Year Ended
Registration number:
Spinlock Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Spinlock Limited
Company Information
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Directors |
C Senior C R Hill |
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Company secretary |
C Senior |
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Registered office |
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Auditors |
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Spinlock Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is the development, manufacture and sale of marine equipment for load management and personal protection.
Fair review of the business
Spinlock is an independent, design-led company based in Cowes, Isle of Wight, with over fifty years' experience of designing and manufacturing innovative marine equipment. The Company has established a strong reputation for technical performance, product quality and innovation, supplying products for sailing boats ranging from dinghies to the largest superyachts, as well as for commercial marine and other water sports markets.
The Company's activities are organised around three core product categories:
CONTROL : Rope holding and deck systems - inspiring confidence.
PROTECT : Lifejackets and personal protective equipment - no limits.
SENSE : Load measurement and sail data - enhancing performance.
The Company has continued to develop its position across these markets, supported by a broad product range, international distribution network and direct sales channels. The Company's principal markets include the USA and UK, Europe and the rest of the world, with an established presence in the USA through its wholly owned subsidiary, Spinlock USA Inc. The 2025 accounts show turnover across the UK, Europe and Rest of World of £2.0 million, £4.6 million and £3.8 million respectively.
Spinlock's products are designed by an in-house team including engineers and technical textile specialists. The Company continues to invest in research, development and testing, using the latest technology and materials to develop innovative products capable of performing in demanding marine environments. Products are assembled and quality checked by the Company's Cowes-based production team, including the manufacture of inflatable component parts.
The Company's facilities provide dedicated space for research and development, administration, sales and marketing, together with its production and assembly operations. Investment in facilities and equipment continues to support the Company's ability to improve productivity, develop new products and maintain high standards of quality.
The Company continues to build relationships with customers, distributors and key industry organisations and to develop opportunities across leisure, commercial marine and other water-based markets.
2025 Business Performance
2025 was a year of recovery and growth for the Company following the reduction in demand experienced during 2024.
Turnover increased by 9.3% to £10.45 million, compared with £9.57 million in 2024. Profit before tax increased to £625,806, compared with £477,464 in the prior year, representing approximately 6.0% and 5.0% of turnover, respectively. Profit before tax per employee increased from £8,681 to £10,979.
The improvement in turnover was achieved while maintaining a consistent level of profitability. The Company continued to focus on productivity, cost control, operational efficiency and effective use of business systems.
Spinlock Limited
Strategic Report for the Year Ended 31 December 2025
Average employee numbers increased from 55 to 57 during the year, with production remaining at 38 employees and administration and support increasing from 17 to 19 employees.
The Company's financial position also strengthened during the year. Net assets increased from £4.65 million at 31 December 2024 to £4.87 million at 31 December 2025. Cash at bank increased from £211,084 to £295,383, while total loans and borrowings due within one year reduced from £1.63 million to £1.13 million.
The Board considers the Company's performance during 2025 to demonstrate the resilience of the business and its ability to respond positively as market demand improves.
Principal risks and uncertainties
The Board regularly reviews the risks and uncertainties facing the business and maintains a risk register to ensure appropriate policies, processes and systems are in place to manage and mitigate these risks.
Market Risk
Demand within the marine leisure market can be affected by wider economic conditions, levels of sailing participation, new boat production, consumer confidence and inventory levels within the distribution network.
The Company has sought to reduce its exposure to individual markets through a broad geographical customer base, diversified product range and a range of routes to market. Products are supplied through wholesalers, boat builders, retailers and marine trade customers, as well as directly to commercial customers and end users. This provides the Company with a balanced customer base and reduces reliance on any single sales channel.
The Company's diverse routes to market also provide resilience through different stages of the marine market cycle. For example, when demand for new boats is weaker, customers may instead invest in the maintenance, refurbishment or upgrading of existing boats. The Company is able to supply products into both the new-build market and the replacement, refit and end-user markets, helping to mitigate the impact of changes in new boat production and consumer demand.
The Company also supplies customers across the UK, Europe and other international markets, with established markets including the USA, Germany, Scandinavia and France. Its product portfolio extends beyond traditional sailing into commercial marine, watersports and other applications, providing further opportunities for growth and reducing reliance on any single market, customer group or product category.
The Company continues to invest in product development and innovation to maintain its competitive position and respond to changing customer requirements.
Spinlock Limited
Strategic Report for the Year Ended 31 December 2025
Skills and People
As an Isle of Wight-based business, the Company can face challenges in attracting individuals with specialist technical, design and manufacturing skills. The Company therefore places importance on retaining an experienced workforce, developing skills internally and maintaining a competitive employment offering.
The Company benefits from a stable and experienced workforce, with an average employee length of service of over 10 years. Employees are trained across multiple tasks where appropriate, providing greater flexibility and resilience across departments.
During 2025, the Company continued to review its pay structures to ensure that rates remained competitive and appropriately aligned with National Living Wage and Real Living Wage requirements. The Company also operates a bonus scheme which recognises Company performance, individual contribution and exceptional achievement.
The Company continues to invest in employee development, training and wellbeing, recognising that its people and the specialist knowledge they have developed are important to maintaining its product quality, manufacturing capability and long-term competitiveness.
Credit Risk
Customers are assessed for creditworthiness and their ability to generate the required order volumes before being provided with credit facilities.
The Company monitors its aged debtor position regularly and has procedures in place to support prompt collection of outstanding balances. Credit exposure is further managed through credit insurance where appropriate, together with automated statements and payment reminders.
Cash Flow and Financial Risk
The Company maintains regular cash flow forecasting and reviews its financial position with management and the Board.
Rolling 24-month cash flow forecasts are prepared and reviewed monthly, supporting forward planning and management of working capital requirements.
During 2025, the Company's financial position strengthened, with net assets increasing and borrowings reducing. The Board continues to monitor cash flow, working capital and available banking facilities closely.
Currency Risk
The Company operates across multiple currencies and is therefore exposed to movements in foreign exchange rates.
This exposure is managed through balancing foreign currency receipts and payments where possible and monitoring currency movements as part of the Company's financial management processes.
Economic and Geopolitical Risk
The Company operates in international markets and is therefore exposed to changes in economic conditions, political uncertainty, global trade conditions and changes in consumer and business confidence.
The geographical spread of the Company's customer base provides some mitigation against reliance on any single market. The Board continues to monitor economic and geopolitical developments and their potential impact on demand, supply chains and operating costs.
Spinlock Limited
Strategic Report for the Year Ended 31 December 2025
Product Quality and Safety
The nature of the Company's products means that product quality and safety are fundamental to the business and its reputation.
The Company maintains ISO 9001 accreditation and relevant product certifications and has strong controls throughout the product development and manufacturing process. Products are designed, tested and assembled under the Company's direct control wherever appropriate.
The Company continues to invest in product testing, research and development and maintains long-term relationships with key suppliers. These measures, together with employee training and appropriate insurance arrangements, help mitigate the risk of product incidents and protect customers and the Company's reputation.
General Business Risk
The Company maintains established systems for health and safety, quality, environmental management and information security.
The Company is certified to ISO 9001 and ISO 14001 and holds B Corp and Cyber Essentials certification. The Company is also a holder of the King's Award for Enterprise for Innovation.
The Board continues to invest in business systems, processes and employee development to improve efficiency, maintain compliance and support the Company's long-term objectives.
Financial performance
The company's key financial and other performance indicators during the year were as follows:
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2025 |
2024 |
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Turnover |
£10,452,093 |
9,565,808 |
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Percentage change in sales |
9.3% |
(10.7%) |
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Pre-tax profit (% of turnover) |
6% |
5% |
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Profit before tax per employee |
£10,979 |
£8,681 |
Approved and authorised by the
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Spinlock Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Future developments
The Directors will continue to develop the Company sustainably and for the benefit of its key stakeholders.
The Company's priorities are to maintain and strengthen its market position through continued investment in product design, innovation, quality, manufacturing capability and people. The Company will continue to develop opportunities across its CONTROL, PROTECT and SENSE product categories and seek opportunities in international and adjacent marine markets.
The Directors will continue to focus on sustainable and profitable growth, operational efficiency and prudent financial management, while maintaining the Company's reputation for producing quality, innovative, durable and desirable equipment for the marine environment.
The Company will also continue to explore opportunities where its technical capabilities, materials expertise and product development experience can be applied beyond its traditional markets.
The Directors' objective remains to increase the long-term value and strength of the Company while maintaining its independence, innovation and market-leading position.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Spinlock Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Spinlock Limited
Independent Auditor's Report to the Members of Spinlock Limited
Opinion
We have audited the financial statements of Spinlock Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Spinlock Limited
Independent Auditor's Report to the Members of Spinlock Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Spinlock Limited
Independent Auditor's Report to the Members of Spinlock Limited
During our audit planning we obtained an understanding of the entity, its business operations, internal controls and the legal and regulatory framework that is applicable to it. As part of this work we enquired with management, reviewed the company’s website, policies and procedures. Key regulations we identified were quality standards in relation to the manufacture of Category III PPE and those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
Based on our understanding of the entity, we designed our audit procedures to identify non-compliance with relevant laws and regulations. Our procedures involved the following:
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Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements; |
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Reviewing legal and professional costs to identify any possible non-compliance; |
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Reviewing Board minutes; and |
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Reviewing ISO9001/ISO14001 compliance audits and product certifications. |
We assessed the susceptibility of the financial statements to material misstatement through management override or fraud and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key risk we identified was in relation to the cut-off of revenue. Based upon our understanding we designed and conducted audit procedures including:
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Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; |
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Testing of dispatch notes around the year end to ensure revenue has been recognised in the correct period; and |
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Reviewing estimates and judgements made in the accounts for any indication of bias, and challenged assumptions used by management in making the estimates. |
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Spinlock Limited
Independent Auditor's Report to the Members of Spinlock Limited
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.
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Towngate House
2 - 8 Parkstone Road
Dorset
BH15 2PW
Spinlock Limited
Profit and Loss Account
Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
708,488 |
629,367 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(82,682) |
(151,903) |
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Profit before tax |
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Tax on profit |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Spinlock Limited
Balance Sheet
31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
36,300 |
36,300 |
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Profit and loss account |
4,836,016 |
4,609,935 |
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Shareholders' funds |
4,872,316 |
4,646,235 |
Approved and authorised by the
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Company Registration Number: 00943480
Spinlock Limited
Statement of Changes in Equity
Year Ended 31 December 2025
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Share capital |
Profit and loss account |
Total |
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At 1 January 2025 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2025 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2024 |
36,300 |
4,609,935 |
4,646,235 |
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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. The financial statements are presenting in Sterling, rounded to the nearest whole pound.
Summary of disclosure exemptions
The company is a qualifying entity for the purposes of FRS102 and has subseqeuently taken exemption from preparing a Statement of Cash Flows, disclosures relating to Financial Instruments and dislosures relating to intra-group related party transactions.
Name of parent of group
These financial statements are consolidated in the financial statements of Spinlock Holdings Limited.
The financial statements of Spinlock Holdings Limited may be obtained from Spinlock Holdings Limited, Birmingham Road, Cowes, PO31 7BH.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
Judgements
Determine whether leases entered into by the group 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. |
Determine whether there are any indicators of impairment of the groups intangible and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performances of the asset. |
Key sources of estimation uncertainty
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a umber of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal values.
The company maintains allowances for doubtful debts for estimated losses resulting from the subsequent inability of customers to make required payments. If the financial conditions of customers were to deteriorate, resulting in impairment of the ability to make payments, additional allowances may be required in future periods.
The company assess work in progress based on the stage of completion of the work being completed. Use of materials and details of labour are maintained for each job and reviewed regularly to ensure net realisable value is greater than cost.
The company deems it necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.
The company provides a standard warranty of 5 years for items sold. The revenue generated for the previous 5 years is reviewed and a percentage is allocated to the warranty provision. This is compared against the actual warranty costs incurred over the previous 5 years and additional specific provisions are made where there are known quality issues.
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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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:
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Asset class |
Depreciation method and rate |
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Short leasehold |
Over 5 - 10 years straight line |
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Furniture, fittings and equipment |
20% - 33% straight line |
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Plant and machinery |
10% - 33% straight line |
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Motor vehicles |
20% straight line |
Investments
Investments are stated at historical cost less provision for any diminution in value.
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the standard costing method.
The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Rentals payable under operating leases, including any lease incentives recieved, are charged to profit or loss on a straight line basis over the term of the relevent lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and 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 recieved.
Termination benefits are recognised immediately as an expense when the company is demostrably committed to terminate the employment of an employee or provide termination benefits.
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Turnover |
The analysis of the company's Turnover for the year by market is as follows:
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2025 |
2024 |
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UK |
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Europe |
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Rest of world |
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|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Sub lease rental income |
|
|
|
R&D expenditure credit |
|
- |
|
|
|
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Research and development cost |
|
- |
|
Foreign exchange losses |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
247,239 |
246,548 |
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
- |
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense/(receipt) in the income statement |
|
( |
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
- |
( |
|
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
|
Total tax charge/(credit) |
|
( |
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Provisions utilised when used |
- |
( |
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Provisions utilised when used |
- |
( |
|
- |
|
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Additions |
|
|
- |
|
|
|
Disposals |
- |
( |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £90,427 (2024 - £111,656) in respect of short leasehold land and buildings.
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
The company's investment in its associate cost £150,000 and has been impaired to a carrying value of £nil.
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Spinlock, Birmingham Road, Cowes, PO31 7BH United Kingdom |
|
|
|
|
|
11 Bowler Lan, Unit A, Newport, RI 02840 USA |
|
|
|
|
Associates |
||||
|
|
Dane Lodge Main Road, Newbridge, Yarmouth, PO41 0TR |
Ordinary shares |
|
|
|
United Kingdom |
||||
|
Subsidiary undertakings |
|
Spinlock Structures Limited The principal activity of Spinlock Structures Limited is |
|
Spinlock USA Inc. The principal activity of Spinlock USA Inc. is |
|
Associates |
|
Smartsail Systems Limited The principal activity of Smartsail Systems Limited is |
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Income tax asset |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
96,815 |
(28,833) |
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Accruals |
|
|
|
|
Deferred income |
|
- |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
- |
|
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
- |
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
|
|
Other borrowings |
|
|
|
|
|
|
Coronavirus Business Interruption Loan (CBILS)
Within bank borrowings is a CBILS of £58,333 (2024 - £140,000) due within one year and £nil (2024 - £58,333) due after one year. The loan is provided by HSBC Bank PLC is repayable by monthly instalments at an interest rate of 3.99% over the Bank of England Base Rate.
The United Kingdom government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
The loan is secured by a fixed and floating charge over all the assets of the company.
Recovery Loan
Also within bank borrowings is a recovery loan of £125,000 (2024 - £500,000) due within one year and £nil (2024 - £125,000) due after one year. The loan is provided by HSBC Bank PLC is repayable by monthly instalments at an interest rate of 4.1% over the Bank of England Base Rate.
The United Kingdom government provides a partial guarantee of the finance and no capital repayments were due in the first 12 months.
The loan is secured by a fixed and floating charge over all the assets of the company.
Trade Loans
Within other borrowings are trade loans of £412,153 (2024 - £82,558) which are provided by HSBC Bank PLC and are secured by a fixed and floating charge over all the assets of the company.
Debt Purchasing
Also within other borrowings are debt purchasing agreements of £340,665 (2024 - £665,138) which are provided by HSBC Bank PLC and are secured by a fixed and floating charge over all the assets of the company.
Bank Overdrafts
The overdrafts are secured by a fixed and floating charge over all the assets of the company.
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Provisions for liabilities |
|
Warranties |
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
Increase (decrease) in existing provisions |
|
|
- |
|
|
At 31 December 2025 |
|
|
|
|
|
|
||||
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
36,300 |
36,300 |
36,300 |
36,300 |
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividends |
|
|
||
Spinlock Limited
Notes to the Financial Statements
Year Ended 31 December 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is