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Registration number: 12542342

Messier Holdings Limited

trading as Pinwheel

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023



 

 

Messier Holdings Limited

trading as Pinwheel

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Messier Holdings Limited

trading as Pinwheel

Company Information

Directors

Mr Gavin Sheppard

Mr Robin Price

Mrs Amber Rudd (Rt Hon)

Mr Rupert Howell

Mr Shantha Shanmugalingam

Mr Robert Cheesewright

Mr Daniel Oliver James

Registered office

C/O Fieldfisher LLP
Riverbank House
2 Swan Lane
London
EC4R 3TT

 

Messier Holdings Limited

trading as Pinwheel

(Registration number: 12542342)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

18,850

27,572

Tangible assets

5

11,322

19,184

 

30,172

46,756

Current assets

 

Debtors

6

23,634

30,700

Cash at bank and in hand

 

170,401

444,465

 

194,035

475,165

Creditors: Amounts falling due within one year

7

(29,701)

(31,173)

Net current assets

 

164,334

443,992

Net assets

 

194,506

490,748

Capital and reserves

 

Called up share capital

9

126

126

Share premium reserve

1,552,145

1,552,145

Advance subscriptions reserve

10

349,394

-

Profit and loss account

(1,707,159)

(1,061,523)

Shareholders' funds

 

194,506

490,748

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Messier Holdings Limited

trading as Pinwheel

(Registration number: 12542342)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr Robin Price
Director

 

Messier Holdings Limited

trading as Pinwheel

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/O Fieldfisher LLP
Riverbank House
2 Swan Lane
London
EC4R 3TT
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.

Going concern

The financial statements have been prepared on a going concern basis. At 30 September 2023, the Company was loss making but had net assets. The directors have confirmed that in their opinion the Company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

 

Messier Holdings Limited

trading as Pinwheel

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

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.

Where the Company receives funds that are directly distributed to third party environmental & biodiversity partners in accordance with the instructions received from the client, only the associated commissions and/or fees received or receivable by the Company, as opposed to the gross cashflows paid to such partners, are reported as revenue in the Company’s financial statements, in accordance with FRS 102 (1A). The gross cashflows that the Company directly distributed to third party environmental and biodiversity partners during the year ended 30 September 2023 were £76,228 (2022: £334,766).

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

Office equipment

33% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Trademarks

10 years straight line

Software

3 years straight line

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.

 

Messier Holdings Limited

trading as Pinwheel

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

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.


Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
 

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.


Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
 

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.

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 directors) during the year, was 11 (2022 - 11).

 

Messier Holdings Limited

trading as Pinwheel

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

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 October 2022

8,880

23,600

32,480

Additions acquired separately

969

-

969

At 30 September 2023

9,849

23,600

33,449

Amortisation

At 1 October 2022

846

4,062

4,908

Amortisation charge

1,825

7,866

9,691

At 30 September 2023

2,671

11,928

14,599

Carrying amount

At 30 September 2023

7,178

11,672

18,850

At 30 September 2022

8,034

19,538

27,572

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

24,413

24,413

Additions

289

289

At 30 September 2023

24,702

24,702

Depreciation

At 1 October 2022

5,229

5,229

Charge for the year

8,151

8,151

At 30 September 2023

13,380

13,380

Carrying amount

At 30 September 2023

11,322

11,322

At 30 September 2022

19,184

19,184

 

Messier Holdings Limited

trading as Pinwheel

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

6

Debtors

2023
£

2022
£

Trade debtors

4,241

-

Prepayments

6,215

4,889

Other debtors

13,178

25,811

23,634

30,700

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,719

11,173

Taxation and social security

5,770

14,552

Accruals and deferred income

1,925

-

Other creditors

14,287

5,448

29,701

31,173

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

53,274

The amount of non-cancellable operating lease payments recognised as an expense during the year was £53,274 (2022 - £Nil).

 

Messier Holdings Limited

trading as Pinwheel

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

1,009,607

100.96

1,108,559

110.86

Deferred shares of £0.0001 (2022 - £1) each

248,950

24.90

15

15.00

 

1,258,557

125.86

1,108,574

125.86

During the year, 15 deferred shares of £1 each were subdivided into 150,000 deferred shares of £0.0001 each. In addition 98,950 ordinary shares of £0.0001 each were redesignated as 98,950 deferred shares of £0.0001 each.

10

Reserves

The advance subscriptions reserve consists of payments received druing the year to 30 September 2023, for further share allotments which take place on 30 November 2023.

11

Control

No controlling party has been identified.