Registered number
13939944
Findlays Wines & Spirits Ltd
Filleted Accounts
31 July 2023
Findlays Wines & Spirits Ltd
Registered number: 13939944
Balance Sheet
as at 31 July 2023
Notes 31/7/23 24/2/23
£ £
Fixed assets
Tangible assets 3 8,991 9,936
Current assets
Stocks 15,190 17,340
Debtors 4 1,655 500
Cash at bank and in hand 70 619
16,915 18,459
Creditors: amounts falling due within one year 5 (62,729) (48,994)
Net current liabilities (45,814) (30,535)
Net liabilities (36,823) (20,599)
Capital and reserves
Called up share capital 1 1
Profit and loss account (36,824) (20,600)
Shareholder's funds (36,823) (20,599)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
James Findlay
Director
Approved by the board on 14 February 2024
Findlays Wines & Spirits Ltd
Notes to the Accounts
for the period from 25 February 2023 to 31 July 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.
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:
Shop fittings and equipment 15% reducing balance
Motor vehicle 25% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 31/7/23 24/2/23
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 25 February 2023 10,932 2,000 12,932
At 31 July 2023 10,932 2,000 12,932
Depreciation
At 25 February 2023 2,296 700 2,996
Charge for the period 756 189 945
At 31 July 2023 3,052 889 3,941
Net book value
At 31 July 2023 7,880 1,111 8,991
At 24 February 2023 8,636 1,300 9,936
4 Debtors 31/7/23 24/2/23
£ £
Trade debtors 500 500
Other debtors 1,155 -
1,655 500
5 Creditors: amounts falling due within one year 31/7/23 24/2/23
£ £
Bank loans and overdrafts 38,017 24,500
Trade creditors 7,595 8,670
Taxation and social security costs - (1,134)
Other creditors 17,117 16,958
62,729 48,994
6 Going concern
The amount of the Directors account at 31 July 2023 stood at £17,117 (24 February 2023 - £16,958). Mr James Findlay, the director, has stated that it is not his intention to withdraw these funds from the company during the next twelve (12) months.
7 Controlling party
Mr James Findlay, the Director, is the controlling party of the company.
8 Other information
Findlays Wines & Spirits Ltd is a private company limited by shares and incorporated in England. Its registered office is:
50a High Street
Budleigh Salterton
Devon
EX9 6LJ
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