Aspires Estate Management Ltd |
Notes to the Accounts |
for the year ended 31 May 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Exceptional items |
2024 |
|
2023 |
£ |
£ |
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- |
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- |
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3 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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4 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 June 2023 |
- |
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Additions |
- |
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Disposals |
- |
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At 31 May 2024 |
- |
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Amortisation |
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At 1 June 2023 |
- |
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Provided during the year |
- |
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On disposals |
- |
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At 31 May 2024 |
- |
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Net book value |
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At 31 May 2024 |
- |
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At 31 May 2023 |
- |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
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5 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 June 2023 |
- |
|
22,221 |
|
22,495 |
|
44,716 |
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Additions |
- |
|
- |
|
- |
|
- |
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Surplus on revaluation |
- |
|
- |
|
- |
|
- |
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Disposals |
- |
|
- |
|
- |
|
- |
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At 31 May 2024 |
- |
|
22,221 |
|
22,495 |
|
44,716 |
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Depreciation |
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At 1 June 2023 |
- |
|
15,826 |
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18,491 |
|
34,317 |
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Charge for the year |
- |
|
1,598 |
|
1,001 |
|
2,599 |
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Surplus on revaluation |
- |
|
- |
|
- |
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- |
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On disposals |
- |
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- |
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- |
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- |
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At 31 May 2024 |
- |
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17,424 |
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19,492 |
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36,916 |
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Net book value |
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At 31 May 2024 |
- |
|
4,797 |
|
3,003 |
|
7,800 |
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At 31 May 2023 |
- |
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6,395 |
|
4,004 |
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10,399 |
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Freehold land and buildings: |
2024 |
|
2023 |
£ |
£ |
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Historical cost |
- |
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- |
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Cumulative depreciation based on historical cost |
- |
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- |
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- |
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- |
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[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.] |
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6 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
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Cost |
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At 1 June 2023 |
- |
|
- |
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- |
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Additions |
- |
|
- |
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- |
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Revaluation |
- |
|
- |
|
- |
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Disposals |
- |
|
- |
|
- |
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At 31 May 2024 |
- |
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- |
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- |
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Historical cost |
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At 1 June 2023 |
- |
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- |
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At 31 May 2024 |
- |
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- |
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[For revalued investments, see FRS 102 paragraphs 1AC.15, 1AC.22 and 1AC.23 for disclosures] |
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7 |
Debtors |
2024 |
|
2023 |
£ |
£ |
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Trade debtors |
- |
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- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
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- |
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Deferred tax asset |
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109,352 |
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79,688 |
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Other debtors |
154 |
|
8,600 |
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109,506 |
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88,288 |
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Amounts due after more than one year included above |
- |
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- |
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8 |
Investments held as current assets |
2024 |
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2023 |
£ |
£ |
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Fair value |
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Listed investments |
- |
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- |
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Unlisted investments |
- |
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- |
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- |
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- |
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Increase/(decrease) in fair value included in the profit and loss account for the financial year |
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Listed investments |
- |
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- |
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Unlisted investments |
- |
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- |
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- |
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- |
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[For revalued investments, see FRS 102 paragraphs 1AC.22 and 1AC.23 for disclosures] |
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9 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
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Non-equity preference shares |
- |
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- |
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Bank loans and overdrafts |
77,881 |
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2,881 |
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Obligations under finance lease and hire purchase contracts |
- |
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- |
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Trade creditors |
51 |
|
32,010 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
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- |
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Taxation and social security costs |
- |
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- |
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Other creditors |
642,842 |
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534,711 |
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720,774 |
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569,602 |
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10 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
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Non-equity preference shares |
- |
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- |
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Bank loans |
15,843 |
|
18,710 |
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Obligations under finance lease and hire purchase contracts |
- |
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- |
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Trade creditors |
- |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
- |
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Other creditors |
- |
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- |
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15,843 |
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18,710 |
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11 |
Loans |
2024 |
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2023 |
£ |
£ |
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Creditors include: |
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Amounts payable otherwise than by instalment falling due for payment after more than five years |
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- |
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- |
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Instalments falling due for payment after more than five years |
- |
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- |
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- |
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- |
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Secured bank loans |
- |
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- |
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[Give an indication of the nature and form of the security for the bank loans] |
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12 |
Revaluation reserve |
2024 |
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2023 |
£ |
£ |
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At 1 June 2023 |
- |
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- |
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Gain on revaluation of land and buildings |
- |
|
- |
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Deferred taxation arising on the revaluation of land and buildings |
- |
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- |
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At 31 May 2024 |
- |
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- |
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13 |
Events after the reporting date |
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14 |
Capital commitments |
2024 |
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2023 |
£ |
£ |
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Amounts contracted for but not provided in the accounts |
- |
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- |
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15 |
Pension commitments |
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16 |
Other financial commitments |
2024 |
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2023 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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- |
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- |
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17 |
Contingent liabilities |
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18 |
Off-balance sheet arrangements |
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19 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
Mr Gareth Antony Roberts-Burt |
|
[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
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- |
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Mrs Rosemary Marina Roberts-Burt |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
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- |
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Mr Steven Gareth Roberts-Burt |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
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- |
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[Director 4] |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
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- |
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[Director 5] |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
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- |
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[Director 6] |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
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- |
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[Director 7] |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
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- |
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[Director 8] |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
|
- |
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[Director 9] |
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[Loan 1] |
- |
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- |
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- |
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- |
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[Loan 2] |
- |
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- |
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- |
|
- |
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- |
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- |
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- |
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- |
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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] |
|
- |
|
- |
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|
Mrs Rosemary Marina Roberts-Burt |
|
[Guarantee 1] |
|
- |
|
- |
|
[Guarantee 2] |
|
- |
|
- |
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Mr Steven Gareth Roberts-Burt |
|
[Guarantee 1] |
|
- |
|
- |
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[Guarantee 2] |
|
- |
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- |
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[Director 4] |
|
[Guarantee 1] |
|
- |
|
- |
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[Guarantee 2] |
|
- |
|
- |
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[Director 5] |
|
[Guarantee 1] |
|
- |
|
- |
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[Guarantee 2] |
|
- |
|
- |
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[Director 6] |
|
[Guarantee 1] |
|
- |
|
- |
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[Guarantee 2] |
|
- |
|
- |
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[Director 7] |
|
[Guarantee 1] |
|
- |
|
- |
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[Guarantee 2] |
|
- |
|
- |
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[Director 8] |
|
[Guarantee 1] |
|
- |
|
- |
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[Guarantee 2] |
|
- |
|
- |
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[Director 9] |
|
[Guarantee 1] |
|
- |
|
- |
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[Guarantee 2] |
|
- |
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- |
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- |
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- |
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21 |
Basis of preparation |
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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. |
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22 |
Related party transactions |
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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. |
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23 |
Controlling party |
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The company is ultimately controlled by Mr and Mrs Roberts-Burt, directors, who together own 100% of the issued A Ordinary share capital. |
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24 |
Other information |
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Aspires Estate Management Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 1, Penwith Business Centre |
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Long Rock |
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Penzance |
|
Cornwall |
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TR20 8HL |