Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Current assets | ||||
Stocks | 3 |
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Debtors | 4 |
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Cash at bank and in hand |
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303,270 | 121,512 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 201,374 | 78,702 | ||
Total assets less current liabilities | 201,374 | 78,702 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Sparx Machine Tools Limited (registered number:
M A Trotter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Sparx Machine Tools Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 51 Holton Road Holton Heath Trading Park, Poole, BH16 6LT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the companies activities.
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in the other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted by the reporting date in the countries where the company operates and generates taxable income.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
The company holds the following financial instruments:
Short term trade and other debtors and creditors;
Cash and bank balances.
All financial instruments are classified as basic.
The company has chosen to apply the recognition and measurement principles in FRS102.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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£ | £ | ||
Allotted, called-up and fully-paid | |||
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Nil
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100 | 100 |