SPIN Analytics Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2018
Company Registration No. 09678327 (England and Wales)
SPIN Analytics Limited
Balance Sheet
As at 31 December 2018
31 December 2018
Page 1
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
19,962
26,176
Cash at bank and in hand
16,060
2,226
36,022
28,402
Creditors: amounts falling due within one year
4
(161,032)
(41,489)
Net current liabilities
(125,010)
(13,087)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(125,110)
(13,187)
Total equity
(125,010)
(13,087)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2019 and are signed on its behalf by:
P Skliamis
Director
Company Registration No. 09678327
SPIN Analytics Limited
Notes to the Financial Statements
For the year ended 31 December 2018
Page 2
1
Accounting policies
Company information
SPIN Analytics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Churchill House, 120 Bunns Lane, London, NW7 2BA.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company spent much of the accounting period in development stage, investing a significant amount of time developing its client base through various marketing exercises which has led to a loss of £111,923 for the period and net liabilities of £125,010 at the balance sheet date. Since commencing trade the company has been actively pursuing potential clients. The expectant income and reduction in overheads is expected to make the company profitable going forward.
A company director has provided a working capital facility of £27,191 in the form of an interest free loan. The director has indicated that he will only require repayment if it does not impact negatively upon the company's ability to operate as a a going concern.
On this basis, the financial statements have been prepared on the going concern basis.
1.3
Turnover
Turnover
is recognised as the consideration receivable for provided.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and balances
held at call with banks
.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no other financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SPIN Analytics Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
1
Accounting policies
(Continued)
Page 3
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the
average
rate of exchange
for the year,
At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was - 0 (2017 - 0)
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
18,341
26,176
Other debtors
1,621
-
19,962
26,176
4
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts due to group undertakings
111,491
-
Other creditors
49,541
41,489
161,032
41,489
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of 1p each
100
100
100
100
6
Related party transactions
Included within other creditors at period end is an amount of £27,191 (2017: £39,689) owed to a director of the company and £111,491 (2017: £nil) owed to their parent company Spin Analytics Inc.
SPIN Analytics Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 4
7
Parent company
The immediate and ultimate parent company is SPIN Analytics Inc, by virtue of its 100% shareholding in the company. The company is based in Delaware, USA.