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Company No: 06795990 (England and Wales)

SPARKFORD ESTATES INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SPARKFORD ESTATES INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SPARKFORD ESTATES INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
SPARKFORD ESTATES INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Lorraine Elizabeth Bryant (Appointed 27 March 2024)
William Hunt Charles Longman
REGISTERED OFFICE Bishopsbrook House
Cathedral Avenue
Wells
BA5 1FD
United Kingdom
BUSINESS ADDRESS Lower North Town Farm
North Cadbury
Yeovil
Somerset
BA22 7BZ
COMPANY NUMBER 06795990 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Maltravers House
Petters Way
Yeovil
Somerset
BA20 1SH
SPARKFORD ESTATES INVESTMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
SPARKFORD ESTATES INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,045,000 835,000
Investments 4 879,042 879,042
1,924,042 1,714,042
Current assets
Debtors 5 134,104 139,632
134,104 139,632
Creditors: amounts falling due within one year 6 ( 6,249) ( 5,906)
Net current assets 127,855 133,726
Total assets less current liabilities 2,051,897 1,847,768
Provision for liabilities 7 ( 39,900) 0
Net assets 2,011,997 1,847,768
Capital and reserves
Called-up share capital 64,636 64,636
Share premium account 1,629,406 1,629,406
Undistributable reserve ( 209,652 ) 348
Profit and loss account 527,607 153,378
Total shareholder's funds 2,011,997 1,847,768

For the financial 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.

Directors' responsibilities:

The financial statements of Sparkford Estates Investments Limited (registered number: 06795990) were approved and authorised for issue by the Board of Directors on 26 November 2024. They were signed on its behalf by:

William Hunt Charles Longman
Director
SPARKFORD ESTATES INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SPARKFORD ESTATES INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sparkford Estates Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishopsbrook House, Cathedral Avenue, Wells, BA5 1FD, United Kingdom. The principal place of business is Lower North Town Farm, North Cadbury, Yeovil, Somerset, BA22 7BZ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rental income is recognised as income over the period in which tenants are occupying the properties.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 835,000
Fair value movement 210,000
As at 31 March 2024 1,045,000

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 8th March 2024 by an external valuer, N P S Oliver, MRICS of Cooper & Tanner Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The director believes the value to be appropriate at 31 March 2024.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 834,652 834,652

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 879,042
At 31 March 2024 879,042
Carrying value at 31 March 2024 879,042
Carrying value at 31 March 2023 879,042

5. Debtors

2024 2023
£ £
Trade debtors 447 0
Amounts owed by Group undertakings 133,657 139,632
134,104 139,632

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 2,582 0
Other creditors 3,667 5,906
6,249 5,906

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 39,900) 0
At the end of financial year ( 39,900) 0