Winnow Solutions Limited
Unaudited Financial Statements
For the year ended 31 May 2023
For Filing with Registrar
Company Registration No. 08551367 (England and Wales)
Winnow Solutions Limited
Company Information
Directors
Mr K Duffy
Mr M Zornes
Company number
08551367
Registered office
100 Avebury Boulevard
Milton Keynes
United Kingdom
MK9 1FH
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Winnow Solutions Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Winnow Solutions Limited
Balance Sheet
As at 31 May 2023
31 May 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
907,792
104,340
Investments
5
1,334,805
801,256
2,242,597
905,596
Current assets
Stock
1,466,092
700,249
Debtors
6
1,504,119
1,104,285
Cash at bank and in hand
710,040
742,385
3,680,251
2,546,919
Creditors: amounts falling due within one year
7
(1,295,260)
(1,179,851)
Net current assets
2,384,991
1,367,068
Total assets less current liabilities
4,627,588
2,272,664
Creditors: amounts falling due after more than one year
8
(24,394,544)
(18,046,658)
Net liabilities
(19,766,956)
(15,773,994)
Capital and reserves
Called up share capital
9
15
15
Share premium account
3,148,918
3,148,918
Profit and loss reserves
(22,915,889)
(18,922,927)
Total equity
(19,766,956)
(15,773,994)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The guarantee was provided by Winnow Holdings Limited.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

Winnow Solutions Limited
Balance Sheet (Continued)
As at 31 May 2023
31 May 2023
Page 2

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 31 January 2024 and are signed on its behalf by:
Mr K Duffy
Director
Company Registration No. 08551367
Winnow Solutions Limited
Notes to the Financial Statements
For the year ended 31 May 2023
Page 3
1
Accounting policies
Company information

Winnow Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 100 Avebury Boulevard, Milton Keynes, United Kingdom, MK9 1FH.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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.

1.2
Going concern

In accordance with their responsibilities, the Directors have considered the appropriateness of the going concern basis, which has been used in the preparation of the financial statements. In making the going concern assessment, the Directors have had regard to the uncertainty created by the negative net assets and significant losses of its subsidiaries that it has issued loans to. The Directors have concluded the Company, Winnow Solutions Limited to be a going concern, as it will receive support from other group companies should it require it. The Directors have concluded the Winnow Group of companies to be a going concern as the fundraising completed before year end will give more than a 12 month cash runway at the current cash burn rate. The Directors are confident in receiving further support if required due to previous successes and fundraising.true

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Straight Line
Winnow Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 4

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stock

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Winnow Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 5
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was 46 (2022: 38)

3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(778,614)
(700,190)
Foreign current tax on profits for the current period
505
-
0
Total current tax
(778,109)
(700,190)
Winnow Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
302,524
Additions
1,058,777
Disposals
(165,774)
At 31 May 2023
1,195,527
Depreciation and impairment
At 1 June 2022
198,184
Depreciation charged in the year
202,610
Eliminated in respect of disposals
(113,059)
At 31 May 2023
287,735
Carrying amount
At 31 May 2023
907,792
At 31 May 2022
104,340
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,334,805
801,256
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2022
801,256
Additions
533,549
At 31 May 2023
1,334,805
Carrying amount
At 31 May 2023
1,334,805
At 31 May 2022
801,256
Winnow Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 7
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
236,792
132,757
Corporation tax recoverable
778,614
700,190
Other debtors
488,713
271,338
1,504,119
1,104,285
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
302,758
148,655
Taxation and social security
90,965
68,107
Other creditors
901,537
963,089
1,295,260
1,179,851
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
24,394,544
18,046,658
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
1,474,121
1,474,121
15
15
10
Parent company

The parent company of Winnow Solutions Limited is Winnow Holdings Limited, a company registered in England and Wales.

 

The parent of the smallest group in which these financial statements are consolidated is Winnow Holdings Limited, incorporated in England and Wales.

 

Its registered office is 100 Avebury Boulevard, Milton Keynes, United Kingdom, MK9 1FH.

 

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

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