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Registration number: 13055954

Prepared for the registrar

Windrush Car Storage Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Windrush Car Storage Holdings Limited

(Registration number: 13055954)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

92,410

5,875

Investment property

6

3,103,538

2,960,037

Investments

7

100

100

 

3,196,048

2,966,012

Current assets

 

Stocks

4,101

582

Debtors

8

139,994

109,229

Cash at bank and in hand

 

721,333

458,868

 

865,428

568,679

Creditors: Amounts falling due within one year

9

(523,535)

(589,519)

Net current assets/(liabilities)

 

341,893

(20,840)

Total assets less current liabilities

 

3,537,941

2,945,172

Creditors: Amounts falling due after more than one year

9

(1,521,720)

(1,583,081)

Deferred tax liabilities

 

(58,978)

(1,469)

Net assets

 

1,957,243

1,360,622

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,957,143

1,360,522

Shareholders' funds

 

1,957,243

1,360,622

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 August 2024
 


T A Earnshaw
Director

 

Windrush Car Storage Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents both farming income and rents receivable from investment property, net of value added tax.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Windrush Car Storage Holdings Limited

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

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

 

Windrush Car Storage Holdings Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

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

 

4

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and capital allowances

23,103

Revaluation of investment property

35,875

58,978

2022

Liability
£

Difference between accumulated depreciation and capital allowances

1,469

1,469

 

Windrush Car Storage Holdings Limited

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

 

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

6,000

-

6,000

Additions

63,311

35,000

98,311

At 31 December 2023

69,311

35,000

104,311

Depreciation

At 1 January 2023

125

-

125

Charge for the year

7,401

4,375

11,776

At 31 December 2023

7,526

4,375

11,901

Carrying amount

At 31 December 2023

61,785

30,625

92,410

At 31 December 2022

5,875

-

5,875

 

6

Investment properties

£

At 1 January 2023

2,960,037

Fair value adjustments

143,501

At 31 December 2023

3,103,538

 

7

Investments

2023
£

2022
£

Investments in subsidiaries

100

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

Windrush Car Storage Limited

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Ordinary A & B

100%

100%

The aggregate amount of capital and reserves at the end of the period was £345,495.

 

Windrush Car Storage Holdings Limited

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

 

8

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

11

136,064

66,200

Other debtors

 

-

6,866

Prepayments

 

3,930

36,163

   

139,994

109,229

 

9

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

10

493,699

570,699

Trade creditors

 

17,819

388

Social security and other taxes

 

166

-

Other creditors

 

1,601

912

Accrued expenses

 

8,000

8,675

Corporation tax liability

-

6,595

Deferred income

 

2,250

2,250

 

523,535

589,519

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,521,720

1,583,081

 

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings (secured)

61,856

59,454

Director's loan account

431,843

511,245

493,699

570,699

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings (secured)

1,521,720

1,583,081

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings (secured)

1,248,063

1,320,122

 

Windrush Car Storage Holdings Limited

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

 

11

Related party transactions

At 31 December 2023, the company owed T A Earnshaw and C Earnshaw £431,843 (2022 - £511,245) in the form of a director's loan account. Interest is payable on this loan. The loan is unsecured and repayable on demand.

At 31 December 2023, the company was owed £136,064 (2022 - £66,200) by its subsidiary Windrush Car Storage Limited. The loan is unsecured, interest free and repayable on demand.