2
31/03/2023
2023-03-31
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
true
false
false
2022-02-15
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
13917953
2022-02-15
2023-03-31
13917953
2023-03-31
13917953
bus:RegisteredOffice
2022-02-15
2023-03-31
13917953
bus:OrdinaryShareClass1
2022-02-15
2023-03-31
13917953
bus:OrdinaryShareClass2
2022-02-15
2023-03-31
13917953
bus:OrdinaryShareClass3
2022-02-15
2023-03-31
13917953
bus:LeadAgentIfApplicable
2022-02-15
2023-03-31
13917953
bus:Director1
2022-02-15
2023-03-31
13917953
bus:Director2
2022-02-15
2023-03-31
13917953
bus:Director3
2022-02-15
2023-03-31
13917953
core:WithinOneYear
2023-03-31
13917953
core:ShareCapital
2023-03-31
13917953
core:RetainedEarningsAccumulatedLosses
2023-03-31
13917953
bus:OrdinaryShareClass1
core:ShareCapital
2023-03-31
13917953
bus:OrdinaryShareClass2
core:ShareCapital
2023-03-31
13917953
bus:OrdinaryShareClass3
core:ShareCapital
2023-03-31
13917953
bus:SmallEntities
2022-02-15
2023-03-31
13917953
bus:AuditExemptWithAccountantsReport
2022-02-15
2023-03-31
13917953
bus:FullAccounts
2022-02-15
2023-03-31
13917953
bus:SmallCompaniesRegimeForAccounts
2022-02-15
2023-03-31
13917953
bus:PrivateLimitedCompanyLtd
2022-02-15
2023-03-31
Company registration number:
13917953
(England and Wales)
PROVINANCE LTD
Unaudited filleted financial statements
for the year ended
31 March 2023
PROVINANCE LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
PROVINANCE LTD
Directors and other information
|
|
|
|
|
Directors |
Mr Daniel Lovedale |
(Appointed 15 February 2022) |
|
|
Mr Hugo Rose |
(Appointed 15 February 2022) |
|
|
Mr Hamid Nawaz-Khan |
(Appointed 1 October 2022) |
|
|
|
|
|
|
|
|
|
Company number |
13917953 |
|
|
|
|
|
|
|
|
|
|
Registered office |
4 & 5 The Cedars, Apex 12 |
|
|
|
Old Ipswich Road |
|
|
|
Colchester |
|
|
|
Essex |
|
|
|
CO7 7QR |
|
|
|
|
|
|
|
|
|
|
Business address |
Studio 2, Flexspace Newark |
|
|
|
Jessop Close |
|
|
|
Newark |
|
|
|
Nottinghamshire |
|
|
|
NG24 2TT |
|
|
|
|
|
|
|
|
|
|
Accountants |
Griffin Chapman |
|
|
|
4 & 5 The Cedars, Apex 12 |
|
|
|
Old Ipswich Road |
|
|
|
Colchester |
|
|
|
Essex |
|
|
|
CO7 7QR |
|
|
|
|
|
PROVINANCE LTD
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of PROVINANCE LTD
Period ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PROVINANCE LTD for the period ended 31 March 2023 which comprise the statement of financial position and related notes 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 PROVINANCE LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PROVINANCE LTD and state those matters that we have agreed to state to the board of directors of PROVINANCE LTD 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 PROVINANCE LTD and its board of directors as a body for our work or for this report.
It is your duty to ensure that PROVINANCE LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PROVINANCE LTD. You consider that PROVINANCE LTD is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of PROVINANCE LTD. 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 financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
16 October 2023
PROVINANCE LTD
Statement of financial position
31 March 2023
|
|
|
31/03/23 |
|
|
|
|
|
|
|
|
Note |
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
111,012 |
|
|
|
|
|
|
Debtors |
|
5 |
632,285 |
|
|
|
|
|
|
Cash at bank and in hand |
|
|
242,097 |
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
985,394 |
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
598,616) |
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Net current assets |
|
|
|
|
386,778 |
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
386,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
Net assets |
|
|
|
|
386,778 |
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
7 |
|
|
325,003 |
|
|
|
|
Profit and loss account |
|
|
|
|
61,775 |
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
Shareholders funds |
|
|
|
|
386,778 |
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ending 31 March 2023 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 financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 October 2023
, and are signed on behalf of the board by:
Mr Hugo Rose
Director
Company registration number:
13917953
PROVINANCE LTD
Notes to the financial statements
Period ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
The principal activity of the company is that of a
wine merchant.
With effect from 21 July 2023, the name of the Company was changed from Provinance Fine Wines Limited to Provinance Ltd
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments 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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 period amounted to
2
5.
Debtors
|
|
|
31/03/23 |
|
|
|
|
£ |
|
|
Trade debtors |
|
632,285 |
|
|
|
|
_______ |
|
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
31/03/23 |
|
|
|
|
£ |
|
|
Bank loans and overdrafts |
|
21,000 |
|
|
Trade creditors |
|
3,968 |
|
|
Taxation and social security |
|
21,615 |
|
|
Other creditors |
|
552,033 |
|
|
|
|
_______ |
|
|
|
|
598,616 |
|
|
|
|
_______ |
|
|
|
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
|
|
31/03/23 |
|
|
|
|
|
|
|
|
|
No |
|
£ |
|
|
|
|
|
Ordinary shares of £
1.00 each |
|
85,000 |
|
85,000 |
|
|
|
|
|
Ordinary 'A' shares of £
1.00 each |
|
3 |
|
3 |
|
|
|
|
|
Preference shares of £
1.00 each |
|
240,000 |
|
240,000 |
|
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
325,003 |
|
325,003 |
|
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|