REGISTERED NUMBER: 10580970 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Spintrex Holdings Ltd

Page

Company Information

1

Report of the Director

2

Statement of Income and Retained Earnings

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

Ms T U Vakula

REGISTERED OFFICE:

5 Stratford Place

London

W1C 1AX

REGISTERED NUMBER:

10580970 (England and Wales)

ACCOUNTANTS:

Zenith Accounting Services (UK) LLP

3rd Floor Front, 39 Ludgate Hill

London

EC4M 7JN

The director presents her report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of television programme distribution activities.

DIRECTOR

Ms T U Vakula held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Ms T U Vakula - Director

30 September 2025

TURNOVER

612,828

794,684

Cost of sales

(299,822

)

(295,720

)

GROSS PROFIT

313,006

498,964

Administrative expenses

(131,461

)

(2,326,066

)

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

181,545

(1,827,102

)

Tax on profit/(loss)

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

181,545

(1,827,102

)

Retained earnings at beginning of year

(1,207,761

)

619,341

RETAINED EARNINGS AT END OF YEAR

(1,026,216

)

(1,207,761

)

CURRENT ASSETS

Stocks

401,540

480,062

Debtors

4

3,886,515

3,755,305

Cash at bank

47,178

209,167

4,335,233

4,444,534

CREDITORS

Amounts falling due within one year

5

(1,021,872

)

(922,170

)

NET CURRENT ASSETS

3,313,361

3,522,364

TOTAL ASSETS LESS CURRENT LIABILITIES

3,313,361

3,522,364

CREDITORS

Amounts falling due after more than one year

6

(3,198,099

)

(3,588,647

)

NET ASSETS/(LIABILITIES)

115,262

(66,283

)

CAPITAL AND RESERVES

Called up share capital

1,141,478

1,141,478

Retained earnings

(1,026,216

)

(1,207,761

)

115,262

(66,283

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Ms T U Vakula - Director

1.	STATUTORY INFORMATION

Spintrex Holdings Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Euro.

Going concern

The company continues the distribution of the media content to the existing customers.

The financial statements have been prepared on a going concern basis. Due to continuing war in the Ukraine the company struggle to achieve its previous levels of business activity. Last year the company had to make bad debt provisions that resulted from the economic decline and banking restrictions in the Ukraine. The shareholders expressed their willingness to provide financial support for the next 12 months as from the date of approval of the financial statements for the company to meet its current liabilities. Based on the above the director has a reasonable expectation that the company has adequate anticipated resources to continue in operational existence for the foreseeable future. For these reasons, the directors continue to adopt the going concern basis in preparing the accounts.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

Judgement is required in assessing the appropriateness of the going concern assumption. Further details to support the assessment that the going concern basis is appropriate is provided in note 2.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are:

Determining when the significant risks and rewards have been transferred to the customer and a sale is recognized. This has been determined to be upon delivery to the broadcaster and commencement of the license term.

Determining and recognizing bad debt provision for doubtful debts.

Determining whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

The Company holds acquired television content rights as inventory, which are recognised at cost and subsequently measured at the lower of cost and net realisable value (NRV), in accordance with applicable accounting standards.

Management exercises significant judgement in assessing the recoverability of these rights, particularly in estimating the NRV. This involves evaluating the expected revenue from licensing or broadcasting the content; the remaining licence term or expiry date of rights; relevance and timeliness of the content and audience trends, platform preferences, and current market demand.

If it is determined that the recoverable amount is lower than the carrying value-for example, due to declining demand, limited remaining usage rights, or cancellation of broadcast plans-an impairment loss is recognised to reduce inventory to NRV.

Turnover

Income represents licence fees receivable from the sales and distribution of television programmes and the distribution of rights for television channel broadcasting, excluding value added tax.

The company's policy is to recognise licence fee income from the sales and distribution of television programmes once the following criteria are met:

a) a licence agreement has been executed by both parties;

b) delivery to the broadcaster has occurred; and

c) the licence term has commenced.

The licence fee income from the distribution of rights for television channel broadcasting is recognised on monthly basis according to the contract prices. Any licence fees received in advance, which do not meet all of the above criteria, are included in deferred income until the criteria are met. Licence fees granted for a period of time are not recognised over the licence term, rather they are recognised in full in the month of the start date of the licence term. This accounting treatment is considered the most appropriate since the licence fees are agreed in advance, they are not contingent on any future event, the customer is able to exploit the rights freely and the company has no future performance obligations subsequent to delivery.

All turnover of the company is from outside the UK.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks represent acquired programming rights held for resale. Recognition of an asset in stock for acquired programming rights occurs on the signing of a contract between the company and the licence seller.

Stocks is recognised as an expense for sold rights in the month of the start date of the licence term. Costs of purchased inventory are determined after deducting rebates and discounts. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Stock is fully written down to zero in the year when the licence expires.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents comprise cash on deposit 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 changes in value. Bonds are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.

DEBTORS

31.12.24

31.12.23

€

€

Amounts falling due within one year:

Trade debtors

166,910

141,658

Other debtors

1,211,526

1,154,950

1,378,436

1,296,608

Amounts falling due after more than one year:

Trade debtors

2,508,079

2,458,697

Aggregate amounts

3,886,515

3,755,305

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

€

€

Trade creditors

1,006,644

839,490

Taxation and social security

-

50,964

Other creditors

15,228

31,716

1,021,872

922,170

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

€

€

Trade creditors

3,198,099

3,588,647