ASPIRE4MORE LIMITED

Accountancy

Funds Requested

£40,000.00

Offered so far

£0.00

Loan term

60 MONTHS

Auction Closed

2015-09-17

Thank you for stopping by...
This loan is now passed its deadline, lender funds will soon be released.

About the Business

Company Name: ASPIRE4MORE LIMITED Company Number: 07248280
Business Type: Accountancy Years Trading: 2-3 years
Business Location: TAUNTON

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

All Assets Debenture - Fixed and floating charge created over all assets of applicant company

Est. Equity: 0.00

Personal Guarantee - PG from director and majority shareholde

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Aspire4more Limited is the result of the fusion of 2 accountancy businesses which merged in October 2013. The practice has approximately 90 business clients, mainly Limited Companies. The client base is expanding by referral with very little marketing activity undertaken to date.

A4M is a partner business with the Legal Services Guild, a company run by barristers delivering a range of legal services. The core product is Legacy Planning encompassing wills, power of attorney and lifetime trusts. The business has successfully delivered 15 such plans over the past 12 months.

From the end of August the Legal Services Guild will be expanding the range of services to include:

Shareholder agreements

Business wills and power of Attorney

Cross Option Agreements

Fixed Price conveyancing

A range of other legal services.

All these services are unique, with no other accountants in Somerset having access. Steve Taylor is a qualified Barrister Intermediary and therefore able to instruct barristers on behalf of clients in the range of services available.

There is therefore a good opportunity to continue to expand both the accountancy work and the complementary legal work, using targeted marketing and recruitment of new staff.

Read more

Loan Offers

What is the loan for?

There are two shareholders - Steve Taylor and Paul Johns. Steve has reached agreement to buy Paul's share of the business and take full control.

The loan will be used for:

a) Partly fund the purchase of shares from the non-executive Director

b) Provide the initial cash flow to launch a full legal services department

c) Market the new range of legal services

d) Take on a more pro-active marketing strategy for the whole business.

The loan will help to pay initial salary costs of an additional member of the legal services team, a part time marketing co-ordinator together with updating the website and funding additional marketing collateral.

Why consider investing?

The business has good opportunity for growth in a relatively well-defined geographical area. There is a major infrastructure development (Hinkley Point power station) which is giving a boost to local business in the area and as these businesses grow they need good accountancy and legal planning services.

Accountancy practices are generally valued at around 1.0x gross recurring fees - this values A4M at c.£100K if the block of fees were to be sold on the open market.

Disclosures

Steve Taylor served a 12mth bankruptcy from 2010 as a result of a divorce. The bankruptcy was discharged 06/04/2011

The YE 2015 Accounts have not yet been filed at Companies House

Security

The loan is to be secured by way of Directors guarantee ( backed by personal guarantee insurance) and All assets debenture

The Director is not a home owner and has not declared any tangible assets. The director will be required to take out Personal Guarantee insurance and maintain this for the duration of the loan

DateAmountCapitalInterestReceived
18/10/2015£990.24£429.57£560.67
18/11/2015£990.24£435.59£554.65
18/12/2015£990.24£441.70£548.54
18/01/2016£990.24£447.89£542.35
18/02/2016£990.24£454.16£536.08
18/03/2016£990.24£460.53£529.71
18/04/2016£466.99£466.99£0.00
18/05/2016£473.53£473.53£0.00
18/06/2016£480.17£480.17£0.00
18/07/2016£486.90£486.90£0.00
18/08/2016£493.72£493.72£0.00
18/09/2016£500.64£500.64£0.00
18/10/2016£507.66£507.66£0.00
18/11/2016£514.78£514.78£0.00
18/12/2016£521.99£521.99£0.00
18/01/2017£529.31£529.31£0.00
18/02/2017£536.73£536.73£0.00
18/03/2017£544.25£544.25£0.00
18/04/2017£551.88£551.88£0.00
18/05/2017£559.62£559.62£0.00
18/06/2017£567.46£567.46£0.00
18/07/2017£575.41£575.41£0.00
18/08/2017£583.48£583.48£0.00
18/09/2017£591.66£591.66£0.00
18/10/2017£599.95£599.95£0.00
18/11/2017£608.36£608.36£0.00
18/12/2017£616.89£616.89£0.00
18/01/2018£625.53£625.53£0.00
18/02/2018£634.30£634.30£0.00
18/03/2018£643.19£643.19£0.00
18/04/2018£652.21£652.21£0.00
18/05/2018£661.35£661.35£0.00
18/06/2018£670.62£670.62£0.00
18/07/2018£680.02£680.02£0.00
18/08/2018£689.55£689.55£0.00
18/09/2018£699.22£699.22£0.00
18/10/2018£709.02£709.02£0.00
18/11/2018£718.95£718.95£0.00
18/12/2018£729.03£729.03£0.00
18/01/2019£739.25£739.25£0.00
18/02/2019£749.61£749.61£0.00
18/03/2019£760.12£760.12£0.00
18/04/2019£770.77£770.77£0.00
18/05/2019£781.58£781.58£0.00
18/06/2019£792.53£792.53£0.00
18/07/2019£803.64£803.64£0.00
18/08/2019£814.91£814.91£0.00
18/09/2019£826.33£826.33£0.00
18/10/2019£837.91£837.91£0.00
18/11/2019£849.65£849.65£0.00
18/12/2019£861.56£861.56£0.00
18/01/2020£873.64£873.64£0.00
18/02/2020£885.89£885.89£0.00
18/03/2020£898.30£898.30£0.00
18/04/2020£910.89£910.89£0.00
18/05/2020£923.66£923.66£0.00
18/06/2020£936.61£936.61£0.00
18/07/2020£949.74£949.74£0.00
18/08/2020£963.05£963.05£0.00
18/09/2020£976.55£976.55£0.00
Total:£40,000.00£3,272.00