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REGISTERED NUMBER: 04963499 (England and Wales)















Unaudited Financial Statements for the Year Ended 5 April 2023

for

Sparkes Property Development Ltd

Sparkes Property Development Ltd (Registered number: 04963499)






Contents of the Financial Statements
for the year ended 5 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sparkes Property Development Ltd

Company Information
for the year ended 5 April 2023







DIRECTORS: M A Sparkes
Mrs J Sparkes





SECRETARY: Ms C E Swan





REGISTERED OFFICE: 30 Brunswick Road
Shoreham-by-Sea
BN43 5WB





REGISTERED NUMBER: 04963499 (England and Wales)





ACCOUNTANTS: Shearers
Accountants & Chartered Tax Advisers
30 Brunswick Road
Shoreham-by-Sea
West Sussex
BN43 5WB

Sparkes Property Development Ltd (Registered number: 04963499)

Balance Sheet
5 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 300,000 300,000

CURRENT ASSETS
Cash at bank and in hand 4,233 5,082

CREDITORS
Amounts falling due within one year 5 289,602 297,229
NET CURRENT LIABILITIES (285,369 ) (292,147 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,631

7,853

CAPITAL AND RESERVES
Called up share capital 50 50
Fair value reserve 6 21,797 21,797
Retained earnings (7,216 ) (13,994 )
SHAREHOLDERS' FUNDS 14,631 7,853

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:




Mrs J Sparkes - Director



M A Sparkes - Director


Sparkes Property Development Ltd (Registered number: 04963499)

Notes to the Financial Statements
for the year ended 5 April 2023

1. STATUTORY INFORMATION

Sparkes Property Development Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Provision is made for the depreciation on all tangible assets at rates calculated to write off the cost or valuation of each asset over its expected useful life as follows: -

Fixtures and fittings: 20% per annum on a reducing basis
Freehold buildings: the freehold buildings are held at such state of repair so that no depreciation is provided

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 6 April 2022
and 5 April 2023 300,000
NET BOOK VALUE
At 5 April 2023 300,000
At 5 April 2022 300,000

Sparkes Property Development Ltd (Registered number: 04963499)

Notes to the Financial Statements - continued
for the year ended 5 April 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 5 April 2023 is represented by:

Land and
buildings
£   
Valuation in 2018 21,797
Cost 278,203
300,000

If the freehold properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 278,203 278,203

The freehold properties were valued on an open market basis on 5 April 2018 by the directors .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 236,097 236,403
Taxation and social security 1,590 398
Other creditors 51,915 60,428
289,602 297,229

6. RESERVES
Fair
value
reserve
£   
At 6 April 2022
and 5 April 2023 21,797

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The amount at Other Creditors includes £50,255 (2022: £58,828) owed to the Directors. The Directors have advised that they will not force early repayment of this amount.

8. ULTIMATE CONTROLLING PARTY

The company is under the control of its Directors, Mr and Mrs Sparkes.