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Registration number: 10441865

Spitfire Analytics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Spitfire Analytics Limited

(Registration number: 10441865)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,146

16,965

Tangible assets

5

9,450

13,873

 

30,596

30,838

Current assets

 

Debtors

6

261,621

223,008

Cash at bank and in hand

 

496,674

295,531

 

758,295

518,539

Creditors: Amounts falling due within one year

7

(326,328)

(227,339)

Net current assets

 

431,967

291,200

Total assets less current liabilities

 

462,563

322,038

Provisions for liabilities

(2,362)

(3,468)

Net assets

 

460,201

318,570

Capital and reserves

 

Called up share capital

8

404

404

Revaluation reserve

18,776

14,595

Retained earnings

441,021

303,571

Shareholders' funds

 

460,201

318,570

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

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

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

 

Spitfire Analytics Limited

(Registration number: 10441865)
Balance Sheet as at 31 October 2024

.........................................
Mr Adam Whittick
Director

 

Spitfire Analytics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
Springfield House
Water Lane
Wilmslow
SK9 5BG

These financial statements were authorised for issue by the Board on 2 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Revenue recognition

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

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

Foreign currency transactions and balances

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

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

 

Spitfire Analytics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Asset class

Depreciation method and rate

Fixtrues and fittings

20% Reducing balance

Computer equipment

25% Straight line

Intangible assets

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Crypto Assets

Nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Spitfire Analytics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Spitfire Analytics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

16,965

16,965

Revaluations

4,181

4,181

At 31 October 2024

21,146

21,146

Amortisation

Carrying amount

At 31 October 2024

21,146

21,146

At 31 October 2023

16,965

16,965

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

49,521

49,521

Additions

3,861

3,861

At 31 October 2024

53,382

53,382

Depreciation

At 1 November 2023

35,648

35,648

Charge for the year

8,284

8,284

At 31 October 2024

43,932

43,932

Carrying amount

At 31 October 2024

9,450

9,450

At 31 October 2023

13,873

13,873

 

Spitfire Analytics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

210,460

179,288

Prepayments

49,027

43,302

Other debtors

2,134

418

 

261,621

223,008

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

13,350

-

Taxation and social security

177,342

139,080

Accruals and deferred income

129,491

88,259

Other creditors

6,145

-

326,328

227,339

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

4

4

4

4

Ordinary Shares class 1 of £1 each

100

100

100

100

Ordinary shares class 2 of £1 each

100

100

100

100

Ordinary shares class 3 of £1 each

100

100

100

100

Ordinary Shares class 4 of £1 each

100

100

100

100

404

404

404

404

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Spitfire Analytics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

4,181

4,181

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

3,375

3,375

10

Related party transactions

 

Spitfire Analytics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr Adam Whittick

The loans are interest free and repayable on demand

74

191

(74)

191

Mr Declan Rodger

The loans are interest free and repayable on demand

-

103

-

103

Mr Simon Bradshaw

The loans are interest free and repayable on demand

-

303

-

303

Mr Edward Stuart

The loans are interest free and repayable on demand

24

1,420

(24)

1,420

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr Adam Whittick

The loans are interest free and repayable on demand

(24,926)

25,000

74

Mr Edward Stuart

The loans are interest free and repayable on demand

-

24

24