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Company No: 14210587 (England and Wales)

ASPIRE BUSINESS CORPORATION LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

ASPIRE BUSINESS CORPORATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

ASPIRE BUSINESS CORPORATION LIMITED

BALANCE SHEET

As at 31 July 2024
ASPIRE BUSINESS CORPORATION LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 31.07.2024 31.07.2023
£ £
Fixed assets
Tangible assets 3 44,554 1,829
Investments 4 297,050 296,850
341,604 298,679
Current assets
Debtors 5 857,328 610,165
Cash at bank and in hand 84,968 27,489
942,296 637,654
Creditors: amounts falling due within one year 6 ( 1,103,444) ( 929,947)
Net current liabilities (161,148) (292,293)
Total assets less current liabilities 180,456 6,386
Provision for liabilities ( 1,107) ( 348)
Net assets 179,349 6,038
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 179,249 5,938
Total shareholder's funds 179,349 6,038

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Aspire Business Corporation Limited (registered number: 14210587) were approved and authorised for issue by the Director on 17 February 2025. They were signed on its behalf by:

Ms J A N Perry
Director
ASPIRE BUSINESS CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
ASPIRE BUSINESS CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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 period, unless otherwise stated.

General information and basis of accounting

Aspire Business Corporation 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 20-22 Wenlock Road, London, N1 7GU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 over its expected useful life, as follows:

Vehicles 25 % reducing balance
Computer equipment 20 % reducing balance

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
31.07.2024
Period from
03.07.2022 to
31.07.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 1

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 August 2023 0 2,165 2,165
Additions 42,500 1,299 43,799
At 31 July 2024 42,500 3,464 45,964
Accumulated depreciation
At 01 August 2023 0 336 336
Charge for the financial year 708 366 1,074
At 31 July 2024 708 702 1,410
Net book value
At 31 July 2024 41,792 2,762 44,554
At 31 July 2023 0 1,829 1,829

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2023 296,850 296,850
Additions 200 200
At 31 July 2024 297,050 297,050
Carrying value at 31 July 2024 297,050 297,050
Carrying value at 31 July 2023 296,850 296,850

5. Debtors

31.07.2024 31.07.2023
£ £
Trade debtors 151,356 5,000
Amounts owed by related parties 683,508 602,475
Other debtors 22,464 2,690
857,328 610,165

6. Creditors: amounts falling due within one year

31.07.2024 31.07.2023
£ £
Trade creditors 46,207 0
Taxation and social security 127,536 4,347
Other creditors 929,701 925,600
1,103,444 929,947

7. Called-up share capital

31.07.2024 31.07.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Other related party transactions

31.07.2024 31.07.2023
£ £
Loans to related parties 999,999 602,475