2023-04-012024-03-312024-03-31false03913092SPAR FOODMARKETS 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SPAR FOODMARKETS LIMITED

Registered Number
03913092
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

SPAR FOODMARKETS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

CALNON, Christopher Raymond
CALNON, Peter Raymond
CALNON, Simone Lorraine

Company Secretary

CALNON, Simone Lorraine

Registered Address

13 North Road
Ormesby
Great Yarmouth
NR29 3SA

Registered Number

03913092 (England and Wales)
SPAR FOODMARKETS LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4238,751248,724
238,751248,724
Current assets
Stocks633,51840,524
Debtors16,00216,794
Cash at bank and on hand67,25350,544
116,773107,862
Creditors amounts falling due within one year7(100,752)(71,092)
Net current assets (liabilities)16,02136,770
Total assets less current liabilities254,772285,494
Creditors amounts falling due after one year8(82,020)(100,515)
Provisions for liabilities9(4,963)(5,613)
Net assets167,789179,366
Capital and reserves
Called up share capital80,30080,300
Profit and loss account87,48999,066
Shareholders' funds167,789179,366
The financial statements were approved and authorised for issue by the Board of Directors on 10 August 2024, and are signed on its behalf by:
CALNON, Christopher Raymond
Director
CALNON, Peter Raymond
Director
CALNON, Simone Lorraine
Director

Registered Company No. 03913092
SPAR FOODMARKETS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings152
Plant and machinery15-
Vehicles25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year1515
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 23120,000120,000
At 31 March 24120,000120,000
Amortisation and impairment
At 01 April 23120,000120,000
At 31 March 24120,000120,000
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 April 23332,054172,86718,025522,946
Additions-146-146
At 31 March 24332,054173,01318,025523,092
Depreciation and impairment
At 01 April 23115,083151,2537,886274,222
Charge for year4,3393,2452,53510,119
At 31 March 24119,422154,49810,421284,341
Net book value
At 31 March 24212,63218,5157,604238,751
At 31 March 23216,97121,61410,139248,724
5.Fixed asset investments
6.Stocks

2024

2023

££
Other stocks33,51840,524
Total33,51840,524
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables52,42836,861
Bank borrowings and overdrafts12,28712,622
Amounts owed to related parties5,7241,414
Taxation and social security13,20611,986
Other creditors14,150-
Accrued liabilities and deferred income2,9578,209
Total100,75271,092
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts82,020100,515
Total82,020100,515
Included within creditors are amounts falling due after more than one year is an amount of £21,760 (2023:£31,010) in respect of liabilities payable which fall due for payment after more than five years. The bank loan is secured against the property owned by the company. The total amount secured is £91,720 (2023:£100,515).
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,9635,613
Total4,9635,613
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
CALNON, Christopher Raymond8,780008,780
CALNON, Simone Lorraine1,545001,545
CALNON, Peter Raymond1,544001,544
11,8690011,869
11.Related party transactions
During the year the company received an interest free loan from Calnon Properties Ltd which hold shares in Spar Foodmarkets Ltd. As at 31st March 2024 the company owed £5,724 (2023: £1,414) to Calnon Properties Ltd.