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Registration number: 14314672

Aspire Homes & Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Aspire Homes & Developments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Aspire Homes & Developments Ltd

Company Information

Directors

Mr Graham Kenny

Mrs Samantha Jean Gilbert-Kenny

Registered office

The Anchorage
Headland Road
Torquay
Devon
TQ2 6RD

Accountants

Neil Wilson Accountancy Limited Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Aspire Homes & Developments Ltd

(Registration number: 14314672)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,002

1,337

Current assets

 

Stocks

5

851,100

707,300

Debtors

6

-

129,454

Cash at bank and in hand

 

1,155

-

 

852,255

836,754

Creditors: Amounts falling due within one year

7

(853,156)

(838,039)

Net current liabilities

 

(901)

(1,285)

Net assets

 

101

52

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

97

48

Shareholders' funds

 

101

52

For the financial year ending 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:

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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2025 and signed on its behalf by:
 

.........................................
Mr Graham Kenny
Director

 

Aspire Homes & Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
The Anchorage
Headland Road
Torquay
Devon
TQ2 6RD

These financial statements were authorised for issue by the Board on 27 February 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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

Plant and Machinery

25% Reducing balance basis

Fixtures and fittings

25% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Aspire Homes & Developments Ltd

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Aspire Homes & Developments Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

954

830

1,784

At 31 August 2024

954

830

1,784

Depreciation

At 1 September 2023

239

208

447

Charge for the year

179

156

335

At 31 August 2024

418

364

782

Carrying amount

At 31 August 2024

536

466

1,002

At 31 August 2023

715

622

1,337

5

Stocks

2024
£

2023
£

Work in progress

851,100

707,300

6

Debtors

Current

2024
£

2023
£

Other debtors

-

129,454

 

-

129,454

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

404

-

Accruals and deferred income

69,245

34,496

Other creditors

783,507

803,543

853,156

838,039

 

Aspire Homes & Developments Ltd

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

       

9

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

At 31 August 2024
£

Mr Graham Kenny

Loan from director

(401,772)

10,018

(391,754)

Mrs Samantha Jean Gilbert-Kenny

Loan from director

(401,771)

10,018

(391,753)

2023

At 24 August 2022
£

Other payments made to company by director
£

At 31 August 2023
£

Mr Graham Kenny

Loan from director

-

(401,772)

(401,772)

Mrs Samantha Jean Gilbert-Kenny

Loan from director

-

(401,771)

(401,771)