Windmill Audio Limited - Period Ending 2017-03-31

Registration number: 09505206

Windmill Audio Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Windmill Audio Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 8

Windmill Audio Limited

Company Information

Director

Mr I Barnett

Registered office

21 Navigation Business Village Navigation Way Ashton-on-Ribble Preston PR2 2YP

Accountants

Rotherham Taylor Limited Chartered Accountants 21 Navigation Business Village Navigation Way Ashton-on-Ribble Preston PR2 2YP

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Windmill Audio Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Windmill Audio Limited for the year ended 31 March 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Windmill Audio Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Windmill Audio Limited and state those matters that we have agreed to state to the Board of Directors of Windmill Audio Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Windmill Audio Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Windmill Audio Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Windmill Audio Limited. You consider that Windmill Audio Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Windmill Audio Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

21 December 2017

Page 2

Windmill Audio Limited

(Registration number: 09505206)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	8,322	12,891
Current assets
Stocks	5	6,219	8,576
Debtors	6	516	853
Cash at bank and in hand		196	1,926
		6,931	11,355
Creditors: Amounts falling due within one year	7	(17,376)	(26,789)
Net current liabilities		(10,445)	(15,434)
Net liabilities		(2,123)	(2,543)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(2,124)	(2,544)
Total equity		(2,123)	(2,543)

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 December 2017
 

.........................................

Mr I Barnett

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Windmill Audio Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

The principal place of business is:
2 Queen Street
Lytham
St. Annes
FY8 5LQ

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Page 4

Windmill Audio Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	33% straight line and 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 5

Windmill Audio Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Financial instruments

The company only enters into basic financial instruments 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 related parties and investments in non-puttable ordinary shares.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 6

Windmill Audio Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	18,384	18,384
Additions	701	701
At 31 March 2017	19,085	19,085
Depreciation
At 1 April 2016	5,493	5,493
Charge for the period	5,270	5,270
At 31 March 2017	10,763	10,763
Carrying amount
At 31 March 2017	8,322	8,322
At 31 March 2016	12,891	12,891

5

Stocks

	2017 £	2016 £
Goods for resale	6,219	8,576

6

Debtors

	2017 £	2016 £
Other debtors	516	853

7

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	8,127	17,727
Trade creditors		1,087	60
Amounts owed to group undertakings and undertakings in which the company has a participating interest		6,968	8,202
Taxation and social security		440	-
Other creditors		754	800
		17,376	26,789

Page 7

Windmill Audio Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Director's loan account	8,127	17,727

The director's loan account is interest free and repayable on demand.

9	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the period ended 31 March 2016. The date of transition to FRS 102 was 24 March 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.

Page 8