Registered Number:10420176 |
For the year ended 31 March 2023
England and Wales
Unaudited Financial Statements
For the year ended 31 March 2023
Watts Up Sparks Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Watts Up Sparks Limited
Statement of Financial Position
2022
2023
Property, plant and equipment |
9,452
12,940
2
9,452
12,940
Trade and other receivables |
17,233
13,637
3
3,613
Cash and cash equivalents |
6,153
19,790
20,846
Trade and other payables: amounts falling due within one |
year |
(11,318)
(14,858)
4
9,528
4,932
Net current assets
Total assets less current liabilities |
14,384
22,468
Trade and other payables: amounts falling due after more |
than one year |
(20,000)
(12,513)
5
(1,796)
(2,460)
Provisions for liabilities |
75
Net assets
8
2
2
73
6
75
8
Shareholders' funds
For the year ended 31 March 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006 |
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
These financial statements were approved and authorised for issue by the Board on 18 October 2023 and were signed by: |
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For the year ended 31 March 2023
Watts Up Sparks Limited
Statement of Financial Position Continued
The notes form part of these financial statements |
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For the year ended 31 March 2023
Watts Up Sparks Limited
Notes to the Financial Statements
Statutory Information
Watts Up Sparks Limited is a private limited company, limited by shares, domiciled in England and Wales, registration |
number 10420176. |
Principal place of business: |
131 Winifred Road
Coulsdon
Surrey
CR5 3JG
C/O Accounting4contractors Ltd
Unit 18 & 19 Dean House Farm, Church Lane
Newdigate
Surrey
RH5 5DL
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including the disclosure and |
presentation requirements of Section 1A, and the Companies Act 2006. These financial statements have been |
prepared under the historical cost convention. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. |
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Plant and Machinery
Computer Equipment
Motor Vehicles
Furniture and Fittings
Government grants
Government grants received are released to the income and expenditure account as the related expenditure is incurred. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income and expenditure account on a straightline basis over the period of the lease. Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. |
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For the year ended 31 March 2023
Watts Up Sparks Limited
Notes to the Financial Statements Continued
Going concern
The business was affected by the Covid-19 pandemic and the directors claimed the Government suppport available |
to assist with cashflow. The directors are satisfied that the company is in a position to meet its liabilities as they fall |
due for the foreseeable future and that the going concern basis of accounting is appropriate. |
2. Property, plant and equipment |
Motor Vehicles
20,569
2,030
127
16,893
1,519
611
-
611
-
-
16,893
738
2,030
21,180
1,519
Provision for depreciation and impairment |
7,629
1,478
127
4,505
1,519
Charge for year
4,099
552
169
3,378
-
11,728
2,030
296
7,883
1,519
-
9,010
442
-
9,452
-
12,388
-
552
12,940
3. Trade and other receivables |
2022
2023
2,447
360
11,190
16,873
17,233
13,637
4. Trade and other payables: amounts falling due within one year |
2022
2023
4,000
3,889
1,135
1,876
Taxation and social security |
6,119
1,674
3,604
3,879
14,858
11,318
On 12 May 2020 the company received a Bounce Back Loan of £19,460 repayable over 6 years with an APR of 2.5% per annum. The first 12 months interest was met by the UK Government and repayments started on 14 June 2021. Other creditors includes hire purchase obligations which are secured on the related assets. |
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For the year ended 31 March 2023
Watts Up Sparks Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due after more than one year |
2022
2023
9,210
13,093
3,303
6,907
12,513
20,000
6. Directors advances and guarantees |
During the year loans of £23,461 (2022 - £23,244) were advanced to the directors. The balance outstanding at 31 |
March 2023 of £9,331 (2022 - £12,396) is included in other debtors. The balance was repaid in full by 15 September |
2023 (2022 - 15 May 2022). |
7. Average number of persons employed |
During the year the average number of employees was 2 (2022 : 2).
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