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Registered number: 11001433
Sparkes Electrical Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Graver & Co Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11001433
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,484 14,811
11,484 14,811
CURRENT ASSETS
Stocks 5 20,003 34,800
Debtors 6 39,606 17,295
Cash at bank and in hand 26,026 11,344
85,635 63,439
Creditors: Amounts Falling Due Within One Year 7 (21,788 ) (20,491 )
NET CURRENT ASSETS (LIABILITIES) 63,847 42,948
TOTAL ASSETS LESS CURRENT LIABILITIES 75,331 57,759
Creditors: Amounts Falling Due After More Than One Year 8 (1,935 ) (5,646 )
NET ASSETS 73,396 52,113
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 73,296 52,013
SHAREHOLDERS' FUNDS 73,396 52,113
Page 1
Page 2
For the year ending 31 October 2024 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 Shaun Sparkes
Director
12th May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sparkes Electrical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11001433 . The registered office is 2 Station Road, Brundall, Norwich, Norfolk, NR13 5LA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. All income is derived from activities within the UK.
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
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 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
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
3 3
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 8,288 22,251 2,943 2,089 35,571
Additions 274 - 116 108 498
As at 31 October 2024 8,562 22,251 3,059 2,197 36,069
Depreciation
As at 1 November 2023 5,272 12,246 1,965 1,277 20,760
Provided during the period 822 2,501 272 230 3,825
As at 31 October 2024 6,094 14,747 2,237 1,507 24,585
Net Book Value
As at 31 October 2024 2,468 7,504 822 690 11,484
As at 1 November 2023 3,016 10,005 978 812 14,811
5. Stocks
2024 2023
£ £
Materials 7,000 7,000
Work in progress 13,003 27,800
20,003 34,800
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,137 895
Prepayments and accrued income 940 731
Other debtors 1,893 2,018
Director's loan account 16,091 11,267
21,061 14,911
Due after more than one year
Other debtors 14,743 1,400
Corporation tax recoverable assets 3,802 984
18,545 2,384
39,606 17,295
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,776 13,034
Bank loans and overdrafts 3,750 3,750
Corporation tax 6,262 3,707
21,788 20,491
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,935 5,646
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Shaun Sparkes 11,267 24,320 19,495 - 16,092
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mr Shaun Sparkes 2,000 2,000
11. Ultimate Controlling Party
The company's ultimate controlling party is the director by virtue of his ownership of 100% of the issued share capital in the company.
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