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COMPANY REGISTRATION NUMBER: 05078217
Wind Prospect Enterprises Limited
Filleted Unaudited Financial Statements
30 June 2023
Wind Prospect Enterprises Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
52,502
52,502
Current assets
Debtors
6
4,215,927
4,320,666
Cash at bank and in hand
68,296
206,787
------------
------------
4,284,223
4,527,453
Creditors: amounts falling due within one year
7
3,164,299
3,287,857
------------
------------
Net current assets
1,119,924
1,239,596
------------
------------
Total assets less current liabilities
1,172,426
1,292,098
------------
------------
Net assets
1,172,426
1,292,098
------------
------------
Capital and reserves
Called up share capital
122
122
Share premium account
219,978
219,978
Profit and loss account
952,326
1,071,998
------------
------------
Shareholder funds
1,172,426
1,292,098
------------
------------
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 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 Prospect Enterprises Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
Dr E P Cameron
Director
Company registration number: 05078217
Wind Prospect Enterprises Limited
Notes to the Financial Statements
Year ended 30 June 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 25 Shirleys, Ditchling, Hassocks, BN6 8UD, England.
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.
Going concern
The company's ultimate holding company (Wind Prospect Group Limited) entered into a voluntary arrangement (CVA) in June 2017. The company is now almost dormant with its main debtors and creditors being balances with other group undertakings. The fulfilment of all obligations will be through the realisation of income from group development assets. The CVA concludes that all creditors will receive all monies once sufficient of the assets have been realised and therefore the directors conclude that it is is appropriate to prepare these accounts under the going concern principle.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents disposal of investments, management charges and success fees during the year. Recognition of success fees and management charges occurs when a particular project has obtained planning permission and is deemed to be commercially viable.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
4. Staff and directors' remuneration
The company has no employees other than the directors who did not receive any remuneration.
5. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
52,502
--------
Impairment
At 1 July 2022 and 30 June 2023
--------
Carrying amount
At 30 June 2023
52,502
--------
At 30 June 2022
52,502
--------
Subsidiaries, associates and other investments
All investments comprise investments in subsidiary companies and are held at cost. Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated financial statements on the grounds that it and its subsidiaries comprise a small group. Therefore these financial statements only show information about the company as an individual entity.
6. Debtors
2023
2022
£
£
Trade debtors
18,261
5,268
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,197,426
4,315,173
Other debtors
240
225
------------
------------
4,215,927
4,320,666
------------
------------
In the director's opinion amounts owed by group undertakings are unlikely to be recoverable in less than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27
9,466
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,039,541
3,085,813
Other creditors
124,731
192,578
------------
------------
3,164,299
3,287,857
------------
------------
Amounts owed to group undertakings are technically payable on demand although the directors do not expect such a call to be made on the company in under one year.
8. Directors' advances, credits and guarantees
The directors of the company, have charged the company the sum of £18,720 (2022 £18,000) for consultancy services. This amount has been paid and included in consultancy fees.