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Registered Number: 08325627
England and Wales

 

 

 

ASPIRE STUDENT LIVING (2) LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Directors Mrs J Pillar
Mr R Pillar
Registered Number 08325627
Registered Office C3 Apollo Court
Neptune Park
Plymouth
PL4 0SJ
Accountants FUEL Accountancy Services Ltd
Chartered Certified Accountants
C3 Apollo Court
Neptune Park
Plymouth
PL4 0SJ
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 2,915,000    2,050,000 
2,915,000    2,050,000 
Current assets      
Debtors: amounts falling due within one year 4 478,712    511,880 
Cash at bank and in hand 217,915    1,196 
696,627    513,076 
Creditors: amount falling due within one year 5 (106,106)   (97,650)
Net current assets 590,521    415,426 
 
Total assets less current liabilities 3,505,521    2,465,426 
Creditors: amount falling due after more than one year 6 (1,463,998)   (852,278)
Provisions for liabilities 7 (364,573)   (201,376)
Net assets 1,676,950    1,411,772 
 

Capital and reserves
     
Called up share capital 100    100 
Reserves 8 1,093,718    858,497 
Profit and loss account 583,132    553,175 
Shareholders' funds 1,676,950    1,411,772 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 May 2025 and were signed on its behalf by:


-------------------------------
Mr R Pillar
Director
2
General Information
ASPIRE STUDENT LIVING (2) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08325627, registration address C3 Apollo Court, Neptune Park, Plymouth, PL4 0SJ.

The presentation currency is £ sterling.
1.

Accounting policies

Basis of preparation
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. 
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or 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. 
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 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 probably 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.
Tangible 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. 
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. 
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. 
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for 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 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 of 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provisions as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 
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. 
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. 
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Land and buildings   Total
  £   £
At 01 September 2023 2,050,000    2,050,000 
Additions 466,582    466,582 
Disposals  
Revaluations 398,418    398,418 
At 31 August 2024 2,915,000    2,915,000 
Depreciation
At 01 September 2023  
Charge for year  
On disposals  
At 31 August 2024  
Net book values
Closing balance as at 31 August 2024 2,915,000    2,915,000 
Opening balance as at 01 September 2023 2,050,000    2,050,000 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 478,712    511,880 
478,712    511,880 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 25,800   
Bank Loans & Overdrafts 54,968    60,000 
Taxation and Social Security 23,538    15,288 
Other Creditors 1,800    22,362 
106,106    97,650 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 1,463,998    852,278 
1,463,998    852,278 
Included within creditors amounts falling due after more than one year is an amount of £1,275,158 (2023: £632,278) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 364,573    201,376 
364,573    201,376 

8.

Reserves

2024
£
  2023
£
Revaluation Reserve b/fwd 858,497    858,497 
Revaluation of Fixed Assets 398,418   
Deferred Tax Provided on Revaluation (163,197)  
1,093,718    858,497 

9.

Related party transactions

The company was under the control of Mr R Pillar and Mr S Meyrick throughout the current and previous year by virtue of their shareholding. 
At the year end there was an amount owed to the company from Pillar Land Securities Limited of £189,291 (2023: £189,291), Mr R Pillar is a director and shareholder in this company. 
At the year end there was an amount owed to the company from Stax Properties Limited of £189,291 (2023: £212,400),  Mr S Meyrick is a director and shareholder in this company. 
During the year the company leased property to Aspire Student Living 2 Management Ltd, the total amount charged during the year was £119,121 (2023: £111,354), Mr R Pillar and Mr S Meyrick are directors in this company. At the year end there was an amount owed to the company by Aspire Student Living 2 Management Ltd of £26,130 (2023: £110,189).
3