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Registered number: 08264534
RED Sparrow Construction Ltd
Financial Statements
For The Year Ended 30 September 2023
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mr M Jones
Company Number 08264534
Registered Office 7 Bell Yard
London
WC2A 2JR
Accountants HB Counters - Suffolk Ltd
3 Manning Road
Felixstowe
Suffolk
IP11 2AS
Page 1
Page 2
Balance Sheet
Registered number: 08264534
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,737 23,879
16,737 23,879
CURRENT ASSETS
Stocks 5 3,047 4,775
Debtors 6 33,038 92,926
Cash at bank and in hand 171,566 52,192
207,651 149,893
Creditors: Amounts Falling Due Within One Year 7 (121,853 ) (131,276 )
NET CURRENT ASSETS (LIABILITIES) 85,798 18,617
TOTAL ASSETS LESS CURRENT LIABILITIES 102,535 42,496
NET ASSETS 102,535 42,496
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 102,534 42,495
SHAREHOLDERS' FUNDS 102,535 42,496
Page 2
Page 3
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Jones
Director
05/08/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
RED Sparrow Construction Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08264534 . The registered office is 7 Bell Yard, London, WC2A 2JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2022 55,041 3,163 58,204
Additions 750 - 750
Disposals (12,999 ) - (12,999 )
As at 30 September 2023 42,792 3,163 45,955
Depreciation
As at 1 October 2022 31,359 2,966 34,325
Provided during the period 5,529 49 5,578
Disposals (10,685 ) - (10,685 )
As at 30 September 2023 26,203 3,015 29,218
Net Book Value
As at 30 September 2023 16,589 148 16,737
As at 1 October 2022 23,682 197 23,879
5. Stocks
2023 2022
£ £
Stock 3,047 4,775
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 31,022 90,054
Prepayments and accrued income 2,016 2,872
33,038 92,926
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 8,780 5,422
Corporation tax 34,939 11,340
Other taxes and social security 12,597 10,550
VAT 33,416 24,165
Other creditors 2,239 27
Accruals and deferred income 1,298 979
Director's loan account 28,584 78,793
121,853 131,276
Page 5
Page 6
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 6