Registration number:
Winmill Developments Limited
for the Year Ended 29 February 2024
Winmill Developments Limited
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Winmill Developments Limited
(Registration number: 05037479)
Statement of Financial Position as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
- |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Profit and loss account |
1,277,955 |
1,166,431 |
|
Shareholders' funds |
1,277,957 |
1,166,433 |
Winmill Developments Limited
(Registration number: 05037479)
Statement of Financial Position as at 29 February 2024 (continued)
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
|
Winmill Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of sale of vintage vehicles and development of building projects.
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Winmill Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Revenue - described as turnover - is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
Winmill Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
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 |
Freehold land and buildings |
2% straight line |
Leasehold properties |
25% reducing balance |
Plant and machinery |
15% reducing balance |
Fittings, fixtures and equipment |
15% reducing balance |
Motor vehicles |
20% reducing balance |
Computer equipment |
15% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Winmill Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Winmill Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Tangible assets |
Freehold property |
Long leasehold property |
Fixtures, fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 March 2023 |
|
|
|
|
|
|
Additions |
|
- |
|
- |
- |
|
Disposals |
( |
- |
( |
( |
( |
( |
At 29 February 2024 |
- |
|
|
|
|
|
Depreciation |
||||||
At 1 March 2023 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
At 29 February 2024 |
- |
|
|
|
|
|
Carrying amount |
||||||
At 29 February 2024 |
- |
|
|
|
|
|
At 28 February 2023 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £Nil (2023 - £709,700) in respect of freehold land and buildings and £5,402 (2023 - £7,198) in respect of long leasehold land and buildings.
Investment properties |
2024 |
|
Additions |
|
At 29 February |
|
The investment property value has been assessed by the directors at the year end, no formal independent valuation has been performed.
Winmill Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Debtors |
Note |
2024 |
2023 |
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Winmill Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Related party transactions |
Transactions with directors |
2024 |
At 1 March 2023 |
Advances to director |
Repayments by director |
At 29 February 2024 |
Directors |
( |
|
( |
( |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Directors |
( |
|
( |
( |
The company is owed £650,000 by Purpledot Pension Fund at the year end (2023: £270,000). The company is owed £380,000 by Purpledot Limited at the year end (2023: £725,000).