Company registration number 03322855 (England and Wales)
SPARMEAD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SPARMEAD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SPARMEAD LIMITED (REGISTERED NUMBER: 03322855)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
285,000
730,000
Current assets
Debtors
4
307,580
42,225
Cash at bank and in hand
96,451
29,638
404,031
71,863
Creditors: amounts falling due within one year
5
(113,375)
(46,647)
Net current assets
290,656
25,216
Total assets less current liabilities
575,656
755,216
Provisions for liabilities
(15,766)
(56,157)
Net assets
559,890
699,059
Capital and reserves
Called up share capital
10,004
10,004
Non-distributable profits reserve
6
88,897
386,506
Distributable profit and loss reserves
460,989
302,549
Total equity
559,890
699,059

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

SPARMEAD LIMITED (REGISTERED NUMBER: 03322855)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 June 2024 and are signed on its behalf by:
Mr S Wright
Director
SPARMEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Sparmead Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts settlement discounts and volume rebates.

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SPARMEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023
730,000
Disposals
(445,000)
At 31 March 2024
285,000

Investment property comprises property at fair value of £285,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors best estimate.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
307,580
42,225
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
210
-
0
Taxation and social security
71,502
3,882
Other creditors
41,663
42,765
113,375
46,647
SPARMEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
386,506
395,635
Non distributable profits in the year
(297,609)
(9,129)
At the end of the year
88,897
386,506
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