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REGISTERED NUMBER: 10580970 (England and Wales)












Financial Statements for the Year Ended 31 December 2023

for

Spintrex Holdings Ltd

Spintrex Holdings Ltd (Registered number: 10580970)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Spintrex Holdings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Ms T Vakula





REGISTERED OFFICE: 5 Stratford Place
London
W1C 1AX





REGISTERED NUMBER: 10580970 (England and Wales)





AUDITORS: Zenith Audit Ltd
Statutory Auditors
First Floor
18 Devonshire Row
London
EC2M 4RH

Spintrex Holdings Ltd (Registered number: 10580970)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes €    €   
CURRENT ASSETS
Stocks 5 480,062 1,004,494
Debtors: amounts falling due within one year 6 1,296,607 1,478,325
Debtors: amounts falling due after more than one
year

6

2,458,697

3,887,627
Cash at bank 209,167 93,469
4,444,533 6,463,915
CREDITORS
Amounts falling due within one year 7 922,170 1,975,337
NET CURRENT ASSETS 3,522,363 4,488,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,522,363

4,488,578

CREDITORS
Amounts falling due after more than one year 8 3,588,645 2,727,759
NET (LIABILITIES)/ASSETS (66,282 ) 1,760,819

CAPITAL AND RESERVES
Called up share capital 9 1,141,478 1,141,478
Retained earnings 10 (1,207,760 ) 619,341
SHAREHOLDERS' FUNDS (66,282 ) 1,760,819

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 January 2025 and were signed by:





Ms T Vakula - Director


Spintrex Holdings Ltd (Registered number: 10580970)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Spintrex Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Euro.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Judgement is required in assessing the appropriateness of the going concern assumption. Further details to support the assessment that the going concern basis is appropriate is provided in note 2.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are:

Determining when the significant risks and rewards have transferred to the customer and a sale is recognised. This has been determined to be upon delivery to the broadcaster and commencement of the licence term.

Determining and recognising bad debt provision for doubtful debts.

Determining whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Turnover
Income represents licence fees receivable from thesales anddistribution of television programmesand the distribution of rights for television channel broadcasting, excluding value added tax.

The company's policy is to recognise licence fee incomefromthe sales and distribution of television programmes once the following criteria are met:

a) a licence agreement has been executed by both parties;
b) delivery to the broadcaster has occurred; and
c) the licence term has commenced.

The licence fee income from the distribution of rights for television channel broadcasting is recognised on monthly basis according to the contract prices. Any licence fees received in advance, which do not meet all of the above criteria, are included in deferred income until the criteria are met. Licence fees granted for a period of time are not recognised over the licence term, rather they are recognised in full in the monthof the start date of the licence term. This accounting treatment is considered the most appropriate since the licence fees are agreed in advance, they are not contingent on any future event, the customer is able to exploit the rights freely and the company has no future performance obligations subsequent to delivery.

All turnover of the company is from outside the UK.

Spintrex Holdings Ltd (Registered number: 10580970)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks represent acquired programming rights held for resale. Recognition of an asset in stock for acquired programming rights occurs on the signing of a contract between the company and the licence seller.

Stocks is recognised as an expense for sold rights in the month of the start date of the licence term. Costs of purchased inventory are determined after deducting rebates and discounts. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Stock is fully written down to zero in the year when the licence expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents comprise cash on deposit and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Bonds are recognised at cost.

Spintrex Holdings Ltd (Registered number: 10580970)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern.
The company continues the distribution of the media content to the existing customers.

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net liabilities amounting to €66,282 (Restated net asset in 2022: €1,760,819) and incurred a net loss of €1,827,101 (Restated profit in 2022: €180,270). The loss for the current accounting period is due to a one-off material trade debtors provision, resulted from the economic decline and banking restrictions in the Ukraine. The directors have concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern

After making necessary provisions, management believes that remaining trade debtors will be recovered in full. The company is actively exploring new trading activities and considering entering digital advertising market to benefit from additional revenue. Furthermore, to improve cash flow, the management of the company started negotiations with suppliers, to extend payment terms to match expected cash flows from customers. The shareholders expressed their willingness to provide financial support for the next 12 months as from the date of approval of the financial statements for the company to meet its current liabilities. Based on the above the director has a reasonable expectation that the company has adequate anticipated resources to continue in operational existence for the foreseeable future. A letter of continuing financial support from the ultimate beneficiary was also obtained. For these reasons, the directors continue to adopt the going concern basis in preparing the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4. AUDITORS' REMUNERATION

The auditor's fees for the audit of the company's financial statements are £12,000 plus VAT (2022: £12,000).

5. STOCKS
31.12.23 31.12.22
as restated
€    €   
Stocks 480,062 1,008,855
Provision for stock impairment - (4,361 )
480,062 1,004,494

Stock represents license rights for television programmes distribution. Old and expired licences were written off in the amount of € 399,649 (2022: € 362,999).

6. DEBTORS
31.12.23 31.12.22
as restated
€    €   
Amounts falling due within one year:
Trade debtors 216,980 295,728
Provision for doubtful debts (75,323 ) (10,833 )
Other debtors 1,142,827 1,167,767
Hawksford client's account 310 314
Accrued income 1,980 15,405
Prepayments 9,833 9,944
1,296,607 1,478,325

Spintrex Holdings Ltd (Registered number: 10580970)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS - continued
31.12.23 31.12.22
as restated
€    €   
Amounts falling due after more than one year:
Trade debtors 5,347,033 5,113,108
Provision for doubtful debts (2,888,336 ) (1,225,481 )
2,458,697 3,887,627

Aggregate amounts 3,755,304 5,365,952

Letters extending terms of payment were negotiated and signed by customers, extending repayment term until 31 December 2026 of €5,347,033 (2022: €5,113,108).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
€    €   
Trade creditors 839,490 1,865,251
Tax - 23,465
VAT 50,964 43,530
Other creditors 221 8,459
Accrued expenses 31,495 34,632
922,170 1,975,337

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
as restated
€    €   
Trade creditors more than 1y 3,588,645 2,727,759

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: as restated
€    €   
1,000,000 Share capital 1 £1 1,141,478 1,141,478

10. RESERVES
Retained
earnings
€   

At 1 January 2023 619,341
Deficit for the year (1,827,101 )
At 31 December 2023 (1,207,760 )

Spintrex Holdings Ltd (Registered number: 10580970)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Milena Mitova (Senior Statutory Auditor)
for and on behalf of Zenith Audit Ltd

12. AUDITOR LIABILITY LIMITATION AGREEMENT

An auditors' limitation of liability agreement has been approved by the members for the financial period ended 31 December 2023. The principal terms and conditions are as below:

- The agreement limit's the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's accounts and pursuant to this agreement the auditor may be guilty in relation to the Company.

- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms T Vakula.