SPARKLING MINDS LTD |
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BALANCE SHEET |
AS AT 31 AUGUST 2023 |
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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. |
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For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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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. |
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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. |
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Signed on behalf of the board of directors |
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I J Walker |
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J C Walker |
Director |
Director |
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Date approved by the board: 21 November 2024 |
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SPARKLING MINDS LTD |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
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1 |
GENERAL INFORMATION |
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Sparkling Minds Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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C9 Glyme Court |
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Oxford Office Village |
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Langford Lane |
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Kidlington |
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Oxford |
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OX5 1LQ |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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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. |
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Going concern |
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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. |
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SPARKLING MINDS LTD |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
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8 |
CREDITORS: Amounts falling due after more than one year |
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2023 |
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2022 |
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£ |
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£ |
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Redeemable preference shares |
400,000 |
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400,000 |
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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. |
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9 |
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following directors' advances, credits and guarantees took place during the year: |
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Balance at 1 September 2022 |
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Amounts advanced |
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Amounts repaid |
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Balance at 31 August 2023 |
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£ |
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£ |
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£ |
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£ |
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I J & J C Walker |
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30,684 |
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30,684 |
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