Company registration number 09536714 (England and Wales)
WIN-EU LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
WIN-EU LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WIN-EU LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
3,358
2,200
Cash at bank and in hand
2,238
8,772
5,596
10,972
Creditors: amounts falling due within one year
5
(17,811)
(19,866)
Net current liabilities
(12,215)
(8,894)
Total assets less current liabilities
(12,215)
(8,894)
Net liabilities
(12,215)
(8,894)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(12,217)
(8,896)
Total equity
(12,215)
(8,894)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 2023 and are signed on its behalf by:
M Patel
Director
Company Registration No. 09536714
WIN-EU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
WIN-EU Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
WIN-EU Limited is a wholly owned subsidiary of Weather Innovations Consulting LP and the results of WIN-EU Limited are included in the consolidated financial statements of Weather Innovations Consulting LP, which are available from 7159 Queens Line RR9, Chatham, ON N7M 5T1, Canada.
1.2
Going concern
As noted in the Directors' Report, the Company has ceased to trade and accordingly, the financial statements have been prepared on the basis other than going concern. The directors have received confirmation that the parent company will continue to provide the necessary level of support to enable the Company to meet its liabilities.
The Directors intend to strike off the company in due course, once all remaining balances have been settled.
The Directors consider there to be no difference between the valuation of assets and liabilities on the change from the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WIN-EU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. 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 in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
3,358
2,200
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
6,973
Amounts owed to group undertakings
14,053
7,080
Other creditors
3,758
5,813
17,811
19,866
WIN-EU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor report was unqualified.
We draw attention to note 1.2 of the financial statements, which indicates that the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in this respect.
Senior Statutory Auditor:
Michael Broder BSc FCA
Statutory Auditor:
Simpson Wreford LLP
WIN-EU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
7
Related party transactions
Included within creditors is a loan of £14,053 (2021 - £7,080 ) due to Weather Innovations Consulting LP who own 100% of the share capital. This balance includes the recharge of business transactions made on behalf of the company as well as a management charge of £0(2021 - £69,309 ) to cover equipment and staff time occupied by WIN-EU Limited. No interest is due on the loan which is repayable on demand.
8
Parent company
The immediate parent company who owns 100% of the share capital is, Weather Innovations Consulting LP which is incorporated in Canada with an address of 7159 Queens Line RR9, Chatham, Ontario N7M 5T1.
In the opinion of the directors, Glacier Media Inc. is the ultimate controlling party by virtue of its 100% shareholding in Weather Innovations Consulting LP. Glacier Media Inc. is incorporated in Canada at address 2188 Yukon Street, Vancouver, British Columbia V5Y 3P1.
9
Other professional services provided by our auditors
In common with many other entities of our size and nature, we use our auditors to assist with the preparation of the financial statements.