Tradewinds Engineering Limited 07319779 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is the provision of refrigeration, air conditioning and ventilation systems, along with associated training courses, to the Marine and Offshore industry. Digita Accounts Production Advanced 6.30.9574.0 true 07319779 2022-12-01 2023-11-30 07319779 2023-11-30 07319779 core:RetainedEarningsAccumulatedLosses 2023-11-30 07319779 core:ShareCapital 2023-11-30 07319779 core:CurrentFinancialInstruments 2023-11-30 07319779 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 07319779 core:Non-currentFinancialInstruments 2023-11-30 07319779 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 07319779 core:OtherResidualIntangibleAssets 2023-11-30 07319779 core:FurnitureFittingsToolsEquipment 2023-11-30 07319779 core:OtherPropertyPlantEquipment 2023-11-30 07319779 1 2023-11-30 07319779 bus:SmallEntities 2022-12-01 2023-11-30 07319779 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07319779 bus:FullAccounts 2022-12-01 2023-11-30 07319779 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07319779 bus:RegisteredOffice 2022-12-01 2023-11-30 07319779 bus:Director1 2022-12-01 2023-11-30 07319779 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07319779 core:IntangibleAssetsOtherThanGoodwill 2022-12-01 2023-11-30 07319779 core:OtherResidualIntangibleAssets 2022-12-01 2023-11-30 07319779 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 07319779 core:OfficeEquipment 2022-12-01 2023-11-30 07319779 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 07319779 core:PlantMachinery 2022-12-01 2023-11-30 07319779 countries:EnglandWales 2022-12-01 2023-11-30 07319779 1 2022-12-01 2023-11-30 07319779 2022-11-30 07319779 core:OtherResidualIntangibleAssets 2022-11-30 07319779 core:FurnitureFittingsToolsEquipment 2022-11-30 07319779 core:OtherPropertyPlantEquipment 2022-11-30 07319779 1 2022-11-30 07319779 2021-12-01 2022-11-30 07319779 2022-11-30 07319779 core:RetainedEarningsAccumulatedLosses 2022-11-30 07319779 core:ShareCapital 2022-11-30 07319779 core:CurrentFinancialInstruments 2022-11-30 07319779 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 07319779 core:Non-currentFinancialInstruments 2022-11-30 07319779 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 07319779 core:OtherResidualIntangibleAssets 2022-11-30 07319779 core:FurnitureFittingsToolsEquipment 2022-11-30 07319779 core:OtherPropertyPlantEquipment 2022-11-30 07319779 1 2022-11-30 07319779 1 2021-12-01 2022-11-30 07319779 1 2021-11-30 iso4217:GBP xbrli:pure

Registration number: 07319779

Tradewinds Engineering Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Tradewinds Engineering Limited
(Registration number: 07319779)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tradewinds Engineering Limited
(Registration number: 07319779)

Company Information

Director

S H Ginbey

Registered office

Unit 9a Courtlands Industrial Estate
Norton Fitzwarren
Taunton
Somerset
TA2 6NS

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Tradewinds Engineering Limited
(Registration number: 07319779)

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

355

2,678

Tangible assets

5

24,836

12,213

 

25,191

14,891

Current assets

 

Debtors

6

295,889

173,988

Cash at bank and in hand

 

188,774

40,244

 

484,663

214,232

Creditors: Amounts falling due within one year

7

(128,417)

(85,789)

Net current assets

 

356,246

128,443

Total assets less current liabilities

 

381,437

143,334

Creditors: Amounts falling due after more than one year

7

-

(89,583)

Provisions for liabilities

(6,252)

(2,829)

Net assets

 

375,185

50,922

Capital and reserves

 

Called up share capital

2

1

Profit and loss account

375,183

50,921

Total equity

 

375,185

50,922

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.

 

Tradewinds Engineering Limited
(Registration number: 07319779)

Balance Sheet as at 30 November 2023

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 29 August 2024
 

.........................................
S H Ginbey
Director

 

Tradewinds Engineering Limited
(Registration number: 07319779)

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:
Unit 9a Courtlands Industrial Estate
Norton Fitzwarren
Taunton
Somerset
TA2 6NS
England

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.

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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

 

Tradewinds Engineering Limited
(Registration number: 07319779)

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 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

Plant and machinery

20% reducing balance basis

Office equipment

20% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

10% straight line basis

 

Tradewinds Engineering Limited
(Registration number: 07319779)

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

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.

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.

 

Tradewinds Engineering Limited
(Registration number: 07319779)

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

 

Tradewinds Engineering Limited
(Registration number: 07319779)

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2022

23,226

23,226

At 30 November 2023

23,226

23,226

Amortisation

At 1 December 2022

20,548

20,548

Amortisation charge

2,323

2,323

At 30 November 2023

22,871

22,871

Carrying amount

At 30 November 2023

355

355

At 30 November 2022

2,678

2,678

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

34,932

10,913

45,845

Additions

16,246

-

16,246

At 30 November 2023

51,178

10,913

62,091

Depreciation

At 1 December 2022

24,318

9,314

33,632

Charge for the year

3,303

320

3,623

At 30 November 2023

27,621

9,634

37,255

Carrying amount

At 30 November 2023

23,557

1,279

24,836

At 30 November 2022

10,614

1,599

12,213

 

Tradewinds Engineering Limited
(Registration number: 07319779)

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

6

Debtors

2023
£

2022
£

Trade debtors

23,164

8,609

Other debtors

260,768

156,198

Prepayments and accrued income

11,957

9,181

Total current trade and other debtors

295,889

173,988

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

25,000

Trade creditors

 

35,772

3,961

Taxation and social security

 

59,749

19,920

Other creditors

 

5,252

173

Accrued expenses and deferred income

 

27,644

36,735

 

128,417

85,789

Creditors include bank loans which are secured of £nil (2022 - £25,000).

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

89,583

Creditors include bank loans which are secured of £nil (2022 - £89,583).

 

Tradewinds Engineering Limited
(Registration number: 07319779)

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

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

25,000

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

89,583

9

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Interest free loan, repayable on demand

153,845

129,913

(61,899)

221,859

         
       

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Interest free loan, repayable on demand

171,220

-

(17,375)

153,845