Sparks Ellison Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04582591 (England and Wales)

SPARKS ELLISON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A B Sparks

M J Ellison

SECRETARY:

M J Ellison

REGISTERED OFFICE:

94 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2GJ

REGISTERED NUMBER:

04582591 (England and Wales)

BANKERS:

National Westminster Bank plc

123 Winchester Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2UA

SOLICITORS:

Paris Smith

1 London Road

Southampton

Hampshire

SO15 2AE

FIXED ASSETS

Tangible assets

4

16,088

13,001

CURRENT ASSETS

Stocks

10,500

6,000

Debtors

5

89,400

29,265

Cash at bank

215,255

182,631

315,155

217,896

CREDITORS

Amounts falling due within one year

6

(213,014

)

(147,787

)

NET CURRENT ASSETS

102,141

70,109

TOTAL ASSETS LESS CURRENT LIABILITIES

118,229

83,110

PROVISIONS FOR LIABILITIES

(1,177

)

(318

)

NET ASSETS

117,052

82,792

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

117,048

82,788

SHAREHOLDERS' FUNDS

117,052

82,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 28 June 2017 and were signed on its behalf by:

A B Sparks - Director

M J Ellison - Director

1.	STATUTORY INFORMATION

Sparks Ellison 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 FRS102 "The Financial Reporting Standards

applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure

is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements are the first financial statements Sparks Ellison Limited have prepared in accordance

with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS102. The financial

statements of Sparks Ellison Limited for the year ended 31 December 2015 were prepared in accordance with

previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102.

There have been no transitional adjustments.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due.

For property sales, commission income is recognised upon completion of the property transaction. For lettings

related income, commission is recognised over the relevant occupancy period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% Straight line

Fixtures and fittings

-

25% Straight line

Computer equipment

-

25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset and is recognised in the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2016

21,698

33,300

53,430

108,428

Additions

-

7,129

2,963

10,092

At 31 December 2016

21,698

40,429

56,393

118,520

DEPRECIATION

At 1 January 2016

21,698

28,561

45,168

95,427

Charge for year

-

3,011

3,994

7,005

At 31 December 2016

21,698

31,572

49,162

102,432

NET BOOK VALUE

At 31 December 2016

-

8,857

7,231

16,088

At 31 December 2015

-

4,739

8,262

13,001

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

14,772

2,493

Other debtors

74,628

26,772

89,400

29,265

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

16,137

5,650

Taxation and social security

105,162

127,694

Other creditors

91,715

14,443

213,014

147,787

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

A B Sparks

Balance outstanding at start of year

11,237

(9,865

)

Amounts advanced

132,953

141,102

Amounts repaid

(111,600

)

(120,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,590

11,237

M J Ellison

Balance outstanding at start of year

7,438

(10,000

)

Amounts advanced

134,053

137,438

Amounts repaid

(111,600

)

(120,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29,891

7,438

No interest has been charged on the Directors' loans.