Spinaclean Ltd - Period Ending 2020-08-31
Spinaclean Ltd - Period Ending 2020-08-31
Registration number:
Spinaclean Ltd
for the Year Ended 31 August 2020
Spinaclean Ltd
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Spinaclean Ltd
Company Information
Directors |
Mr A D Whiting Mr M A Nice Mrs C J Whiting Mrs J C Nice |
Company secretary |
Mrs C J Whiting |
Registered office |
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Accountants |
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Spinaclean Ltd
(Registration number: 04506121)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
115,011 |
127,323 |
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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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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
825 |
1,000 |
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Capital redemption reserve |
175 |
- |
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Revaluation reserve |
22,326 |
22,326 |
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Profit and loss account |
2,952,432 |
2,307,955 |
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Shareholders' funds |
2,975,758 |
2,331,281 |
For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Spinaclean Ltd
(Registration number: 04506121)
Balance Sheet as at 31 August 2020
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Spinaclean Ltd
Statement of Changes in Equity for the Year Ended 31 August 2020
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 September 2019 |
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- |
|
|
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Profit for the year |
- |
- |
- |
|
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Total comprehensive income |
- |
- |
- |
|
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Dividends |
- |
- |
- |
( |
( |
Purchase of own share capital |
(175) |
- |
- |
(625,000) |
(625,175) |
Other capital redemption reserve movements |
- |
175 |
- |
- |
175 |
At 31 August 2020 |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 September 2018 |
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|
|
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Profit for the year |
- |
- |
|
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
At 31 August 2019 |
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Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
The company registration number is 04506121
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the impact of Covid-19 pandemic on the Company. Whilst it is not considered practical to assess the direction and extent of the disruption, the directors are confident that they have in place plans to deal with any financial losses that may arise.
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.
Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 |
Motor vehicles |
25% reducing balance |
Plant & machinery |
33% reducing balance |
Fixtures, fittings & equipment |
25% reducing balance |
Computer equipment |
25% straight line |
Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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 inventories 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.
Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 September 2019 |
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Additions |
- |
- |
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Disposals |
- |
- |
- |
( |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Total |
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Cost or valuation |
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At 1 September 2019 |
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Additions |
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Disposals |
( |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 August 2020 |
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Carrying amount |
|||||
At 31 August 2020 |
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At 31 August 2019 |
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Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2019 |
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Provision |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) 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 |
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2020 |
2019 |
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Subsidiary undertakings |
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Unit 33 Cornwell Business Park
England |
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Unit 33 Cornwell Business Park
England |
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Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Subsidiary undertakings |
Jet Stream Drive Clean Limited The principal activity of Jet Stream Drive Clean Limited is |
Skyvac Ltd The principal activity of Skyvac Ltd is |
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 September 2019 |
127,322 |
127,322 |
Fair value adjustments |
(12,311) |
(12,311) |
At 31 August 2020 |
115,011 |
115,011 |
Impairment |
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Carrying amount |
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At 31 August 2020 |
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115,011 |
Stocks |
2020 |
2019 |
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Other inventories |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
|
|
|
334 |
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334 |
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|
158 |
|
333 |
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|
333 |
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333 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The company has future operating lease commitments of £
Spinaclean Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 September 2019 |
Advances to directors |
Repayments by director |
At 31 August 2020 |
Mr A D Whiting |
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Director's loan account |
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( |
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( |
Mr M A Nice |
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Director's loan account |
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( |
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Mr P Crosbie |
||||
Director's loan account |
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( |
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- |
Mrs C J Whiting |
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Director's loan account |
- |
( |
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Other transactions with directors |
The Company has charged interest at 2.5% until March 2020 and 2.25% from April 2020 on Mr A Whiting's overdrawn loan account. The loan is unsecured and is repayble to the company on demand.
Summary of transactions with entities with joint control or significant interest
Non adjusting events after the financial period |
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