REGISTERED NUMBER: 05179010 (England and Wales)

Spiral Cellars Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L J Hargreaves

REGISTERED OFFICE:

11 Hawkins Drive

Cheslyn Hay

Cannock

England

WS11 0XT

REGISTERED NUMBER:

05179010 (England and Wales)

Fixed assets

Intangible assets

4

22,582

50,638

Tangible assets

5

109,229

178,456

131,811

229,094

Current assets

Stocks

507,423

487,145

Debtors

6

1,244,499

1,305,452

Prepayments and accrued income

53,169

-

Cash at bank

368,211

299,357

2,173,302

2,091,954

Creditors

Amounts falling due within one year

7

(1,216,616

)

(1,145,352

)

Net current assets

956,686

946,602

Total assets less current liabilities

1,088,497

1,175,696

Creditors

Amounts falling due after more than one year

8

(89,167

)

(289,167

)

Net assets

999,330

886,529

Capital and reserves

Called up share capital

60,000

60,000

Retained earnings

939,330

826,529

999,330

886,529

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 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 November 2025 and were signed by:

L J Hargreaves - Director

1.	STATUTORY INFORMATION

Spiral Cellars Limited 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.

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

o the Company has transferred the significant risks and rewards of ownership to the buyer;

o the Company retains neither continuing managerial Involvement to the degree usually associated with ownership nor effective control over the goods sold;

o the amount of revenue can be measured reliably;

o it is probable that the Company will receive the consideration due under the transaction; and

o the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

o the amount of revenue can be measured reliably;

o it is probable that the Company will receive the consideration due under the contract;

o the stage of completion of the contract at the end of the reporting period can be measured reliably; and

o the costs incurred and the costs to complete the contract can be measured reliably.

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

TANGIBLE FIXED ASSETS

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold property

25%

Plant and machinery

25%

Motor vehicles

25%

STOCKS

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

DEBTORS

Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs.

CREDITORS

Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.

TAXATION

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

PROVISIONS

Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it Is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

FOREIGN CURRENCY TRANSLATION

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

PENSIONS

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in Independently administered funds.

LEASED ASSETS

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

630,646

AMORTISATION

At 1 January 2024

580,008

Amortisation for year

28,056

At 31 December 2024

608,064

NET BOOK VALUE

At 31 December 2024

22,582

At 31 December 2023

50,638

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

165,550

461,922

-

627,472

Additions

-

8,480

32,142

40,622

Disposals

(165,550

)

-

-

(165,550

)

At 31 December 2024

-

470,402

32,142

502,544

DEPRECIATION

At 1 January 2024

104,501

344,515

-

449,016

Charge for year

-

46,791

2,009

48,800

Eliminated on disposal

(104,501

)

-

-

(104,501

)

At 31 December 2024

-

391,306

2,009

393,315

NET BOOK VALUE

At 31 December 2024

-

79,096

30,133

109,229

At 31 December 2023

61,049

117,407

-

178,456

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

103,669

180,060

Amounts owed by group undertakings

962,188

962,188

Other debtors

132,365

163,204

Directors' current accounts

46,277

-

1,244,499

1,305,452

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

200,000

200,000

Trade creditors

249,085

167,921

Other creditors

549,686

599,061

Wages control account

-

2,441

Corporation tax

135,493

58,947

Social security and other tax

82,352

116,982

1,216,616

1,145,352

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

CBILS Loans

89,167

289,167

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Secured bank loans

289,167

489,167

The company obtained a CBILS loan in April 2020 of £850,000 with interest payable at 2.82% over Base, and repayable by April 2026. A further loan of £150,000 was obtained in January 2021 on similar terms.

10.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,975 (2023 - £14,682). Contributions totalling £6,707 (2023 - £6,713) were payable to the fund at the balance sheet date and are included in creditors.

11.	FINANCIAL COMMITMENTS

At the year end the company had financial commitments of £186,764.

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

L J Hargreaves

Balance outstanding at start of year

-

-

Amounts advanced

46,277

15,000

Amounts repaid

-

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

46,277

-

13.	RELATED PARTY TRANSACTIONS

SPC 2004 Holdings Limited

(Parent Company)

The company continued to provide a loan to SPC 2004 Holdings Limited. At the balance sheet date the amount due from SPC 2004 Holdings Limited was £184,425 (2023 - £184,425).

Spiral Wine Galleries Limited

(Group company)

During the year the company provided a loan to Spiral Wine Galleries Limited. At the balance sheet date the amount due from Spiral Wine Galleries Limited was £777,763 (2023 - £777,763).

Lucy Hargreaves

(Director)

At the balance sheet date the amount due from the director was £46,277 (2023 - £Nil).

14.	CONTROLLING PARTY

The company is owned by SPC 2004 Holdings Limited which is ultimately owned by Mark Dickens.

The company is part of a small group.