2023-04-012024-03-312024-03-31false13237894Willows Offshore Wind 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Willows Offshore Wind Limited

Registered Number
13237894
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Willows Offshore Wind Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Karl Jason Booth

Registered Address

3 Northumberland Road
Ryton
NE40 3PT

Registered Number

13237894 (England and Wales)
Willows Offshore Wind Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,600-
1,600-
Current assets
Debtors430,2572,491
Cash at bank and on hand90,301126,601
120,558129,092
Creditors amounts falling due within one year5(35,303)(56,250)
Net current assets (liabilities)85,25572,842
Total assets less current liabilities86,85572,842
Net assets86,85572,842
Capital and reserves
Called up share capital11
Profit and loss account86,85472,841
Shareholders' funds86,85572,842
The financial statements were approved and authorised for issue by the Director on 25 October 2024, and are signed on its behalf by:
Karl Jason Booth
Director
Registered Company No. 13237894
Willows Offshore Wind Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment5
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions2,0002,000
At 31 March 242,0002,000
Depreciation and impairment
Charge for year400400
At 31 March 24400400
Net book value
At 31 March 241,6001,600
At 31 March 23--
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-2,491
Other debtors30,257-
Total30,2572,491
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security34,20344,932
Other creditors-9,878
Accrued liabilities and deferred income1,1001,440
Total35,30356,250
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £30,257 (2023 - £Nil) being the amount owed by the director. Net amounts advanced during the year were £40,135. These amounts were both repaid within nine months of the financial year. The loans where charged the official rate of interest were applicable and were repayable on demand.