10 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 25,000 3,125 5,000 8,125 16,875 21,875 xbrli:pure xbrli:shares iso4217:GBP 04371524 2022-03-01 2023-02-28 04371524 2023-02-28 04371524 2022-02-28 04371524 2021-03-01 2022-02-28 04371524 2022-02-28 04371524 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-01 2023-02-28 04371524 core:PlantMachinery 2022-03-01 2023-02-28 04371524 core:FurnitureFittings 2022-03-01 2023-02-28 04371524 core:MotorVehicles 2022-03-01 2023-02-28 04371524 bus:Director1 2022-03-01 2023-02-28 04371524 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 04371524 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 04371524 core:LandBuildings 2022-02-28 04371524 core:PlantMachinery 2022-02-28 04371524 core:FurnitureFittings 2022-02-28 04371524 core:MotorVehicles 2022-02-28 04371524 core:LandBuildings 2023-02-28 04371524 core:PlantMachinery 2023-02-28 04371524 core:FurnitureFittings 2023-02-28 04371524 core:MotorVehicles 2023-02-28 04371524 core:LandBuildings 2022-03-01 2023-02-28 04371524 core:WithinOneYear 2023-02-28 04371524 core:WithinOneYear 2022-02-28 04371524 core:AfterOneYear 2023-02-28 04371524 core:AfterOneYear 2022-02-28 04371524 core:ShareCapital 2023-02-28 04371524 core:ShareCapital 2022-02-28 04371524 core:RevaluationReserve 2023-02-28 04371524 core:RevaluationReserve 2022-02-28 04371524 core:RetainedEarningsAccumulatedLosses 2023-02-28 04371524 core:RetainedEarningsAccumulatedLosses 2022-02-28 04371524 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 04371524 core:LandBuildings 2022-02-28 04371524 core:PlantMachinery 2022-02-28 04371524 core:FurnitureFittings 2022-02-28 04371524 core:MotorVehicles 2022-02-28 04371524 bus:SmallEntities 2022-03-01 2023-02-28 04371524 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04371524 bus:FullAccounts 2022-03-01 2023-02-28 04371524 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 04371524 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04371524 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04371524 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 04371524 bus:Director1 2021-03-01 2022-02-28
COMPANY REGISTRATION NUMBER: 04371524
Wind Designs Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
Wind Designs Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
16,875
21,875
Tangible assets
6
691,734
716,594
---------
---------
708,609
738,469
Current assets
Stocks
459,621
615,994
Debtors
7
752,798
619,047
Cash at bank and in hand
840,494
1,139,626
------------
------------
2,052,913
2,374,667
Creditors: amounts falling due within one year
8
750,067
1,520,331
------------
------------
Net current assets
1,302,846
854,336
------------
------------
Total assets less current liabilities
2,011,455
1,592,805
Creditors: amounts falling due after more than one year
9
90,337
103,620
Provisions
Taxation including deferred tax
68,950
75,434
------------
------------
Net assets
1,852,168
1,413,751
------------
------------
Capital and reserves
Called up share capital
852
852
Revaluation reserve
199,859
180,274
Profit and loss account
1,651,457
1,232,625
------------
------------
Shareholders funds
1,852,168
1,413,751
------------
------------
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 comprehensive income has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wind Designs Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Mr P M Jones
Director
Company registration number: 04371524
Wind Designs Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Regal Drive, Soham, Ely, Cambridgeshire, CB7 5BE.
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 freehold property measured at fair value through other comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
Freehold property
-
2% straight line. Land is not depreciated
Plant and machinery
-
25% reducing balance
Office equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Website
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 8 ).
5. Intangible assets
Website expenditure
£
Cost
At 1 March 2022 and 28 February 2023
25,000
--------
Amortisation
At 1 March 2022
3,125
Charge for the year
5,000
--------
At 28 February 2023
8,125
--------
Carrying amount
At 28 February 2023
16,875
--------
At 28 February 2022
21,875
--------
6. Tangible assets
Land and buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2022
521,960
31,171
94,146
176,617
823,894
Additions
809
3,975
4,784
Disposals
( 47,439)
( 47,439)
Revaluations
25,000
25,000
---------
--------
--------
---------
---------
At 28 February 2023
546,960
31,980
50,682
176,617
806,239
---------
--------
--------
---------
---------
Depreciation
At 1 March 2022
9,725
65,907
31,668
107,300
Charge for the year
5,403
7,576
36,237
49,216
Disposals
( 42,011)
( 42,011)
---------
--------
--------
---------
---------
At 28 February 2023
15,128
31,472
67,905
114,505
---------
--------
--------
---------
---------
Carrying amount
At 28 February 2023
546,960
16,852
19,210
108,712
691,734
---------
--------
--------
---------
---------
At 28 February 2022
521,960
21,446
28,239
144,949
716,594
---------
--------
--------
---------
---------
Tangible assets held at valuation
The freehold land and buildings were revalued at open market value as at 28 February 2023. Land of £55,000 is not depreciated. The comparable amounts for the land and buildings at original cost were:
Total
£
Cost 349,918
Depreciation (68,814)
---------
281,104
---------
7. Debtors
2023
2022
£
£
Trade debtors
349,476
496,239
Other debtors
403,322
122,808
---------
---------
752,798
619,047
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,557
12,169
Trade creditors
395,644
1,178,103
Social security and other taxes
247,406
254,978
Other creditors
100,460
75,081
---------
------------
750,067
1,520,331
---------
------------
Secured borrowings Bank loans and overdrafts are secured on the assets of the company by fixed and floating charges. Included within the liabilities disclosed above under other creditors is an amount of £6,725 (2022: £4,897) for which security over the assets to which the liability relates has been given.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
44,216
50,773
Other creditors
46,121
52,847
--------
---------
90,337
103,620
--------
---------
Included within creditors: amounts falling due after more than one year is an amount of £10,426 (2022: £20,165) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Secured borrowings Bank loans and overdrafts are secured on the assets of the company by fixed and floating charges. Included within the liabilities disclosed above under other creditors is an amount of £46,121 (2022: £52,847) for which security over the assets to which the liability relates has been given.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases amount to £ 97,500 (2022: £ 127,500 ).
11. Directors' advances, credits and guarantees
During the year the company made advances to and received repayments from the director. Interest has been charged at the official HMRC rate on any overdrawn loan account balances greater than £10,000. There are no repayment terms.
2023 2022
£ £
Advances 548,204 222,084
Repayments 313,321 183,045
Balance due from the directors 298,231 63,348