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Company No: 13773787 (England and Wales)

SPARX MACHINE TOOLS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SPARX MACHINE TOOLS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SPARX MACHINE TOOLS LIMITED

BALANCE SHEET

As at 31 December 2023
SPARX MACHINE TOOLS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Stocks 3 178,596 64,449
Debtors 4 13,869 51,902
Cash at bank and in hand 110,805 5,161
303,270 121,512
Creditors: amounts falling due within one year 5 ( 101,896) ( 42,810)
Net current assets 201,374 78,702
Total assets less current liabilities 201,374 78,702
Net assets 201,374 78,702
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 201,274 78,602
Total shareholder's funds 201,374 78,702

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Sparx Machine Tools Limited (registered number: 13773787) were approved and authorised for issue by the Director on 15 April 2024. They were signed on its behalf by:

M A Trotter
Director
SPARX MACHINE TOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SPARX MACHINE TOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Financial instruments

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.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Stocks

2023 2022
£ £
Stocks 178,596 64,449

4. Debtors

2023 2022
£ £
Trade debtors 12,191 47,260
Other debtors 1,678 4,642
13,869 51,902

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 57,981 16,541
Taxation and social security 40,965 18,519
Other creditors 2,950 7,750
101,896 42,810

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (2022: nil shares) 100 0
Nil ordinary shares (2022: 100 shares of £ 1.00 each) 0 100
100 100