SPARKFAST LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03831137 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

SPARKFAST LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Lane

A R Lane

P J Williamson

A J Poole

SECRETARY:

REGISTERED OFFICE:

9 Seagrave Road

London

SW6 1RP

REGISTERED NUMBER:

03831137 (England and Wales)

CURRENT ASSETS

Debtors

5

118,424

410,153

Investments

6

28,024

28,024

Cash at bank

863,022

853,038

1,009,470

1,291,215

CREDITORS

Amounts falling due within one year

7

233,390

205,887

NET CURRENT ASSETS

776,080

1,085,328

TOTAL ASSETS LESS CURRENT LIABILITIES

776,080

1,085,328

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

775,980

1,085,228

SHAREHOLDERS' FUNDS

776,080

1,085,328

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 17 May 2022 and were signed on its behalf by:

A R Lane - Director

1.	STATUTORY INFORMATION

SPARKFAST 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 as the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before conditions are satisfied:

* The amount of revenue can be measured reliably

* It is probable that the Company will receive the consideration due under the contract.

* The stage of completion of the contract at the end of the reporting period can be measured reliably and

* The costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Office Equipment : - 33 1/3% on cost

The asserts residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate,or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties an investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to release the asset and settle the liability simultaneously.

Taxation

The Tax expense for the period comprises current and deferred tax. Tax is recognised in profit and loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred Tax balances are recognised in respect of all timing differences that have originated but not reserved by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted by the balance sheet date.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors and cash equivalents

Cash and Cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective method, less any impairment.

Interest income

Interest Income is recognised in profit and loss using the effective interest method

Operating leases

Leases that do not transfer all the risks ans rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit and 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 9 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2020

270,114

Additions

9,560

At 31 August 2021

279,674

DEPRECIATION

At 1 September 2020

270,114

Charge for year

9,560

At 31 August 2021

279,674

NET BOOK VALUE

At 31 August 2021

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

97,552

410,153

Other debtors

20,872

-

118,424

410,153

6.	CURRENT ASSET INVESTMENTS

These are as follows

Auditstar Munchen GMBH £19,660 ( 2020 £19,660)

Auditstar France SARL £8,364 (2020 £8,364)

Total £28,024 (2020 £28,024)

Both companies are 100% owned by Sparkfast Limited.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade creditors

183,352

167,488

Taxation and social security

48,475

38,399

Other creditors

1,563

-

233,390

205,887

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

100

Ordinary

£1

100

100

9.	RELATED PARTY DISCLOSURES