Company Registration No. 03802881 (England and Wales)
SPIN UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPIN UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SPIN UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
46,205
38,334
Current assets
Stocks
5
140,043
216,537
Debtors
6
1,330,947
1,233,475
Cash at bank and in hand
313,536
605,101
1,784,526
2,055,113
Creditors: amounts falling due within one year
7
(578,124)
(963,459)
Net current assets
1,206,402
1,091,654
Total assets less current liabilities
1,252,607
1,129,988
Creditors: amounts falling due after more than one year
8
(95,000)
(155,000)
Provisions for liabilities
(4,243)
(1,807)
Net assets
1,153,364
973,181
Capital and reserves
Called up share capital
9
18,000
18,000
Capital redemption reserve
2,000
2,000
Profit and loss reserves
1,133,364
953,181
Total equity
1,153,364
973,181

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

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 31 July 2024 and are signed on its behalf by:
S L Pow
Director
Company registration number 03802881 (England and Wales)
SPIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Spin UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Oak House, Bromyard Road, Worcester, WR2 5HP.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Turnover represents amounts receivable for goods net of VAT. In respect of long-term contracts, turnover is recognised by reference to the stage of completion and when a right to consideration exists.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

1.3
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant, machinery, fixtures, fittings & equipment
25% straight line
Motor vehicles
25% net book value

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.

1.4
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.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

SPIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Contracts

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks or payments received on account depending on their nature, and provided it is probable they will be recovered.

1.7
Cash at bank and in hand

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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

SPIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
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.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

SPIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.14
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
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 amount 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. In particular as described in the accounting policies turnover on long term projects is recognised on stage of completion having due regard to the costs of completion of the same.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Contracts

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks or payments received on account depending on their nature, and provided it is probable they will be recovered.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Contracts

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

3
Employees

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

2023
2022
Number
Number
Total
29
25
SPIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant, machinery, fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
204,101
42,452
246,553
Additions
26,977
-
0
26,977
At 31 December 2023
231,078
42,452
273,530
Depreciation and impairment
At 1 January 2023
189,816
18,403
208,219
Depreciation charged in the year
13,094
6,012
19,106
At 31 December 2023
202,910
24,415
227,325
Carrying amount
At 31 December 2023
28,168
18,037
46,205
At 31 December 2022
14,285
24,049
38,334
5
Stocks
2023
2022
£
£
Stocks
140,043
216,537
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,278,896
1,204,932
Other debtors
10
19
Prepayments and accrued income
52,041
28,524
1,330,947
1,233,475
SPIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,434
-
0
Other borrowings
60,000
60,000
Payments received on account
137,624
334,791
Trade creditors
111,438
172,733
Amounts owed to group undertakings
32,817
186,636
Corporation tax
33,402
20,108
Other taxation and social security
158,294
133,811
Accruals and deferred income
43,115
55,380
578,124
963,459

National Westminster Bank plc have a fixed and floating charge over the assets of the company in relation to the loan taken out under the Government backed Coronovirus Business Interruption Loan Scheme (CBILS). At the balance sheet date the value of this was £155,000 (2022 - £215,000).

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
95,000
155,000
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
18,000
18,000
18,000
18,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Farebrother BSc(Hons) BFP ACA
Statutory Auditor:
Kendall Wadley LLP
Date of audit report:
31 July 2024
SPIN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
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
£
£
Within one year
93,201
54,402
Between two and five years
279,872
176,772
In over five years
142,500
180,500
515,573
411,674
2023-12-312023-01-01false31 July 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedJ Catala'MirJ M Gines I GibertD R WoodS L PowM A JonesJ B GuitarasS L Powfalsefalse038028812023-01-012023-12-31038028812023-12-31038028812022-12-3103802881core:FurnitureFittings2023-12-3103802881core:MotorVehicles2023-12-3103802881core:FurnitureFittings2022-12-3103802881core:MotorVehicles2022-12-3103802881core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103802881core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103802881core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103802881core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103802881core:CurrentFinancialInstruments2023-12-3103802881core:CurrentFinancialInstruments2022-12-3103802881core:ShareCapital2023-12-3103802881core:ShareCapital2022-12-3103802881core:CapitalRedemptionReserve2023-12-3103802881core:CapitalRedemptionReserve2022-12-3103802881core:RetainedEarningsAccumulatedLosses2023-12-3103802881core:RetainedEarningsAccumulatedLosses2022-12-3103802881bus:CompanySecretaryDirector12023-01-012023-12-3103802881core:FurnitureFittings2023-01-012023-12-3103802881core:MotorVehicles2023-01-012023-12-31038028812022-01-012022-12-3103802881core:FurnitureFittings2022-12-3103802881core:MotorVehicles2022-12-31038028812022-12-3103802881core:Non-currentFinancialInstruments2023-12-3103802881core:Non-currentFinancialInstruments2022-12-3103802881core:WithinOneYear2023-12-3103802881core:WithinOneYear2022-12-3103802881core:BetweenTwoFiveYears2023-12-3103802881core:BetweenTwoFiveYears2022-12-3103802881core:MoreThanFiveYears2023-12-3103802881core:MoreThanFiveYears2022-12-3103802881bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103802881bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103802881bus:FRS1022023-01-012023-12-3103802881bus:Audited2023-01-012023-12-3103802881bus:Director12023-01-012023-12-3103802881bus:Director22023-01-012023-12-3103802881bus:Director32023-01-012023-12-3103802881bus:Director42023-01-012023-12-3103802881bus:Director52023-01-012023-12-3103802881bus:Director62023-01-012023-12-3103802881bus:CompanySecretary12023-01-012023-12-3103802881bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP