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COMPANY REGISTRATION NUMBER: 07356504
BRIGHT SPARKS LIGHTING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
BRIGHT SPARKS LIGHTING LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
24,000
30,000
Tangible assets
6
42,880
34,764
--------
--------
66,880
64,764
CURRENT ASSETS
Stocks
6,557
5,972
Debtors
7
254,638
126,857
Cash at bank and in hand
31,688
107,657
---------
---------
292,883
240,486
CREDITORS: amounts falling due within one year
8
265,617
193,546
---------
---------
NET CURRENT ASSETS
27,266
46,940
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
94,146
111,704
CREDITORS: amounts falling due after more than one year
9
74,451
94,779
PROVISIONS
9,797
3,990
--------
---------
NET ASSETS
9,898
12,935
--------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
30
30
Profit and loss account
9,868
12,905
-------
--------
SHAREHOLDERS FUNDS
9,898
12,935
-------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 August 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 .
BRIGHT SPARKS LIGHTING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Mr S Scott
Mr G J Parr
Director
Director
Company registration number: 07356504
BRIGHT SPARKS LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 1 Ground Floor, Ferro House, Scaldwell Industrial Estate, Brixworth, Northamptonshire, NN6 9UA, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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
-
10% straight line
Franchise fee
-
33 1/3% 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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33 1/3% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. INTANGIBLE ASSETS
Goodwill
Franchise Fee
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
60,000
20,000
80,000
--------
--------
--------
Amortisation
At 1 September 2022
30,000
20,000
50,000
Charge for the year
6,000
6,000
--------
--------
--------
At 31 August 2023
36,000
20,000
56,000
--------
--------
--------
Carrying amount
At 31 August 2023
24,000
24,000
--------
--------
--------
At 31 August 2022
30,000
30,000
--------
--------
--------
6. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Computer Equipment
Total
£
£
£
£
Cost
At 1 September 2022
2,835
69,170
4,552
76,557
Additions
3,879
42,450
375
46,704
Disposals
( 54,888)
( 54,888)
-------
--------
-------
--------
At 31 August 2023
6,714
56,732
4,927
68,373
-------
--------
-------
--------
Depreciation
At 1 September 2022
1,367
36,322
4,104
41,793
Charge for the year
803
12,622
349
13,774
Disposals
( 30,074)
( 30,074)
-------
--------
-------
--------
At 31 August 2023
2,170
18,870
4,453
25,493
-------
--------
-------
--------
Carrying amount
At 31 August 2023
4,544
37,862
474
42,880
-------
--------
-------
--------
At 31 August 2022
1,468
32,848
448
34,764
-------
--------
-------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
248,229
124,734
Other debtors
6,409
2,123
---------
---------
254,638
126,857
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
76,807
39,387
Trade creditors
77,485
39,164
Corporation tax
38,788
28,292
Social security and other taxes
28,405
47,211
Other creditors
44,132
39,492
---------
---------
265,617
193,546
---------
---------
Included within other creditors are amounts totalling £10,846 (2022 - £4,903) relating to hire purchase agreements which are secured by the company.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,292
88,103
Other creditors
36,159
6,676
--------
--------
74,451
94,779
--------
--------
Included within other creditors are amounts totalling £36,159 (2022 - £6,676) relating to hire purchase agreements which are secured by the company.
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
5,880
----
-------
11. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: Directors had advanced monies to the company. At 31 August 2023 the amount due to the directors was £374 (2022 - £26,732).