Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-01falseProperty company00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09991326 2023-03-01 2024-02-29 09991326 2022-03-01 2023-02-28 09991326 2024-02-29 09991326 2023-02-28 09991326 c:Director1 2023-03-01 2024-02-29 09991326 d:Buildings 2023-03-01 2024-02-29 09991326 d:Buildings 2024-02-29 09991326 d:Buildings 2023-02-28 09991326 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09991326 d:MotorVehicles 2023-03-01 2024-02-29 09991326 d:MotorVehicles 2024-02-29 09991326 d:MotorVehicles 2023-02-28 09991326 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09991326 d:ComputerEquipment 2023-03-01 2024-02-29 09991326 d:ComputerEquipment 2024-02-29 09991326 d:ComputerEquipment 2023-02-28 09991326 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09991326 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09991326 d:CurrentFinancialInstruments 2024-02-29 09991326 d:CurrentFinancialInstruments 2023-02-28 09991326 d:Non-currentFinancialInstruments 2024-02-29 09991326 d:Non-currentFinancialInstruments 2023-02-28 09991326 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 09991326 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09991326 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 09991326 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09991326 d:ShareCapital 2024-02-29 09991326 d:ShareCapital 2023-02-28 09991326 d:RetainedEarningsAccumulatedLosses 2024-02-29 09991326 d:RetainedEarningsAccumulatedLosses 2023-02-28 09991326 c:FRS102 2023-03-01 2024-02-29 09991326 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 09991326 c:FullAccounts 2023-03-01 2024-02-29 09991326 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09991326 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 09991326













Windmill Property North Ltd

Financial statements
Information for filing with the registrar

29 February 2024




 
Windmill Property North Ltd
 
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Windmill Property North Ltd for the year ended 29 February 2024.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Windmill Property North Ltd for the year ended 29 February 2024 which comprise  the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Windmill Property North Ltd in accordance with the terms of our engagement letter dated 18 October 2023Our work has been undertaken solely to prepare for your approval the financial statements of Windmill Property North Ltd and state those matters that we have agreed to state to the director of Windmill Property North Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Windmill Property North Ltd and its director for our work or for this report. 

It is your duty to ensure that Windmill Property North Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Windmill Property North Ltd. You consider that Windmill Property North Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Windmill Property North Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



UNW LLP
Chartered Accountants
Citygate
St James' Boulevard
Newcastle upon Tyne
Tyne and Wear
NE1 4JE
29 November 2024
1

 
Windmill Property North Ltd


Balance sheet
at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
1,741,623
1,591,657

  
1,741,623
1,591,657

Current assets
  

Cash at bank and in hand
  
13,141
16,321

  
13,141
16,321

Creditors: amounts falling due within one year
 4 
(1,509,908)
(1,352,216)

Net current liabilities
  
 
 
(1,496,767)
 
 
(1,335,895)

Total assets less current liabilities
  
244,856
255,762

Creditors: amounts falling due after more than one year
 5 
(219,295)
(221,169)

Provisions for liabilities
  

Deferred tax
  
(2,935)
(2,862)

Net assets
  
22,626
31,731


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
22,624
31,729

Shareholders' funds
  
22,626
31,731


2

 
Windmill Property North Ltd

    
Balance sheet (continued)
at 29 February 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




Shiv Bhagwanji Pabary
Director

Company registered number: 09991326
The notes on pages 4 to 8 form part of these financial statements. 

3

 
Windmill Property North Ltd
 
 

Notes to the financial statements
year ended 29 February 2024

1.


General information

Windmill Property North Ltd ("the company") is a private company limited by shares, incorporated in the United Kingdom and registered in England. The address of the registered office is St. James' Boulevard, Newcastle upon Tyne, NE1 4JE, United Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102.  The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

 
2.2

Revenue

The turnover shown in the profit and loss accounts represents rental income receivable during the period.

4

 
Windmill Property North Ltd
 

 
Notes to the financial statements
year ended 29 February 2024

2.Accounting policies (continued)

 
2.3

Income tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


5

 
Windmill Property North Ltd
 

 
Notes to the financial statements
year ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight line and reducing balance..

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Motor vehicles
-
25%
straight line
Computer equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Impairment of fixed assets

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.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

 
2.6

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investment properties are included in the balance sheet at their open market value and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

6

 
Windmill Property North Ltd
 

 
Notes to the financial statements
year ended 29 February 2024

2.Accounting policies (continued)

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Tangible fixed assets







Freehold property
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost


At 1 March 2023
1,625,222
4,000
-
1,629,222


Additions
174,113
-
4,798
178,911



At 29 February 2024

1,799,335
4,000
4,798
1,808,133



Depreciation


At 1 March 2023
36,898
667
-
37,565


Charge in the year
27,400
1,000
545
28,945



At 29 February 2024

64,298
1,667
545
66,510



Net book value



At 29 February 2024
1,735,037
2,333
4,253
1,741,623



At 28 February 2023
1,588,324
3,333
-
1,591,657

7

 
Windmill Property North Ltd
 
 

Notes to the financial statements
year ended 29 February 2024

4.


Creditors: amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
5,816
9,762

Trade creditors
-
600

Corporation tax
4,713
1,643

Other creditors
1,496,679
1,337,491

Accruals and deferred income
2,700
2,720

1,509,908
1,352,216


Bank loans are secured by a fixed and floating charge against the freehold property at The Windmill, 6 Chimney Mills, Claremont Road, Newcastle upon Tyne.


5.


Creditors: amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
219,295
221,169

219,295
221,169


Bank loans are secured by a fixed and floating charge against the freehold property at The Windmill, 6 Chimney Mills, Claremont Road, Newcastle upon Tyne.

 
8