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Registration number: 07319779

Tradewinds Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Tradewinds Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Tradewinds Engineering Limited

Company Information

Director

Mr Stuart Ginbey

Registered office

Unit 11
Saunders Way
Kingsmill Industrial Estate
Cullompton
Devon
EX15 1BS

Accountants

Wessex Commercial Solutions Limited
Yeovil Innovation Centre
Barracks Close
Yeovil
BA22 8RN

 

Tradewinds Engineering Limited

(Registration number: 07319779)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

5,779

8,880

Tangible assets

5

8,087

10,918

 

13,866

19,798

Current assets

 

Debtors

6

209,832

176,544

Cash at bank and in hand

 

7,224

2,973

 

217,056

179,517

Creditors: Amounts falling due within one year

7

(112,520)

(148,601)

Net current assets

 

104,536

30,916

Total assets less current liabilities

 

118,402

50,714

Creditors: Amounts falling due after more than one year

7

(114,583)

(38,079)

Provisions for liabilities

(2,635)

(3,762)

Net assets

 

1,184

8,873

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,183

8,872

Shareholders' funds

 

1,184

8,873

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Tradewinds Engineering Limited

(Registration number: 07319779)
Balance Sheet as at 30 November 2021

Approved and authorised by the director on 30 August 2022
 

.........................................
Mr Stuart Ginbey
Director

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11
Saunders Way
Kingsmill Industrial Estate
Cullompton
Devon
EX15 1BS
England

These financial statements were authorised for issue by the director on 30 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to the grant and that the grant will be received.
Government grant are receivable and recognised in the same period as the related expenditure.

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

20% on reducing balance

Plant and machinery

20% on reducing balance

Motor vehicles

20% on reducing balance

Office Equipment

20% on reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Asset class

Amortisation method and rate

Website Development

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 December 2020

23,226

23,226

At 30 November 2021

23,226

23,226

Amortisation

At 1 December 2020

14,346

14,346

Amortisation charge

3,101

3,101

At 30 November 2021

17,447

17,447

Carrying amount

At 30 November 2021

5,779

5,779

At 30 November 2020

8,880

8,880

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2020

28,891

10,448

39,339

At 30 November 2021

28,891

10,448

39,339

Depreciation

At 1 December 2020

19,745

8,676

28,421

Charge for the year

2,476

355

2,831

At 30 November 2021

22,221

9,031

31,252

Carrying amount

At 30 November 2021

6,670

1,417

8,087

At 30 November 2020

9,146

1,772

10,918

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Debtors

Current

2021
£

2020
£

Trade debtors

34,762

1,873

Prepayments

3,850

5,494

Other debtors

171,220

169,177

 

209,832

176,544

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

30,004

90,601

Trade creditors

 

1,987

4,879

Taxation and social security

 

13,123

21,027

Accruals and deferred income

 

67,406

31,649

Other creditors

 

-

445

 

112,520

148,601

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

114,583

38,079

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary £1 shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

114,583

38,079

 

Tradewinds Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

2021
£

2020
£

Current loans and borrowings

Bank borrowings

10,417

76,766

Bank overdrafts

19,587

13,835

30,004

90,601