Winterwell Associates Limited Filleted accounts for Companies House (small and micro)

WINTERWELL ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC342991

Winterwell Associates Limited

Filleted Unaudited Financial Statements

For the year ended

31 May 2020

Winterwell Associates Limited

Statement of Financial Position

31 May 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5	146	493
Investments	6	342,526	127,518
		---------	---------
		342,672	128,011

Current assets

Debtors	7	23,169	45,855
Cash at bank and in hand		37,983	2,388
		--------	--------
		61,152	48,243

Creditors: amounts falling due within one year	8	349,176		146,139
		---------		---------
Net current liabilities			288,024	97,896
			---------	---------
Total assets less current liabilities			54,648	30,115

Provisions

Taxation including deferred tax	73	73
	--------	--------
Net assets	54,575	30,042
	--------	--------

Capital and reserves

Called up share capital	9	361	361
Share premium account		1,440	1,440
Profit and loss account		52,774	28,241
		--------	--------
Shareholders funds		54,575	30,042
		--------	--------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Winterwell Associates Limited

Statement of Financial Position (continued)

31 May 2020

These financial statements were approved by the board of directors and authorised for issue on 2 October 2020 , and are signed on behalf of the board by:

Dr D Winterstein
Director

Company registration number: SC342991

Winterwell Associates Limited

Notes to the Financial Statements

Year ended 31 May 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 27 McDonald Road, Edinburgh, EH7 4LX, Scotland.

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is provided on the liability method to take account of timing differences between the treatment for certain items for accounts purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office equipment	-	25% straight line
Computer equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

Office Equipment	Equipment	Total
£	£	£

Cost
At 1 June 2019 and 31 May 2020	174	8,627	8,801
	----	-------	-------
Depreciation
At 1 June 2019	174	8,134	8,308
Charge for the year	–	347	347
	----	-------	-------
At 31 May 2020	174	8,481	8,655
	----	-------	-------
Carrying amount
At 31 May 2020	–	146	146
	----	-------	-------
At 31 May 2019	–	493	493
	----	-------	-------

6. Investments

	Shares in participating interests
	£

Cost
At 1 June 2019	127,518
Additions	215,008
	---------
At 31 May 2020	342,526
	---------
Impairment
At 1 June 2019 and 31 May 2020	–
	---------

Carrying amount
At 31 May 2020	342,526
	---------
At 31 May 2019	127,518
	---------

The company owns 100% of the issued share capital of Sodash Limited, a company incorporated in Scotland.

7. Debtors

	2020	2019
	£	£

Trade debtors	21,903	36,686
Other debtors	1,266	9,169
	--------	--------
	23,169	45,855
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£

Trade creditors	7,856	1,825
Corporation tax	5,812	12,788
Social security and other taxes	7,878	8,096
Other creditors	327,630	123,430
	---------	---------
	349,176	146,139
	---------	---------

9. Called up share capital

Issued, called up and fully paid

2020		2019
No.	£	No.	£

Ordinary shares of £ 0.0001 each	580,000	58	580,000	58
Ordinary Class 2 shares of £ 0.015 each	20,200	303	20,200	303
	---------	----	---------	----
	600,200	361	600,200	361
	---------	----	---------	----

10. Events after the end of the reporting period

Subsequent to the year end the Director is aware of uncertainties in respect of the effects of Covid-19. The Director has assessed the company's ability to continue as a going concern and is satisfied that it remains appropriate to prepare the financial statements on a going concern basis.

11. Related party transactions

Dr D Winterstein are also directors of Sodash Limited. At 31 May 2020 there was a loan balance due to Sodash Limited of £100,930 (2019: £101,879). This balance is included within other creditors. The loan has no fixed repayment date and no interest is charged. Dr D Winterstein is also a director of Good.Loop Limited. The company owns 79% (2019: 6.7%) of the issued share capital of Good.Loop Limited, a company incorporated in Scotland. At 31 May 2020 there was a loan balance due to Good.Loop Limited of £207,946 (2019: £6,232 due from). This balance is included within other creditors. The loan has no fixed repayment date and no interest is charged.