Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312022-08-26falseThe company’s principal activity is that of a property development company.false3true 14319950 2022-08-25 14319950 2022-08-26 2023-12-31 14319950 2021-08-26 2022-08-25 14319950 2023-12-31 14319950 c:Director1 2022-08-26 2023-12-31 14319950 d:CurrentFinancialInstruments 2023-12-31 14319950 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14319950 d:ShareCapital 2022-08-26 2023-12-31 14319950 d:ShareCapital 2023-12-31 14319950 d:RetainedEarningsAccumulatedLosses 2022-08-26 2023-12-31 14319950 d:RetainedEarningsAccumulatedLosses 2023-12-31 14319950 c:OrdinaryShareClass1 2022-08-26 2023-12-31 14319950 c:OrdinaryShareClass1 2023-12-31 14319950 c:FRS102 2022-08-26 2023-12-31 14319950 c:Audited 2022-08-26 2023-12-31 14319950 c:FullAccounts 2022-08-26 2023-12-31 14319950 c:PrivateLimitedCompanyLtd 2022-08-26 2023-12-31 14319950 c:SmallCompaniesRegimeForAccounts 2022-08-26 2023-12-31 14319950 2 2022-08-26 2023-12-31 14319950 e:PoundSterling 2022-08-26 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14319950










FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
REGISTERED NUMBER:14319950

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Stocks
 4 
2,144,937

Debtors: amounts falling due within one year
 5 
24,413

  
2,169,350

Creditors: amounts falling due within one year
 6 
(2,209,190)

Net current liabilities
  
 
 
(39,840)

  

Net liabilities
  
(39,840)


Capital and reserves
  

Called up share capital 
 7 
1,000

Profit and loss account
  
(40,840)

  
(39,840)


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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R J Gleeson
Director

Date: 1 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive loss for the period

Loss for the period
-
(40,840)
(40,840)

Shares issued during the period
1,000
-
1,000


At 31 December 2023
1,000
(40,840)
(39,840)

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Foras (Sparkle Street) Limited (formerly Sparkle St Limited) is a private company, limited by shares, and incorporated in England and Wales under the Companies Act. The address of the registered office is 4 Elstree Way, Borehamwood, Hertfordshire, WD6 1RN.
The company was incorporated and commenced trading on 26 August 2022. These financial statements are for the period 26 August 2022 to 31 December 2023. The period end was changed to 31 December 2023 to align with other group companies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The company's functional and presentational currency is GBP and the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

In making their assessment of the ability of the company to continue as a going concern, the directors have prepared financial forecasts for the ultimate parent undertaking, JRL Group Holdings Limited, on a consolidated Group basis for a period in excess of twelve months from the date of these financial statements. These detailed forecasts together with supporting cash flow forecasts take into account the following matters:
- Current performance
- Existing contracted forward order book and expected new business
- Assessments of current and future market conditions
- Group refinancing activities that have occurred since the balance sheet date
- The ability to raise additional liquidity in the future, including further sales of property and 
 refinancing measures
- Other risks and uncertainties facing the business
In assessing the above factors a number of different scenarios of escalating impact and duration have been evaluated in order to assess the impact on profitability, liquidity and compliance with the Group’s borrowing covenants. Post year end, there has been a technical breach on one of the asset finance facilities which has not had any effect on liquidity and which the directors are rectifying. The Group continues to comply with the terms and conditions of all other financing facilities.
Under all scenarios that the directors evaluated, the Group has sufficient liquidity to meet its obligations as they fall due.
 
Page 3

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.2
Going concern (continued)

As such, the directors consider the Group has sufficient cash reserves and strength in the balance sheet to demonstrate that the going concern method of preparing the accounts continues to be appropriate. The directors of JRL Group Holdings Limited concluded that the consolidated Group and each individual subsidiary is also a going concern. 
The directors have considered the company’s own financial position and prospects, and also the ultimate parent company’s position and assurances, and accordingly have concluded that it is appropriate for the company to prepare its own financial statements on a going concern basis.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Taxation

Tax is recognised in the statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.5

Stocks

Stock is stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less additional cost to completion and disposal. Stock includes attributable interest, but excludes certain sales and marketing costs. At each reporting date, inventories are assessed for impairment. If stocks are impaired the carrying amount is reduced to its selling price less costs to complete and sell.


 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 3.

Page 5

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Stocks

2023
£

Work in progress (goods to be sold)
2,144,937

2,144,937


Stock recognised in the statement of comprehensive income as cost of sales during the year was £NIL.
Work in progress includes £NIL of capitalised bank interest.


5.


Debtors

2023
£


Other debtors
24,413

24,413


All amounts shown under debtors fall due for payment within one year.


6.


Creditors: Amounts falling due within one year

2023
£

Bank overdrafts
15,427

Amounts owed to group undertakings
2,189,803

Accruals and deferred income
3,960

2,209,190


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 6

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Share capital

2023
£
Allotted, called up and fully paid


1,000 Ordinary shares of £1.00 each
1,000


On 26 August 2022, the company allotted and issued 1,000 ordinary shares for the consideration of £1 per ordinary share.


8.


Related party transactions

The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the Group.
During the period ended 31 December 2023, the company entered into transactions and had outstanding balances with the following companies which are related by common control:


Sales to related parties
Purchases from related parties
Amounts owed to related parties
Amounts owed by related parties
£
£
£
£

2023
J. Reddington Ltd
-
-
5,148
-
-
-
5,148
-


9.


Controlling party

The immediate parent company is JRL Construction Management Limited, a company registered in England and Wales. The ultimate parent company is JRL Group Holdings Limited, company registered in England and Wales. 
The smallest and largest Group in which the results if the company are consolidated is that headed by JRL Group Holdings Limited. The consolidated accounts are available to the public and may be obtained from 4 Elstree Way, Borehamwood, Hertfordshire, WD6 1RN.


10.
 

Guarantees

The company and Group has entered into a cross guarantee with a number of other Group companies to secure the Group’s overdraft facility.

Page 7

 
FORAS (SPARKLE STREET) LIMITED (FORMERLY SPARKLE ST LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 16 October 2024 by John Coverdale, BSc FCA (senior statutory auditor) on behalf of MHA.

 
Page 8