1 April 2023 false Taxfiler 2024.4 true 11085861business:PrivateLimitedCompanyLtd2023-04-012024-03-31 110858612023-03-31 110858612023-04-012024-03-31 11085861business:AuditExempt-NoAccountantsReport2023-04-012024-03-31 11085861business:FilletedAccounts2023-04-012024-03-31 110858612024-03-31 11085861business:Director12023-04-012024-03-31 11085861business:Director22023-04-012024-03-31 11085861business:CompanySecretary12023-04-012024-03-31 11085861business:RegisteredOffice2023-04-012024-03-31 110858612023-03-31 11085861core:WithinOneYear2024-03-31 11085861core:WithinOneYear2023-03-31 11085861core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 11085861core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 11085861core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 11085861core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 11085861core:PreviouslyStatedAmount2024-03-31 11085861core:PreviouslyStatedAmount2023-03-31 11085861business:SmallEntities2023-04-012024-03-31 11085861countries:EnglandWales2023-04-012024-03-31 11085861core:ComputerEquipment2023-04-012024-03-31 11085861core:PlantMachinery2023-03-31 11085861core:PlantMachinery2024-03-31 11085861core:PlantMachinery2023-04-012024-03-31 11085861core:AfterOneYear2024-03-31 11085861core:AfterOneYear2023-03-31 11085861business:OrdinaryShareClass12023-04-012024-03-31 11085861business:OrdinaryShareClass12022-04-012023-03-31 110858612022-04-012023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 11085861 (England and Wales)
Sparc IT Limited Unaudited accounts for the year ended 31 March 2024
Sparc IT Limited Unaudited accounts Contents
Page
- 2 -
Sparc IT Limited Company Information for the year ended 31 March 2024
Directors
Mr Ravi K Dua Mrs Renu Renu
Secretary
Mrs Renu Renu
Company Number
11085861 (England and Wales)
Registered Office
14 Sherman House 54 Aberfeldy Street London E14 0NQ United Kingdom
- 3 -
Sparc IT Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
211 
Current assets
Debtors
170,655 
166,819 
Cash at bank and in hand
78,742 
88,320 
249,397 
255,139 
Creditors: amounts falling due within one year
(25,457)
(12,029)
Net current assets
223,940 
243,110 
Net assets
223,940 
243,321 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
223,840 
243,221 
Shareholders' funds
223,940 
243,321 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
Mr Ravi K Dua Director Company Registration No. 11085861
- 4 -
Sparc IT Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Sparc IT Limited is a private company, limited by shares, registered in England and Wales, registration number 11085861. The registered office is 14 Sherman House, 54 Aberfeldy Street, London, E14 0NQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% straight line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
The director has considered the period ahead and anticipates further losses in the coming year. The director believes that with support from the shareholder funds and creditors continued funding will be provided to support the company whilst it moves towards profitability and to enable it to meet its day-to-day commitments from cashflows. As a consequence, the director also believes that the company is well placed to manage its business risks successfully. As such, the director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continues to adopt the going concern basis in preparing the annual report and accounts.
- 5 -
Sparc IT Limited Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2023
2,347 
At 31 March 2024
2,347 
Depreciation
At 1 April 2023
2,136 
Charge for the year
211 
At 31 March 2024
2,347 
Net book value
At 31 March 2024
- 
At 31 March 2023
211 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Other debtors
170,655 
6,809 
Amounts falling due after more than one year
Other debtors
- 
160,010 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Loans from directors
24,099 
11,321 
Accruals
1,358 
708 
25,457 
12,029 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Transactions with related parties
Included in other creditors are the amounts of £7,711 (2023: £5,453) and £16,388 (2023: £5,868) owed to Mr R K Dua and Mrs R Renu respectively.
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
- 6 -