SPARKLING MINDS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
Company Registration Number: 12600269
SPARKLING MINDS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 7
SPARKLING MINDS LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023
DIRECTORS
I J Walker
J C Walker
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
12600269 England and Wales
SPARKLING MINDS LTD
BALANCE SHEET
AS AT 31 AUGUST 2023
Notes 2023 2022
£ £
FIXED ASSETS
Investments 5 486,555 486,555
CURRENT ASSETS
Debtors 6 44,363 4,397
Cash at bank and in hand 13,003 15,257
57,366 19,654
CREDITORS: Amounts falling due within one year 7 141,057 85,239
NET CURRENT LIABILITIES (83,691) (65,585)
TOTAL ASSETS LESS CURRENT LIABILITIES 402,864 420,970
CREDITORS: Amounts falling due after more than one year 8 400,000 400,000
NET ASSETS 2,864 20,970
CAPITAL AND RESERVES
Called up share capital 3 3
Distributable profit and loss account 2,861 20,967
SHAREHOLDERS' FUNDS 2,864 20,970
SPARKLING MINDS LTD
BALANCE SHEET
AS AT 31 AUGUST 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
I J Walker J C Walker
Director Director
Date approved by the board: 21 November 2024
SPARKLING MINDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
1 GENERAL INFORMATION
Sparkling Minds Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis following the Directors' assessment of the company’s ability to trade for at least 12 months from the date these accounts have been approved. This decision has been made having taken into account the net liabilities on the balance sheet. In conclusion, whilst there is some uncertainty, the directors do not believe there is a material uncertainty which casts significant doubt on the company’s ability to continue to trade.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Investments
Investments in subsidiaries are shown at cost less accumulated impairment losses.
SPARKLING MINDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
SPARKLING MINDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 2 2
5 FIXED ASSET INVESTMENTS
Investment in subsidiary
£
Cost
At 1 September 2022 486,555
At 31 August 2023 486,555
Net book value
At 1 September 2022 486,555
At 31 August 2023 486,555
6 DEBTORS
2023 2022
£ £
Other debtors 44,363 4,397
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Taxation and social security 10,357 -
Accruals and deferred income 2,700 2,700
Other creditors 128,000 82,539
141,057 85,239
SPARKLING MINDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Redeemable preference shares 400,000 400,000
The company has 400,000 £1 preference shares, which are redeemable at par on the later 4 November 2025 or the date in which the company has sufficient distributable reserves. They carry a right of fixed rate preferential dividend at the rate of 12% per annum on the aggregate of the nominal value of the shares and any premium paid on subscription of the shares. They shall rank, on a return of capital on liquidation or otherwise, in priority to any other shares or stock of the company for the time being in issue. These shares meet the definition of a liability, they have been included within non-current liabilities.
9 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year:
Balance at 1 September 2022 Amounts advanced Amounts repaid Balance at 31 August 2023
£ £ £ £
I J & J C Walker - 30,684 - 30,684
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
10 POST BALANCE SHEET EVENTS
Since the balance sheet date, there has been discussions around the current coupon payments in place as at 31 August 2023. It has been decided that from December 2024 the current coupon payments are to be written off and replaced with a new five year term. The first coupon payment under the new arrangement will be due December 2025.
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