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COMPANY REGISTRATION NUMBER: 3011376
Wind Prospect Limited
Unaudited Financial Statements
30 June 2024
Wind Prospect Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Wind Prospect 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:
Dr E Cameron
Dr C W Morris
Going concern
The company along with its ultimate holding company (Wind Prospect Group Limited),entered into a Notice of Voluntary Arrangement (CVA) with effect from 07 June 2017. The company has largely withdrawn from the UK market in response to the cessation of support for onshore renewables, with all employees being made redundant in April 2017.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 fulfill obligations to existing clients, principally overseas. The fulfillment 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 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 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 13 March 2025 and signed on behalf of the board by:
Dr E Cameron
Company Secretary
Registered office:
25 Shirleys
Ditchling
Hassocks
England
BN6 8UD
Wind Prospect Limited
Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
725,000
Cost of sales
15,120
13,860
---------
--------
Gross profit/(loss)
709,880
( 13,860)
Administrative expenses
45,938
40,946
Other operating income
7
---------
--------
Operating profit/(loss)
663,949
( 54,806)
Other interest receivable and similar income
7,716
459
---------
--------
Profit/(loss) before taxation
671,665
( 54,347)
Tax on profit/(loss)
---------
--------
Profit/(loss) for the financial year and total comprehensive income
671,665
( 54,347)
---------
--------
Retained losses at the start of the year
( 707,231)
( 652,884)
---------
---------
Retained losses at the end of the year
( 35,566)
( 707,231)
---------
---------
All the activities of the company are from continuing operations.
Wind Prospect Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Current assets
Debtors
4
2,329,612
2,196,721
Cash at bank and in hand
79,468
27,159
------------
------------
2,409,080
2,223,880
Creditors: amounts falling due within one year
5
2,444,642
2,931,107
------------
------------
Net current liabilities
35,562
707,227
--------
---------
Total assets less current liabilities
( 35,562)
( 707,227)
--------
---------
Net liabilities
( 35,562)
( 707,227)
--------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
( 35,566)
( 707,231)
--------
---------
Shareholder deficit
( 35,562)
( 707,227)
--------
---------
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 member has 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 .
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Dr E Cameron
Director
Company registration number: 3011376
Wind Prospect 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, England.
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
At the balance sheet date the company has negative reserves and, along with its ultimate holding company (Wind Prospect Group Limited), has entered into a Notice of Voluntary Arrangement (CVA) with effect from 07 June 2017. The company 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 fulfill obligations to existing clients, principally overseas. The fulfillment 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 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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 the 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.
Income tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
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.
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.
4. Debtors
2024
2023
£
£
Trade debtors
7,306
7,306
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,313,565
2,180,674
Other debtors
8,741
8,741
------------
------------
2,329,612
2,196,721
------------
------------
Amounts owed to group undertakings are technically due within one year however it is highly unlikely that these balances will be repaid within one year.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,023,878
889,232
Amounts owed to group undertakings and undertakings in which the company has a participating interest
309,962
309,962
Social security and other taxes
181,859
235,533
Other creditors
928,943
1,496,380
------------
------------
2,444,642
2,931,107
------------
------------
6. 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.
7. Directors' advances, credits and guarantees
A director of the company, has a current account with the company. At the balance sheet date the company was indebted to the sum of £27,537 (2023: £27,537) which amount is included in creditors in these financial statements. No interest is payable on this account and there are no fixed terms for repayment. The directors of the company have charged the company consultancy fees of £15,120 (2023 £13,860).
8. Controlling party
The immediate and ultimate parent undertaking of the company is Wind Prospect Group Limited, a company registered in England and Wales. Copies of the financial statements of Wind Prospect Group Limited can be obtained on application from the secretary at the registered office.