Spinnaker Holding Group Limited 14234144 false 2022-07-14 2023-07-31 2023-07-31 The principal activity of the company is that of a holdings company. Digita Accounts Production Advanced 6.30.9574.0 true true false 14234144 2022-07-14 2023-07-31 14234144 2023-07-31 14234144 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 14234144 core:AdditionsToInvestments 2023-07-31 14234144 core:LandBuildings 2023-07-31 14234144 bus:SmallEntities 2022-07-14 2023-07-31 14234144 bus:AuditExemptWithAccountantsReport 2022-07-14 2023-07-31 14234144 bus:FullAccounts 2022-07-14 2023-07-31 14234144 bus:SmallCompaniesRegimeForAccounts 2022-07-14 2023-07-31 14234144 bus:RegisteredOffice 2022-07-14 2023-07-31 14234144 bus:Director1 2022-07-14 2023-07-31 14234144 bus:Director2 2022-07-14 2023-07-31 14234144 bus:Director3 2022-07-14 2023-07-31 14234144 bus:PrivateLimitedCompanyLtd 2022-07-14 2023-07-31 14234144 core:LandBuildings 2022-07-14 2023-07-31 14234144 countries:EnglandWales 2022-07-14 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 14234144

Prepared for the registrar

Spinnaker Holding Group Limited

Annual Report and Unaudited Financial Statements

for the Period from 14 July 2022 to 31 July 2023

 

Spinnaker Holding Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Spinnaker Holding Group Limited

Company Information

Directors

Ivan Coldrick

Lloyd Coldrick

Simon Coldrick

Registered office

16-18 Spinnaker Road
Hempsted
Gloucester
GL2 5FD

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Spinnaker Holding Group Limited

(Registration number: 14234144)
Balance Sheet as at 31 July 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

519,120

Investments

5

2,000

 

521,120

Current assets

 

Cash at bank and in hand

 

25,531

Creditors: Amounts falling due within one year

6

(29,884)

Net current liabilities

 

(4,353)

Net assets

 

516,767

Capital and reserves

 

Called up share capital

2,000

Other reserves

500,000

Profit and loss account

14,767

Shareholders' funds

 

516,767

For the financial period ending 31 July 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 


Lloyd Coldrick
Director

 

Spinnaker Holding Group Limited

Notes to the Unaudited Financial Statements for the Period from 14 July 2022 to 31 July 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16-18 Spinnaker Road
Hempsted
Gloucester
GL2 5FD

 

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) in all aspects other than the departure noted below.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Departure from requirements of FRS 102

The financial statements have been prepared to give a ‘true and fair view’ and have departed from the Financial Reporting Standard 102 Section 1A only to the extent required to provide a ‘true and fair view’. During the period, a property was gifted to the company for no consideration. The property has been recognised at it's fair value in the balance sheet and a new equity reserve named other reserves has been created which provides a true and fair view of the company's position at the balance sheet date.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Spinnaker Holding Group Limited

Notes to the Unaudited Financial Statements for the Period from 14 July 2022 to 31 July 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Spinnaker Holding Group Limited

Notes to the Unaudited Financial Statements for the Period from 14 July 2022 to 31 July 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

 

Spinnaker Holding Group Limited

Notes to the Unaudited Financial Statements for the Period from 14 July 2022 to 31 July 2023

 

4

Tangible assets

Land and buildings
£

Cost

Additions

519,120

At 31 July 2023

519,120

Carrying amount

At 31 July 2023

519,120

 

5

Investments

2023
£

Investments in subsidiaries

2,000

Subsidiaries

£

Cost

Additions

2,000

Carrying amount

At 31 July 2023

2,000

 

6

Creditors

31 July 2023
 £

Due within one year

Amounts due to related parties

24,620

Accrued expenses

1,800

Corporation tax liability

3,464

29,884