Aspirations (Topco) Limited - Period Ending 2022-03-31

Aspirations (Topco) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Aspirations (Topco) Limited

Company Information

Directors

C Beck M Biddulph

Registered office

10 Slingsby Place St. Martin's Courtyard London WC2E 9AB

Solicitors

Shoosmiths Apex Plaza Forbury Road Reading RG1 1SH

Bankers

HSBC Bank PLC 8 Canada Square London E14 5HQ

Accountants

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Aspirations (Topco) Limited

(Registration number: 07155317)
Balance Sheet as at 31 March 2022

	Note	2022  £	2021  £
Fixed assets
Investments	4	-	825,000
Current assets
Debtors	5	-	165,400
Net assets		-	990,400
Capital and reserves
Called up share capital	6	950,400	950,400
Capital redemption reserve		40,000	40,000
Profit and loss account		(990,400)	-
Total equity		-	990,400

For the financial year ending 31 March 2022 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 November 2022 and signed on its behalf by:
 

M Biddulph
Director

Aspirations (Topco) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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:
10 Slingsby Place
St. Martin's Courtyard
London
WC2E 9AB

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Aspirations (Topco) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet, The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial assets or financial liabilities are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when, there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non-financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a 'CGU' is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Aspirations (Topco) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3

Staff numbers

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

	2022  No.	2021  No.
Directors	2	2

4

Investments

	2022 £	2021 £
Investments in subsidiaries	-	825,000

Subsidiaries	£
Cost
At 1 April 2021 and at 31 March 2022	825,000
Provision
Impairment provision and at 31 March 2022	825,000
Carrying amount
At 31 March 2022	-
At 31 March 2021	825,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2022	2021
Subsidiary undertakings
Aspirations (Bidco) Limited	England and Wales	Ordinary	100%	100%

Subsidiary undertakings

Aspirations (Bidco) Limited The principal activity of Aspirations (Bidco) Limited is that of an intermediate holding company.

5

Debtors

	2022  £	2021  £
Amounts owed by group undertakings	-	165,000
Other debtors	-	400
	-	165,400

Aspirations (Topco) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	235,000	235,000	235,000	235,000
Ordinary A shares of £1 each	715,000	715,000	715,000	715,000
Ordinary B shares of £0.01 each	40,000	400	40,000	400
	990,000	950,400	990,000	950,400

Rights, preferences and restrictions

The Ordinary and Ordinary A shares rank pari passu in all respects, other than as detailed in the company's Articles of Association.

7

Parent and ultimate parent undertaking

The ultimate controlling party is August Equity Partners II GP Limited, a company registered in Scotland, which is considered to have no single controlling party.

8

Non adjusting events after the financial period

Subsequent to the balance sheet date, the company's subsidiary company, Aspirations (Bidco) Limited was liquidated.

9

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.