Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31No description of principal activity12022-04-01falsetrue1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08758281 2022-04-01 2023-03-31 08758281 2021-04-01 2022-03-31 08758281 2023-03-31 08758281 2022-03-31 08758281 c:Director1 2022-04-01 2023-03-31 08758281 d:CurrentFinancialInstruments 2023-03-31 08758281 d:CurrentFinancialInstruments 2022-03-31 08758281 d:Non-currentFinancialInstruments 2023-03-31 08758281 d:Non-currentFinancialInstruments 2022-03-31 08758281 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08758281 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08758281 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08758281 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 08758281 d:ShareCapital 2023-03-31 08758281 d:ShareCapital 2022-03-31 08758281 d:RetainedEarningsAccumulatedLosses 2023-03-31 08758281 d:RetainedEarningsAccumulatedLosses 2022-03-31 08758281 c:OrdinaryShareClass1 2022-04-01 2023-03-31 08758281 c:OrdinaryShareClass1 2023-03-31 08758281 c:FRS102 2022-04-01 2023-03-31 08758281 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08758281 c:FullAccounts 2022-04-01 2023-03-31 08758281 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 08758281












APEX FINE WINES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

APEX FINE WINES LIMITED

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 6



 
REGISTERED NUMBER:08758281
APEX FINE WINES LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors
 3 
49,721
49,721

Cash at bank and in hand
  
367
25,504

  
50,088
75,225

Creditors: amounts falling due within one year
 4 
(52,038)
(74,840)

Net current (liabilities)/assets
  
 
 
(1,950)
 
 
385

Creditors: amounts falling due after more than one year
 5 
(118,664)
(118,664)

  

Net liabilities
  
(120,614)
(118,279)


Capital and reserves
  

Called up share capital 
 6 
2
2

Profit and loss account
  
(120,616)
(118,281)

Total deficit
  
(120,614)
(118,279)


Page 1


 
REGISTERED NUMBER:08758281
APEX FINE WINES LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the sole director: 




Chi Kin Yau
Director

Date: 22 February 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 

APEX FINE WINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

  

Company information

Apex Fine Wines Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 
1.1

Basis of preparation of financial statements

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 the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The financial statements have been prepared on a going concern basis that is dependent on the continued financial support of its director and connected companies.

 
1.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


1.4

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 3

 

APEX FINE WINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)





Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 

APEX FINE WINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

  
1.5

Share capital

Ordinary shares are classified as equity.

  
1.6

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.


2.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 -1).


3.


Debtors

2023
2022
£
£


Trade debtors
17
17

Other debtors
49,704
49,704

49,721
49,721



4.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans and overdrafts
113
113

Other creditors
51,925
74,727

52,038
74,840



5.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Other creditors
118,664
118,664


Page 5

 

APEX FINE WINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Called up share capital

2023
2022
£
£
Ordinary share capital
Issued and fully paid



2 Ordinary shares of £1 each
2
2



7.


Director's transactions

Included within creditors due after more than one year is an amount of £118,664 (2022: £118,664) owed to the director. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan. 
At the year end, an amount of £48,649 (2022: £72,160) was due to companies in which the director has a material interest. The loans are provided interest free and are unsecured. There are no formal terms and conditions regarding repayment of the loans. 

 
Page 6