Spark Properties Ltd - Accounts

Spark Properties Ltd - Accounts

SPARK PROPERTIES LTD - Company Information

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Registered Number: 10637533
England and Wales

 

 

 

SPARK PROPERTIES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2020

End date: 31 March 2021

Spark Properties Ltd
Contents Page
For the year ended 31 March 2021
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Spark Properties Ltd for the year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spark Properties Ltd for the year ended 31 March 2021 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the Board of Directors of Spark Properties Ltd , as a body, in accordance with the terms of our engagement letter dated 10 December 2021. Our work has been undertaken solely to prepare for your approval the accounts of Spark Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Spark Properties Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spark Properties Ltd and its Board of Directors as a body for our work or for this report
It is your duty to ensure that Spark Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Spark Properties Ltd. You consider that Spark Properties Ltd is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Spark Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
T & K Accountancy LLP
69 Banstead Road
Carshalton
SM5 3NP
10 December 2021
1
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Tangible fixed assets 25,707,280    5,225,000 
25,707,280    5,225,000 
Current assets      
Debtors: amounts falling due within one year 161,398    (19,149)
Cash at bank and in hand 318,661    71,301 
480,059    52,152 
Creditors: amount falling due within one year (140,362)   (69,657)
Net current assets 339,697    (17,505)
 
Total assets less current liabilities 26,046,977    5,207,495 
Creditors: amount falling due after more than one year (9,602,732)   (5,016,031)
Net assets 16,444,245    191,464 
 

Capital and reserves 		     
Called up share capital 200    100 
Share premium account 16,099,072    0 
Profit and loss account 344,973    191,364 
Shareholder's funds 16,444,245    191,464 
 


For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 10 December 2021 and were signed on its behalf by:


--------------------------------
Mr Parminder Singh Dosanjh
Director
2
General Information
Spark Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 10637533, registration address Monarch House, 7 - 9 Stafford Road, Wallington, Surrey, SM6 9AN

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
The financial statements are prepared in sterling , which is the functional currency of the limited company. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements for the period ended 31 March 2018 are the first financial statements of Spark Properties Ltd prepared in accordance with FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the directors who have undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of rents received.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible . The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of comprehensive income.
Although this accounting policy is in accordance with the  The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
2.

Average number of employees

Average number of employees during the year was 0 (2020 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Total
  £   £
At 01 April 2020 5,225,000    5,225,000 
Additions 20,482,280    20,482,280 
Disposals -    - 
At 31 March 2021 25,707,280    25,707,280 
Depreciation
At 01 April 2020 -    - 
Charge for year -    - 
On disposals -    - 
At 31 March 2021 -    - 
Net book values
Closing balance as at 31 March 2021 25,707,280    25,707,280 
Opening balance as at 01 April 2020 5,225,000    5,225,000 


4.

Share Capital

Authorised
200 Class A shares of £1.00 each
Allotted, called up and fully paid
2021
£		   2020
£
200 Class A shares of £1.00 each 200    100 
200    100 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2021
£		 2020
£		 2021
£		 2020
£
Monarch Estates0 0 1,381 762 
I/Co The Monarch Partnership Ltd0 0 (645,174)(644,918)
I/Co Majestic Securities Ltd 0 0 (3,520)(3,520)


Monarch Estates
Included within other debtors due to Monarch Estates, a partnership in which some of the directors of Spark Properties Ltd are partners.

I/Co The Monarch Partnership Ltd
Included within other creditors due to I/Co The Monarch Partnership Ltd, a company in which some of the directors of Spark Properties Ltd are Directors

I/Co Majestic Securities Ltd
Included within other creditors due to I/Co Majestic Securities Ltd , a company in which some of the directors of Spark Properties Ltd are Directors
3