Company registration number 12863573 (England and Wales)
SPARK LIFE ELECTRIC LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SPARK LIFE ELECTRIC LIMITED
CONTENTS
Page
Director's report
1
Statement of comprehensive income
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
SPARK LIFE ELECTRIC LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 1 -

The director presents his annual report and financial statements for the period ended 31 December 2022.

 

Spark Life Electric Limited was incorporated on 8 September 2020 under the Companies Act 2006 as a private limited company.

Principal activities

The principal activity of the company is that of providing electrical services.

 

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

David Anthony McLaughlin
On behalf of the board
David Anthony McLaughlin
Director
28 September 2023
SPARK LIFE ELECTRIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
Period
Period
ended
ended
31 December
30 September
2022
2021
£
£
Loss for the period
(1,197)
(1,083)
Other comprehensive income
-
-
Total comprehensive income for the period
(1,197)
(1,083)
SPARK LIFE ELECTRIC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
-
0
3,000
Cash at bank and in hand
20
669
20
3,669
Creditors: amounts falling due within one year
5
(2,299)
(4,751)
Net current liabilities
(2,279)
(1,082)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(2,280)
(1,083)
Total equity
(2,279)
(1,082)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 28 September 2023
David Anthony McLaughlin
Director
Company Registration No. 12863573
SPARK LIFE ELECTRIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 8 September 2020
-
0
-
0
-
0
Period ended 30 September 2021:
Loss and total comprehensive income for the period
-
(1,083)
(1,083)
Issue of share capital
6
1
-
1
Balance at 30 September 2021
1
(1,083)
(1,082)
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
(1,197)
(1,197)
Balance at 31 December 2022
1
(2,280)
(2,279)
SPARK LIFE ELECTRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 5 -
1
Accounting policies
Company information

Spark Life Electric Limited is a private company limited by shares incorporated in England and Wales. The registered office is 86-90 Paul Street, London, EC2A 4NE.

1.1
Reporting period

The accounting reference date was extended and these financial statements are prepared covering the 15 months period 1 October 2021 to 31 December 2022. The previous period or comparative period, is for the period from the company incorporation date 8 September 2020 to the 30 September 2021 which is a period between 12 and 13 months. Therefore the amounts stated in the financial statements and the disclosed notes are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue for services is recognised on completion of the electrical service provided.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SPARK LIFE ELECTRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SPARK LIFE ELECTRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Total
-
0
-
0
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
0
3,000
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
-
0
51
Other creditors
773
3,850
Accruals and deferred income
1,526
850
2,299
4,751
SPARK LIFE ELECTRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
6
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Related party transactions

Parklive Limited is a company incorporated in England and Wales and a related party by virtue of the director David Anthony McLaughlin being a common director. At the balance sheet date creditors include £662 (2021 £39) payable by Parklive Limited. The loan is interest free and repayable on demand.

 

 

8
Directors' transactions

At the balance sheet date creditors include £111 (2021 £3,811) payable to the director David Anthony McLaughlin. The loan is given to the company to provide additional working capital and entire amount of the loan is interest free and repayable on demand.

 

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