Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30falseInvestment HoldingThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4true42022-12-01false 09546999 2022-12-01 2023-11-30 09546999 2021-12-01 2022-11-30 09546999 2023-11-30 09546999 2022-11-30 09546999 c:Director2 2022-12-01 2023-11-30 09546999 d:CurrentFinancialInstruments 2023-11-30 09546999 d:CurrentFinancialInstruments 2022-11-30 09546999 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 09546999 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 09546999 d:ShareCapital 2023-11-30 09546999 d:ShareCapital 2022-11-30 09546999 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 09546999 d:RetainedEarningsAccumulatedLosses 2023-11-30 09546999 d:RetainedEarningsAccumulatedLosses 2022-11-30 09546999 c:FRS102 2022-12-01 2023-11-30 09546999 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 09546999 c:FullAccounts 2022-12-01 2023-11-30 09546999 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09546999 6 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 09546999









SPINSTART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SPINSTART LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
SPINSTART LIMITED
REGISTERED NUMBER: 09546999

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 4 
1,131,612
1,506,612

  
1,131,612
1,506,612

Current assets
  

Cash at bank and in hand
 5 
1,200
1,210

  
1,200
1,210

Creditors: amounts falling due within one year
 6 
(602,909)
(1,002,910)

Net current liabilities
  
 
 
(601,709)
 
 
(1,001,700)

Total assets less current liabilities
  
529,903
504,912

  

Net assets
  
529,903
504,912


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 7 
529,803
504,812

  
529,903
504,912


Page 1

 
SPINSTART LIMITED
REGISTERED NUMBER: 09546999
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2024.




D G Mattey
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
SPINSTART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Spinstart Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 09546999. The address of the registered office is Lawrence House, Goodwyn Avenue, Mill Hill, London, NW7 3RH. The principal activity of the company is that of an investment holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
SPINSTART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments
Page 4

 
SPINSTART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.4
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Fixed asset investments





Investments in subsidiary companies
Loans to subsidiaries
Total

£
£
£



Cost or valuation


At 1 December 2022
56,612
1,450,000
1,506,612


Disposals
-
(375,000)
(375,000)



At 30 November 2023
56,612
1,075,000
1,131,612





5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,200
1,210

1,200
1,210


Page 5

 
SPINSTART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
540,000
900,000

Other creditors
60,000
100,000

Accruals and deferred income
2,909
2,910

602,909
1,002,910



7.


Reserves

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


8.


Related party transactions

During the year there were part repayments of loans which had been provided from/ (to) related parties. At the year end the amounts due from/(to) those related parties were as follows: 


2023
2022
£
£

Entities with control, joint control or significant influence over the entity
(540,000)
(900,000)
Entities that the entity has control, joint control or significant influence over
1,075,000
1,450,000


9.


Controlling party

The Company's ultimate parent company is Orchidbase Limited, a company incorporated in England and Wales.

Page 6