SPIN Analytics Limited
(Formerly SPIN Advisors Limited)
Unaudited Financial Statements
For Filing with Registrar
For the period ended 31 December 2017
Company Registration No. 09678327 (England and Wales)
SPIN Analytics Limited
(Formerly SPIN Advisors Limited)
Company Information
Directors
C Fragkos
(Appointed 6 September 2017)
P Skliamis
Company number
09678327
Registered office
Churchill House
120 Bunns Lane
London
NW7 2BA
Accountants
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
SPIN Analytics Limited
(Formerly SPIN Advisors Limited)
Balance Sheet
As at 31 December 2017
Page 1
2017
2016
Notes
£
£
£
£
Current assets
Debtors
3
26,176
-
Cash at bank and in hand
2,226
100
28,402
100
Creditors: amounts falling due within one year
4
(41,489)
-
Net current (liabilities)/assets
(13,087)
100
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(13,187)
-
Total equity
(13,087)
100
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 period ended 31 December 2017 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 period 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 2018 and are signed on its behalf by:
P Skliamis
Director
Company Registration No. 09678327
SPIN Analytics Limited
(Formerly SPIN Advisors Limited)
Notes to the Financial Statements
For the period ended 31 December 2017
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 £13,187 for the period and net liabilities of £13,087 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 £39,689 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
Reporting period
The company incorporated on 9 July 2015, however this is company's first period of trading. The company extended the period 5 months to 31 December 2017. The accounting period is 1 August 2016 to 31 December 2017.
1.4
Turnover
Turnover
is recognised as the consideration receivable for provided.
1.5
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
.
1.6
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.
1.7
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
(Formerly SPIN Advisors Limited)
Notes to the Financial Statements (Continued)
For the period ended 31 December 2017
Page 3
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the period was - (2016 - 0).
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
26,176
-
4
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
41,489
-
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of 1p each
100
100
100
100
On the 6 November 2017 the company subdivided its share capital from 100 ordinary shares of £1 each to 10,000 ordinary shares of £0.01 each.
6
Related party transactions
Included within other creditors at period end is an amount of £39,689 owed to a director of the company.
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.