Company Registration No. 04214043 (England and Wales)
SPIN TRADING LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
SPIN TRADING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
SPIN TRADING LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
63,487
69,683
Current assets
Stocks
31,687
32,203
Debtors
7,498
9,814
Cash at bank and in hand
140,769
124,821
179,954
166,838
Creditors: amounts falling due within one year
(59,823)
(33,159)
Net current assets
120,131
133,679
Total assets less current liabilities
183,618
203,362
Provisions for liabilities
(801)
(945)
182,817
202,417
Capital and reserves
Called up share capital
3
64
64
Share premium account
59,901
59,901
Profit and loss account
122,852
142,452
Shareholders' funds
182,817
202,417
SPIN TRADING LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 September 2015
D Crichton
Director
Company Registration No. 04214043
SPIN TRADING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Straight line over the life of the lease
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.6
The total turnover of the company for the year has been derived from its principal activity wholly
undertaken in the UK.
1.7
Stock is valued at the lower of cost and net realisable value.
1.8
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
SPIN TRADING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2014
178,888
Additions
816
At 31 May 2015
179,704
Depreciation
At 1 June 2014
109,205
Charge for the year
7,012
At 31 May 2015
116,217
Net book value
At 31 May 2015
63,487
At 31 May 2014
69,683
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
4 Ordinary A of £1 each
4
4
60 Ordinary B of £1 each
60
60
64
64