Sparks Yard General Stores Limited Small abridged accounts

SPARKS YARD GENERAL STORES LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Sparks Yard General Stores Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04770389

Sparks Yard General Stores Limited

Filleted Unaudited Abridged Financial Statements

31 January 2018

Sparks Yard General Stores Limited

Abridged Financial Statements

Year ended 31 January 2018

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Sparks Yard General Stores Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Sparks Yard General Stores Limited

Year ended 31 January 2018

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 January 2018, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

BRAINWAVES

Basepoint Business Centre Little High Street Shoreham by Sea West Sussex BN43 5EG

21 May 2018

Sparks Yard General Stores Limited

Abridged Statement of Financial Position

31 January 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		66,353	84,720

Current assets

Stocks	124,942	130,723
Cash at bank and in hand	16,949	3,790
	---------	---------
	141,891	134,513

Creditors: amounts falling due within one year	125,857		128,156
	---------		---------
Net current assets		16,034	6,357
		--------	--------
Total assets less current liabilities		82,387	91,077

Creditors: amounts falling due after more than one year		103,559	156,008

Provisions

Taxation including deferred tax	2,534	5,152
	---------	---------
Net liabilities	( 23,706)	( 70,083)
	---------	---------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	( 37,483)	( 80,083)
	--------	--------
Shareholders deficit	( 27,483)	( 70,083)
	--------	--------

These abridged 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Sparks Yard General Stores Limited

Abridged Statement of Financial Position (continued)

31 January 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 21 May 2018 , and are signed on behalf of the board by:

Mr A G Heggadon

Director

Company registration number: 04770389

Sparks Yard General Stores Limited

Notes to the Abridged Financial Statements

Year ended 31 January 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 20 Adur Business Centre, Ropetackle, Little High Street, Shoreham-by-Sea, West Sussex, BN43 5EG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Registered charge

Barclays Bank plc have registered a fixed & floating charge at Companies House dated 21September 2016 to secure the company overdraft.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year (exclusive of Value Added Tax) having regard to the fulfilment of contractual obligations.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

All fixed assets are initially recorded at cost less any permanent diminution in value.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Buildings	-	10% straight line
Plant & Machinery	-	25% straight line
Fixtures & Fittings	-	15% straight line
Motor Vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2017: 38 ).

5. Tangible assets

	£
Cost
At 1 February 2017	215,047
Disposals	( 19,059)
	---------
At 31 January 2018	195,988
	---------
Depreciation
At 1 February 2017	130,327
Charge for the year	18,367
Disposals	( 19,059)
	---------
At 31 January 2018	129,635
	---------
Carrying amount
At 31 January 2018	66,353
	---------
At 31 January 2017	84,720
	---------

6. Related party transactions

The company was under the control of Mr A & Mrs H Heggadon throughout the current and previous year. Mr & Mrs Heggadon are directors and shareholders, controlling 100% of the company. At the financial statement date the company owed Mr A Heggadon £1,638 and Mrs H Heggadon £1,640. In addition at the financial statement date the company owed Mr A and Mrs H Heggadon £87,581, (2017: £135,037). This is a loan to the company and interest is not being charged on the loan.