Sparklestreet Projects Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07697031 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

SPARKLESTREET PROJECTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G W McClarnan

REGISTERED OFFICE:

Avery House

6-10 Hanover Street

Manchester

M4 4BB

REGISTERED NUMBER:

07697031 (England and Wales)

ACCOUNTANTS:

Connaughton & Co

2nd Floor, Boulton House

17-21 Chorlton Street

Manchester

M1 3HY

FIXED ASSETS

Tangible assets

4

108,081

84,391

CURRENT ASSETS

Debtors

5

365,750

214,358

Cash at bank and in hand

12,108

4,765

377,858

219,123

CREDITORS

Amounts falling due within one year

6

454,267

280,883

NET CURRENT LIABILITIES

(76,409

)

(61,760

)

TOTAL ASSETS LESS CURRENT LIABILITIES

31,672

22,631

CREDITORS

Amounts falling due after more than one year

7

-

10,605

NET ASSETS

31,672

12,026

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

31,572

11,926

SHAREHOLDERS' FUNDS

31,672

12,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2020 and were signed by:

G W McClarnan - Director

1.	STATUTORY INFORMATION

Sparklestreet Projects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2019

131,033

38,390

169,423

Additions

59,717

-

59,717

At 31 March 2020

190,750

38,390

229,140

DEPRECIATION

At 1 April 2019

68,245

16,787

85,032

Charge for year

30,626

5,401

36,027

At 31 March 2020

98,871

22,188

121,059

NET BOOK VALUE

At 31 March 2020

91,879

16,202

108,081

At 31 March 2019

62,788

21,603

84,391

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2019

and 31 March 2020

38,390

DEPRECIATION

At 1 April 2019

16,787

Charge for year

5,401

At 31 March 2020

22,188

NET BOOK VALUE

At 31 March 2020

16,202

At 31 March 2019

21,603

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

133,881

49,271

Other debtors

1,420

392

Related parties

180,392

162,470

Directors' current accounts

-

2,168

Prepayments

50,057

57

365,750

214,358

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts (see note 8)

10,905

5,398

Hire purchase contracts

7,768

11,652

Trade creditors

129,774

35,787

Social security and other taxes

1,612

-

VAT

13,244

39,005

Other creditors

91,951

91,832

Related parties

69,825

61,709

Directors' current accounts

93,688

-

Accrued expenses

35,500

35,500

454,267

280,883

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans (see note 8)

-

4,779

Hire purchase contracts

-

5,826

-

10,605

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.20

31.3.19

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

7,502

-

Bank loans

3,403

5,398

10,905

5,398

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

4,779

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2019

11,926

Profit for the year

19,646

At 31 March 2020

31,572

11.	ULTIMATE CONTROLLING PARTY

The controlling party is G W McClarnan.