Notes to the financial statements
For the year ended 31 December 2022
Vinous UK Limited is a private company limited by shares and is registered in England and Wales. The company's registered office is 130 Wood Street, London, EC2V 6DL and the registered number is 11134118.
The company is a wholly owned subsidiary of Vinous Media LLC, a company incorporated in the United States of America.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance
from the parent company, Vinous Media LLC, that it will continue to give financial support to the company
for a period of at least twelve months from the date of signing these financial statements and defer
repayment of its loan in favour of other creditors.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern
basis. However, should the financial support mentioned above not be forthcoming, the going concern basis
used in preparing the company's financial statements may be invalid and adjustments would have to be
made to reduce the value of assets to their realisable amount and to provide for any further liabilities which
might arise. The financial statements do not include any adjustment to the company's assets or liabilities that
might be necessary should this basis not continue to be appropriate.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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