Aspire Membranes Limited Filleted accounts for Companies House (small and micro)

ASPIRE MEMBRANES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC362312

Aspire Membranes Limited

Filleted Unaudited Financial Statements

31 October 2020

Aspire Membranes Limited

Statement of Financial Position

31 October 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	6		36,250	23,276

Current assets

Stocks		145,709	95,681
Debtors	7	139,330	242,442
Cash at bank and in hand		–	1,383
		---------	---------
		285,039	339,506

Creditors: amounts falling due within one year	8	186,765		255,426
		---------		---------
Net current assets			98,274	84,080
			---------	---------
Total assets less current liabilities			134,524	107,356

Creditors: amounts falling due after more than one year	9		147,479	92,713

Provisions for liabilities

Deferred taxation	6,887	4,422
	---------	---------
Net (liabilities)/assets	( 19,842)	10,221
	---------	---------

Capital and reserves

Called up share capital	11	4	4
Profit and loss account	12	( 19,846)	10,217
		--------	--------
Shareholders (deficit)/funds		( 19,842)	10,221
		--------	--------

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 2020 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 2020

These financial statements were approved by the board of directors and authorised for issue on 1 June 2021 , and are signed on behalf of the board by:

Bruce Clark	Daniel Woods
Director	Director

Company registration number: SC362312

Aspire Membranes Limited

Notes to the Financial Statements

Year ended 31 October 2020

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. Going concern Despite a negative balance sheet at the year- end, 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. This is supported further by positive trading profits post year-end, despite COVID-19 restrictions. 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	-	25% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	10% straight line

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2019: 13 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

	2020	2019
	£	£

Current tax:

UK current tax expense	–	1,918
Adjustments in respect of prior periods	( 9,182)	–
	-------	-------
Total current tax	( 9,182)	1,918
	-------	-------

Deferred tax:

Origination and reversal of timing differences	2,465	371
	-------	-------
Tax on (loss)/profit	( 6,717)	2,289
	-------	-------

6. Tangible assets

	Tenants improvements	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2019	1,548	15,417	50,893	2,680	70,538
Additions	–	12,057	13,361	–	25,418
	-------	--------	--------	-------	--------
At 31 October 2020	1,548	27,474	64,254	2,680	95,956
	-------	--------	--------	-------	--------
Depreciation
At 1 November 2019	1,548	12,168	30,866	2,680	47,262
Charge for the year	–	4,097	8,347	–	12,444
	-------	--------	--------	-------	--------
At 31 October 2020	1,548	16,265	39,213	2,680	59,706
	-------	--------	--------	-------	--------
Carrying amount
At 31 October 2020	–	11,209	25,041	–	36,250
	-------	--------	--------	-------	--------
At 31 October 2019	–	3,249	20,027	–	23,276
	-------	--------	--------	-------	--------

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 2020	19,476
	--------
At 31 October 2019	12,609
	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	130,148	242,442
Other debtors	9,182	–
	---------	---------
	139,330	242,442
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	43,112	28,293
Trade creditors	71,787	145,810
Accruals and deferred income	25,702	23,143
Corporation tax	–	1,918
Social security and other taxes	42,257	50,563
Obligations under finance leases and hire purchase contracts	2,783	5,699
Director loan accounts	1,124	–
	---------	---------
	186,765	255,426
	---------	---------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	139,725	92,103
Obligations under finance leases and hire purchase contracts	7,754	610
	---------	--------
	147,479	92,713
	---------	--------

Included within creditors: amounts falling due after more than one year is an amount of £22,358 (2019: £32,533) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions for liabilities	6,887	4,422
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	6,887	4,422
	-------	-------

11. Called up share capital

Issued, called up and fully paid

	2020		2019
	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. Related party transactions

The company is under the control of the directors at the period end. At the year end, the company was due to pay the directors £1,124 (2019 - Nil), this is included in Note 10 above.