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COMPANY REGISTRATION NUMBER: 3254615
Wind Prospect Group Limited
Unaudited Financial Statements
30 June 2024
Wind Prospect Group Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
6
Notes to the financial statements
7
Wind Prospect Group Limited
Officers and Professional Advisers
The board of directors
Mr E Cameron
Dr C W Morris
Company secretary
Dr E Cameron
Registered office
25 Shirleys
Ditchling
Hassocks
BN6 8UD
Accountants
Charlton Baker (Bristol) Ltd
Chartered accountants
61 Macrae Road, Ham Green, Bristol
BS20 0DD
Wind Prospect Group Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
Mr E Cameron
Dr C W Morris
Going concern
The company along with its main UK subsidiary(Wind Prospect Limited), entered into a Notice of Voluntary Arrangement (CVA) with effect from 07 June 2017. The Group has largely withdrawn from the UK market in response to the cessation of support for onshore renewables, with all employees being made redundant in April 2017. The company continues to fulfil obligations to existing clients, principally overseas. The fulfilment of all obligations to creditors will be through the realisation of income from group development assets. The CVA concludes that all creditors will receive all monies
due once sufficient of the assets have been realised and therefore the directors conclude that it is appropriate to prepare these accounts under the going concern principle.
The CVA's are being managed by AlixPartners and in their Annual Report for creditors to 6 June 2024 they anticipate that unsecured external creditors will receive 100 pence in the pound.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 March 2025 and signed on behalf of the board by:
Mr E Cameron
Director
Registered office:
25 Shirleys
Ditchling
Hassocks
BN6 8UD
Wind Prospect Group Limited
Statement of Comprehensive Income
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
137,711
54,095
---------
--------
Gross profit
137,711
54,095
Administrative expenses
59,745
51,266
Other operating income
325,317
41,706
---------
--------
Operating profit
403,283
44,535
Other interest receivable and similar income
41,694
372
Interest payable and similar expenses
154,351
133,948
---------
---------
Profit/(loss) before taxation
290,626
( 89,041)
Tax on profit/(loss)
---------
--------
Profit/(loss) for the financial year and total comprehensive income
290,626
( 89,041)
---------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Wind Prospect Group Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
268,490
268,490
Current assets
Debtors
6
1,694,295
1,714,162
Cash at bank and in hand
37,062
24,479
------------
------------
1,731,357
1,738,641
Creditors: amounts falling due within one year
7
8,930,066
9,228,076
------------
------------
Net current liabilities
7,198,709
7,489,435
------------
------------
Total assets less current liabilities
( 6,930,219)
( 7,220,945)
------------
------------
Net liabilities
( 6,930,219)
( 7,220,945)
------------
------------
Capital and reserves
Called up share capital
1,067
967
Capital redemption reserve
100
100
Share option reserve
32,109
32,109
Profit and loss account
( 6,963,495)
( 7,254,121)
------------
------------
Shareholders deficit
( 6,930,219)
( 7,220,945)
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wind Prospect Group Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr E Cameron
Director
Company registration number: 3254615
Wind Prospect Group Limited
Statement of Changes in Equity
Year ended 30 June 2024
Called up share capital
Capital redemption reserve
Share option reserve
Profit and loss account
Total
£
£
£
£
£
At 1 July 2022
967
100
32,109
( 7,165,080)
( 7,131,904)
Loss for the year
( 89,041)
( 89,041)
----
----
--------
------------
------------
Total comprehensive income for the year
( 89,041)
( 89,041)
At 30 June 2023
967
100
32,109
( 7,254,121)
( 7,220,945)
Profit for the year
290,626
290,626
----
----
--------
------------
------------
Total comprehensive income for the year
290,626
290,626
Issue of shares
100
100
----
----
----
----
----
Total investments by and distributions to owners
100
100
-------
----
--------
------------
------------
At 30 June 2024
1,067
100
32,109
( 6,963,495)
( 6,930,219)
-------
----
--------
------------
------------
Wind Prospect Group Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Shirleys, Ditchling, Hassocks, BN6 8UD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net liabilities and along with its main subsidiary (Wind Prospect Limited) has entered into voluntary arrangements (CVAs) in June 2017. The group has largely withdrawn from the UK market in response to the cessation of support for onshore renewables, with all UK employees being made redundant in April 2017. It continues to fulfil obligations to existing clients, principally overseas. The fulfilment of all obligations to creditors will be through the realisation of income from group development assets. The CVA concludes that all creditors will receive all monies due once sufficient of the assets have been realised and therefore the directors conclude that it is appropriate to prepare these accounts under the going concern principle.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The directors have prepared these financial statements on the going concern principle as they consider that the long term survival of the company for a period exceeding one year from the date of signing these financial statements. 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. The 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 are as follows: Certain expenses arising after the year end have been accrued for in these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
268,490
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
268,490
---------
At 30 June 2023
268,490
---------
6. Debtors
2024
2023
£
£
Trade debtors
137,711
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,551,483
1,709,012
Other debtors
5,101
5,150
------------
------------
1,694,295
1,714,162
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
319,160
338,214
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,890,828
6,901,480
Social security and other taxes
34,371
36,386
Other creditors
1,685,707
1,951,996
------------
------------
8,930,066
9,228,076
------------
------------
8. Directors' advances, credits and guarantees
The directors have current accounts with the company. Sums have been advanced to the company and interest had been charged totalling £38,446 (2023 £33,343 ). There are no formal terms for repayment. At no time were any of these accounts overdrawn. At the balance sheet date the company owed the directors the sum of £416,427 (2023 £377,981) which amount is included in creditors in these financial statements. The directors of the company have charged the company management service fees of £20,585 (2023 £18,720).
9. Related party transactions
A major shareholder of the company during the period, is also a director of Ginko Investments Limited. The company has a loan account with Ginko Investments Limited . At 30 June 2024 the total amount owed by the company was £613,392 (2023 £533,384) which amount is included in creditors in these financial statements.
10. Controlling party
There is no overall controlling party.