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Registration number: NI622396

Spinning Mill Developments Limited

Unaudited Financial Statements

for the Period from 1 February 2022 to 31 March 2023

 

Spinning Mill Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Spinning Mill Developments Limited

(Registration number: NI622396)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

1

896,920

Debtors

5

302,112

1,249

Cash at bank and in hand

 

2,232,866

60,534

 

2,534,979

958,703

Creditors: Amounts falling due within one year

6

(336,525)

(47,344)

Net assets

 

2,198,454

911,359

Capital and reserves

 

Called up share capital

7

1,000

1,000

Share premium reserve

899,000

899,000

Retained earnings

1,298,454

11,359

Shareholders' funds

 

2,198,454

911,359

For the financial period ending 31 March 2023 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2023 and signed on its behalf by:
 

.........................................
Mr John C O'Kane
Director

 

Spinning Mill Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
C/o 110A Galgorm Road
BALLYMENA
BT42 1AE

These financial statements were authorised for issue by the Board on 11 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Spinning Mill Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2022 - 3).

4

Stocks

2023
£

2022
£

Stock & Work in progress

1

896,920

 

Spinning Mill Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

5

debtors

2023
£

2022
£

Prepayments

403

1,115

Other debtors

301,709

134

302,112

1,249

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

750

680

Other creditors

335,775

46,664

336,525

47,344

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000