Registered number
12056729
Independent Wine Ltd
Unaudited Filleted Accounts
31 December 2023
Independent Wine Ltd
Registered number: 12056729
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,332 5,442
Tangible assets 4 326 1,458
2,658 6,900
Current assets
Stocks 15,494 131,113
Debtors 5 5,753 27,792
Cash at bank and in hand 969 10,835
22,216 169,740
Creditors: amounts falling due within one year 6 (210,128) (303,632)
Net current liabilities (187,912) (133,892)
Net liabilities (185,254) (126,992)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (186,254) (127,992)
Shareholders' funds (185,254) (126,992)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Elvira Dmitrieva
Director
Approved by the board on 13 February 2024
Independent Wine Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Intangible fixed assets are amortised over their expected economic life of three years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Cost
At 1 January 2023 9,719
At 31 December 2023 9,719
Amortisation
At 1 January 2023 4,277
Provided during the year 3,110
At 31 December 2023 7,387
Net book value
At 31 December 2023 2,332
At 31 December 2022 5,442
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 8,716
At 31 December 2023 8,716
Depreciation
At 1 January 2023 7,258
Charge for the year 1,132
At 31 December 2023 8,390
Net book value
At 31 December 2023 326
At 31 December 2022 1,458
5 Debtors 2023 2022
£ £
Trade debtors 2,430 1,272
Other debtors 3,323 26,520
5,753 27,792
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,530 2,818
Taxation and social security costs 5,060 2,201
Director's loan account 202,534 297,740
Other creditors 4 873
210,128 303,632
7 Other information
Independent Wine Ltd is a private company limited by shares and incorporated in England. Its registered office is:
71-75 Sheldon Street
Covent Garden
London
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