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Company No: 08355701 (England and Wales)

SPINNING PLATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SPINNING PLATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SPINNING PLATES LIMITED

BALANCE SHEET

As at 31 March 2024
SPINNING PLATES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 49,086 55,634
49,086 55,634
Current assets
Stocks 137,308 176,670
Debtors 5 32,517 21,154
Cash at bank and in hand 23,305 19,822
193,130 217,646
Creditors: amounts falling due within one year 6 ( 119,228) ( 126,694)
Net current assets 73,902 90,952
Total assets less current liabilities 122,988 146,586
Creditors: amounts falling due after more than one year 7 ( 14,805) ( 28,171)
Provision for liabilities ( 12,272) ( 13,909)
Net assets 95,911 104,506
Capital and reserves
Called-up share capital 200 200
Share premium account 0 107,900
Profit and loss account 95,711 ( 3,594 )
Total shareholder's funds 95,911 104,506

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Spinning Plates Limited (registered number: 08355701) were approved and authorised for issue by the Board of Directors on 08 October 2024. They were signed on its behalf by:

N Keeling
Director
J P White
Director
SPINNING PLATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SPINNING PLATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Spinning Plates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 15 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 21

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 97,905 97,905
At 31 March 2024 97,905 97,905
Accumulated amortisation
At 01 April 2023 97,905 97,905
At 31 March 2024 97,905 97,905
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 18,894 71,642 21,995 23,001 15,959 151,491
Additions 4,300 0 0 0 0 4,300
At 31 March 2024 23,194 71,642 21,995 23,001 15,959 155,791
Accumulated depreciation
At 01 April 2023 13,490 41,756 15,036 11,890 13,685 95,857
Charge for the financial year 1,528 4,451 1,740 1,653 1,476 10,848
At 31 March 2024 15,018 46,207 16,776 13,543 15,161 106,705
Net book value
At 31 March 2024 8,176 25,435 5,219 9,458 798 49,086
At 31 March 2023 5,404 29,886 6,959 11,111 2,274 55,634

5. Debtors

2024 2023
£ £
Trade debtors 17,091 11,100
Amounts owed by Group undertakings 2,980 2,979
Amounts owed by Parent undertakings 2,696 2,696
Prepayments 9,750 4,379
32,517 21,154

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,140 9,913
Trade creditors 49,519 52,653
Amounts owed to directors 19,998 25,267
Accruals 4,694 4,132
Taxation and social security 28,773 19,470
Obligations under finance leases and hire purchase contracts (secured) 4,235 8,676
Other creditors 1,869 6,583
119,228 126,694

Within obligations under finance leases and hire purchase contracts are hire purchase contracts which are secured against the underlying assets. The carrying value of these assets is £5,219 (2023: £21,155)

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 14,805 24,044
Obligations under finance leases and hire purchase contracts (secured) 0 4,127
14,805 28,171

Within bank loans is the outstanding amount due from a Bounce Back Loan taken out in July 2020. The carrying balance of this loan is £24,946 (2023: £33,956). The UK Government has guaranteed 100% of the value of the loan as well as committing to pay interest and fees for the first 12 months.

8. Ultimate controlling party

Parent Company:

NK Group Holdings Limited
3 Filers Way, Weston Gateway Business Park, Weston-super-Mare, BS24 7JP