SPIN MINING AND METALS LIMITED

Company Registration Number:
12382900 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

SPIN MINING AND METALS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

SPIN MINING AND METALS LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principal activity of the company throughout the period was the provision of mining of metals, support activities for mining and related freight.

Additional information

The Company purchased 100% of the shares of Spin Mining and Metals Zambia limited during the year. The Company accrued revenue from a mineral transaction of £80,000 during the year in Zambia. There is the potential for legal action against the Zambian fully owned subsidiary for £85,000 including legal costs due to a stock of minerals belonging to a client being stolen. There are police reports and evidence of the loss. The Directors consider it prudent to reserve against the potential full loss that the Zambian subsidiary may suffer if legal action is successfully taken against the Zambian Company. The Company is also currently carrying out mineral trading. There are unrealised profits on mining trading of £873,016 which have not been accounted for as the value is uncertain until the trade is completed.The accounts have been prepared by Teale Business Services on the basis of information including financial data provided by the Director(s). The Director(s) acknowledge their responsibilities for complying with the companies act 2006 with respect to accounting records and the preparation of accounts. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.



Directors

The director shown below has held office during the whole of the period from
1 January 2023 to 31 December 2023

G B Patterson


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 April 2024

And signed on behalf of the board by:
Name: G B Patterson
Status: Director

SPIN MINING AND METALS LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 80,000 0
Cost of sales: ( 85,000 ) 0
Gross profit(or loss): (5,000) 0
Administrative expenses: ( 27,828 )
Operating profit(or loss): (32,828) 0
Profit(or loss) before tax: (32,828) 0
Profit(or loss) for the financial year: (32,828) 0

SPIN MINING AND METALS LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 1 0
Total fixed assets: 1 0
Current assets
Debtors: 4 70,000 0
Cash at bank and in hand: 1 1
Total current assets: 70,001 1
Creditors: amounts falling due within one year: 5 ( 87,000 ) 0
Net current assets (liabilities): (16,999) 1
Total assets less current liabilities: (16,998) 1
Creditors: amounts falling due after more than one year: 6 ( 15,829 ) 0
Total net assets (liabilities): (32,827) 1
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (32,828 )
Total Shareholders' funds: ( 32,827 ) 1

The notes form part of these financial statements

SPIN MINING AND METALS LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act 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.

This report was approved by the board of directors on 7 April 2024
and signed on behalf of the board by:

Name: G B Patterson
Status: Director

The notes form part of these financial statements

SPIN MINING AND METALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

SPIN MINING AND METALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 1 1

SPIN MINING AND METALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Fixed assets investments note

The investment of £1 represents the purchase of 100% of the shares of Spin Mining and Metals Zambia Limited

SPIN MINING AND METALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 70,000 0
Total 70,000 0

SPIN MINING AND METALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Accruals and deferred income 87,000 0
Total 87,000 0

£85,000 of the accruals represent a reserve for a potential legal claim for losses due to minerals being stolen at Spin Mining and Metals Zambia Limited which the Company has agreed to pay if a claim is successful. These losses have been reported to the police.

SPIN MINING AND METALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 15,829 0
Total 15,829 0

The £15,829 reported in other creditors is for expenses incurred by the Directors on behalf of the Company and not yet repaid. These are part of the Directors loan account.

SPIN MINING AND METALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Loans to directors

No loans have been made to the Directors. The Directors loan account shows £15,829 for expenses incurred by the Directors which have not yet been repaid by the Company.