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Registration number: 11112852

Aspire Electrical Contractors Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Aspire Electrical Contractors Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Aspire Electrical Contractors Ltd

(Registration number: 11112852)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

56,172

73,455

Tangible assets

6

34,224

8,261

 

90,396

81,716

Current assets

 

Debtors

7

39,524

79,526

Cash at bank and in hand

 

123,297

159,196

 

162,821

238,722

Creditors: Amounts falling due within one year

8

(15,300)

(52,720)

Net current assets

 

147,521

186,002

Total assets less current liabilities

 

237,917

267,718

Provisions for liabilities

(12,554)

(1,560)

Net assets

 

225,363

266,158

Capital and reserves

 

Called up share capital

100

100

Retained earnings

225,263

266,058

Shareholders' funds

 

225,363

266,158

 

Aspire Electrical Contractors Ltd

(Registration number: 11112852)
Balance Sheet as at 31 December 2024

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 March 2025
 

.........................................
A Senior
Director

 

Aspire Electrical Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 The Snipe
Weston
Hertfordshire
SG4 7BD
United Kingdom

These financial statements were authorised for issue by the director on 4 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Aspire Electrical Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Motor vehicles

20% reducing balance

Fixture and fittings

20% straight line

Plant and machinery

20% straight line

Land and buildings

No depreciation

Goodwill

Goodwill arising on the incorporation of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Aspire Electrical Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transactional price.

Trade debtors are reviewed annually for bad debts and any adjustment are made accordingly through the profit and loss.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Aspire Electrical Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

5,778

2,451

Amortisation expense

17,283

17,284

 

Aspire Electrical Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

172,836

172,836

At 31 December 2024

172,836

172,836

Amortisation

At 1 January 2024

99,381

99,381

Amortisation charge

17,283

17,283

At 31 December 2024

116,664

116,664

Carrying amount

At 31 December 2024

56,172

56,172

At 31 December 2023

73,455

73,455

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 January 2024

-

1,520

21,471

783

23,774

Additions

12,000

141

19,600

-

31,741

At 31 December 2024

12,000

1,661

41,071

783

55,515

Depreciation

At 1 January 2024

-

1,135

13,790

588

15,513

Charge for the year

-

192

5,456

130

5,778

At 31 December 2024

-

1,327

19,246

718

21,291

Carrying amount

At 31 December 2024

12,000

334

21,825

65

34,224

At 31 December 2023

-

385

7,681

195

8,261

Included within the net book value of land and buildings above is £12,000 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Aspire Electrical Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

There has been no valuation by an independent valuer. The director has considered the market value and considers that the current value is representative of the market value at the balance sheet date.

7

Debtors

Current

2024
£

2023
£

Trade debtors

25,645

46,627

Prepayments

140

924

Other debtors

13,739

31,975

 

39,524

79,526

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,053

833

Taxation and social security

12,553

49,459

Accruals and deferred income

1,470

2,250

Other creditors

224

178

15,300

52,720

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Dividends

2024

2023

£

£

Interim dividend of £460.00 (2023 - £355.00) per ordinary share

46,000

35,500

 

 
 

Aspire Electrical Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11

Related party transactions

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

(164)

46,409

(46,312)

(67)

 

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

(9,981)

45,629

(35,812)

(164)

 

This loan is interest free and is repayable on demand.

12

Ultimate controlling party

The ultimate controlling party is Mr Andrew Senior, by virtue of their shareholding.