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Registration number: 04710374

Windfall Limited

trading as Windfall Ltd.

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2023

 

Windfall Limited

trading as Windfall Ltd.

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Windfall Limited

trading as Windfall Ltd.

Company Information

Directors

Mr Betzalel Arieh Zucker

Ms Jennifer Lewis

Company secretary

Mrs Emma Juliet Zucker

Registered office

Churchill House
137-139 Brent Street
London
NW4 4DJ

Accountants

Jani Taylor Associates Limited
Chartered Accountants, Advocates and Business Advisers
Office 6a Popin Business Centre
South Way
London
HA9 0HF

 

Windfall Limited

trading as Windfall Ltd.

(Registration number: 04710374)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

580,001

622,500

Tangible assets

5

656

878

Other financial assets

6

7,473

10,072

 

588,130

633,450

Current assets

 

Stocks

7

5,000

21,025

Debtors

4,250

5,500

Cash at bank and in hand

 

16,276

21,195

 

25,526

47,720

Creditors: Amounts falling due within one year

(73,398)

(53,371)

Net current liabilities

 

(47,872)

(5,651)

Total assets less current liabilities

 

540,258

627,799

Creditors: Amounts falling due after more than one year

(75,526)

(277,785)

Accruals and deferred income

 

(3,282)

(2,930)

Net assets

 

461,450

347,084

Capital and reserves

 

Called up share capital

8

122

122

Share premium reserve

7,488

7,488

Retained earnings

453,840

339,474

Shareholders' funds

 

461,450

347,084

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Windfall Limited

trading as Windfall Ltd.

(Registration number: 04710374)
Abridged Balance Sheet as at 30 April 2023

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 September 2023 and signed on its behalf by:
 

.........................................
Mr Betzalel Arieh Zucker
Director

.........................................
Ms Jennifer Lewis
Director

 
     
 

Windfall Limited

trading as Windfall Ltd.

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Churchill House
137-139 Brent Street
London
NW4 4DJ
United Kingdom

These financial statements were authorised for issue by the Board on 15 September 2023.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Windfall Limited

trading as Windfall Ltd.

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Government grants

Central and local government grants are accounted for on accruals basis.
At the year-end, income not received but considered receivable has been credited to profit and loss account.

Finance income and costs policy

Interest payable on bounce back loan has been accounted on accruals basis.

Tax

The tax expense for the period comprises current 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.

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

Office equipment

25% on a straight line basis

Motor Vehicles

25% on a straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

This represents the development costs of Intellectual Property Rights. The cost is then adjusted by comparison with the estimated value of future cash flows derived from the Intellectual Property Rights. The Intellectual Property is being developed with an affiliated entity whereby it will be possible to arrange and transact mortgages electronically through Windfall Limited.

 

Windfall Limited

trading as Windfall Ltd.

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

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:

Asset class

Amortisation method and rate

Goodwill

Over 20 Years

Intangible assets other than goodwill

Over 20 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Mortgage applications in progress, where the outcome is certain, is taken to work-in-progress and valued on prudent basis of earnings.

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

 

Windfall Limited

trading as Windfall Ltd.

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

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.

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.

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 directors) during the year, was 2 (2022 - 2).

 

Windfall Limited

trading as Windfall Ltd.

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2022

850,000

At 30 April 2023

850,000

Amortisation

At 1 May 2022

232,499

Amortisation charge

37,500

At 30 April 2023

269,999

Carrying amount

At 30 April 2023

580,001

At 30 April 2022

622,500

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

20,019

44,874

64,893

Disposals

-

(44,874)

(44,874)

At 30 April 2023

20,019

-

20,019

Depreciation

At 1 May 2022

19,143

44,872

64,015

Charge for the year

220

-

220

Eliminated on disposal

-

(44,872)

(44,872)

At 30 April 2023

19,363

-

19,363

Carrying amount

At 30 April 2023

656

-

656

At 30 April 2022

876

2

878

 

Windfall Limited

trading as Windfall Ltd.

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2022

10,072

10,072

Revaluations

(2,599)

(2,599)

At 30 April 2023

7,473

7,473

Impairment

Carrying amount

At 30 April 2023

7,473

7,473

7

Stocks

2023
£

2022
£

Work in progress

5,000

21,025

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary "A" shares of £1 each

110

110

110

110

Ordinary "B" shares of £1 each

12

12

12

12

 

122

122

122

122

9

Related party transactions

 

Windfall Limited

trading as Windfall Ltd.

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

1,800

1,800

Loans from related parties

2023

Key management
£

Total
£

At start of period

236,555

236,555

Repaid

(181,896)

(181,896)

At end of period

54,659

54,659

2022

Key management
£

Total
£

At start of period

402,407

402,407

Repaid

(165,852)

(165,852)

At end of period

236,555

236,555