Spinnaker London Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 11213027 (England and Wales)
Spinnaker London Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 6
Spinnaker London Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,778
11,173
Current assets
Debtors
4
627,197
216,110
Cash at bank and in hand
606,662
341,128
1,233,859
557,238
Creditors: amounts falling due within one year
5
(1,034,629)
(436,995)
Net current assets
199,230
120,243
Total assets less current liabilities
212,008
131,416
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
211,008
130,416
Total equity
212,008
131,416

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

 

For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
R R Goldsmith
Director
Company Registration No. 11213027
Spinnaker London Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information

Spinnaker London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis.true The directors expect the company to have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover represents the amounts receivable for services net of VAT and trade discounts.

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
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 credited or charged to profit or loss.

Spinnaker London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

Spinnaker London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Spinnaker London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
14
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
318,241
Additions
7,724
At 31 March 2023
325,965
Depreciation and impairment
At 1 April 2022
307,068
Depreciation charged in the year
6,119
At 31 March 2023
313,187
Carrying amount
At 31 March 2023
12,778
At 31 March 2022
11,173
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
558,354
155,167
Other debtors
260
12,948
Prepayments and accrued income
68,583
47,995
627,197
216,110
Spinnaker London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,459
46,065
Trade creditors
36,011
31,673
Corporation tax
70,641
57,246
Other taxation and social security
41,824
14,078
Other creditors
45,184
56,965
Accruals and deferred income
804,510
230,968
1,034,629
436,995
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
Ordinary A shares of 10p each
915
915
Ordinary B shares of 10p each
85
85
1,000
1,000
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
17,500
17,500
8
Directors' transactions

Dividends totalling £217,178 (2022 - £179,660) were paid in the year in respect of shares held by the company's directors.

As at the year end, a balance of £42,557 (2022: £55,864) was owed to the directors of the company.

9
Parent company

There is no ultimate controlling party.

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