REGISTERED NUMBER: 15968577 (England and Wales)

Financial Statements

for the Period 20 September 2024 to 31 December 2025

for

Spinelli Kilcollin UK Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Kilcollin

E Watch

Y Spinelli

REGISTERED OFFICE:

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

REGISTERED NUMBER:

15968577 (England and Wales)

AUDITORS:

Morley & Co (UK) Ltd

Statutory Auditor, Chartered Certified Accountants

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

FIXED ASSETS

Tangible assets

4

362,307

CURRENT ASSETS

Stocks

482,103

Debtors

5

77,852

Cash at bank and in hand

252,534

812,489

CREDITORS

Amounts falling due within one year

6

128,714

NET CURRENT ASSETS

683,775

TOTAL ASSETS LESS CURRENT LIABILITIES

1,046,082

CREDITORS

Amounts falling due after more than one year

7

(1,138,955

)

PROVISIONS FOR LIABILITIES

8

(31,077

)

NET LIABILITIES

(123,950

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(124,050

)

(123,950

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2026 and were signed on its behalf by:

D Kilcollin - Director

Y Spinelli - Director

1.	STATUTORY INFORMATION

Spinelli Kilcollin UK 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 company has elected to early adopt the amendments to FRS102 arising from the 2024 Periodic Review.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within the group.

Significant judgements and estimates

The Company assesses its obligations to restore leased properties to their original condition upon the termination of the lease. Key areas of judgement include:

Assessment of Obligation: Management evaluates whether a present obligation exists under the terms of the lease agreement, makes an assessment of likely future outcomes and determines when and whether or not this obligation potentially becomes probable.

Estimation of Costs: Management estimates the potential cost of dilapidations based on a £/m2 rate taken from a strip out assessment prepared by a RICS surveyor. These estimates involve uncertainty, particularly regarding future costs, timing and the extent of work required and the materiality of such costs once discounted.

Discount Rate: Given that any potential, contingent future payment obligation is likely to be many years away, any such estimated provision may be discounted. Management uses an appropriate pre-tax rate that reflects the time value of money and specific risks related to the obligation.

These estimates and assumptions are reviewed at each reporting date, and any changes are reflected in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

over the remaining life of the lease

Improvements to property

-

over the remaining life of the lease

Fixtures and fittings

-

over the remaining life of the lease

Computer equipment

-

over the remaining life of the lease

Stocks

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

Basic financial instruments

Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

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.

Leases

At the commencement date of a lease, the company recognises a right-of-use asset and a lease liability, except for short-term leases and leases for which the underlying asset is of low value where the relevant recognition exemption has been applied.

The lease liability is initially measured at the present value of the lease payments payable over the lease term. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the company's incremental borrowing rate is used. The lease liability is subsequently increased by the interest charge and reduced by lease payments made.

The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability, adjusted for lease payments made at or before the commencement date and lease incentives received, together with any initial direct costs.The right-of-use asset is subsequently depreciated over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Short

to

and

Computer

leasehold

property

fittings

equipment

Totals

£

£

£

£

£

COST

Additions

252,740

105,654

24,703

4,913

388,010

At 31 December 2025

252,740

105,654

24,703

4,913

388,010

DEPRECIATION

Charge for period

21,062

3,846

766

29

25,703

At 31 December 2025

21,062

3,846

766

29

25,703

NET BOOK VALUE

At 31 December 2025

231,678

101,808

23,937

4,884

362,307

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Short

leasehold

£

COST

Additions

235,915

At 31 December 2025

235,915

DEPRECIATION

Charge for period

20,979

At 31 December 2025

20,979

NET BOOK VALUE

At 31 December 2025

214,936

5.

DEBTORS

£

Amounts falling due within one year:

Trade debtors

10,467

Deferred tax asset

17,754

Prepayments and accrued income

7,171

35,392

£

Amounts falling due after more than one year:

Lease deposit

37,500

Deferred tax asset

4,960

42,460

Aggregate amounts

77,852

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

5,161

Taxation and social security

34,040

Other creditors

89,513

128,714

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Amounts owed to group undertakings

965,413

Other creditors

173,542

1,138,955

8.	PROVISIONS FOR LIABILITIES

£

Other provisions

Dilapidation provision

31,077

Dilapidati

Deferred

on

tax

provision

£

£

Provided during period

(22,714

)

30,443

Unwinding of discounted amount

-

634

Balance at 31 December 2025

(22,714

)

31,077

Provisions are generally recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Dilapidation provisions relate to the estimated costs to restore leased commercial properties to their original condition at the end of the lease term. The obligation arises from alterations that have been made to the property.

Provisions are measured at the present value of the estimated future costs for restoring the property. The initial discounted cost has been capitalised as part of leasehold improvements and is being depreciated over the lease term. The unwinding of the present value discounting is recognised as an interest expense in the profit and loss account over the lease duration.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul King FCCA (Senior Statutory Auditor)

for and on behalf of Morley & Co (UK) Ltd

10.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Spinelli Kilcollin, a company registered in the United States whose registered office is 860 S. Los Angeles Street, Suite 220, Los Angeles, United States, CA 90014. As the company is a 100% owned subsidiary of Spinelli Kilcollin, in accordance with the exemption available within FRS102, it is not required to disclose its related party transactions with group members as such detailsare available from the parent company's financial statements.