Company registration number 14988339 (England and Wales)
CASH SPINNERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CASH SPINNERS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CASH SPINNERS LTD (REGISTERED NUMBER: 14988339)
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
5,400
Tangible assets
4
1,377
6,777
Current assets
Cash at bank and in hand
552
Creditors: amounts falling due within one year
5
(17,376)
Net current liabilities
(16,824)
Net liabilities
(10,047)
Capital and reserves
Called up share capital
6
2
Profit and loss reserves
(10,049)
Total equity
(10,047)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
I Dellaway
Director
CASH SPINNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Cash Spinners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Stables, Station Road, Kenley, Surrey, CR8 5JA.
1.1
Reporting period
The company accounts are presented for a period longer than a year, covering the period from the 07th of July 2023 to the 31st of July 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 fair 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. The principal accounting policies adopted are set out below.
1.3
Going concern
The balance sheet shows net liabilities. The director is the main creditor of the company and has confirmed that he will continue to support the company for the foreseeable future. Therefore, the accounts have been prepared on a going concern basis.true
1.4
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the goods 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. The following criteria also must be met before turnover is recognised.
Turnover for the sale of goods is recognised when all of the following conditions are met: |
- The company has transferred the significant risks and rewards of ownership to the buyer; |
- The amount of turnover can be recognised reliably and; - It is probable that the company will receive the consideration due under the transaction. |
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
- 10% Straight line
CASH SPINNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
- 25% Reducing balance
Computers
- 25% Reducing balance
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Intangible fixed assets
Other
£
Cost
At 7 July 2023
Additions
6,000
At 31 July 2024
6,000
Amortisation and impairment
At 7 July 2023
Amortisation charged for the period
600
At 31 July 2024
600
Carrying amount
At 31 July 2024
5,400
CASH SPINNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 7 July 2023
Additions
388
1,443
1,831
At 31 July 2024
388
1,443
1,831
Depreciation and impairment
At 7 July 2023
Depreciation charged in the period
97
357
454
At 31 July 2024
97
357
454
Carrying amount
At 31 July 2024
291
1,086
1,377
5
Creditors: amounts falling due within one year
2024
£
Other creditors
17,376
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
2
2