Company No: 10761851 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Current assets
Stocks		1,763,648		1,763,648
Debtors	3	7,974		12,210
Cash at bank and in hand		8,363		87,070
		1,779,985		1,862,928
Creditors: amounts falling due within one year	4	( 610,385)		( 901,574)
Net current assets		1,169,600		961,354
Total assets less current liabilities		1,169,600		961,354
Creditors: amounts falling due after more than one year	5	( 1,211,250)		( 806,925)
Net (liabilities)/assets		( 41,650)		154,429
Capital and reserves
Called-up share capital	6	1		2
Other reserves		1		0
Profit and loss account		( 41,652 )		154,427
Total shareholder's (deficit)/funds		( 41,650)		154,429

For the financial year ending 31 March 2023 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Winset Ltd (registered number: 10761851) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Sharpe Director

27 September 2023

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

Winset Ltd (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 Fairchild House, Redbourne Avenue, London, N3 2BP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

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 only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Debtors

	2023		2022
	£		£
Other debtors	7,974		12,210

4. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	0		172
Amounts owed to Parent undertakings	330,874		311,500
Amounts owed to related parties	250,159		578,619
Accruals	29,352		4,367
Taxation and social security	0		6,464
Other creditors	0		452
	610,385		901,574

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

	2023		2022
	£		£
Other loans (secured)	1,211,250		806,925

The loan of £1,211,250 is secured as a fixed charge over the related property.

6. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 (2022: 100 shares of £ 0.01 each)	1		1
nil Ordinary B shares (2022: 100 shares of £ 0.01 each)	0		1
	1		2