0 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 211,929 115,552 9,638 125,190 86,739 96,377 xbrli:pure xbrli:shares iso4217:GBP NI624834 2022-04-01 2023-03-31 NI624834 2023-03-31 NI624834 2022-03-31 NI624834 2022-03-31 NI624834 core:PlantMachinery 2022-04-01 2023-03-31 NI624834 bus:Director1 2022-04-01 2023-03-31 NI624834 core:PlantMachinery 2022-03-31 NI624834 core:PlantMachinery 2023-03-31 NI624834 core:WithinOneYear 2023-03-31 NI624834 core:WithinOneYear 2022-03-31 NI624834 core:ShareCapital 2023-03-31 NI624834 core:ShareCapital 2022-03-31 NI624834 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI624834 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI624834 core:PlantMachinery 2022-03-31 NI624834 bus:Director1 2022-03-31 NI624834 bus:Director1 2021-03-31 NI624834 bus:SmallEntities 2022-04-01 2023-03-31 NI624834 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI624834 bus:FullAccounts 2022-04-01 2023-03-31 NI624834 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI624834 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI624834 core:Associate1 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: NI624834
T M Wind Energy Limited
Filleted Unaudited Financial Statements
31 March 2023
T M Wind Energy Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
T M Wind Energy Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
86,739
96,377
Current assets
Cash at bank and in hand
233,139
208,888
Creditors: amounts falling due within one year
5
164,568
203,712
---------
---------
Net current assets
68,571
5,176
---------
---------
Total assets less current liabilities
155,310
101,553
---------
---------
Net assets
155,310
101,553
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
155,306
101,549
---------
---------
Shareholders funds
155,310
101,553
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 October 2023 , and are signed on behalf of the board by:
Terry Grant
Director
Company registration number: NI624834
T M Wind Energy Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors and creditors receivable / payable withing one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
211,929
211,929
---------
---------
Depreciation
At 1 April 2022
115,552
115,552
Charge for the year
9,638
9,638
---------
---------
At 31 March 2023
125,190
125,190
---------
---------
Carrying amount
At 31 March 2023
86,739
86,739
---------
---------
At 31 March 2022
96,377
96,377
---------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
14,870
4,775
Social security and other taxes
2,774
2,013
Other creditors
146,924
196,924
---------
---------
164,568
203,712
---------
---------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Terry Grant
145,010
195,010
---------
---------
7. Related party transactions
The company was under the control of Mr Terry Grant throughout the current period. Mr Terry Grant is the sole director and shareholder. At the year end the director was owed a balance of £145,010 (2022 - £195,010) from the company.