WINFORD ESTATES LIMITED

Company Registration Number:
05573220 (England and Wales)

Unaudited abridged accounts for the year ended 30 March 2024

Period of accounts

Start date: 01 April 2023

End date: 30 March 2024

WINFORD ESTATES LIMITED

Contents of the Financial Statements

for the Period Ended 30 March 2024

Balance sheet
Notes

WINFORD ESTATES LIMITED

Balance sheet

As at 30 March 2024


Notes

2024

2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Tangible assets: 3 18,210,000 18,560,000
Total fixed assets: 18,210,000 18,560,000
Current assets
Debtors: 4 114,246 144,698
Cash at bank and in hand: 35,190 397,061
Investments: 5 779,450 755,000
Total current assets: 928,886 1,296,759
Creditors: amounts falling due within one year: 6 (17,290,889) (8,189,290)
Net current assets (liabilities): (16,362,003) (6,892,531)
Total assets less current liabilities: 1,847,997 11,667,469
Creditors: amounts falling due after more than one year: 7 (6,037,723) (14,690,037)
Total net assets (liabilities): (4,189,726) (3,022,568)
Capital and reserves
Called up share capital: 1 1
Revaluation reserve:8967,0141,317,014
Profit and loss account: (5,156,741) (4,339,583)
Shareholders funds: (4,189,726) (3,022,568)

The notes form part of these financial statements

WINFORD ESTATES LIMITED

Balance sheet statements

For the year ending 30 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 March 2025
and signed on behalf of the board by:

Name: Albany Directors Limited
Status: Director

The notes form part of these financial statements

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 18,560,000
Revaluations (350,000)
At 30 March 2024 18,210,000
Net book value
At 30 March 2024 18,210,000
At 31 March 2023 18,560,000

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

4. Debtors

2024 2023
££
Debtors due after more than one year: 0 0

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

5. Current investments

The company has placed cash in term deposits with a notice period in excess of 90 days. As at 31 March 2024 £524,450 was held in a term deposit with Standard Chartered Private Bank with a maturity date of 23 October 2024, £500,000 of which was refixed on maturity to 24 April 2025, and a further £255,000 was held in a term deposit with Standard Chartered Private Bank with a maturity date of 27 August 2024, which was refixed on maturity to 29 November 2024. As at the date of signing the financial statements amounts of £755,000 continue to be held in term deposits.

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

6. Creditors: amounts falling due within one year note

9 Creditors: Amounts falling due within one year 2024 2023 £ £ Amounts owed to parent undertaking - Loan - Red Chillies International Limited (note 12) 7,855,151 7,994,184 Loan - Mrs Gauri Khan (note 12) 100,000 - Other creditors 335,738 195,106 Bank loans 9,000,000 - 17,290,889 8,189,290 The loan with Red Chillies International Limited is unsecured, interest free and repayable on demand although the parent has indicated it does not intend to request repayment within twelve months of the date of approving these financial statements. The loan with Mrs Gauri Khan is unsecured, interest free and repayable on demand although the directors do not anticipate a request for repayment within twelve months of the date of approving these financial statements. The bank loan relates to an interest only mortgage provided by Standard Chartered Plc, which is secured against the investment property in note 6, as well as the shares in Winford Estates Limited held by Red Chillies International Limited. The loan bears interest at 1.75% above the Standard Chartered Plc overnight variable lending rate. Capital is repayable in one instalment on 19 November 2024. The bank loan was extended until 19 March 2025 and has been further extended to 19 May 2025. The directors are in active discusiions with Standard Chartered Plc regarding refinancing the bank loan for a further 5 years.

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

7. Creditors: amounts falling due after more than one year note

10 Creditors: Amounts falling due after more than one year 2024 2023 £ £ Bank loans - 9,000,000 Preference shares 5,000,000 5,000,000 Accrued fixed return on preference shares 796,044 481,044 Corporation tax (note 4) 241,679 208,993 6,037,723 14,690,037 2 preference shares were issued on 6 March 2020, 3 preference shares were issued on 16 October 2020, and a further 5 preference shares were issued on 7 September 2022. The 10 preference shares were sub-divided into 50 preference shares on 14 September 2023 each of £0.20 par value at a cost of £100,000 per share resulting in a premium of £99,999.80 per share. The preference shares have a fixed annual return of £6,300 per share. The redemption date falls on the tenth anniversary of the date of issuance. Preference share holders are entitled to receive notice of and attend general meetings of the company but are not entitled to vote on any resolution. The fixed return on preference shares is accounted for on an accruals basis over the ten years.

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

8. Revaluation reserve

2024
£
Balance at 01 April 2023 1,317,014
Surplus or deficit after revaluation (350,000)
Balance at 30 March 2024 967,014

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

9. Related party transactions

Name of the related party:
Relationship:
parent
Description of the Transaction: At the year-end the company owed its parent Red Chillies International Limited, £7,855,151 (2023: £7,994,184) (note 9). Furthermore Red Chillies International Limited acted as a guarantor for the mortgage (note 9).
£
Balance at 01 April 2023 7,994,184
Balance at 30 March 2024 7,855,151

The administration services provider, Albany Trustee Company Limited, has a common director with the company being A. D. Holt. Fees in the sum of £91,576 (2023: £116,896) were due to Albany Trustee Company Limited for the year and as at 31 March 2024 £59,568 (2023: £20,688) was outstanding. The loan due to Mrs Gauri Khan, one of the ultimate shareholders, is disclosed in note 9. Some of the preference shares are owned by related parties. Details of the amount of loans and accrued fixed return are disclosed in note 10. Flat 1 is rented by a family member of the ultimate shareholder of Red Chillies Entertainments Private Limited (note 13). The rental income is £300,000 (2023: £300,000).

WINFORD ESTATES LIMITED

Notes to the Financial Statements

for the Period Ended 30 March 2024

10. Post balance sheet events

See Note 2 going concern which details a number of events and transactions that have occurred post year end.