Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A Bromley 31/05/2023 20/02/2008 J Lally 31/05/2023 20/02/2008 R M Mathias 31/05/2023 D F Speakman 31/05/2023 28 June 2024 The principal activity of the Company during the financial year was the provision of travel agency activities. 00711345 2023-12-31 00711345 bus:Director1 2023-12-31 00711345 bus:Director2 2023-12-31 00711345 bus:Director3 2023-12-31 00711345 bus:Director4 2023-12-31 00711345 2022-12-31 00711345 core:CurrentFinancialInstruments 2023-12-31 00711345 core:CurrentFinancialInstruments 2022-12-31 00711345 core:Non-currentFinancialInstruments 2023-12-31 00711345 core:Non-currentFinancialInstruments 2022-12-31 00711345 core:ShareCapital 2023-12-31 00711345 core:ShareCapital 2022-12-31 00711345 core:RetainedEarningsAccumulatedLosses 2023-12-31 00711345 core:RetainedEarningsAccumulatedLosses 2022-12-31 00711345 core:Goodwill 2022-12-31 00711345 core:Goodwill 2023-12-31 00711345 core:LeaseholdImprovements 2022-12-31 00711345 core:OfficeEquipment 2022-12-31 00711345 core:LeaseholdImprovements 2023-12-31 00711345 core:OfficeEquipment 2023-12-31 00711345 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 00711345 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 00711345 core:CurrentFinancialInstruments 1 2023-12-31 00711345 core:CurrentFinancialInstruments 1 2022-12-31 00711345 core:WithinOneYear 2023-12-31 00711345 core:WithinOneYear 2022-12-31 00711345 core:BetweenOneFiveYears 2023-12-31 00711345 core:BetweenOneFiveYears 2022-12-31 00711345 core:MoreThanFiveYears 2023-12-31 00711345 core:MoreThanFiveYears 2022-12-31 00711345 2023-01-01 2023-12-31 00711345 bus:FilletedAccounts 2023-01-01 2023-12-31 00711345 bus:SmallEntities 2023-01-01 2023-12-31 00711345 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00711345 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00711345 bus:Director1 2023-01-01 2023-12-31 00711345 bus:Director2 2023-01-01 2023-12-31 00711345 bus:Director3 2023-01-01 2023-12-31 00711345 bus:Director4 2023-01-01 2023-12-31 00711345 core:Goodwill 2023-01-01 2023-12-31 00711345 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 00711345 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 00711345 2022-01-01 2022-12-31 00711345 core:LeaseholdImprovements 2023-01-01 2023-12-31 00711345 core:OfficeEquipment 2023-01-01 2023-12-31 00711345 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 00711345 ()

WINDGROVE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WINDGROVE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WINDGROVE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
WINDGROVE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 55,051 62,274
55,051 62,274
Current assets
Debtors 5 336,505 519,340
Cash at bank and in hand 521,183 387,533
857,688 906,873
Creditors: amounts falling due within one year 6 ( 579,838) ( 697,378)
Net current assets 277,850 209,495
Total assets less current liabilities 332,901 271,769
Creditors: amounts falling due after more than one year 7 0 ( 116,577)
Provision for liabilities 0 ( 4,024)
Net assets 332,901 151,168
Capital and reserves
Called-up share capital 70,000 70,000
Profit and loss account 262,901 81,168
Total shareholders' funds 332,901 151,168

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.

Directors' responsibilities:

The financial statements of Windgrove Limited (registered number: 00711345) were approved and authorised for issue by the Board of Directors on 28 June 2024. They were signed on its behalf by:

R M Mathias
Director
WINDGROVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WINDGROVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Windgrove Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, Devon, United Kingdom, EX1 3QS.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

During the year the directors and owners of the business have changed. It is therefore the new directors that have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Change in accounting policies

In the current year, the following new and revised standards and interpretations have been adopted by the company and have had an effect on the current and future periods.

At the date of authorisation of these financial statements, the following standards and interpretations became effective:

Office Equipment depreciation has changed from 4 years straight line to 3 years straight line.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 % reducing balance
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 25 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 168,227 168,227
At 31 December 2023 168,227 168,227
Accumulated amortisation
At 01 January 2023 168,227 168,227
At 31 December 2023 168,227 168,227
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Office equipment Total
£ £ £
Cost
At 01 January 2023 235,669 122,333 358,002
Additions 0 2,674 2,674
At 31 December 2023 235,669 125,007 360,676
Accumulated depreciation
At 01 January 2023 178,546 117,182 295,728
Charge for the financial year 9,427 470 9,897
At 31 December 2023 187,973 117,652 305,625
Net book value
At 31 December 2023 47,696 7,355 55,051
At 31 December 2022 57,123 5,151 62,274

5. Debtors

2023 2022
£ £
Trade debtors 256,852 442,308
Amounts owed by Parent undertakings 70,000 70,000
Prepayments 6,987 7,032
Deferred tax asset 1,731 0
Other debtors 935 0
336,505 519,340

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 17,493
Trade creditors 330,445 492,537
Amounts owed to connected companies 79,591 0
Accruals 18,766 ( 30,776)
Taxation and social security 82,618 52,270
Other creditors 68,418 165,854
579,838 697,378

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 116,577

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Other 119,088 138,936

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 19,848 19,848
between one and five years 79,392 79,392
after five years 19,848 39,696
119,088 138,936

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Intercompany loan due from Windgrove (Holdings) Limited 70,000 70,000

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Loan due to connected company Genus Capital 75,000 0