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REGISTERED NUMBER: 06683080 (England and Wales)












SPINNAKER SUPPORT LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained Earnings 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Cash Flows 12

Notes to the Consolidated Statement of Cash Flows 13

Notes to the Consolidated Financial Statements 14


SPINNAKER SUPPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: M N Stava



REGISTERED OFFICE: 4 Studley Court
Guildford Road
Chobham
Woking
Surrey
GU24 8EB



REGISTERED NUMBER: 06683080 (England and Wales)



AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR



ACCOUNTANTS: The Dyer Partnership
4 Studley Court
Guildford Road
Chobham
Woking
Surrey
GU24 8EB

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his strategic report of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
Spinnaker Support Limited and its subsidiary undertakings provide third-party support, managed services, and consulting for mid-sized to Fortune 100 global enterprises. The group focuses on the Europe, Middle East, and Africa (EMEA) geographical region. Spinnaker Support Limited is a wholly owned subsidiary of Spinnaker Support LLC.

REVIEW OF BUSINESS
The director is satisfied that the financial statements give a fair review of the group for the financial period and of its position at 31 December 2023.

The results exceeded our expectations for the year as we continue to experience success in the EMEA marketplace and provide our services efficiently and profitably.

PRINCIPAL RISKS AND UNCERTAINTIES
Our primary competitors are the vendors who sell and own the software products we service. These companies are significantly larger than Spinnaker, but we believe our size and employees make us more responsive and valuable to our customers.

FUTURE DEVELOPMENTS
We are always looking for new ways to solve our customers' problems and may add additional service areas in the future.

RESEARCH AND DEVELOPMENTS
The group does not perform any research and development.

KEY PERFORMANCE INDICATOR
As a wholly owned subsidiary, the primary performance indicator for the group is turnover:

2023 2022 Growth %
Turnover £16,113,133 £11,519,373 40%

The growth in turnover was the result of new, and larger customers as compared to the previous year.

ON BEHALF OF THE BOARD:





M N Stava - Director


9 February 2025

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
M N Stava held office during the whole of the period from 1 January 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
There have been no political contributions during the period (2022: £nil).

GOING CONCERN
After making enquiries, the director has reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the group continues to adopt the going concern basis in preparing the financial statements.

In determining whether it is appropriate to adopt going concern basis the directors considered the following factor:

- Funding support provided by the company's parent company

DISCLOSURE IN THE STRATEGIC REPORT
Future developments and principal activities have been disclosed within the strategic report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M N Stava - Director


9 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPINNAKER SUPPORT LIMITED


Opinion
We have audited the financial statements of Spinnaker Support Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPINNAKER SUPPORT LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPINNAKER SUPPORT LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPINNAKER SUPPORT LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Flood FCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

9 February 2025

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

TURNOVER 16,113,133 11,519,373

Cost of sales (13,730,020 ) (10,301,060 )
GROSS PROFIT 2,383,113 1,218,313

Administrative expenses (1,526,742 ) (699,694 )
OPERATING PROFIT 4 856,371 518,619

Interest receivable and similar income 357 -
PROFIT BEFORE TAXATION 856,728 518,619

Tax on profit 5 (204,006 ) (129,871 )
PROFIT FOR THE FINANCIAL YEAR 652,722 388,748

Retained earnings at beginning of year 1,932,357 1,543,609

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

2,585,079

1,932,357

Profit attributable to:
Owners of the parent 652,722 388,748

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 9 6,592,511 5,584,722
Cash at bank 1,135,865 982,313
7,728,376 6,567,035
CREDITORS
Amounts falling due within one year 10 (5,143,197 ) (4,634,578 )
NET CURRENT ASSETS 2,585,179 1,932,457
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,585,179

1,932,457

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 2,585,079 1,932,357
SHAREHOLDERS' FUNDS 2,585,179 1,932,457

The financial statements were approved by the director and authorised for issue on 9 February 2025 and were signed by:





M N Stava - Director


SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 7 - -
Investments 8 56,560 56,560
56,560 56,560

CURRENT ASSETS
Debtors 9 7,496,180 6,473,421
Cash at bank 915,056 815,325
8,411,236 7,288,746
CREDITORS
Amounts falling due within one year 10 (5,134,927 ) (4,630,857 )
NET CURRENT ASSETS 3,276,309 2,657,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,332,869

2,714,449

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 3,332,769 2,714,349
SHAREHOLDERS' FUNDS 3,332,869 2,714,449

Company's profit for the financial year 618,420 504,587

The financial statements were approved by the director and authorised for issue on 9 February 2025 and were signed by:





M N Stava - Director


SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 768,385 622,437
Tax paid (115,701 ) (114,585 )
Net cash from operating activities 652,684 507,852

Cash flows from investing activities
Interest received 357 -
Net cash from investing activities 357 -

Cash flows from financing activities
Movement in intercompany balances (499,489 ) (1,733,594 )
Net cash from financing activities (499,489 ) (1,733,594 )

Increase/(decrease) in cash and cash equivalents 153,552 (1,225,742 )
Cash and cash equivalents at beginning of
year

2

982,313

2,208,055

Cash and cash equivalents at end of year 2 1,135,865 982,313

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023 2022
£ £
Profit before taxation 856,728 518,619
Finance income (357 ) -
856,371 518,619
Increase in trade and other debtors (508,300 ) (538,496 )
Increase in trade and other creditors 420,314 642,314
Cash generated from operations 768,385 622,437

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 1,135,865 982,313
Year ended 31 December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 982,313 2,208,055


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank 982,313 153,552 1,135,865
982,313 153,552 1,135,865
Total 982,313 153,552 1,135,865

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Spinnaker Support Limited 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with "The Financial Reporting Standards 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 far 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents the value, net of value added tax and discounts, of work carried out in respect of services provided to customers in line with a net margin of 10% per the intercompany agreement with the immediate parent company.

Turnover also represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% to 33% Straight line
Fixtures and fittings - Straight line over 3 years

Tangible fixed assets are stated at the cost less accumulated depreciation. Cost represents purchase price together with any incidental costs of acquisition.

The profit 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 recognised in the income statement.

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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
The company operated a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 4,674,593 4,169,325
Social security costs 572,500 506,226
5,247,093 4,675,551

The average number of employees during the year was as follows:
2023 2022

Engineers 29 22
Selling and Admin 13 15
42 37

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

2023 2022
£ £
Director's remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£ £
Other operating leases 192,808 142,506
Auditors' remuneration 13,750 11,500

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 195,395 107,384
Prior year over/under provision 8,572 4,972
Foreign tax - current 39 17,515

Tax on profit 204,006 129,871

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 856,728 518,619
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

214,182

98,538

Effects of:
Expenses not deductible for tax purposes (2,723 ) (475 )
Timing differences 6,177 (13,979 )
Under provision in prior year 8,572 4,972
Foreign tax losses - 23,300
Double taxation relief - 17,515
Utilisation of foreign tax losses (10,196 ) -
Effect of change in corporation tax rate (12,006 ) -
Total tax charge 204,006 129,871

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 January 2023
and 31 December 2023 20,429 4,053 24,482
DEPRECIATION
At 1 January 2023
and 31 December 2023 20,429 4,053 24,482
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

Company
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 January 2023
and 31 December 2023 20,429 4,053 24,482
DEPRECIATION
At 1 January 2023
and 31 December 2023 20,429 4,053 24,482
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 56,560
NET BOOK VALUE
At 31 December 2023 56,560
At 31 December 2022 56,560

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Spinnaker Support Korea Ltd
Registered office: 12F, Serveone Bldg., 2621 Nambusunhwan-ro, Seoul, Republic of Korea
Nature of business: Management consultancy activities
%
Class of shares: holding
Ordinary 100.00


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 2,179,770 1,759,305 2,179,770 1,759,305
Amounts owed by group undertakings 3,874,627 3,375,138 4,778,319 4,270,089
Other debtors 41,400 47,628 41,400 41,400
Prepayments and accrued income 496,714 402,651 496,691 402,627
6,592,511 5,584,722 7,496,180 6,473,421

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade creditors 233,110 123,008 232,730 122,196
Tax 195,663 107,358 195,663 107,358
Social security and other taxes 215,217 242,102 215,217 242,102
VAT 290,843 323,107 290,843 324,323
Other creditors 58,337 47,229 58,107 47,229
Accruals and deferred income 4,150,027 3,791,774 4,142,367 3,787,649
5,143,197 4,634,578 5,134,927 4,630,857

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable
operating leases
2023 2022
£ £
Within one year 76,507 82,800

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

13. RESERVES

Group
Retained
earnings
£

At 1 January 2023 1,932,357
Profit for the year 652,722
At 31 December 2023 2,585,079

SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. RESERVES - continued

Company
Retained
earnings
£

At 1 January 2023 2,714,349
Profit for the year 618,420
At 31 December 2023 3,332,769


14. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent and controlling party is Spinnaker Support LLC, a company incorporated in the United States of America, 5445 DTC Parkway, Suite 850, Greenwood Village, CO 80111. Spinnaker Support LLC owns all the share capital in Spinnaker Support Limited.

Spinnaker Support LLC is the largest group to consolidate these financial statements.