Registered number
10141889
Windcoast Properties Ltd
Filleted Accounts
31 March 2024
Windcoast Properties Ltd
Registered number: 10141889
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 969,372 970,143
Current assets
Debtors 4 - 756
Cash at bank and in hand 1,114 470
1,114 1,226
Creditors: amounts falling due within one year 5 (148,632) (143,082)
Net current liabilities (147,518) (141,856)
Total assets less current liabilities 821,854 828,287
Creditors: amounts falling due after more than one year 6 (732,259) (732,259)
Provisions for liabilities (Notes 6) (30,438) (30,438)
Net assets 59,156 65,590
Capital and reserves
Called up share capital 100 100
Fair value reserve 7 129,762 129,762
Profit and loss account (70,706) (64,272)
Shareholders' funds 59,156 65,590
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Arturas Kaskelis
Director
Approved by the board on 17 March 2025
Windcoast Properties Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 965,000 13,057 978,057
At 31 March 2024 965,000 13,057 978,057
Depreciation
At 1 April 2023 - 7,914 7,914
Charge for the year - 771 771
At 31 March 2024 - 8,685 8,685
Net book value
At 31 March 2024 965,000 4,372 969,372
At 31 March 2023 965,000 5,143 970,143
4 Debtors 2024 2023
£ £
Other debtors - 756
5 Creditors: amounts falling due within one year 2024 2023
£ £
Directors loan account 129,119 125,769
Other creditors 19,513 17,313
148,632 143,082
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 732,259 732,259
7 Fair value reserve 2024 2023
The provision for liability of £30,438 relates to deferred corporation tax in relation to the fair value revaluation of investment property.
£ £
At 1 April 2023 129,762 129,762
Deferred taxation arising on the revaluation of land and buildings - -
At 31 March 2024 129,762 129,762
8 Other information
Windcoast Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bank Chambers
1-3 Woodford Avenue
Gants Hill, Ilford
Essex
IG2 6UF
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