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Registration number: 04477287

The Wine Explorer Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

The Wine Explorer Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Wine Explorer Limited

Company Information

Directors

Mr G C Mitchell

Mrs N J Mitchell

Company secretary

Mr G C Mitchell

Registered office

Norfolk House
75 Bartholomew Street Newbury
Berkshire
RG14 5DU

Accountants

EJBC Chartered Accountants
The Rectory
1 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

 

The Wine Explorer Limited

(Registration number: 04477287)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

3

442

590

Current assets

 

Stocks

4

53,000

85,000

Debtors

404

83

Cash at bank and in hand

 

24,770

39,448

 

78,174

124,531

Creditors: Amounts falling due within one year

5

(282,423)

(320,285)

Net current liabilities

 

(204,249)

(195,754)

Net liabilities

 

(203,807)

(195,164)

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

(203,809)

(195,166)

Shareholders' deficit

 

(203,807)

(195,164)

For the financial 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.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 

.........................................
Mrs N J Mitchell
Director

 

The Wine Explorer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Computer equipment

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.

 

The Wine Explorer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade 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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

The Wine Explorer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

3

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

6,745

1,675

8,420

At 31 December 2021

6,745

1,675

8,420

Depreciation

At 1 January 2021

6,155

1,675

7,830

Charge for the year

148

-

148

At 31 December 2021

6,303

1,675

7,978

Carrying amount

At 31 December 2021

442

-

442

At 31 December 2020

590

-

590

4

Stocks

2021
£

2020
£

Other inventories

53,000

85,000

 

The Wine Explorer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

807

1,672

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

275,759

316,509

Taxation and social security

 

4,766

1,015

Accruals and deferred income

 

660

660

Other creditors

 

431

429

 

282,423

320,285

6

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

The Wine Explorer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Related party transactions

Summary of transactions with other related parties

Directors' loan:

 G Mitchell and N Mitchell
 

Loans from related parties

2021

Other related parties
£

Total
£

At start of period

316,509

316,509

Repaid

(40,750)

(40,750)

At end of period

275,759

275,759

2020

Other related parties
£

Total
£

At start of period

406,810

406,810

Repaid

(90,301)

(90,301)

At end of period

316,509

316,509