Aspire (Swansea) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08149835 (England and Wales)

ASPIRE (SWANSEA) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

Ms K Denyer

Ms C Roberts

REGISTERED OFFICE:

The Beeches

Western Road

Clydach

Swansea

SA6 5DY

REGISTERED NUMBER:

08149835 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Ground Floor

Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

454,815

17,125

Investments

5

100

100

Investment property

6

-

453,781

454,915

471,006

CURRENT ASSETS

Cash at bank

164,132

51,534

CREDITORS

Amounts falling due within one year

7

60,851

46,591

NET CURRENT ASSETS

103,281

4,943

TOTAL ASSETS LESS CURRENT LIABILITIES

558,196

475,949

CREDITORS

Amounts falling due after more than one year

8

141,896

228,749

NET ASSETS

416,300

247,200

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

416,298

247,198

SHAREHOLDERS' FUNDS

416,300

247,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2022 and were signed on its behalf by:

Ms C Roberts - Director

Ms K Denyer - Director

1.	STATUTORY INFORMATION

Aspire (Swansea) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is is rented to other group entity , therefore has been reclassified to Property,Plant and Equipment.

Taxation

Taxation for the year 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 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 year 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.

Going concern

The financial statements have been prepared on a going concern basis ion the presumption that continued support will be available to the company from shareholders, directors and creditors to enable the company to meet its liabilities as they fall due.

The directors have pledge to continue and support the company and have confirmed that they will not seek repayment of their loans within 12 months from the date of approval of these financial statements. The directors consider it appropriate for the accounts to be prepared on a going concern basis.

Adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts and to provide for the further liabilities that might arise and to reclassify fixed assets and any long-term liabilities as current assets and liabilities but such adjustments have not been made in theses financial statements.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

property

fittings

Totals

£

£

£

£

COST

At 1 August 2020

35,558

63,043

25,075

123,676

Reclassification/transfer

453,781

-

-

453,781

At 31 July 2021

489,339

63,043

25,075

577,457

DEPRECIATION

At 1 August 2020

35,558

45,918

25,075

106,551

Charge for year

9,787

6,304

-

16,091

At 31 July 2021

45,345

52,222

25,075

122,642

NET BOOK VALUE

At 31 July 2021

443,994

10,821

-

454,815

At 31 July 2020

-

17,125

-

17,125

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2020

and 31 July 2021

100

NET BOOK VALUE

At 31 July 2021

100

At 31 July 2020

100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

453,781

Reclassification/transfer

(453,781

)

At 31 July 2021

-

NET BOOK VALUE

At 31 July 2021

-

At 31 July 2020

453,781

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

25,540

25,540

Taxation and social security

33,980

19,762

Other creditors

1,331

1,289

60,851

46,591

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

104,954

132,545

Amounts owed to group undertakings

-

24,450

Other creditors

36,942

71,754

141,896

228,749

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,793

30,384

Included in other creditors is an amount of £36,942 which is monies owed to Ms C Roberts and Ms K Denyer who are directors of the company.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

130,494

158,085

The borrowings are secured by a guarantee and debenture dated 15th August 2012 between the chargeor and the other companies by Barclays Bank PLC.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date £Nil (2020 £24,450) was owed to Group undertakings.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aspire (Swansea) Limited for the year ended 31 July 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Aspire (Swansea) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aspire (Swansea) Limited and state those matters that we have agreed to state to the Board of Directors of Aspire (Swansea) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aspire (Swansea) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Aspire (Swansea) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aspire (Swansea) Limited. You consider that Aspire (Swansea) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Aspire (Swansea) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Ground Floor

Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

22 January 2022