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COMPANY REGISTRATION NUMBER: SC362312
Aspire Membranes Limited
Filleted Unaudited Financial Statements
31 October 2024
Aspire Membranes Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
128,880
148,719
Current assets
Stocks
14,993
61,237
Debtors
7
145,167
181,326
Cash at bank and in hand
87,720
138,507
---------
---------
247,880
381,070
Creditors: amounts falling due within one year
8
237,583
336,383
---------
---------
Net current assets
10,297
44,687
---------
---------
Total assets less current liabilities
139,177
193,406
Creditors: amounts falling due after more than one year
9
43,149
114,342
Provisions for liabilities
Deferred taxation
32,219
37,179
---------
---------
Net assets
63,809
41,885
---------
---------
Capital and reserves
Called up share capital
11
4
4
Profit and loss account
12
63,805
41,881
--------
--------
Shareholders funds
63,809
41,885
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aspire Membranes Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
Bruce Clark
Director
Company registration number: SC362312
Aspire Membranes Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 1, Burnmill Road, Leven, KY8 4RA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. 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. Going concern The directors confirm that after making appropriate enquiries, they have an reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
Judgements and key sources of estimation uncertainty
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accruals Management estimate requirements for accruals using post year end information and information available from detailed budgets. This identified costs and income that are expected to be incurred or received for goods and services provided by and to other parties relating to the period reported on. Bad debts During the year and the year end, management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business' customers as well as post year end information identifying prior period debts not recovered relating to previous financial period.
Revenue recognition
Turnover comprises the invoiced value of goods and services net of VAT and trade discounts.
Corporation 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 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 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants improvements
-
10% straight line
Plant & machinery
-
10 -25 % reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value. Work in progress Work in progress is valued at the lower of cost and net realisable value. Short term contracts are stated at cost less progress payments received and receivable. Long term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as activity progresses. Where outcome of each long term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is the difference between the turnover and the related costs for that contract.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Revenue grants are recognised in the Statement of Income and Retained Earnings in the period to which they relate.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 17 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
53,235
29,460
Deferred tax:
Origination and reversal of timing differences
( 4,960)
7,824
--------
--------
Tax on profit
48,275
37,284
--------
--------
6. Tangible assets
Tenants improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
1,548
54,553
231,515
287,616
Additions
15,889
15,889
-------
--------
---------
---------
At 31 October 2024
1,548
54,553
247,404
303,505
-------
--------
---------
---------
Depreciation
At 1 November 2023
1,548
31,436
105,913
138,897
Charge for the year
4,178
31,550
35,728
-------
--------
---------
---------
At 31 October 2024
1,548
35,614
137,463
174,625
-------
--------
---------
---------
Carrying amount
At 31 October 2024
18,939
109,941
128,880
-------
--------
---------
---------
At 31 October 2023
23,117
125,602
148,719
-------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2024
84,318
--------
At 31 October 2023
112,399
---------
7. Debtors
2024
2023
£
£
Trade debtors
70,167
177,243
Other debtors
75,000
4,083
---------
---------
145,167
181,326
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,996
25,578
Trade creditors
73,831
55,984
Accruals and deferred income
52,632
193,562
Corporation tax
53,235
29,460
Social security and other taxes
19,266
4,492
Obligations under finance leases and hire purchase contracts
28,623
27,307
---------
---------
237,583
336,383
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,439
49,009
Obligations under finance leases and hire purchase contracts
36,710
65,333
--------
---------
43,149
114,342
--------
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions for liabilities
32,219
37,179
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
32,219
37,179
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Directors' advances, credits and guarantees
During the year, the directors were advanced £75,000 (2023 - £nil) from the company and this is disclosed within other debtors. The loan was repaid in full following the year end.