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Registration number: 02850149

Sparkjumbo Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Sparkjumbo Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sparkjumbo Limited

Company Information

Directors

Graham Austin

Michael Gottlieb

Company secretary

Graham Austin

Registered office

35 Walton Street
London
SW3 2HU

Accountants

RFM Associates
Chartered Accountants
10 Carew Way
Watford
Hertfordshire
WD19 5BG

 

Sparkjumbo Limited

(Registration number: 02850149)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

54,598

40,840

Current assets

 

Stocks

5

24,824

16,128

Debtors

6

15,161

97,075

Cash at bank and in hand

 

302,040

94,536

 

342,025

207,739

Creditors: Amounts falling due within one year

7

(1,199,761)

(896,927)

Net current liabilities

 

(857,736)

(689,188)

Total assets less current liabilities

 

(803,138)

(648,348)

Creditors: Amounts falling due after more than one year

7

(477,195)

(477,195)

Provisions for liabilities

(4,218)

(4,218)

Net liabilities

 

(1,284,551)

(1,129,761)

Capital and reserves

 

Called up share capital

2,060,595

2,060,595

Revaluation reserve

500,000

500,000

Retained earnings

(3,845,146)

(3,690,356)

Shareholders' deficit

 

(1,284,551)

(1,129,761)

 

Sparkjumbo Limited

(Registration number: 02850149)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 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 2 September 2022 and signed on its behalf by:
 

.........................................
Graham Austin
Company secretary and director

 

Sparkjumbo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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:
35 Walton Street
London
SW3 2HU

These financial statements were authorised for issue by the Board on 2 September 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Sparkjumbo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long-term leasehold property

straight line over the term of the lease

Plant and machinery

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Sparkjumbo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2020 - 17).

 

Sparkjumbo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2021

1,626,926

369,348

1,996,274

Additions

15,194

6,377

21,571

At 31 December 2021

1,642,120

375,725

2,017,845

Depreciation

At 1 January 2021

1,601,089

354,345

1,955,434

Charge for the year

3,522

4,291

7,813

At 31 December 2021

1,604,611

358,636

1,963,247

Carrying amount

At 31 December 2021

37,509

17,089

54,598

At 31 December 2020

25,837

15,003

40,840

Included within the net book value of land and buildings above is £37,509 (2020 - £25,837) in respect of long leasehold land and buildings.
 

5

Stocks

2021
£

2020
£

Other inventories

24,824

16,128

6

Debtors

Current

2021
£

2020
£

Prepayments

2,825

88,989

Other debtors

12,336

8,086

 

15,161

97,075

 

Sparkjumbo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

179,322

103,411

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

444,902

403,956

Taxation and social security

 

33,671

26,084

Accruals and deferred income

 

15,694

12,289

Other creditors

 

526,172

351,187

 

1,199,761

896,927

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

477,195

477,195

 

Sparkjumbo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Other borrowings

477,195

477,195

Other borrowings

Cumulative redeemable preference shares bear the right to receive a cumulative preferential dividend at the rate of 3%. The carrying amount at year end is £477,195 (2020 - £477,195) and the shares were issued on 25 June 2002.

Other creditors include a loan from the principal shareholder (see Note 10. Related party transactions).

Additionally, on 26th June 2020, the company received a Coronavirus Bounce Back Loan of £50,000. The loan is interest free for the first 12 months after which interest will be payable at 2.5% per annum. No capital repayments are made in the initial 12 months, after which, the loan is repayable over a 5 year period but can be repaid in full at any time during that period.
 

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

39,000

39,000

During the year the company was charged £45,000 (2020: £45,000) for management services by its parent company Christopher's American Grill Limited. As at the year end the company owed £444,902 (2020: £403,956 ) to its holding company.

Included in other creditors is a loan of £393,000 (2020: £268,000) received from the principal shareholder in the company's parent company. The loan is interest free and repayable on demand.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Christopher's American Grill Limited, incorporated in the UK.