Registered number
07764319
Aspires Estate Management Ltd
Filleted Accounts
31 May 2024
Aspires Estate Management Ltd
Registered number: 07764319
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 7,800 10,399
Investments 6 - -
7,800 10,399
Current assets
Stocks 155,000 155,000
Debtors 7 109,506 88,288
Investments held as current assets 8 - -
Cash at bank and in hand 2,468 2,685
266,974 245,973
Creditors: amounts falling due within one year 9 (720,774) (569,602)
Net current liabilities (453,800) (323,629)
Total assets less current liabilities (446,000) (313,230)
Creditors: amounts falling due after more than one year 10 (15,843) (18,710)
Provisions for liabilities - -
Net liabilities (461,843) (331,940)
Capital and reserves
Called up share capital 64 64
Share premium - -
Revaluation reserve 12 - -
Profit and loss account (461,907) (332,004)
Shareholders' funds (461,843) (331,940)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Rosemary Marina Roberts-Burt
Director
Approved by the board on 26 February 2025
Aspires Estate Management Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024 2023
£ £
- -
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
4 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 -
Additions -
Disposals -
At 31 May 2024 -
Amortisation
At 1 June 2023 -
Provided during the year -
On disposals -
At 31 May 2024 -
Net book value
At 31 May 2024 -
At 31 May 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 - 22,221 22,495 44,716
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 31 May 2024 - 22,221 22,495 44,716
Depreciation
At 1 June 2023 - 15,826 18,491 34,317
Charge for the year - 1,598 1,001 2,599
Surplus on revaluation - - - -
On disposals - - - -
At 31 May 2024 - 17,424 19,492 36,916
Net book value
At 31 May 2024 - 4,797 3,003 7,800
At 31 May 2023 - 6,395 4,004 10,399
Freehold land and buildings: 2024 2023
£ £
Historical cost - -
Cumulative depreciation based on historical cost - -
- -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 June 2023 - - -
Additions - - -
Revaluation - - -
Disposals - - -
At 31 May 2024 - - -
Historical cost
At 1 June 2023 - -
At 31 May 2024 - -
[For revalued investments, see FRS 102 paragraphs 1AC.15, 1AC.22 and 1AC.23 for disclosures]
7 Debtors 2024 2023
£ £
Trade debtors - -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Deferred tax asset 109,352 79,688
Other debtors 154 8,600
109,506 88,288
Amounts due after more than one year included above - -
8 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments - -
Unlisted investments - -
- -
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments - -
Unlisted investments - -
- -
[For revalued investments, see FRS 102 paragraphs 1AC.22 and 1AC.23 for disclosures]
9 Creditors: amounts falling due within one year 2024 2023
£ £
Non-equity preference shares - -
Bank loans and overdrafts 77,881 2,881
Obligations under finance lease and hire purchase contracts - -
Trade creditors 51 32,010
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Taxation and social security costs - -
Other creditors 642,842 534,711
720,774 569,602
10 Creditors: amounts falling due after one year 2024 2023
£ £
Non-equity preference shares - -
Bank loans 15,843 18,710
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
15,843 18,710
11 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years - -
- -
Secured bank loans - -
[Give an indication of the nature and form of the security for the bank loans]
12 Revaluation reserve 2024 2023
£ £
At 1 June 2023 - -
Gain on revaluation of land and buildings - -
Deferred taxation arising on the revaluation of land and buildings - -
At 31 May 2024 - -
13 Events after the reporting date
14 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts - -
15 Pension commitments
16 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - -
17 Contingent liabilities
18 Off-balance sheet arrangements
19 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Gareth Antony Roberts-Burt
[Loan 1] - - - -
[Loan 2] - - - -
Mrs Rosemary Marina Roberts-Burt
[Loan 1] - - - -
[Loan 2] - - - -
Mr Steven Gareth Roberts-Burt
[Loan 1] - - - -
[Loan 2] - - - -
[Director 4]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 5]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 6]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 7]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 8]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 9]
[Loan 1] - - - -
[Loan 2] - - - -
- - - -
20 Guarantees made by the company on behalf of directors
Main terms Maximum Amount paid
liability and incurred
£ £
Mr Gareth Antony Roberts-Burt
[Guarantee 1] - -
[Guarantee 2] - -
Mrs Rosemary Marina Roberts-Burt
[Guarantee 1] - -
[Guarantee 2] - -
Mr Steven Gareth Roberts-Burt
[Guarantee 1] - -
[Guarantee 2] - -
[Director 4]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 5]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 6]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 7]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 8]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 9]
[Guarantee 1] - -
[Guarantee 2] - -
- -
21 Basis of preparation
At the period end, the company’s balance sheet showed net current liabilities of £453,800 (2023: £323,629).  This includes £503,352 (2023: £410,800) payable to Mr and Mrs Roberts-Burt, directors, and £136,001 (2023: £118,001) to other shareholders.  The directors haves indicated that they will continue to support the company financially until such time that it can afford to repay them.  On this basis, the directors feel it is appropriate that the accounts are prepared on a going concern basis.
22 Related party transactions
At the period end the company owed £503,352 (2023: £410,800) to Mr and Mrs Roberts-Burt, directors, and £136,001 (2023: £118,001) to other shareholders. The loans are interest free and repayable on demand.
23 Controlling party
The company is ultimately controlled by Mr and Mrs Roberts-Burt, directors, who together own 100% of the issued A Ordinary share capital.
24 Other information
Aspires Estate Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1, Penwith Business Centre
Long Rock
Penzance
Cornwall
TR20 8HL
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