46 false false true false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,453,948 1,194,166 72,097 1,266,263 187,685 259,782 xbrli:pure xbrli:shares iso4217:GBP 02982858 2022-11-01 2023-10-31 02982858 2023-10-31 02982858 2022-10-31 02982858 2021-11-01 2022-10-31 02982858 2022-10-31 02982858 core:NetGoodwill 2022-11-01 2023-10-31 02982858 core:LandBuildings 2022-11-01 2023-10-31 02982858 core:PlantMachinery 2022-11-01 2023-10-31 02982858 core:FurnitureFittings 2022-11-01 2023-10-31 02982858 core:MotorVehicles 2022-11-01 2023-10-31 02982858 bus:Director1 2022-11-01 2023-10-31 02982858 bus:Director5 2022-11-01 2023-10-31 02982858 core:NetGoodwill 2022-10-31 02982858 core:NetGoodwill 2023-10-31 02982858 core:LandBuildings 2022-10-31 02982858 core:PlantMachinery 2022-10-31 02982858 core:FurnitureFittings 2022-10-31 02982858 core:MotorVehicles 2022-10-31 02982858 core:LandBuildings 2023-10-31 02982858 core:PlantMachinery 2023-10-31 02982858 core:FurnitureFittings 2023-10-31 02982858 core:MotorVehicles 2023-10-31 02982858 core:WithinOneYear 2023-10-31 02982858 core:WithinOneYear 2022-10-31 02982858 core:ShareCapital 2023-10-31 02982858 core:ShareCapital 2022-10-31 02982858 core:RetainedEarningsAccumulatedLosses 2023-10-31 02982858 core:RetainedEarningsAccumulatedLosses 2022-10-31 02982858 core:NetGoodwill 2022-10-31 02982858 core:LandBuildings 2022-10-31 02982858 core:PlantMachinery 2022-10-31 02982858 core:FurnitureFittings 2022-10-31 02982858 core:MotorVehicles 2022-10-31 02982858 bus:SmallEntities 2022-11-01 2023-10-31 02982858 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 02982858 bus:FullAccounts 2022-11-01 2023-10-31 02982858 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 02982858 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02982858 core:OfficeEquipment 2022-11-01 2023-10-31 02982858 core:OfficeEquipment 2022-10-31 02982858 core:OfficeEquipment 2023-10-31
COMPANY REGISTRATION NUMBER: 02982858
AUTO-SPARKS LIMITED
Filleted Unaudited Financial Statements
31 October 2023
AUTO-SPARKS LIMITED
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
187,685
259,782
Tangible assets
6
884,962
920,422
------------
------------
1,072,647
1,180,204
Current assets
Stocks
361,459
376,355
Debtors
7
164,906
297,594
Cash at bank and in hand
1,326,065
1,077,788
------------
------------
1,852,430
1,751,737
Creditors: amounts falling due within one year
8
403,584
489,949
------------
------------
Net current assets
1,448,846
1,261,788
------------
------------
Total assets less current liabilities
2,521,493
2,441,992
------------
------------
Net assets
2,521,493
2,441,992
------------
------------
Capital and reserves
Called up share capital
88
88
Profit and loss account
2,521,405
2,441,904
------------
------------
Shareholders funds
2,521,493
2,441,992
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st October 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AUTO-SPARKS LIMITED
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
P R Davis
W B Wallace
Director
Director
Company registration number: 02982858
AUTO-SPARKS LIMITED
Notes to the Financial Statements
Year ended 31st October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Newstead Grove, NOTTINGHAM, NG1 4GZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold and Leasehold Property
-
4% straight line
Plant and Machinery
-
15% reducing balance
Website Costs
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 46 (2022: 53 ).
5. Intangible assets
Goodwill
£
Cost
At 1st November 2022 and 31st October 2023
1,453,948
------------
Amortisation
At 1st November 2022
1,194,166
Charge for the year
72,097
------------
At 31st October 2023
1,266,263
------------
Carrying amount
At 31st October 2023
187,685
------------
At 31st October 2022
259,782
------------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2022
791,213
310,686
63,783
19,252
93,186
1,278,120
Additions
4,290
20,734
25,024
---------
---------
--------
--------
---------
------------
At 31 Oct 2023
791,213
314,976
63,783
19,252
113,920
1,303,144
---------
---------
--------
--------
---------
------------
Depreciation
At 1 Nov 2022
93,164
153,300
36,875
8,423
65,936
357,698
Charge for the year
17,201
24,252
6,727
2,707
9,597
60,484
---------
---------
--------
--------
---------
------------
At 31 Oct 2023
110,365
177,552
43,602
11,130
75,533
418,182
---------
---------
--------
--------
---------
------------
Carrying amount
At 31 Oct 2023
680,848
137,424
20,181
8,122
38,387
884,962
---------
---------
--------
--------
---------
------------
At 31 Oct 2022
698,049
157,386
26,908
10,829
27,250
920,422
---------
---------
--------
--------
---------
------------
7. Debtors
2023
2022
£
£
Trade debtors
157,905
291,217
Other debtors
7,001
6,377
---------
---------
164,906
297,594
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
159,383
256,412
Corporation tax
130,806
115,871
Social security and other taxes
61,682
73,365
Pension creditor
10,624
12,249
Other creditors
41,089
32,052
---------
---------
403,584
489,949
---------
---------
9. Related party transactions
The company was under the control of Mr P R Davis throughout the current year. The company occupies premises owned by Mrs L Marshall, (a shareholder) and pays an annual rental of £24,000.