Sparkworld Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Sparkworld Limited Registered number 01895421 is a limited by shares company incorporated in England & Wales. The Registered Office is 9 Battle Road, Heathfield Industrial Estate, Newton Abbot, Devon, TQ12 6RY.

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 FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The company has taken the option to early adopt SI 2015/980.

The financial statements are presented in Sterling and rounded to the nearest full £.

2.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

The company recognises revenue when the amount of revenue can be reasonably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation and freehold property is revalued in accordance with FRS 102. 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:

An amount equal to the excess of the annual depreciation charge on the revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Freehold	2% straight line
Plant & Machinery	Straight line over five years
Motor Vehicles	Straight line over five years
Fixtures & Fittings	Straight line over two years
Computer Equipment	Straight Line over three years

2.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks 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. There is no work-in-progress.

2.6. 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.In accordance with FRS 102 Small Entities, deferred tax has been provided on the gain arising from the revaluation of freehold properties.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

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Sparkworld Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

2.8. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 33 (2024: 38)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 July 2024	2,995,000	327,206	736,864	274,277
Additions	-	-	38,470	9,372
Disposals	-	-	(42,497 )	-

As at 30 June 2025	2,995,000	327,206	732,837	283,649

Depreciation
As at 1 July 2024	239,600	263,992	583,265	222,990
Provided during the period	59,900	35,102	59,525	11,363
Disposals	-	-	(35,268 )	-

As at 30 June 2025	299,500	299,094	607,522	234,353

Net Book Value
As at 30 June 2025	2,695,500	28,112	125,315	49,296

As at 1 July 2024	2,755,400	63,214	153,599	51,287


	Computer Equipment	Total
	£	£
Cost
As at 1 July 2024	258,872	4,592,219
Additions	21	47,863
Disposals	-	(42,497 )

As at 30 June 2025	258,893	4,597,585

Depreciation
As at 1 July 2024	209,388	1,519,235
Provided during the period	19,075	184,965
Disposals	-	(35,268 )

As at 30 June 2025	228,463	1,668,932

Net Book Value
As at 30 June 2025	30,430	2,928,653

As at 1 July 2024	49,484	3,072,984

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Sparkworld Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

Revaluation

The fair value of the company's freehold property was revalued on 30 June 2020 by an independent valuer at a value of £2,995,000.

The valuation was undertaken on a market value basis, which was calculated in accordance with the RICS Appraisal and Valuation Standards. The name and qualification of the independant valuer is G Courtney-Stamp of Jones Lang LaSalle of The Senate Southernhay, Exeter who is RICS qualified.

The historic cost equivalent of land and buildings included at valuation are as follows: Net book value £828,887 (2025) £856,056 (2024)

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold
	£
Cost	1,358,456
Accumulated depreciation and impairment	529,569

Carrying amount	828,887

5. Stocks

	2025	2024
	£	£
Stock - resale	1,443,192	1,974,702

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	130,673	137,071
Prepayments and accrued income	42,199	17,357
Miscellaneous debtors	244,469	248,868

	417,341	403,296

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	9,476
Trade creditors	578,522	801,472
Bank loans and overdrafts	-	64,837
Corporation tax	28,318	87,474
Other taxes and social security	24,568	23,944
VAT	120,464	56,743
Other debtor provision	98,915	98,915
Accruals and deferred income	87,540	131,759
Directors' loan accounts	177,999	197,817

	1,116,326	1,472,437

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Sparkworld Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	-	224,680

9. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	-		289,517

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	-	9,476
Later than one year and not later than five years	-	-

	-	9,476

	-	9,476

11. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances and includes provision for deferred tax on the gain arising on the revaluation of freehold property.Accelerated capital allowances account for deferred tax of £58,289 and the balance of £261,297 relates to the potential tax on the gain in value of the freehold properties.

Deferred tax is calculated at a rate of 25% in accordance with current legislation.

	2025	2024
	£	£
Other timing differences	319,586	337,646

12. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 July 2024	337,646	337,646
Reversals	(18,060 )	(18,060)

Balance at 30 June 2025	319,586	319,586

13. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	170	170

100 A Ordinary shares of £1 each and 70 B Ordinary non voting shares of £1.

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Sparkworld Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

14. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	115,460	173,400

15. Reserves

	Revaluation Reserve
	£
As at 1 July 2024	1,789,650
Transfer to profit and loss	(24,280 )

As at 30 June 2025	1,765,370

16. Related Party Transactions

Transactions with directors and shareholders

During the year the Company paid dividends of £47,620 to directors (2024 £64,800) and £67,840 to other shareholders (2024 £108,600).

The directors made loans to the company which are interest free and have no fixed date of repayment.

The amount due to directors at 30th June 2025 was £51,196 (2024 £74,998).

The amount due to shareholders at 30th June 2025 was £126,803 (2024 £122,818).

17. Bank borrowing

The bank loan is denominated in £ with a nominal interest rate of 2.1% above Bank of England base rate. The carrying amount at the year end is £nil (2024 £289,517).

The loan was secured by a legal charge over the company's properties at Coat Road, Martock and Battle Road, Heathfield and a debenture over all company assets. Repayments were made monthly over the period of the loans and interest was charged quarterly.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,928,653		3,072,984

			2,928,653		3,072,984
CURRENT ASSETS
Stocks	5	1,443,192		1,974,702
Debtors	6	417,341		403,296
Cash at bank and in hand		401,591		477,743

		2,262,124		2,855,741
Creditors: Amounts Falling Due Within One Year	7	(1,116,326 )		(1,472,437 )

NET CURRENT ASSETS (LIABILITIES)			1,145,798		1,383,304

TOTAL ASSETS LESS CURRENT LIABILITIES			4,074,451		4,456,288

Creditors: Amounts Falling Due After More Than One Year	8		-		(224,680 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	11		(319,586 )		(337,646 )

NET ASSETS			3,754,865		3,893,962

CAPITAL AND RESERVES
Called up share capital	13		170		170
Share premium account			7,256		7,256
Revaluation reserve	15		1,765,370		1,789,650
Profit and Loss Account			1,982,069		2,096,886

SHAREHOLDERS' FUNDS			3,754,865		3,893,962