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Registration number: 05990440

Windcourt Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Windcourt Ltd.

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Windcourt Ltd.

(Registration number: 05990440)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

72,893

88,983

Investment property

5

815,404

815,404

Investments

6

100

100

 

888,397

904,487

Current assets

 

Debtors

7

39,596

39,594

Cash at bank and in hand

 

2,605

11,013

 

42,201

50,607

Creditors: Amounts falling due within one year

8

(275,524)

(378,893)

Net current liabilities

 

(233,323)

(328,286)

Total assets less current liabilities

 

655,074

576,201

Creditors: Amounts falling due after more than one year

8

(537,103)

(524,160)

Provisions for liabilities

(6,476)

(9,579)

Net assets

 

111,495

42,462

Capital and reserves

 

Called up share capital

2

2

Retained earnings

111,493

42,460

Shareholders' funds

 

111,495

42,462

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Windcourt Ltd.

(Registration number: 05990440)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 14 August 2024
 

.........................................
Mr A P Calzini
Director

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
1-3 St Mary's Court
Tickhill
Doncaster
DN11 9LX

These financial statements were authorised for issue by the director on 14 August 2024.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies House Act 2006 and has not prepared group accounts. .

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.

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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

Fixtures and fittings

20% reducing balance basis

Motor vehicles

15% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

367,557

88,133

455,690

At 30 November 2023

367,557

88,133

455,690

Depreciation

At 1 December 2022

312,697

54,010

366,707

Charge for the year

10,972

5,118

16,090

At 30 November 2023

323,669

59,128

382,797

Carrying amount

At 30 November 2023

43,888

29,005

72,893

At 30 November 2022

54,860

34,123

88,983

5

Investment properties

2023
£

At 1 December

815,404

At 30 November

815,404

The director considers that the investment properties total of £815,404 reflects the current fair value.

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 December 2022

100

Provision

Carrying amount

At 30 November 2023

100

At 30 November 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Windcourt Restaurants Limited

1-3 St Mary's Court
Tickhill
Doncaster
DN11 9LX

England

Ordinary shares

100%

100%

Subsidiary undertakings

Windcourt Restaurants Limited

The principal activity of Windcourt Restaurants Limited is that of restaurants. This includes Ziniz Restaurant and Wine Bar and Roccos Italian Kitchen.

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

2023
£

2022
£

Other debtors

39,596

39,594

39,596

39,594

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,207

21,840

Trade creditors

 

4,383

4,350

Amounts owed to related parties

169,967

228,897

Taxation and social security

 

31,043

42,868

Corporation tax

 

23,233

38,588

Other creditors

 

40,260

40,260

Accrued expenses

 

2,431

2,090

 

275,524

378,893


Creditors include bank loans which are secured of £4,207 (2022 - £21,840).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

537,103

524,160


Creditors include bank loans which are secured of £537,103 (2022 - £524,160).

 

Windcourt Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

4,207

21,840

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

537,103

524,160