Yes, Entry requirements for UK residents are the same as accessing EU countries - all you need is a valid passport,
Travellers to Spain, including the Canary Islands and the Balearic Islands, are advised that the Spanish Government has now introduced new requirements for airlines to provide personnel information on passengers to the Spanish authorities prior to aircraft departure from the UK. This requirement is referred to as Advance Passenger Information (API or APIS data)
You can travel, as long as you're back before your passport expires. When you do get back don't wait for your passport to expire, apply for a new one right away. Up to nine months unexpired time can be added to a new passport. http://www.ips.gov.uk/passport/apply-renewing- when.asp