Registration number:
Windmill Ventures LLP
for the Year Ended 31 March 2024
Windmill Ventures LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Financial Statements |
Windmill Ventures LLP
Limited liability partnership information
Designated members |
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Registered office |
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Principal place of business |
62 Blenheim Drive |
Accountants |
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Windmill Ventures LLP
Profit and Loss Account for the Year Ended 31 March 2024
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
( |
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Interest payable and similar expenses |
( |
( |
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Loss for the year before members' remuneration and profit shares |
( |
( |
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Members' remuneration charged as an expense |
104,754 |
2,012 |
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Profit/(loss) for the year available for discretionary division among members |
- |
- |
Turnover and operating profit derive wholly from continuing operations.
The limited liability partnership has no recognised gains or losses for the year other than the results above.
Windmill Ventures LLP
(Registration number: OC307311)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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- |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
78,322 |
183,075 |
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78,322 |
183,075 |
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Total members' interests |
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Loans and other debts due to members |
78,322 |
183,075 |
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78,322 |
183,075 |
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
In accordance with Section 444 of the Companies Act 2006 as applied to Limited Liability Partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.
Windmill Ventures LLP
(Registration number: OC307311)
Balance Sheet as at 31 March 2024
The financial statements of Windmill Ventures LLP (registered number OC307311) were approved by the
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The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
Windmill Ventures LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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
Revenue represents amounts chargeable in respect of letting income. Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Unallocated profits and losses are included within 'other reserves'.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.
Tangible fixed assets
Individual fixed assets are initially recorded at cost.
Windmill Ventures LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
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. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
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 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 limited
liability partnership 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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Tangible fixed assets |
Freehold land and buildings |
Total |
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Cost |
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At 1 April 2023 |
355,742 |
355,742 |
Disposals |
(100,742) |
(100,742) |
At 31 March 2024 |
255,000 |
255,000 |
Net book value |
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At 31 March 2024 |
255,000 |
255,000 |
At 31 March 2023 |
355,742 |
355,742 |
Windmill Ventures LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
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Other debtors |
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Total current trade and other debtors |
300 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
- |
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Accruals and deferred income |
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( |
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( |
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
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Bank loans and overdrafts |
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Included in the creditors are the following amounts due after more than five years:
2024 |
2023 |
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After more than five years not by instalments |
177,824 |
177,824 |
Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.