Gourmet Classic Limited 03530530 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of the manufacture and wholesaling of fine wines and dressings. Digita Accounts Production Advanced 6.30.9574.0 true true 03530530 2023-01-01 2023-12-31 03530530 2023-12-31 03530530 core:CapitalRedemptionReserve 2023-12-31 03530530 core:RetainedEarningsAccumulatedLosses 2023-12-31 03530530 core:ShareCapital 2023-12-31 03530530 core:CurrentFinancialInstruments 2023-12-31 03530530 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03530530 core:Non-currentFinancialInstruments 2023-12-31 03530530 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03530530 core:FurnitureFittingsToolsEquipment 2023-12-31 03530530 core:LandBuildings 2023-12-31 03530530 core:MotorVehicles 2023-12-31 03530530 core:OtherPropertyPlantEquipment 2023-12-31 03530530 bus:SmallEntities 2023-01-01 2023-12-31 03530530 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03530530 bus:FullAccounts 2023-01-01 2023-12-31 03530530 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03530530 bus:RegisteredOffice 2023-01-01 2023-12-31 03530530 bus:Director1 2023-01-01 2023-12-31 03530530 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03530530 core:FurnitureFittings 2023-01-01 2023-12-31 03530530 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03530530 core:LandBuildings 2023-01-01 2023-12-31 03530530 core:LeaseholdImprovements 2023-01-01 2023-12-31 03530530 core:MotorVehicles 2023-01-01 2023-12-31 03530530 core:OfficeEquipment 2023-01-01 2023-12-31 03530530 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03530530 core:PlantMachinery 2023-01-01 2023-12-31 03530530 countries:EnglandWales 2023-01-01 2023-12-31 03530530 2022-12-31 03530530 core:FurnitureFittingsToolsEquipment 2022-12-31 03530530 core:LandBuildings 2022-12-31 03530530 core:MotorVehicles 2022-12-31 03530530 core:OtherPropertyPlantEquipment 2022-12-31 03530530 2022-01-01 2022-12-31 03530530 2022-12-31 03530530 core:CapitalRedemptionReserve 2022-12-31 03530530 core:RetainedEarningsAccumulatedLosses 2022-12-31 03530530 core:ShareCapital 2022-12-31 03530530 core:CurrentFinancialInstruments 2022-12-31 03530530 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03530530 core:Non-currentFinancialInstruments 2022-12-31 03530530 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03530530 core:FurnitureFittingsToolsEquipment 2022-12-31 03530530 core:LandBuildings 2022-12-31 03530530 core:MotorVehicles 2022-12-31 03530530 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Gourmet Classic Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 03530530

 

Gourmet Classic Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Gourmet Classic Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

325,144

401,664

Current assets

 

Stocks

5

589,689

454,686

Debtors

6

1,021,839

1,232,262

Cash at bank and in hand

 

92,860

120,328

 

1,704,388

1,807,276

Creditors: Amounts falling due within one year

7

(1,437,293)

(1,591,735)

Net current assets

 

267,095

215,541

Total assets less current liabilities

 

592,239

617,205

Creditors: Amounts falling due after more than one year

7

(537,024)

(836,035)

Net assets/(liabilities)

 

55,215

(218,830)

Capital and reserves

 

Called up share capital

60

60

Capital redemption reserve

40

40

Profit and loss account

55,115

(218,930)

Shareholders' funds/(deficit)

 

55,215

(218,830)

 

Gourmet Classic Limited

Balance Sheet

31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 March 2024
 

.........................................
A M l'Anson
Director

   
     

Company Registration Number: 03530530

 

Gourmet Classic Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14 Endeavour Business Park
Crow Arch Lane
Ringwood
Hampshire
BH24 1SF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The presentation currency is Sterling, rounded to the nearest whole pound.

Going concern

In the opinion of the director, the company has sufficient support from its director/shareholder and bankers to continue to trade for the foreseeable future, and therefore 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Gourmet Classic Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

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 corporation 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.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis and straight line over 12 months

Fixtures and fittings

10% straight line basis

Short leasehold property

10% straight line basis

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 raw materials comprises direct materials costs. 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.

 

Gourmet Classic Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans;
• Finance lease liabilities; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 28 (2022 - 33).

 

Gourmet Classic Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

104,540

1,977,288

277,485

64,800

2,424,113

Additions

-

37,304

-

-

37,304

Disposals

-

-

(61,914)

(28,800)

(90,714)

At 31 December 2023

104,540

2,014,592

215,571

36,000

2,370,703

Depreciation

At 1 January 2023

79,696

1,671,040

237,663

34,050

2,022,449

Charge for the year

10,454

81,603

12,767

9,000

113,824

Eliminated on disposal

-

-

(61,914)

(28,800)

(90,714)

At 31 December 2023

90,150

1,752,643

188,516

14,250

2,045,559

Carrying amount

At 31 December 2023

14,390

261,949

27,055

21,750

325,144

At 31 December 2022

24,844

306,248

39,822

30,750

401,664

 

Gourmet Classic Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

5

Stocks

2023
 £

2022
 £

Stocks

589,689

454,686

6

Debtors

2023
 £

2022
 £

Trade debtors

917,458

974,006

Other debtors

78,563

233,782

Prepayments

25,818

24,474

Total current trade and other debtors

1,021,839

1,232,262

7

Creditors

Creditors: amounts falling due

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

331,898

256,758

Loans and borrowings

8

773,719

1,117,693

Social security and other taxes

 

61,314

23,804

Outstanding defined contribution pension costs

 

11,895

4,079

Other creditors

 

133,493

99,434

Accrued expenses

 

124,974

89,967

 

1,437,293

1,591,735

Due after one year

 

Loans and borrowings

8

537,024

836,035

 

Gourmet Classic Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

531,667

791,667

HP and finance lease liabilities

5,357

44,368

537,024

836,035

2023
£

2022
£

Current loans and borrowings

Bank borrowings

260,000

260,000

HP and finance lease liabilities

38,969

54,197

Other borrowings

474,750

803,496

773,719

1,117,693

Secured creditors
Within other borrowings, £474,750 (2022 - £803,496) relates to invoice factoring and is secured over trade debtors.

Bank borrowings are secured by a fixed charge over all present freehold and leasehold property, book and other debts and by a first floating charge over all assets both present and future.

Finance lease liabilities are secured by a fixed charge over the assets to which they relate.
 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £71,250 (2022 - £171,685).