4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 60,000 58,500 1,500 60,000 1,500 xbrli:pure xbrli:shares iso4217:GBP 04910803 2023-04-01 2024-03-31 04910803 2024-03-31 04910803 2023-03-31 04910803 2022-04-01 2023-03-31 04910803 2023-03-31 04910803 2022-03-31 04910803 core:NetGoodwill 2023-04-01 2024-03-31 04910803 core:PlantMachinery 2023-04-01 2024-03-31 04910803 core:FurnitureFittings 2023-04-01 2024-03-31 04910803 core:MotorVehicles 2023-04-01 2024-03-31 04910803 bus:Director3 2023-04-01 2024-03-31 04910803 core:NetGoodwill 2023-03-31 04910803 core:NetGoodwill 2024-03-31 04910803 core:PlantMachinery 2023-03-31 04910803 core:FurnitureFittings 2023-03-31 04910803 core:MotorVehicles 2023-03-31 04910803 core:PlantMachinery 2024-03-31 04910803 core:FurnitureFittings 2024-03-31 04910803 core:MotorVehicles 2024-03-31 04910803 core:WithinOneYear 2024-03-31 04910803 core:WithinOneYear 2023-03-31 04910803 core:AfterOneYear 2024-03-31 04910803 core:AfterOneYear 2023-03-31 04910803 core:ShareCapital 2024-03-31 04910803 core:ShareCapital 2023-03-31 04910803 core:RetainedEarningsAccumulatedLosses 2024-03-31 04910803 core:RetainedEarningsAccumulatedLosses 2023-03-31 04910803 core:NetGoodwill 2023-03-31 04910803 core:PlantMachinery 2023-03-31 04910803 core:FurnitureFittings 2023-03-31 04910803 core:MotorVehicles 2023-03-31 04910803 bus:SmallEntities 2023-04-01 2024-03-31 04910803 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04910803 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04910803 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04910803 bus:FullAccounts 2023-04-01 2024-03-31 04910803 core:AccountingPolicyChangeIncreaseDecrease bus:Director3 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 04910803
Sparkes Limited
Filleted Unaudited Financial Statements
31 March 2024
Sparkes Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
1,500
Tangible assets
5
50,041
49,285
-------
-------
50,041
50,785
Current assets
Stocks
83,000
93,000
Debtors
6
7,735
18,681
Cash at bank and in hand
529
1,729
-------
--------
91,264
113,410
Prepayments and accrued income
10,355
8,070
Creditors: amounts falling due within one year
7
122,494
128,099
--------
--------
Net current liabilities
20,875
6,619
-------
-------
Total assets less current liabilities
29,166
44,166
Creditors: amounts falling due after more than one year
8
11,787
21,739
Provisions
Taxation including deferred tax
9,528
9,364
Accruals and deferred income
4,358
10,633
-------
-------
Net assets
3,493
2,430
-------
-------
Capital and reserves
Called up share capital
75
75
Profit and loss account
3,418
2,355
------
------
Shareholders funds
3,493
2,430
------
------
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sparkes Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 July 2024 , and are signed on behalf of the board by:
A.J. Williams
Director
Company registration number: 04910803
Sparkes Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales with company house number 04910803 . The address of the registered office is The Forge, Church Road, Claverdon, Warwickshire, CV35 8PD.
2. 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 company and rounded to the nearest £.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the director has had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
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.
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
-
5% 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
4. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
60,000
-------
Amortisation
At 1 April 2023
58,500
Charge for the year
1,500
-------
At 31 March 2024
60,000
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
1,500
-------
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
37,141
6,072
80,162
123,375
Additions
15,425
15,425
Disposals
( 31,868)
( 31,868)
-------
------
-------
--------
At 31 March 2024
37,141
6,072
63,719
106,932
-------
------
-------
--------
Depreciation
At 1 April 2023
15,460
4,792
53,838
74,090
Charge for the year
3,252
192
9,318
12,762
Disposals
( 29,961)
( 29,961)
-------
------
-------
--------
At 31 March 2024
18,712
4,984
33,195
56,891
-------
------
-------
--------
Carrying amount
At 31 March 2024
18,429
1,088
30,524
50,041
-------
------
-------
--------
At 31 March 2023
21,681
1,280
26,324
49,285
-------
------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
5,249
16,195
Other debtors
2,486
2,486
------
-------
7,735
18,681
------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
48,453
33,475
Trade creditors
35,311
43,323
Social security and other taxes
23,116
22,502
Other creditors
15,614
28,799
--------
--------
122,494
128,099
--------
--------
Within creditors is an amount of £37,805 (2023: £22,827) for bank loans and overdrafts which is secured by a fixed and floating charge over the undertaking and all property and assets present and future.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,787
21,739
-------
-------
The long term loan is to be repaid over 6 years at an interest rate of 2.5% per annum.
9. Director's advances, credits and guarantees
At the reporting date the directors loan account was in credit by £1,355 (2023: £3,373). There is no fixed term for repayment and no interest is charged.