2022-11-012023-10-312023-10-31false06725361SPIN RESTAURANTS WALES 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SPIN RESTAURANTS WALES LIMITED

Registered Number
06725361
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

SPIN RESTAURANTS WALES LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

A L B Brunt

Company Secretary

COLES-BRUNT, Richard Alan

Registered Address

Suite 3, The Old Custom House
74 Lower Dock Street
Newport
NP20 1EH

Registered Number

06725361 (England and Wales)
SPIN RESTAURANTS WALES LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4228,232284,216
228,232284,216
Current assets
Stocks517,14821,468
Debtors6280,520175,717
Cash at bank and on hand31,37541,507
329,043238,692
Creditors amounts falling due within one year7(629,038)(544,670)
Net current assets (liabilities)(299,995)(305,978)
Total assets less current liabilities(71,763)(21,762)
Creditors amounts falling due after one year8(46,825)(59,701)
Net assets(118,588)(81,463)
Capital and reserves
Called up share capital100100
Profit and loss account(118,688)(81,563)
Shareholders' funds(118,588)(81,463)
The financial statements were approved and authorised for issue by the Director on 14 August 2024, and are signed on its behalf by:
A L B Brunt
Director
Registered Company No. 06725361
SPIN RESTAURANTS WALES LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings10-
Fixtures and fittings-5
Office Equipment-5
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Due to the covid-19 pandemic and the closure of businesses under UK Government legislation, the business utilized the Government Support schemes: the furlough scheme whereby the Government contributed towards the wage costs of the business, local grants awarded by local authorities and the Eat out to help Scheme. The amounts received are reported under other income in the financial statements. The income is reported in the period that the relief relates to. Other operating income: The business received Covid-19 government support in the financial year of: the Covid grant of £Nil (2022: £26,000).
2.Average number of employees

20232022
Average number of employees during the year4547
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 November 2231,12831,128
At 31 October 2331,12831,128
Amortisation and impairment
At 01 November 2231,12831,128
At 31 October 2331,12831,128
Net book value
At 31 October 23--
At 31 October 22--
4.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 November 22629,692331,232214,2761,175,200
Additions--3,7523,752
At 31 October 23629,692331,232218,0281,178,952
Depreciation and impairment
At 01 November 22399,480300,728190,776890,984
Charge for year23,02124,81511,90059,736
At 31 October 23422,501325,543202,676950,720
Net book value
At 31 October 23207,1915,68915,352228,232
At 31 October 22230,21230,50423,500284,216
5.Stocks

2023

2022

££
Raw materials and consumables17,14821,468
Total17,14821,468
6.Debtors: amounts due within one year

2023

2022

££
Other debtors280,520175,613
Prepayments and accrued income-104
Total280,520175,717
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables517,306350,842
Bank borrowings and overdrafts19,95851,908
Taxation and social security2,50113,155
Finance lease and HP contracts4,5128,521
Other creditors66,994111,197
Accrued liabilities and deferred income17,7679,047
Total629,038544,670
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts39,40647,534
Other creditors7,41912,167
Total46,82559,701
9.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts7,41912,168
10.Directors advances, credits and guarantees
Included in the other creditors is an amount of £66,906 (2022: £111,137) relates to the directors' loan account Mr. A Brunt.
11.Related party transactions
Other debtors include an amount of £247,465 (2022: £147,273), which relates to Spin Restaurants Limited, a company wholly owned by director Mr. Adam Brunt.