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Registered number: 12660335
Spinwoods Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 12660335
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 352,895 695,775
352,895 695,775
CURRENT ASSETS
Debtors 5 121,967 234
Cash at bank and in hand 17,047 18,873
139,014 19,107
Creditors: Amounts Falling Due Within One Year 6 (318,229 ) (263,392 )
NET CURRENT ASSETS (LIABILITIES) (179,215 ) (244,285 )
TOTAL ASSETS LESS CURRENT LIABILITIES 173,680 451,490
Creditors: Amounts Falling Due After More Than One Year 7 (269,999 ) (520,949 )
NET LIABILITIES (96,319 ) (69,459 )
CAPITAL AND RESERVES
Called up share capital 8 20 20
Profit and Loss Account (96,339 ) (69,479 )
SHAREHOLDERS' FUNDS (96,319) (69,459)
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Gurtej Gill
Director
10 December 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2022 20 (43,531 ) (43,511)
Loss for the year and total comprehensive income - (25,948 ) (25,948)
As at 31 July 2023 and 1 August 2023 20 (69,479 ) (69,459)
Loss for the year and total comprehensive income - (26,860 ) (26,860)
As at 31 July 2024 20 (96,339 ) (96,319)
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Spinwoods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12660335 . The registered office is 45 Station Road, Longfield, Kent, DA3 7QD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold over 50 years
Leasehold over the lease term
Plant & Machinery over 5 years
Fixtures & Fittings over 5 years
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Foreign Currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.9. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2.12. 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.
2.13. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Investment Property
2024
£
Fair Value
As at 1 August 2023 695,775
Additions 354,995
Disposals (697,875 )
As at 31 July 2024 352,895
Page 5
Page 6
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 4,755 214
Other debtors 117,192 -
Called up share capital not paid 20 20
121,967 234
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 4,201
VAT 4,719 34
Other creditors 279,500 214,500
Accruals and deferred income 2,917 2,917
Directors' loan accounts 16,593 7,240
Amounts owed to group undertakings 14,500 34,500
318,229 263,392
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 269,999 520,949
8. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 20 20
Amount of Allotted, Called Up Share Capital 20 20
Page 6