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Registration number: 06237399

Windmill Information Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Windmill Information Systems Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Windmill Information Systems Limited

Company Information

Directors

Mr P Clarke

Dr A Clarke

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Windmill Information Systems Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Windmill Information Systems Limited for the year ended 31 May 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Windmill Information Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Windmill Information Systems Limited and state those matters that we have agreed to state to the Board of Directors of Windmill Information Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Windmill Information Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Windmill Information Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Windmill Information Systems Limited. You consider that Windmill Information Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Windmill Information Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

28 November 2023

 

Windmill Information Systems Limited

(Registration number: 06237399)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

32,391

42,440

Current assets

 

Debtors

6

64,463

63,980

Cash at bank and in hand

 

50,983

55,413

 

115,446

119,393

Creditors: Amounts falling due within one year

7

(23,644)

(39,567)

Net current assets

 

91,802

79,826

Total assets less current liabilities

 

124,193

122,266

Provisions for liabilities

(7,143)

(2,572)

Net assets

 

117,050

119,694

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

117,046

119,690

Shareholders' funds

 

117,050

119,694

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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 8 November 2023 and signed on its behalf by:
 

.........................................
Mr P Clarke
Director

 

Windmill Information Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

These financial statements were authorised for issue by the Board on 8 November 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 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

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.

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.

 

Windmill Information Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

Office equipment

33% reducing balance basis

Buildings

10% 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.

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

20% straight line basis

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.

 

Windmill Information Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Windmill Information Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

15,000

15,000

At 31 May 2023

15,000

15,000

Amortisation

At 1 June 2022

15,000

15,000

At 31 May 2023

15,000

15,000

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

15,581

12,675

35,250

63,506

Additions

-

1,085

-

1,085

At 31 May 2023

15,581

13,760

35,250

64,591

Depreciation

At 1 June 2022

9,349

8,779

2,938

21,066

Charge for the year

1,558

1,498

8,078

11,134

At 31 May 2023

10,907

10,277

11,016

32,200

Carrying amount

At 31 May 2023

4,674

3,483

24,234

32,391

At 31 May 2022

6,232

3,896

32,312

42,440

Included within the net book value of land and buildings above is £4,674 (2022 - £6,233) in respect of freehold land and buildings.
 

 

Windmill Information Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

54,835

53,280

Other debtors

9,628

10,700

 

64,463

63,980

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

23,314

39,237

Accruals and deferred income

330

330

23,644

39,567

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary A shares of £1 each

2

2

2

2

 

4

4

4

4

 

Windmill Information Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr P Clarke

Undated, unsecured and interest free directors loan account which is repayable on demand

10,699

40,919

(42,000)

9,618

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr P Clarke

Undated, unsecured and interest free directors loan account which is repayable on demand

24,633

28,066

(42,000)

10,699