,447,970
3,446,082
3,449,286
3,446,082
CURRENT ASSETS
Debtors
5
37,975
4,027
Cash at bank and in hand
1,455
1,855
39,430
5,882
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6
(112,574)
(64,917)
NET CURRENT LIABILITIES
(73,144)
(59,035)
TOTAL ASSETS LESS CURRENT LIABILITIES
3,376,142
3,387,047
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
7
(2,008,169)
(1,948,966)
PROVISIONS FOR LIABILITIES
(56,127)
(72,133)
NET ASSETS
1,311,846
1,365,948
CAPITAL AND RESERVES
Called up share capital
1,128,000
1,128,000
Non-distributable profits reserve
9
231,796
231,796
Distributable profit and loss reserves
(47,950)
6,152
TOTAL EQUITY
1,311,846
1,365,948
ASPIRE LETTING INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
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 30 April 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 Act 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 10 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr K A Chaudhry
Director
Company registration number 10127442 (England and Wales)
ASPIRE LETTING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
ACCOUNTING POLICIES
Company information
Aspire Letting Investments Limited is a private company limited by shares registered in England and Wales. The address of the registered office is 1 Arnside Road, Cardiff, United Kingdom, CF23 5LL, United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
1.2
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of rental income receivable.
1.3
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
IT Equipment
20% Straight line
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
ASPIRE LETTING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.4
Investment property
Property that is held for long-term rental yields or for capital appreciation is classified as investment property. Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary for differences in nature, location or condition of the specific asset. If this information is not available, the company uses alternative valuation methods, such as recent prices on less active markets on discounted cash flow projections. Valuations are performed as of the balance sheet date by professional valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment property being valued.
1.5
Impairment of fixed assets
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each pf the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
1.6
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial assets
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
1.7
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
ASPIRE LETTING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
TANGIBLE FIXED ASSETS
IT Equipment
£
Cost
At 1 May 2023
Additions
1,470
At 30 April 2024
1,470
Depreciation and impairment
At 1 May 2023
Depreciation charged in the year
154
At 30 April 2024
154
Carrying amount
At 30 April 2024
1,316
At 30 April 2023
ASPIRE LETTING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
INVESTMENT PROPERTY
2024
£
Fair value
At 1 May 2023
3,446,082
Additions
1,888
At 30 April 2024
3,447,970
The investment properties were valued at the balance sheet date by the directors on the basis of open market value.
5
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Other debtors
37,975
4,027
6
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans
15,710
10,421
Other creditors
96,864
54,496
112,574
64,917
The above includes secured creditors of £15,710 (2023: £10,421). These balances are secured over the investment properties held by the company.
7
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
2,008,169
1,888,534
Other creditors
60,432
2,008,169
1,948,966
ASPIRE LETTING INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
(Continued)
- 7 -
Included within creditors: amount falling due after more than one year is an amount of £1,960,669 (2023: £1,845,121) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above includes secured creditors of £2,008,169 (2023: £1,888,534). These balances are secured over the investment properties held by the company.
8
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within creditors is a balance of £92,627 (2023: £110,432) due to the directors. This balance is interest free and repayable on demand.
9
NON-DISTRIBUTABLE PROFITS RESERVE
2024
2023
£
£
At the beginning and end of the year
231,796
231,796