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

REGISTERED NUMBER: 07697031 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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

85,812

108,081

CURRENT ASSETS

Debtors

5

204,593

365,750

Cash at bank and in hand

3,975

12,108

208,568

377,858

CREDITORS

Amounts falling due within one year

6

323,903

454,267

NET CURRENT LIABILITIES

(115,335

)

(76,409

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(29,523

)

31,672

CREDITORS

Amounts falling due after more than one year

7

42,500

-

NET (LIABILITIES)/ASSETS

(72,023

)

31,672

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(72,123

)

31,572

SHAREHOLDERS' FUNDS

(72,023

)

31,672

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 22 December 2021 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 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2020

190,750

38,390

229,140

Additions

6,336

-

6,336

At 31 March 2021

197,086

38,390

235,476

DEPRECIATION

At 1 April 2020

98,871

22,188

121,059

Charge for year

24,554

4,051

28,605

At 31 March 2021

123,425

26,239

149,664

NET BOOK VALUE

At 31 March 2021

73,661

12,151

85,812

At 31 March 2020

91,879

16,202

108,081

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

Motor

vehicles

£

COST

At 1 April 2020

38,390

Transfer to ownership

(38,390

)

At 31 March 2021

-

DEPRECIATION

At 1 April 2020

22,188

Charge for year

4,051

Transfer to ownership

(26,239

)

At 31 March 2021

-

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

16,202

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

108,250

133,881

Other debtors

1,865

1,420

Related parties

93,344

180,392

Prepayments

1,134

50,057

204,593

365,750

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts (see note 8)

7,500

10,905

Hire purchase contracts

-

7,768

Trade creditors

82,590

129,774

Social security and other taxes

2,195

1,612

VAT

7,632

13,244

Other creditors

91,928

91,951

Related parties

56,860

69,825

Directors' current accounts

13,198

93,688

Accrued expenses

62,000

35,500

323,903

454,267

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans (see note 8)

42,500

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,500

-

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.21

31.3.20

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

7,502

Bank loans

7,500

3,403

7,500

10,905

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

30,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,500

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2020

31,572

Deficit for the year

(103,695

)

At 31 March 2021

(72,123

)

11.	ULTIMATE CONTROLLING PARTY

The controlling party is G W McClarnan.