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Spa Net Europe Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 May 2024

Registration number: 12632944

 

Spa Net Europe Ltd

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Spa Net Europe Ltd

(Registration number: 12632944)
Statement of financial position as at 30 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,005

1,339

Current assets

 

Stocks

5

97,125

288,151

Debtors

6

18,334

11,109

Cash at bank and in hand

 

7,751

10,030

 

123,210

309,290

Creditors: Amounts falling due within one year

7

(132,472)

(309,268)

Net current (liabilities)/assets

 

(9,262)

22

Net (liabilities)/assets

 

(8,257)

1,361

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(8,357)

1,261

Shareholders' (deficit)/funds

 

(8,257)

1,361

For the financial year ending 30 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr C Perry
Director

 

Spa Net Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 22 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Spa Net Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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 change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Spa Net Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 May 2023

2,440

2,440

At 30 May 2024

2,440

2,440

Depreciation

At 31 May 2023

1,101

1,101

Charge for the year

334

334

At 30 May 2024

1,435

1,435

Carrying amount

At 30 May 2024

1,005

1,005

At 30 May 2023

1,339

1,339

5

Stocks

2024
£

2023
£

Raw materials and consumables

97,125

288,151

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,252

6,973

Amounts owed by related parties

5,332

3,827

Other debtors

 

11,750

309

   

18,334

11,109

 

Spa Net Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

26,859

186,945

Taxation and social security

3,828

-

Accruals and deferred income

3,425

2,000

Other creditors

98,360

120,323

132,472

309,268

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 share of £1 each

100

100

100

100