Company registration number 04231536 (England and Wales)
SPINKO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SPINKO LIMITED
COMPANY INFORMATION
Directors
Mr S P Spinks
Mr P D Spinks
Secretary
Ms A J Shea
Company number
04231536
Registered office
The Innovation Centre
Westland Road
Leeds
LS11 5SB
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
SPINKO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 39
SPINKO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Principal activities

The principal activity of the group continued to be the manufacture of luxury beds and mattresses for premier retailers along with pocket spring and write manufacturer for the furniture and bedding industry.

Review of the business

The directors report that this was a mixed performance for the Group. Whilst HS Products Ltd (the components division) had a challenging year with both a decline in sales and a reduction in operating profit. The Harrison Spinks Beds division had a strong year with strong growth in both sales and operating profit. Harrison Spinks Beds Ltd has seen increased bottom-line performance through a combination of sales growth, brand development and business efficiency initiatives. Sales overall grew 6% across all sales channel, through both our UK channels and internationally. UK sales were bolstered by successful new range launches with all our key customers, with the introduction of our Cortec™ glue free pocket spring system. Our international performance continues to improve, driven by a strategic review, leveraging the strong Harrison Spinks brand story and more tailored product ranges to meet the specific needs of our international customers. Our rest of world sales have grown by over 40% during this period.

The impact of business efficiency initiatives during this period has been significant in terms of contribution to the overall results. Through a combination of operational and quality improvements (including the new spring technology) we have seen a significant improvement on our return rates. Other initiatives which have had a positive impact are logistics management, weaving developments (with the introduction of new warping capabilities) and waste management across all aspects of our business.

We are proud of the unique position we hold in the UK and wider bed and mattress market. The Harrison Spinks brand position has been enhanced with the launch of the ‘Cut from a different cloth’ marketing campaign, which clearly differentiates us in a busy and competitive market sector. We continue to invest in our people, who at the heart of our unique business. We have increased training and enhanced colleague benefits in many areas. Additionally, we have streamlined our management team which allow us to operate in a dynamic and agile manner, to address the various challenges the business needs to address to drive the business forward. To help drive future growth, we continue to invest in innovation and sustainability initiatives, which will see the introduction of further new spring technologies and the installation of our ground breaking fillings machinery which will keep Harrison Spinks at the forefront of luxury, natural and handcrafted bed and mattresses.

The components division (HS Products Ltd) has seen a significant decline in sales for this financial year, down 17.5% from the previous year. This is mainly due to certain key customers seeing a decline in their volumes along with opting for lower value products. Through this challenging trading period, strict control of costs was needed to ensure the company remained profitable with a declining turnover. This resulted in an adverse financial result than the previous year with operating profit down 25.6% against last year. This was then further assisted by a number of Innovate UK grant funded projects, relating to digitisation of our wire drawing facility, introduction of our microcoil technology into automotive seats and latterly rail seating, resulting in profit before tax being 10.2% down on last year. During this trading period, the business faced a number of challenges with regard to importing raw materials from China, due to significantly increasing container costs and delays to shipping times. This also impacted a number of our export customers who saw their delivered prices for our goods increase.

We continued to invest in future innovations in the groups coil and wire drawing operations. Movement of wire drawing lines from the main site in Leeds were relocated to the wire drawing facility in Scunthorpe to enable this site to be the main site for this production. Through the digitisation project, we have been able to start the process of further improving our wire quality. This is critical in allowing us to produce the straightest, most consistent wire in our industry to run on our coiling equipment. Our development department continued to work on next generation coiling and coil assembly machinery.

At Harrison Spinks, innovation continues to be key to our future success. Continually evolving glue-free pocket spring systems is key to our success. We have a global reputation to uphold, and whilst we are often copied, we need to stay ahead of the competition. Our spend on intellectual property during the financial period is significant, and this is to help ensure our competitors are unable to directly or indirectly copy what we design within our company. We have continued to invest in brand building to set the core pillars for the next chapter in the growth and development of the Spinks brand. We are passionate about changing the way the world sits and sleeps and are driven by our vision to be world leaders in comfort through our sustainable and innovative technology.

SPINKO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Sustainability

As our vision is to be ‘world leaders in comfort through our sustainable and innovative technology’, we are committed to leading the industry on circularity. Our business is getting noticed globally for offering sustainable solutions and this is very much our strategic focus for future years. Our annual Impact Report was published in April 24, demonstrates our integrated ESG approach and plan to become the most responsible manufacturers and leading the way in circularity. We continue to be committed sourcing traceable ethical products and are focused on reducing our carbon footprint by working closely with our suppliers (particularly steel), reducing embedded carbon and steel mass in our current and new innovations.

 

We are also immensely proud to be awarded the King’s Award for Sustainability (April 24) which sits alongside our King’s Award for Innovation.

 

Principal risks and uncertainties

The group ensures that in all of its commercial and operational dealings, risk mitigation is a major factor and is reviewed and considered at all times. The main risks facing the group arises from uncertainties regarding raw material costs and the UK economy and therefore the resulting impact of this on both profitability and margins. Energy prices have continued to rise during this period and measures to minimise energy usage has been widespread throughout the group.

The group continues to look for new opportunities and areas of efficiency and development. The directors are confident that through the strict control of overheads and taking advantage of opportunities in the market place as and when they arise, the business will continue to maintain its performance in the current economic climate. Cost-cutting across the whole group was a major focus during the period to ensure that we could make savings at a time when costs were increasing. By diversifying into transportation and upholstered seating, we help mitigate the risks imposed from the global mattress market we predominantly supply.

 

Employment has been an issue during the period with rising wage costs and employees being enticed away from our business. Further improvements to our overall employment benefits have been looked at with a commitment to try to improve year on year where financially possible, these include a “wellbeing day” for all staff along with increased pension contributions.

Key performance indicators

 

KPI            2024        2023        Measure

Turnover (£)        52,044,544    49,488,204    Sales in Year

Gross profit %        41.4%        35.5%        Gross profit/sales

Profit before tax %    16.5%        6.4%     Profit before tax/sales

 

The directors meet regularly to review all the key performance indicators ensuring that the company is maximising its added value in each of the key areas. The main measures that are used include revenue growth, operating margins and free cash flow. In addition to this, the changing landscape of costs over the years has meant forecasting has been employed to a greater extent which allows us to continue to deliver greater value to our customers.

 

As well as the financial KPIs adopted, the directors are also committed to certain non-financial KPIs in order to manage the impact of the business on its stakeholders. There is a commitment to customer satisfaction through the use of Quality monitoring initiatives. There is also a big focus on retaining quality staff as we understand that an essential element of delivering a consistent, reliable product and service is retaining key people and providing appropriate training.

SPINKO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Directors' statement of compliance with duty to promote the success of the Company

The board of directors of Spinko Limited consider that both individually and together for the year ended 30 June 2024 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefit of its members and stakeholders as a whole and, in doing so, to have regard (amongst other matters) to:

 

 

The directors recognise that the business is reliant on maintaining its reputation for high standards of delivery, conduct, professionalism and care for its employee and this is always given high priority. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this, whether in the short term or long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose. This is taken into consideration in boardroom discussions and decisions.

 

The Board has always highlighted that the loyal and dedicated skilled workforce is a key part of our success. Continuing to invest in our workforce, ensuring their safety and regular engagement with them is a key part to our management approach. Where improvement to employment benefits are possible, the board with endeavour to improve where financially possible.

Building a sustainable business for the future

The directors recognise the success and reputation of business relies on positive relationships with all its stakeholders including colleagues, customers and suppliers, all of whom have an interest in our business and the impact of the decisions we take.

As a business we are committed to leading the way on manufacturing quality products with sustainability at the heart of our offer. Our strategy to be ‘world leaders in comfort through our sustainable and innovative technology’ will ensure we are building the business with solid foundations and values for the benefit of future generations.

Colleagues – We recognise the enormous contribution of all our colleagues and the success and growth of the business is heavily dependent on their contribution. We massively value their passion and commitment and are grateful for the support shown during the year. We are committed to the training and development of colleagues across the business and will look to introduce a formal appraisal system in the next financial year.


Customers – Providing quality products and services is at the core of our vison as we aim to be their most trusted partner. Providing our valued customers with market leading, innovative and sustainable mattresses, springs and wire is central to our success and allows us to stand out in a competitive market. Working in partnership with customers to provide quality differentiated and exclusive products where appropriate will drive our future success.


Suppliers – We value the contribution from our trusted and valued suppliers and the part they play in heling us to provide the highest quality and most sustainable products in the market.

On behalf of the board

Mr S P Spinks
Director
23 May 2025
SPINKO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S P Spinks
Mr P D Spinks
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Post reporting date events

Subsequent to the year end, ultimate control of Harrison Spinks Beds Ltd by virtue of majority shareholding was transferred to an Employee Ownership Trust, promoting long-term stability and ensuring that staff are beneficiaries of future profit.

Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

SPINKO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Energy and carbon report

The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 implemented the government's policy on Streamline Energy and Carbon Reporting (SECR). The Regulations came into effect on 1 April 2019 and the group is required to report the emissions and energy consumption for this year to 30 June 2024 to coincide with the financial reporting period.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
8,666,511
8,347,165
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
655.96
1,451.44
- Fuel consumed for owned transport
845.21
-
1,501.17
1,451.44
Scope 2 - indirect emissions
- Electricity purchased
798.28
1,060.76
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
91.42
72.10
Total gross emissions
2,390.87
2,584.30
Intensity ratio
Tonnes CO2e per £million turnover
52.74
44.87
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The overall footprint is lower and tonnes CO2e per £million of turnover has reduced to 45.98 (2023 - 52.74). This is as a result of the group successfully continuing a scheme of replacing fleet vehicles with low emission electric alternatives during the financial year.

 

The group intends to reduce its emissions further through tree planting schemes and increased electrification of owned vehicles. The company will also be looking to swap all energy tariffs to renewable alternatives in line with contract renewal periods.

 

These strategies, alongside other ongoing initiatives such as ensuring lighting is energy efficient and machines such as compressors are more energy efficient, will ensure the group continues to meet its objectives of reducing its carbon footprint.

SPINKO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr S P Spinks
Director
23 May 2025
SPINKO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

SPINKO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPINKO LIMITED
- 8 -
Opinion

We have audited the financial statements of Spinko Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

SPINKO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPINKO LIMITED
- 9 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SPINKO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPINKO LIMITED
- 10 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Jessica Lawrence (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
26 May 2025
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
SPINKO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
52,044,544
49,488,204
Cost of sales
(30,492,452)
(31,920,982)
Gross profit
21,552,092
17,567,222
Distribution costs
(5,883,183)
(6,766,240)
Administrative expenses
(9,650,873)
(8,513,873)
Other operating income
728,183
71,916
Operating profit
4
6,746,219
2,359,025
Share of profits of joint ventures
298,444
65,205
Interest receivable and similar income
8
1,240,697
771,925
Interest payable and similar expenses
9
(23,672)
(26,153)
Fair value gains on investment properties
14
331,943
-
0
Profit before taxation
8,593,631
3,170,002
Tax on profit
10
(4,017,604)
121,943
Profit for the financial year
26
4,576,027
3,291,945
Other comprehensive income
Currency translation loss taken to retained earnings
(22,933)
(33,449)
Total comprehensive income for the year
4,553,094
3,258,496
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 17 to 39 form part of these financial statements.

SPINKO LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
30 June 2024
25 June 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
366,992
521,300
Tangible assets
13
21,550,206
24,145,448
Investment properties
14
11,973,720
11,641,777
Investments
15
1,867,775
2,015,307
35,758,693
38,323,832
Current assets
Stocks
18
3,785,201
3,566,445
Debtors falling due after more than one year
19
10,045,860
7,986,505
Debtors falling due within one year
19
13,959,560
14,070,774
Cash at bank and in hand
14,115,536
6,931,324
41,906,157
32,555,048
Creditors: amounts falling due within one year
20
(11,964,545)
(9,140,382)
Net current assets
29,941,612
23,414,666
Total assets less current liabilities
65,700,305
61,738,498
Creditors: amounts falling due after more than one year
21
(483,778)
(698,063)
Provisions for liabilities
Deferred tax liability
23
2,136,998
2,514,000
(2,136,998)
(2,514,000)
Net assets
63,079,529
58,526,435
Capital and reserves
Called up share capital
25
101,000
101,000
Foreign exchange reserves
26
802,054
824,987
Profit and loss reserves
26
62,176,475
57,600,448
Total equity
63,079,529
58,526,435
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
23 May 2025
Mr S P Spinks
Director
Company registration number 04231536 (England and Wales)
SPINKO LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 13 -
30 June 2024
25 June 2023
Notes
£
£
£
£
Fixed assets
Investment properties
14
21,155,359
21,155,359
Investments
15
1,381,283
1,381,283
22,536,642
22,536,642
Current assets
Debtors falling due after more than one year
19
10,045,860
7,986,505
Debtors falling due within one year
19
11,007,987
11,687,780
Cash at bank and in hand
1,687,054
816,580
22,740,901
20,490,865
Creditors: amounts falling due within one year
20
(1,895,217)
(542,782)
Net current assets
20,845,684
19,948,083
Total assets less current liabilities
43,382,326
42,484,725
Creditors: amounts falling due after more than one year
21
(483,778)
(698,063)
Provisions for liabilities
Deferred tax liability
23
1,187,043
1,119,000
(1,187,043)
(1,119,000)
Net assets
41,711,505
40,667,662
Capital and reserves
Called up share capital
25
101,000
101,000
Profit and loss reserves
26
41,610,505
40,566,662
Total equity
41,711,505
40,667,662

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,043,843 (2023 - £3,056,826 profit).

The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
23 May 2025
Mr S P Spinks
Director
Company registration number 04231536 (England and Wales)
SPINKO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Foreign exchange reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 27 June 2022
101,000
858,436
54,308,503
55,267,939
Year ended 25 June 2023:
Profit for the year
-
-
3,291,945
3,291,945
Other comprehensive income:
Currency translation differences
-
(33,449)
-
(33,449)
Total comprehensive income
-
(33,449)
3,291,945
3,258,496
Balance at 25 June 2023
101,000
824,987
57,600,448
58,526,435
Year ended 30 June 2024:
Profit for the year
-
-
4,576,027
4,576,027
Other comprehensive income:
Currency translation differences
-
(22,933)
-
(22,933)
Total comprehensive income
-
(22,933)
4,576,027
4,553,094
Balance at 30 June 2024
101,000
802,054
62,176,475
63,079,529
SPINKO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 27 June 2022
101,000
37,509,836
37,610,836
Year ended 25 June 2023:
Profit and total comprehensive income for the year
-
3,056,826
3,056,826
Balance at 25 June 2023
101,000
40,566,662
40,667,662
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,043,843
1,043,843
Balance at 30 June 2024
101,000
41,610,505
41,711,505
SPINKO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
7,450,847
3,624,177
Interest paid
(23,672)
(26,153)
Income taxes paid
(494,480)
(320,071)
Net cash inflow from operating activities
6,932,695
3,277,953
Investing activities
Purchase of intangible assets
(138,055)
(475,017)
Purchase of tangible fixed assets
(1,477,947)
(4,181,942)
Proceeds from disposal of tangible fixed assets
599,196
2,671,298
Purchase of investment property
-
(207,127)
Proceeds from disposal of investment property
-
225,000
Receipts from joint ventures
397,172
1,248,418
Interest received
1,240,697
771,925
Other gains and losses
-
0
(256,508)
Net cash generated from/(used in) investing activities
621,063
(203,953)
Financing activities
Proceeds from borrowings
-
1,000,000
Repayment of borrowings
(208,480)
(109,715)
Net cash (used in)/generated from financing activities
(208,480)
890,285
Net increase in cash and cash equivalents
7,345,278
3,964,285
Cash and cash equivalents at beginning of year
6,793,191
2,828,906
Effect of foreign exchange rates
(22,933)
-
0
Cash and cash equivalents at end of year
14,115,536
6,793,191
Relating to:
Cash at bank and in hand
14,115,536
6,931,324
Bank overdrafts included in creditors payable within one year
-
(138,133)
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

Spinko Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Innovation Centre, Westland Road, Leeds, LS11 5SB.

 

The group consists of Spinko Limited and all of its subsidiaries.

1.1
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.

The financial statements are prepared in pound 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 the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being the parent of a group that prepares publicly available consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS102 which permit it to not present details of its transactions with members of the group where relevant group companies are all wholly owned.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Spinko Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Turnover from the sale of beds, mattresses and springs is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.6
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Computer Software
3 years straight line
Patents
10 years straight line
Development
10 years straight line
1.7
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:

Freehold land and buildings
50 or 100 years straight line
Leasehold improvements
50 years straight line
Plant and equipment
7 years straight line
Motor vehicles
3 or 4 years straight line

Freehold land and assets in the course of construction are not depreciated.

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 recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash at bank and in hand 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
Foreign exchange

Transactions in currencies other than pound sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -
1.21

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing for indicators of impairment

In assessing whether there have been any indicators of impairment to any assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 25 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of receivables

The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

Recoverability of stock

The company establishes a provision for stocks that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the stocks, damaged and or obsolete stocks and past experience of recoverability.

Determining residual values and useful economic lives of tangible and intangible assets

The group depreciates tangible assets, and amortises intangible assets over their useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The estimation of useful lives of intangible assets is based on any contractual or legal rights associated with the assets, or the period in which the group expects to use the asset if shorter.

 

Judgement is also applied when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.

Valuation of investment property

The group makes estimates of the open market value of investment properties. Management takes into account advice from third parties, including valuations performed externally for loan security purposes and by using all knowledge and information available.

Credit note provisions

The company establishes a provision for credit notes to be given retrospectively to customers. These are often based on historic levels of provisions given and therefore can be subject to a degree of management judgement.

 

Rebate provisions

A certain level of estimation or judgement is required for certain agreements in assessing the level of qualifying sales and whether performance obligations have been met, which in turn drive the obligation to make payments to customers. This estimation is based on historical actual sales or projections. The group only recognises rebate agreements where there is documented evidence of an agreement with an individual customer and when associated performance conditions are met.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
3
Turnover and other revenue

Turnover is wholly attributable to the principal activities of the group.

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
46,669,029
45,003,358
Rest of Europe
2,218,277
2,716,907
Rest of the World
3,157,238
1,767,939
52,044,544
49,488,204
2024
2023
£
£
Other revenue
Interest income
1,240,697
771,925
Grants received
281,205
-
Rental income arising from investment properties
90,974
90,974
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
1,600
2,041
Government grants
(281,205)
-
Depreciation of owned tangible fixed assets
3,629,216
3,704,671
Impairment of owned tangible fixed assets
208,709
-
Profit on disposal of tangible fixed assets
(363,932)
(17,296)
Amortisation of intangible assets
256,504
362,438
Impairment of intangible assets
35,859
-
0
Operating lease charges
810,072
728,665
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
63,350
60,300
For other services
Taxation compliance services
7,650
7,250
Other taxation services
22,500
25,500
All other non-audit services
26,071
21,390
56,221
54,140
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Manufacturing
383
440
-
-
Administration
80
39
2
2
Selling
54
73
-
-
Total
517
552
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
18,048,232
17,640,951
153,950
127,030
Social security costs
1,603,776
1,621,478
8,064
11,106
Pension costs
552,504
739,781
330
-
0
20,204,512
20,002,210
162,344
138,136

The company has no employees other than the directors (see note 7).

7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
226,469
258,247
Company pension contributions to defined contribution schemes
1,355
-
227,824
258,247
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
204,424
124,556
Company pension contributions to defined contribution schemes
1,355
-
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
870,519
-
0
Bank and other interest receivable
370,178
771,925
Total income
1,240,697
771,925
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
23,672
26,153
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,170,180
855,357
Adjustments in respect of prior periods
1,556,161
(1,197,000)
Total UK current tax
3,726,341
(341,643)
Adjustments in foreign tax in respect of prior periods
103,265
-
0
Total current tax
3,829,606
(341,643)
Deferred tax
Origination and reversal of timing differences
159,108
(766,800)
Adjustment in respect of prior periods
28,890
986,500
Total deferred tax
187,998
219,700
Total tax charge/(credit)
4,017,604
(121,943)
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 29 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
8,593,631
3,170,002
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
2,148,408
649,850
Tax effect of expenses that are not deductible in determining taxable profit
152,084
140,443
Tax effect of income not taxable in determining taxable profit
-
0
(1,574)
Adjustments in respect of prior years
1,776,258
(1,198,664)
Depreciation on assets not qualifying for tax allowances
-
0
22,544
Chargeable gains/losses
-
0
12,566
Other timing differences
-
0
252,892
Fixed asset differences
(59,146)
-
0
Taxation charge/(credit)
4,017,604
(121,943)
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Intangible assets
12
35,859
-
Property, plant and equipment
13
208,709
-
Recognised in:
Distribution costs
15,672
-
Administrative expenses
228,896
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
12
Intangible fixed assets
Group
Computer Software
Patents
Development
Total
£
£
£
£
Cost
At 26 June 2023
2,193,325
85,000
119,085
2,397,410
Additions
138,055
-
0
-
0
138,055
At 30 June 2024
2,331,380
85,000
119,085
2,535,465
Amortisation and impairment
At 26 June 2023
1,672,417
84,608
119,085
1,876,110
Amortisation charged for the year
256,112
392
-
0
256,504
Impairment losses
35,859
-
0
-
0
35,859
At 30 June 2024
1,964,388
85,000
119,085
2,168,473
Carrying amount
At 30 June 2024
366,992
-
0
-
0
366,992
At 25 June 2023
520,908
392
-
0
521,300
The company had no intangible fixed assets at 30 June 2024 or 25 June 2023.
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Assets under construction
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 26 June 2023
13,952,803
710,408
1,942,313
28,353,799
1,042,212
46,001,535
Additions
148,792
-
0
431,844
832,596
64,715
1,477,947
Disposals
-
0
-
0
(122,959)
(639,466)
-
0
(762,425)
Transfers
-
0
-
0
(603,770)
603,770
-
0
-
0
At 30 June 2024
14,101,595
710,408
1,647,428
29,150,699
1,106,927
46,717,057
Depreciation and impairment
At 26 June 2023
3,354,429
50,927
-
0
17,472,500
978,231
21,856,087
Depreciation charged in the year
374,659
14,208
-
0
3,213,552
26,797
3,629,216
Impairment losses
-
0
-
0
-
0
193,037
15,672
208,709
Eliminated in respect of disposals
-
0
-
0
-
0
(527,161)
-
0
(527,161)
At 30 June 2024
3,729,088
65,135
-
0
20,351,928
1,020,700
25,166,851
Carrying amount
At 30 June 2024
10,372,507
645,273
1,647,428
8,798,771
86,227
21,550,206
At 25 June 2023
10,598,374
659,481
1,942,313
10,881,299
63,981
24,145,448
The company had no tangible fixed assets at 30 June 2024 or 25 June 2023.
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 26 June 2023 and 30 June 2024
11,641,777
21,155,359
Net gains or losses through fair value adjustments
331,943
-
At 30 June 2024
11,973,720
21,155,359

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 24 February 2022 by Eddisons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
1,231,283
1,231,283
Investments in joint ventures
17
1,676,572
1,824,104
-
0
-
0
Unlisted investments
191,203
191,203
150,000
150,000
1,867,775
2,015,307
1,381,283
1,381,283
Movements in fixed asset investments
Group
Shares in joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 26 June 2023
1,824,104
191,203
2,015,307
Dividends
(397,172)
-
(397,172)
Provision for unrealised profit
(60,337)
-
(60,337)
Foreign exchange movement
11,533
-
11,533
Share of profit
298,444
-
298,444
At 30 June 2024
1,676,572
191,203
1,867,775
Carrying amount
At 30 June 2024
1,676,572
191,203
1,867,775
At 25 June 2023
1,824,104
191,203
2,015,307
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 26 June 2023 and 30 June 2024
1,231,283
150,000
1,381,283
Carrying amount
At 30 June 2024
1,231,283
150,000
1,381,283
At 25 June 2023
1,231,283
150,000
1,381,283
16
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Subsidiaries
(Continued)
- 33 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
HS Products Ltd
6 Millennium Drive, Leeds, West Yorkshire, England, LS11 5BP
Ordinary
100.00
Harrison Spinks Beds Ltd
The Innovation Centre, Westland Road, Leeds, England, LS11 5SB
Ordinary
100.00
Spink & Edgar Limited*
As above
Ordinary
100.00
Somnus Limited*
As above
Ordinary
100.00
A.Harrison (Bedding) Limited*
As above
Ordinary
100.00
Harrison Spinks US Inc.
2711 Centerville Road, Suite 400, City of Willmington, Delaware 19808, County of New Castle
Ordinary
100.00

*Dormant subsidiaries

17
Joint ventures

Details of material joint ventures at 30 June 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
HS2 LLC
235 2nd Avenue NW, Hickory, North Carolina 28601, USA
Ordinary
50.00
Sibose LLC
2830 NE 29th Street, Fort Lauderdale, Florida 33306, USA
Ordinary
33.33
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,882,558
2,665,377
-
-
Work in progress
48,535
20,862
-
-
Finished goods and goods for resale
854,108
880,206
-
0
-
0
3,785,201
3,566,445
-
-
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,182,502
5,129,911
37,822
187,396
Amounts owed by group undertakings
-
-
5,809,979
5,141,269
Amounts owed by undertakings in which the company has a participating interest
396,957
403,311
30,623
581,948
Other debtors
5,953,760
6,588,008
5,129,563
5,777,167
Prepayments and accrued income
1,426,341
1,384,544
-
0
-
0
13,959,560
13,505,774
11,007,987
11,687,780
Deferred tax asset (note 23)
-
0
565,000
-
0
-
0
13,959,560
14,070,774
11,007,987
11,687,780
Amounts falling due after more than one year:
Other debtors
10,045,860
7,986,505
10,045,860
7,986,505
Total debtors
24,005,420
22,057,279
21,053,847
19,674,285

Amounts owed by group undertakings are interest free and repayable upon demand.

 

Other debtors due after more than one year relate to loans to connected companies. Loan 'B' accrues interest at 8% per annum and is repayable in full on 1 March 2029. Loan 'A' accrues interest at 6% per annum plus base rate and is repayable in full on 14 May 2031. Loan 'C' accrues interest at 6% per annum plus base rate and is repayable by instalments over the period to 31 August 2033.

20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
-
0
138,133
-
0
-
0
Other borrowings
22
198,027
192,222
198,027
192,222
Trade creditors
3,079,216
3,412,551
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
801,469
-
0
Corporation tax payable
3,344,645
9,519
208,041
81,844
Other taxation and social security
1,625,871
1,283,424
54,035
16,661
Other creditors
693,132
1,435,666
73,666
238,024
Accruals and deferred income
3,023,654
2,668,867
559,979
14,031
11,964,545
9,140,382
1,895,217
542,782
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
22
483,778
698,063
483,778
698,063
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
-
0
138,133
-
0
-
0
Other loans
681,805
890,285
681,805
890,285
681,805
1,028,418
681,805
890,285
Payable within one year
198,027
330,355
198,027
192,222
Payable after one year
483,778
698,063
483,778
698,063

The long-term loans are secured by fixed charges over certain freehold land and buildings.

Interest is charged at 2.75% annually. The loan will mature in October 2027 and will be repaid via monthly instalments up until that date.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
1,903,366
2,555,000
-
565,000
Investment property
233,632
(41,000)
-
-
2,136,998
2,514,000
-
565,000
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
962,604
895,000
-
-
Investment property
224,439
224,000
-
-
1,187,043
1,119,000
-
-
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Deferred taxation
(Continued)
- 36 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 26 June 2023
1,949,000
1,119,000
Charge to profit or loss
187,998
68,043
Liability at 30 June 2024
2,136,998
1,187,043

The deferred tax liability set out above is expected to reverse in line with the useful life of the assets against which the capital allowances are allocated.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
552,504
739,781

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary A shares of £1 each
100,000
100,000
100,000
100,000
101,000
101,000
101,000
101,000

Dividends may be declared and paid on Ordinary shares only or on both classes of shares as the directors determine.

Each Ordinary share carries an entitlement to one vote whilst each Ordinary A share is entitled to 0.001 votes.

 

On a winding up of the company, any surplus remaining after all debts and obligations have been settled shall belong to and will be distributed to the holders of Ordinary shares only.

26
Reserves
Profit and loss reserves

This reserve represents cumulative retained profits and losses less dividends paid.

 

Foreign exchange reserve

The reserve represents foreign exchange differences on the year end foreign exchange balances within equity.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 37 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
459,637
308,151
-
-
Between two and five years
864,061
675,598
-
-
1,323,698
983,749
-
-
28
Financial commitments, guarantees and contingent liabilities

A cross guarantee has been provided by Spinko Limited, HS Products Ltd and Harrison Spinks Beds Ltd in respect of group borrowings. At 30 June 2024 this amounted to £Nil (2023 - £138,133).

29
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities under common control
36,547
3,134,167
162,966
173,460
Entities over which the group has control, joint control or significant influence
245,602
1,275,944
35,660
133,159
Other related parties
90,974
-
-
46,554

The total remuneration of key management personnel in respect of services to the group amount ot £902,343 in respect of 6 employees (2023 - £258,247 in respect of 2 employees being the directors of the company).

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities under common control
11,173
131,015
Entities over which the group has control, joint control or significant influence
-
87,829
SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
29
Related party transactions
(Continued)
- 38 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities under common control
12,991,995
11,335,796
Entities over which the group has control, joint control or significant influence
1,044,258
581,948
Other related parties
1,665,177
1,620,678

Amounts due from entities under common control accrued interest of £870,519 (2023 - £622,326).

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

2024
2023
£
£
Group
Entities over which the group has control, joint control or significant influence
-
361,811
30
Events after the reporting date

Subsequent to the year end, ultimate control of Harrison Spinks Beds Ltd by virtue of majority shareholding was transferred to an Employee Ownership Trust.

31
Controlling party

In the opinion of the directors, there is no single controlling party.

SPINKO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 39 -
32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,576,027
3,291,945
Adjustments for:
Share of results of associates and joint ventures
(298,444)
(65,205)
Taxation charged/(credited)
4,017,604
(121,943)
Finance costs
23,672
26,153
Investment income
(1,240,697)
(771,925)
Other non-cash movements from transactions with joint ventures
48,804
-
0
Gain on disposal of tangible fixed assets
(363,932)
(17,296)
Fair value gain on investment properties
(331,943)
-
0
Amortisation and impairment of intangible assets
292,363
362,438
Depreciation and impairment of tangible fixed assets
3,837,925
3,704,671
Movements in working capital:
(Increase)/decrease in stocks
(218,756)
571,800
Increase in debtors
(2,513,141)
(863,617)
Decrease in creditors
(378,635)
(2,492,844)
Cash generated from operations
7,450,847
3,624,177
33
Analysis of changes in net funds - group
26 June 2023
Cash flows
Exchange rate movements
30 June 2024
£
£
£
£
Cash at bank and in hand
6,931,324
7,207,145
(22,933)
14,115,536
Bank overdrafts
(138,133)
138,133
-
-
0
6,793,191
7,345,278
(22,933)
14,115,536
Borrowings excluding overdrafts
(890,285)
208,480
-
(681,805)
5,902,906
7,553,758
(22,933)
13,433,731
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