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REGISTERED NUMBER:
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SPINNAKER SUPPORT LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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REGISTERED NUMBER:
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SPINNAKER SUPPORT LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SPINNAKER SUPPORT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
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BANKERS: |
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8-12 Church Street |
Walton-on-Thames |
Surrey |
KT12 2YW |
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ACCOUNTANTS: |
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4 Studley Court |
Guildford Road |
Chobham |
Woking |
Surrey |
GU24 8EB |
SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Spinnaker Support Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with "The Financial Reporting Standards |
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. |
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The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure |
is required to show a true and far view. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £1. |
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The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
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Turnover |
Turnover represents the value, net of value added tax and discounts, of work carried out in respect of services |
provided to customers in line with a net margin of 10% per the intercompany agreement with the immediate |
parent company. |
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Turnover also represents the value of services provided under contracts to the extent that there is a right to |
consideration and is recorded at the value of the consideration due. |
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Where a contract has only been partially completed at the balance sheet date turnover represents the value of the |
service provided to date based on a proportion of the total expected consideration at completion. Where |
payments are received from customers in advance of services provided, the amounts are recorded as deferred |
income and included as part of creditors due within one year. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Tangible fixed assets are stated at the cost less accumulated depreciation. Cost represents purchase price together |
with any incidental costs of acquisition. |
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The profit 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 recognised in the income statement. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Operating leasing agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
the lessor are charged against profits on a straight line basis over the period of the lease. |
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Pension costs |
The company operated a defined contribution pension scheme. Contributions are charged to the profit and loss |
account as they become payable in accordance with the rules of the scheme. |
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Financial instruments |
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial assets |
Financial assets are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
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Basic financial assets, which include trade and other receivables and cash and bank balances are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial liabilities |
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and |
subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the |
debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct |
issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the |
discretion of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 1,552 | 3,016 |
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Deferred |
tax |
£ |
Balance at 1 January 2018 |
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Decelerated capital allowance | (1,464 | ) |
Balance at 31 December 2018 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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SPINNAKER SUPPORT LIMITED (REGISTERED NUMBER: 06683080) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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11. | POST BALANCE SHEET EVENTS |
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In 2019 Spinnaker Management LLC distributed certain assets to its members and ceased to be the ultimate |
parent of Spinnaker Support Limited. Subsequent to June 27, 2019 Spinnaker Support LLC became the |
immediate and ultimate parent undertaking by virtue of holding 100% of the issued shares and being the largest |
group for which consolidated financial statements are available. A copy of the consolidated financial statements |
can be obtained from Spinnaker Support LLC, 5445 DTC Parkway, Greenwood Village, CO, USA. |
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12. | ULTIMATE PARENT COMPANY |
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At the balance sheet date the directors regarded Spinnaker Management LLC to be the immediate and ultimate |
parent undertaking by virtue of holding 100% of the issued shares and being the largest group for which |
consolidated financial statements are available. A copy of the consolidated financial statements can be obtained |
from Spinnaker Management LLC, 4 Bridge St, Broadalbin, NY 12025, USA. |