Company No: 08355701 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Neil Keeling
	Jeremy Phillip White

REGISTERED OFFICE	3 Filers Way
	Weston Gateway Business Park
	Weston-Super-Mare
	BS24 7JP
	United Kingdom

COMPANY NUMBER

08355701 (England and Wales)

CHARTERED ACCOUNTANTS	Albert Goodman LLP
	3 Filers Way
	Weston Gateway Business Park
	Weston-super-Mare
	Somerset
	BS24 7JP

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	9,789		19,581
Tangible assets	4	60,394		65,016
		70,183		84,597
Current assets
Stocks		203,215		135,730
Debtors	5	28,547		34,631
Cash at bank and in hand		15,710		76,940
		247,472		247,301
Creditors
Amounts falling due within one year	6	( 140,355)		( 104,445)
Net current assets		107,117		142,856
Total assets less current liabilities		177,300		227,453
Creditors
Amounts falling due after more than one year	7	( 46,695)		( 67,022)
Provision for liabilities	8	( 11,475)		( 12,353)
Net assets		119,130		148,078
Capital and reserves
Called-up share capital		200		200
Share premium account		107,900		107,900
Profit and loss account		11,030		39,978
Total shareholder's funds		119,130		148,078

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Spinning Plates Limited (registered number: 08355701) were approved and authorised for issue by the Board of Directors on 22 December 2022. They were signed on its behalf by:

Neil Keeling Director

Jeremy Phillip White Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Spinning Plates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Filers Way, Weston Gateway Business Park, Weston-Super-Mare, BS24 7JP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	15 % reducing balance
Plant and machinery	15 % reducing balance
Vehicles	15 % reducing balance
Fixtures and fittings	15 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	14		13

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2021	97,905		97,905
At 31 March 2022	97,905		97,905
Accumulated amortisation
At 01 April 2021	78,324		78,324
Charge for the financial year	9,792		9,792
At 31 March 2022	88,116		88,116
Net book value
At 31 March 2022	9,789		9,789
At 31 March 2021	19,581		19,581

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2021	18,894		65,174		28,220		15,756		11,541		139,585
Additions	0		3,538		0		3,819		2,020		9,377
At 31 March 2022	18,894		68,712		28,220		19,575		13,561		148,962
Accumulated depreciation
At 01 April 2021	11,254		30,850		15,017		8,222		9,226		74,569
Charge for the financial year	1,282		5,631		3,300		1,706		2,080		13,999
At 31 March 2022	12,536		36,481		18,317		9,928		11,306		88,568
Net book value
At 31 March 2022	6,358		32,231		9,903		9,647		2,255		60,394
At 31 March 2021	7,640		34,324		13,203		7,534		2,315		65,016

5. Debtors

	2022		2021
	£		£
Trade debtors	21,063		13,530
Amounts owed by Group undertakings	4,121		2,776
Other debtors	3,363		18,325
	28,547		34,631

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	9,666		6,667
Trade creditors	72,825		52,279
Corporation tax	12,393		13,709
Other taxation and social security	1,758		187
Obligations under finance leases and hire purchase contracts	11,016		10,374
Other creditors	32,697		21,229
	140,355		104,445

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	34,022		43,333
Obligations under finance leases and hire purchase contracts	12,673		23,689
	46,695		67,022

Within bank loans is a balance of £43,688 relating to an outstanding amount due in relation to a Coronavirus Bounce Back Loan. The UK government has guaranteed 100% of the loan as well as agreeing to pay interest and fees for the first year.

Within other creditors are hire purchase contracts which are secured against the underlying assets. The carrying value of these assets is £25,980 (2021 - £32,020).

8. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 12,353)		( 10,607)
Credited/(charged) to the Profit and Loss Account	878		( 1,746)
At the end of financial year	( 11,475)		( 12,353)

9. Ultimate controlling party

Parent Company:

NK Group Holdings Limited

3 Filers Way, Weston Gateway Business Park, Weston-super-Mare, BS24 7JP