Spark.Com.Ng Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 08346140 (England and Wales)
Spark.com.ng Limited
Spark.Com.Ng Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Spark.Com.Ng Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
31,427
31,427
Current assets
Debtors
6
50,767
Cash at bank and in hand
22,353
13,985
22,353
64,752
Creditors: amounts falling due within one year
7
(2,520)
(55,583)
Net current assets
19,833
9,169
Net assets
51,260
40,596
Capital and reserves
Called up share capital
8
1
1
Share premium account
1,102,095
1,144,642
Profit and loss reserves
(1,050,836)
(1,104,047)
Total equity
51,260
40,596
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year 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 by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
Mr. Bastian Gotter
Director
Company Registration No. 08346140
Spark.Com.Ng Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 2
1
Accounting policies
Company information
Spark.com.ng Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Fixed asset investments
Interests in subsidiaries, associates, jointly controlled entities and other investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares controlled under a contractual arrangement are classified as jointly controlled entities.
1.4
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.Com.Ng Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 3
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
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.
1.7
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
Employees
There were no employees in the company in the current or previous year.
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,494
5,494
Other investments other than loans
25,933
25,933
31,427
31,427
Fixed asset investments not carried at market value
The fixed asset investments are held at cost less impairment as the fair value cannot be reliably measured.
4
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered
Class of
% Held
office
shares held
Direct
Indirect
Spark.com.ng Ltd (NG)
Nigeria
Ordinary
99.00
0
5
Associates
Details of the company's associates at 30 June 2023 are as follows:
Spark.Com.Ng Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
5
Associates
(Continued)
Page 4
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Party drinks Ltd
Nigeria
Ordinary
4000.00%
HNG
Mauritius
Ordinary
2389.00%
Tolet.com.ng
Nigeria
Ordinary
2588.00%
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
50,767
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,416
Other creditors
50,767
Accruals and deferred income
2,520
2,400
2,520
55,583
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of 0.001p each
1
1