ACCOUNTS - Final Accounts preparation

ASPIRE EDUCATIONAL SERVICES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-07-312017-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueeducational support servicesfalse2016-08-01 10186806 2016-07-31 10186806 2016-08-01 2017-07-31 10186806 2017-07-31 10186806 c:Director1 2016-08-01 2017-07-31 10186806 d:OfficeEquipment 2016-08-01 2017-07-31 10186806 d:OfficeEquipment 2017-07-31 10186806 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 10186806 d:ComputerEquipment 2016-08-01 2017-07-31 10186806 d:ComputerEquipment 2017-07-31 10186806 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 10186806 d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 10186806 d:CurrentFinancialInstruments 2017-07-31 10186806 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 10186806 d:ShareCapital 2017-07-31 10186806 d:RetainedEarningsAccumulatedLosses 2017-07-31 10186806 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-07-31 10186806 c:FRS102 2016-08-01 2017-07-31 10186806 c:AuditExemptWithAccountantsReport 2016-08-01 2017-07-31 10186806 c:FullAccounts 2016-08-01 2017-07-31 10186806 c:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 iso4217:GBP xbrli:pure

Registered number: 10186806

ASPIRE EDUCATIONAL SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2017

ASPIRE EDUCATIONAL SERVICES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFASPIRE EDUCATIONAL SERVICES LIMITED
FOR THE YEAR ENDED 31 JULY 2017

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 Educational Services Limited for the year ended 31 July 2017 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.

This report is made solely to the director of Aspire Educational Services Limited in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of Aspire Educational Services Limited and state those matters that we have agreed to state to him in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aspire Educational Services Limited and its director for our work or for this report.

It is your duty to ensure that Aspire Educational Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and loss. You consider that Aspire Educational Services Limited is exempt from the statutory audit requirement for the .

We have not been instructed to carry out an audit or review of the financial statements of Aspire Educational Services 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.

Shipleys Tax Planning

20 April 2018

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ASPIRE EDUCATIONAL SERVICES LIMITED

REGISTERED NUMBER: 10186806

BALANCE SHEET

AS AT 31 JULY 2017

		2017
Note		£

Fixed assets
Tangible assets	4		3,218
			3,218
Current assets
Cash at bank and in hand	5	5,111
		5,111
Creditors: amounts falling due within one year	6	(12,511)
Net current (liabilities)/assets			(7,400)
Total assets less current liabilities			(4,182)

Net (liabilities)/assets			(4,182)

Capital and reserves
Called up share capital			1
Profit and loss account			(4,183)
			(4,182)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 April 2018.

Imrana Khalil-Nabi

Director

The notes on pages 3 to 6 form part of these financial statements.

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ASPIRE EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

1.	General information

Aspire Educational Services Limited is a company domiciled in England & Wales, registration number 10186806. The registered office is 42 Broom Lane, Manchester, M19 2TG.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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ASPIRE EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Office equipment	-	25%
				Computer equipment	-	33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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ASPIRE EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 August 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.8

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

3.	Employees
	Staff costs, including director's remuneration, were as follows:

The average monthly number of employees, including directors, during the year was 1.

4.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
Additions	1,180	3,500	4,680
At 31 July 2017	1,180	3,500	4,680
Depreciation
Charge for the year on owned assets	295	1,167	1,462
At 31 July 2017	295	1,167	1,462
Net book value
At 31 July 2017	885	2,333	3,218

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ASPIRE EDUCATIONAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

5.	Cash and cash equivalents
		2017
		£

	Cash at bank and in hand	5,111
		5,111

6.	Creditors: Amounts falling due within one year
		2017
		£

	Other creditors	11,371
	Accruals and deferred income	1,140
		12,511

7.	Financial instruments
		2017
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	5,111
		5,111

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

8.	Related party transactions
	During the year the director loaned the company £11,371. At the balance sheet date other creditors included £11,371 as amounts owed to the director.

9.	Controlling party

The company is controlled by the director Imrana Khalil-Nabi.

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