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Registration number: 04096032

Champagne Warehouse Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Champagne Warehouse Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Champagne Warehouse Ltd

(Registration number: 04096032)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,258

14,978

Current assets

 

Stocks

6

1,060,425

1,942,366

Debtors

7

1,691,269

1,278,816

Cash at bank and in hand

 

2,316,244

2,107,697

 

5,067,938

5,328,879

Creditors: Amounts falling due within one year

8

(3,708,446)

(4,017,540)

Net current assets

 

1,359,492

1,311,339

Total assets less current liabilities

 

1,370,750

1,326,317

Provisions for liabilities

(2,139)

(2,846)

Net assets

 

1,368,611

1,323,471

Capital and reserves

 

Called up share capital

9

1,010

1,010

Retained earnings

1,367,601

1,322,461

Shareholders' funds

 

1,368,611

1,323,471

For the financial year 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 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 17 November 2023 and signed on its behalf by:
 

 

Champagne Warehouse Ltd

(Registration number: 04096032)
Balance Sheet as at 31 March 2023

.........................................
Mr A Stones
Director

 

Champagne Warehouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Parkhill Business Centre
Walton Road
Wetherby
West Yorkshire
LS22 5DZ
England

These financial statements were authorised for issue by the Board on 17 November 2023.

2

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Champagne Warehouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

Champagne Warehouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected economic useful life as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

33% straight line

Motor vehicles

25% reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Champagne Warehouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Recognition and measurement
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,720

4,887

 

Champagne Warehouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

32,831

38,035

1,473

72,339

At 31 March 2023

32,831

38,035

1,473

72,339

Depreciation

At 1 April 2022

30,771

25,178

1,412

57,361

Charge for the year

490

3,214

16

3,720

At 31 March 2023

31,261

28,392

1,428

61,081

Carrying amount

At 31 March 2023

1,570

9,643

45

11,258

At 31 March 2022

2,060

12,857

61

14,978

6

Stocks

2023
£

2022
£

Other inventories

1,060,425

1,942,366

7

Debtors

Current

2023
£

2022
£

Trade debtors

404,457

599,514

Prepayments

6,398

9,139

Other debtors

1,280,414

670,163

 

1,691,269

1,278,816

 

Champagne Warehouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

11,032

30,220

Trade creditors

 

1,775,151

1,672,946

Taxation and social security

 

55,241

48,646

Accruals and deferred income

 

1,862,550

2,262,599

Other creditors

 

4,472

3,129

 

3,708,446

4,017,540

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

100,000

1,000

100,000

1,000

Ordinary A - E shares of £0.01 each

1,000

10

1,000

10

 

101,000

1,010

101,000

1,010

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors loan accounts

11,032

30,220