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COMPANY REGISTRATION NUMBER: 04347222
Mr. Lawrence Wine Merchant Limited
Filleted Unaudited Financial Statements
31 December 2021
Mr. Lawrence Wine Merchant Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
4
1,190
1,487
Current assets
Stocks
56,550
56,800
Debtors
5
15,000
15,000
Cash at bank and in hand
307
6,698
--------
--------
71,857
78,498
Creditors: amounts falling due within one year
6
24,541
25,364
--------
--------
Net current assets
47,316
53,134
--------
--------
Total assets less current liabilities
48,506
54,621
Creditors: amounts falling due after more than one year
7
10,000
10,000
--------
--------
Net assets
38,506
44,621
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
38,504
44,619
--------
--------
Shareholders funds
38,506
44,621
--------
--------
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 December 2021 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 .
Mr. Lawrence Wine Merchant Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 7 September 2022 , and are signed on behalf of the board by:
Mr G S Lawrence
Director
Company registration number: 04347222
Mr. Lawrence Wine Merchant Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is East Lodge, Bedlars Green, Great Hallingbury, Bishop's Storford, CM22 7TL, United Kingdom.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% straight line
Computer Equipment
-
33% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
69,881
8,700
735
79,316
--------
-------
----
--------
Depreciation
At 1 January 2021
68,394
8,700
735
77,829
Charge for the year
297
297
--------
-------
----
--------
At 31 December 2021
68,691
8,700
735
78,126
--------
-------
----
--------
Carrying amount
At 31 December 2021
1,190
1,190
--------
-------
----
--------
At 31 December 2020
1,487
1,487
--------
-------
----
--------
5. Debtors
2021
2020
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
15,000
15,000
--------
--------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Social security and other taxes
61
434
Other creditors
24,480
24,930
--------
--------
24,541
25,364
--------
--------
7. Creditors: amounts falling due after more than one year
2021
2020
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,000
10,000
--------
--------
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2021
2020
2021
2020
£
£
£
£
Propstock Limited
10,000
10,000
Mr Lawrence Limited
( 15,000)
( 15,000)
----
----
--------
--------
The Director Mr GS Lawrence is also a director of Propstock Limited and Mr Lawrence Limited.
9. Controlling party
Dulwich Management & Letting Limited is regarding by the director as being the company's ultimate parent company. The ultimate controlling party is G S Lawrence.