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: 24 February 2017

End date: 31 March 2018

Spark Properties Ltd
Contents Page
For the period ended 31 March 2018
As described in the Statement of Financial Position you are responsible for the preparation of the financial statements for the period ended 31 March 2018 and you consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.



....................................................
T&K Accountancy LLP
69 Banstead Road
Carshalton
SM5 3NP
30 October 2018
1
 
 		 Notes
 		 2018
£
Fixed assets    
Tangible fixed assets 2 1,839,162 
1,839,162 
Current assets    
Debtors 600 
Cash at bank and in hand 65,028 
65,628 
Creditors: amount falling due within one year (18,700)
Net current assets 46,928 
 
Total assets less current liabilities 1,886,090 
Creditors: amount falling due after more than one year (1,841,205)
Net assets 44,885 
 

Capital and reserves 		   
Called up share capital 3 100 
Profit and loss account 44,785 
Shareholders funds 44,885 
 


For the period ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period 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 accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Members Have Agreed to the Preparation of Abridged Accounts for this accounting period in accordance with section 444(2A).
Signed on behalf of the board of directors


--------------------------------
Mr Parminder Singh Dosanjh
Director

Date approved by the board: 30 October 2018
2
General Information
Spark Properties Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number 10637533,registration address The Glade,Farm Drive,Purley,Surrey,CR8 3LP.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
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
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 receivable.
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 financial statements when their payment has been approved by the shareholders prior to the balance sheet 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.

Tangible fixed assets

Cost or Valuation Land and Buildings   Total
  £   £
At 24 February 2017 -    - 
Additions 1,839,162    1,839,162 
Disposals -    - 
At 31 March 2018 1,839,162    1,839,162 
Depreciation
At 24 February 2017 -    - 
Charge for period -    - 
On disposals -    - 
At 31 March 2018 -    - 
Net book values
Closing balance as at 31 March 2018 1,839,162    1,839,162 
Opening balance as at 24 February 2017 -    - 


3.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted
2018
£
100 Class A shares of £1.00 each 100 
100 

3