Windrush Ventures Limited Abbreviated financial statements Registered number 6397276 For the period 12 October 2007 to 30 April 2008 "UINUETQU 8 2710212009, 204 ‘COMPANIES HOUSEWindrush Ventures Limited Abbreviated Financial statements For the period 12 October 2007 to 30 April 2008 Contents ‘Statement of Directors" Responsibilities in Respect of the Financial Statements Independent auditors’ report to Windrush Ventures Limited under section 247B of the Companies Act 1985 Balance Sheet Notes.Statement of Directors’ Responsibilities in Respect of the Financial Statements ‘The directors are responsible for preparing the financial statements in accordance with applicable law and regulations, ‘Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). ‘The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period, {mn preparing these financial statements, the directors are required to + select suitable accounting policies and then apply them consistently + make judgments and estimates that are reasonable and prudent; + state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and + prepare the financial statements on the going concer basis unless itis inappropriate to presume that the ‘company will continue in business. ‘The directors arc responsible for keeping proper accounting records that disclose with reasonable accuracy at any me the financial position of the company and enable them to ensure that its financial statements comply with the ‘Companies Act 1985. They have general responsibility for taking such steps as are reasonably open to them 10 safeguard the assets of the company and to prevent and detect fraud and other regularities,Independent auditors’ report to Windrush Ventures Limited under section 247B of the Companies Act 1985 We have examined the abbreviated accounts set out on pages to 10 together with the financial statements of Windrush Ventures Limited for the period 12 October 2007 10 30 April 2008 prepared under section 226 of the Companies Act 1985, ‘This report is made solely to the company in accordance with section 247B of the Companies Act 1985. Our work hhas been undertaken so that we might state to the company those matters we are required to state to it in such a report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsi anyone other than the company. for our work, for this teport, or for the opinions we have formed Respective responsibilities of directors and auditors ‘The direciors are responsible for preparing the abbreviated accounts in accordance with section 246 of the Companies Act 1985. It is our responsibility to form an independent opinion as to whether the company is entitled to deliver abbreviated accounts prepared in accordance with section 246(5) and (6) of the Act to the Registrar of Companies and whether the abbreviated accounts have been properly prepared in accordance with that section and {0 report our opinion (o you. Basis of opinion ‘We conducted our work in accordance with Bulletin 2006/3 The special auditor's report on abbreviated accounts in the United Kingdom issued by the Auditing Practices Board. In accordance with that bulletin we have carried out the procedures we considered necessary to confirm, by reference to the financial statements, that the company is enitled to deliver abbreviated accounts and that the abbreviated accounts to be delivered have been properly prepared. Opinion In our opinion the company is entitled to deliver abbreviated accounts prepared in accordance with section 246(5) ‘and (6) of the Companies Act 1985 and the abbreviated accounts have been properly prepared in accordance with that section, Lug Lt KPMG LLP. 8 Salishury Square Chartered Accountants London ECAY BBB ‘Registered Audior 12 hea ZooBalance Sheet at 30 April 2008 Fined assets Tangible assets lavestments Current assets Deblors: amounts falling doe within one year Debtors: amount falling due after one year (Cash at bank and in hand Creditors: amounts falling due Net current liabilities ‘Total assets less current liabilities Creditors: amounts f Provisions for liabilities and charges ing due after more than one Net assets Capital and reserves Called up share capital Profit and loss aceount Shareholders" funds Windrush Ventures Limited Abbreviated financial statements For the period 12 October 2007 19 30 April 2008 Nove £000 £000 2 387 3 i 387 4 759 4 6 Me 1,749 5 1905) (156) 21 6 15) 7 (12) 4 8 2 9 4 ’ 4 ‘These financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies. They were approved by the board of directors on were signed on its behalf by: ‘Searancke rector 12-02-09"Windrush Ventures Limited Abbreviated financial statements For the period 12 October 2007 1030 Aprit 2008 Notes Gorming part ofthe financial statements) 1 Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered ‘material in relation to the financial statements, except as noted below. Basis of preparation ‘The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost accounting rules. ‘The Company is exempt by virtue of s248 of the Companies Act 1985 from the requirement to prepare group financial statements, These financial statements present information about the Company as an individual undertaking and not about its group. Under FRS 1 the Company is exempt from the requirement to prepare a cash flow statement on the grounds of its size Fixed assets and depreciation Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows: Leasehold improvements : life of lease Furniture and fittings - 5 years IV and telecommunications 3 years Foreign currencies ‘Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction, ‘Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account Leases Assets acquired under finance leases are capitalised and the outstanding future lease obligations are shown in creditors. Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease, Taxation ‘The charge for taxation is based on the profit or toss for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19, Turnover Revenue is recognised when services have been delivered under an established arrangement, delivery has occurred, revenue can be measured, and its collection is probable. Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Grant income Grants are included within accruals and deferred income in the balance sheet and credited to the profit and loss account to match the direct project expenditure to which they relate.Windrush Ventures Limited ‘Abbreviated financial statements For the period 12 October 2007 10 30 April 2008 Notes (continued) 2 Tangible fixed assets 1 and tele Leasehold communicatio improvement fittings equipment Total £000 ‘£000 £000 +2000 Cost Auteginning of year : : : : Additions 346 Is 232 593 Disposals aay ) a (196) Atend of year 232 10 135, 397 Depreciation Av beginning of year : 7 : ‘Charge for year 4 7 6 10 Atend of year 4 7 6 10 Net book vatwe ‘AL30 April 2008, 28 0 49 387 3 Investments Participating £ Cost At beginning of year ‘Additions Atend of year 1 ‘The company has a participating interest in Windrush Ventures No.2 LLP, a limited partnership established in England and Wales that acts as General Partner of a limited partnership.Windrush Ventures Limited Abbreviated financial statements For the period 12 October 2007 to 30 April 2008 Notes (continued) 4 Debtors Amours felling dve within one year Trade debtors ther debtors ‘Amounts owed by undertakings in which 1 Prepayments and aecrued income e company has a participating imerest Amounts falling due affer one year Other debiors| Total debvors 5 Creditors: amounts falling due within one year “Trade creditors Taxation and social security Other creditors ‘Accruals and deferred income Interest i payable on other creditors atthe Bank of England Base rate plus 2.5%. 6 Creditors: amounts falling due after more than one year ther crediors Interest is payable on the amount due from other creditors ata rate of 4.3% per annum 7 Provisions for liabilities and charges Aubeginning of year (Charge to the profit and loss forthe year Atend of year 2008 44 0 378 803 1.908 2008 28 Taxation including deferred taxation £000 2Notes (continued) ‘The elements of deferred taxation arc as follows: Difference between accumulated depreciation and amonisation and capital allowances 8 Called up share capital Authorised 1000 Ordinary shares of Eteach Allotted,catted up and fully paid 1 Ordinary shares of £1 each, Windrush Ventures Limited Abbreviated financial statements For the period (2 October 2007 to 30 April 2008 During the period the Company iscued one £1 ordinary share for a consideration of £1, settled in cash. 9 Reconciliation of shareholders funds [At beginning of period ‘Share subscription Profit forthe financial period Atend of period 10 Commitments ‘Annual commitments under non-cancellable operating leases are as follows: ‘Operating leases which expire: Inthe second to fith years inclusive ‘Over five years Share Capital Profit and Loss Account £000 4 2008 £000 2 Total 2000 Other 2000Windrush Ventures Limited Abbreviated financial statements For the period 12 October 2007 to 30 April 2008 Notes (continued) 11 Related party disclosures ‘The company is controlled by its Members. The ultimate controlling party as the ultimate owner of the Members is ACL Bhar. ‘The company received remuneration of £1 463,000 in connection with management services that it has provided to Windrush Ventures No.2 LLP (‘the LLP”). The company received a share ofthe net profits of the LLP, amounting, ‘0 £12,000. The company and the LLP are related by common ownership. ‘A130 April 2008 the following amounts were due from participating interests: £000 Windrush Ventures No.2 LLP 19