Company registration number 06506597 (England and Wales)
ASPIRE LEEDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ASPIRE LEEDS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASPIRE LEEDS LIMITED
BALANCE SHEET
AS AT
29 JUNE 2024
29 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
723,008
756,257
Current assets
Stocks
16,696
16,446
Debtors
4
1,430,382
1,671,268
Cash at bank and in hand
600
7,937
1,447,678
1,695,651
Creditors: amounts falling due within one year
5
(1,154,326)
(1,323,777)
Net current assets
293,352
371,874
Total assets less current liabilities
1,016,360
1,128,131
Creditors: amounts falling due after more than one year
6
(220,730)
(328,227)
Provisions for liabilities
(4,663)
(6,346)
Net assets
790,967
793,558
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
780,967
783,558
Total equity
790,967
793,558
ASPIRE LEEDS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 JUNE 2024
29 June 2024
- 2 -

For the financial year ended 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
M A Heaney
Director
Company registration number 06506597 (England and Wales)
ASPIRE LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
- 3 -
1
Accounting policies
Company information

Aspire Leeds Limited is a private company limited by shares incorporated in England and Wales. The registered office is Yorkshire Bank Chambers, 2 Infirmary Street, Leeds, West Yorkshire, LS1 2JP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the value of conference and banqueting services provided to customers during the year.

 

Deposits are non-refundable and recognised on receipt.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost (excluding freehold land)
Improvements to property
4% on cost
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.5
Financial instruments

Bank loans are measured at amortised cost.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

ASPIRE LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

 

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.

1.7
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.8
Leases

Rentals receivable under operating leases, including any lease incentives received, are credited to profit or loss on a straight line basis over the term of the relevant lease.

1.9

Debtors

Short term debtors are measured at their transaction price, less any impairment.

1.10

Creditors

Short term creditors are measured at their transaction price.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
30
32
ASPIRE LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 5 -
3
Tangible fixed assets
Freehold property
Improvements to property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 June 2023 and 29 June 2024
562,300
349,929
181,416
13,200
1,106,845
Depreciation and impairment
At 30 June 2023
14,058
181,944
142,796
11,790
350,588
Depreciation charged in the year
11,246
13,997
7,724
282
33,249
At 29 June 2024
25,304
195,941
150,520
12,072
383,837
Carrying amount
At 29 June 2024
536,996
153,988
30,896
1,128
723,008
At 29 June 2023
548,242
167,985
38,620
1,410
756,257
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
14,099
Other debtors
1,430,382
1,657,169
1,430,382
1,671,268
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
344,177
149,455
Trade creditors
50,325
498,332
Taxation and social security
77,212
67,541
Other creditors
357,696
283,903
Accruals and deferred income
324,916
324,546
1,154,326
1,323,777

The company's bankers hold a fixed and floating charge over the assets of the business.

Other creditors includes £282,343 (2023 : £261,490) of deferred income relating to client events booked for after the company's period end.

ASPIRE LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
220,730
272,526
Other creditors
-
0
55,701
220,730
328,227
7
Directors' transactions

A director was advanced £4,726,164 (2023: £180,429) in the year and repaid £4,496,156 (2023: £nil) to the company. The total aggregate amount due from directors is £410,437 (2023: £180,429). No interest is charged on the loan and there are no formal repayment terms.

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