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Company No: 05836883 (England and Wales)

WINDRUSH PRESS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

WINDRUSH PRESS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

WINDRUSH PRESS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
WINDRUSH PRESS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
DIRECTORS Mr Richard Lockyer
Mrs Sally Lockyer
SECRETARY Mrs Sally Lockyer
REGISTERED OFFICE Windrush House
Avenue Two
Station Lane Industrial Estate
Witney
Oxfordshire
OX28 4XW
United Kingdom
COMPANY NUMBER 05836883 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
WINDRUSH PRESS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
WINDRUSH PRESS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 56,368 64,857
Investment property 6 899,205 899,205
955,573 964,062
Current assets
Stocks 2,500 2,500
Debtors 7 98,945 114,753
Cash at bank and in hand 801 718
102,246 117,971
Creditors: amounts falling due within one year 8 ( 240,157) ( 204,358)
Net current liabilities (137,911) (86,387)
Total assets less current liabilities 817,662 877,675
Creditors: amounts falling due after more than one year 9 ( 593,604) ( 652,225)
Provision for liabilities ( 2,882) ( 3,666)
Net assets 221,176 221,784
Capital and reserves
Called-up share capital 10 2 2
Profit and loss account 221,174 221,782
Total shareholders' funds 221,176 221,784

For the financial 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Windrush Press Limited (registered number: 05836883) were approved and authorised for issue by the Board of Directors on 21 March 2025. They were signed on its behalf by:

Mr Richard Lockyer
Director
WINDRUSH PRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
WINDRUSH PRESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Windrush Press Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Windrush House, Avenue Two, Station Lane Industrial Estate, Witney, OX28 4XW, Witney, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases

Land and buildings not depreciated
Plant and machinery etc. 15 % reducing balance
4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 65,600 65,600
At 30 June 2024 65,600 65,600
Accumulated amortisation
At 01 July 2023 65,600 65,600
At 30 June 2024 65,600 65,600
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 9,806 619,097 628,903
Additions 0 4,200 4,200
At 30 June 2024 9,806 623,297 633,103
Accumulated depreciation
At 01 July 2023 9,806 554,240 564,046
Charge for the financial year 0 12,689 12,689
At 30 June 2024 9,806 566,929 576,735
Net book value
At 30 June 2024 0 56,368 56,368
At 30 June 2023 0 64,857 64,857

6. Investment property

Investment property
£
Valuation
As at 01 July 2023 899,205
As at 30 June 2024 899,205

The directors believe this is a fair valuation of the property at the date of the accounts

7. Debtors

2024 2023
£ £
Trade debtors 97,782 113,590
Prepayments 1,163 1,163
98,945 114,753

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 123,780 54,765
Trade creditors 41,634 44,563
Amounts owed to directors 40,000 40,000
Accruals 10,154 11,501
Corporation tax 18,730 33,275
Other taxation and social security 5,450 19,839
Other creditors 409 415
240,157 204,358

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 472,993 505,575
Amounts owed to directors 115,090 146,650
Obligations under finance leases and hire purchase contracts 5,521 0
593,604 652,225

The long-term loans are secured by fixed charges over the assets of the company.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 A ordinary shares of £ 1.00 each 2 2

11. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 0 3,139

Other financial commitments

12. Related party transactions

During the year director remunerations of £17,680 (2023: £18,020) and dividends totalling £61,600 (2023: £63,600) were paid to directors.

At the year end the company owed the directors £155,090. (2023: £186,650).

13. Loans and overdrafts

2024 2023
£ £
Bank loans (517,336) (50,583)
Bank overdrafts (84,958) (8,254)
Other loans (115,090) (146,650)
(717,384) (205,487)

Amounts due within one year £123,780 (2023: £54,765). Amounts due after one year £593,604 (2023: 652,225)

The long-term loans are secured by fixed charges over the assets of the company.