Registered number
14201517
Spinners Plymouth Limited
Unaudited Filleted Accounts
31 July 2024
Spinners Plymouth Limited
Registered number: 14201517
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 639,412 204,188
Current assets
Debtors 4 147,652 179,705
Cash at bank and in hand 10,954 65,766
158,606 245,471
Creditors: amounts falling due within one year 5 (986,580) (318,302)
Net current liabilities (827,974) (72,831)
Total assets less current liabilities (188,562) 131,357
Creditors: amounts falling due after more than one year 6 (145,833) (195,833)
Net liabilities (334,395) (64,476)
Capital and reserves
Called up share capital 2 2
Profit and loss account (334,397) (64,478)
Shareholder's funds (334,395) (64,476)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Bylett
Director
Approved by the board on 21 February 2025
Spinners Plymouth Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Debtors
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.
Creditors
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Going concern
These financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support of the director.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 222,923
Additions 713,692
At 31 July 2024 936,615
Depreciation
At 1 August 2023 18,735
Charge for the year 278,468
At 31 July 2024 297,203
Net book value
At 31 July 2024 639,412
At 31 July 2023 204,188
4 Debtors 2024 2023
£ £
Other debtors 147,652 179,705
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 50,000 50,000
Trade creditors 17,136 16,485
Amounts owed to group undertakings and undertakings in which the company has a participating interest 895,017 150,322
Taxation and social security costs 4,200 -
Other creditors 20,227 101,495
986,580 318,302
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 145,833 195,833
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 195,833 245,833
The bank loan is secured by a fixed and floating charge over all assets.
8 Controlling party
Spinners Plymouth Limited is controlled by:

Spinners Group Limited
27 Old Gloucester Street
London
WC1N 3AX
9 Other information
Spinners Plymouth Limited is a private company limited by shares and incorporated in England. Its registered office is:
19A Station Raod
Ascot
Berkshire
SL5 0QL
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