SPARKS OF LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 105 the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
These accounts have been prepared under the going concern basis, on the understanding that the director will continue to provide financial support to the company and all the company's debtors are fully recoverable.
Revenue is recognised by the company in respect of rental income recieved during the year.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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The average monthly number of employees, excluding director, during the year was 0 (2022 - 0).
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