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REGISTERED NUMBER: 04768821 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Erik Laan Fine Wines Limited

Erik Laan Fine Wines Limited (Registered number: 04768821)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Erik Laan Fine Wines Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: G F Dudley
C E Laan
A J Laan





SECRETARY: A J Laan





REGISTERED OFFICE: 38 Church Street
Reigate
RH2 0AJ





REGISTERED NUMBER: 04768821 (England and Wales)





ACCOUNTANTS: Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Erik Laan Fine Wines Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Erik Laan Fine Wines Limited for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Erik Laan Fine Wines Limited, as a body, in accordance with the terms of our engagement letter dated 4 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Erik Laan Fine Wines Limited and state those matters that we have agreed to state to the Board of Directors of Erik Laan Fine Wines Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Erik Laan Fine Wines Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Erik Laan Fine Wines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Erik Laan Fine Wines Limited. You consider that Erik Laan Fine Wines Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Erik Laan Fine Wines Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ascendant Partners Limited
Second Floor
Curzon House
24 High Street
Banstead
Surrey
SM7 2LJ


13 March 2024

Erik Laan Fine Wines Limited (Registered number: 04768821)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 30,912 41,944
30,912 41,944

CURRENT ASSETS
Inventories 359,680 450,772
Debtors 5 144,517 128,130
Cash at bank 13,298 18,619
517,495 597,521
CREDITORS
Amounts falling due within one year 6 719,501 817,472
NET CURRENT LIABILITIES (202,006 ) (219,951 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(171,094

)

(178,007

)

CREDITORS
Amounts falling due after more than one year 7 187,800 197,180
NET LIABILITIES (358,894 ) (375,187 )

CAPITAL AND RESERVES
Called up share capital 150 150
Share premium 17,493 17,493
Retained earnings (376,537 ) (392,830 )
(358,894 ) (375,187 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Erik Laan Fine Wines Limited (Registered number: 04768821)

Statement of Financial Position - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:





C E Laan - Director


Erik Laan Fine Wines Limited (Registered number: 04768821)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Erik Laan Fine Wines Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors have reviewed this and consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised at the point at which goods and services are delivered to the customer.

En primeur sales
Revenue in respect of en primeur sales is recognised when invoiced and the amount is payable by the customer. The cost of the goods to be delivered is included in cost of sales and creditors. Payment has usually been made to the supplier before delivery of the goods. Payments on account have been recorded as a reduction in the related creditor. The commercial risk of the goods passes from the company to the customer once ordered and therefore the directors believe it is applicable to recognise en primeur revenue on invoicing.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% per annum on cost
Motor vehicles - 20% per annum on cost
Computer equipment - 25% per annum on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Erik Laan Fine Wines Limited (Registered number: 04768821)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 30 ) .

Erik Laan Fine Wines Limited (Registered number: 04768821)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 115,512 7,292 4,858 127,662
Additions 372 16,000 833 17,205
Disposals - (7,292 ) - (7,292 )
At 30 June 2023 115,884 16,000 5,691 137,575
DEPRECIATION
At 1 July 2022 80,910 2,910 1,898 85,718
Charge for year 19,591 3,200 1,064 23,855
Eliminated on disposal - (2,910 ) - (2,910 )
At 30 June 2023 100,501 3,200 2,962 106,663
NET BOOK VALUE
At 30 June 2023 15,383 12,800 2,729 30,912
At 30 June 2022 34,602 4,382 2,960 41,944

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2022 15,868 7,292 23,160
Additions - 16,000 16,000
Disposals - (7,292 ) (7,292 )
At 30 June 2023 15,868 16,000 31,868
DEPRECIATION
At 1 July 2022 3,174 2,910 6,084
Charge for year 3,173 3,200 6,373
Eliminated on disposal - (2,910 ) (2,910 )
At 30 June 2023 6,347 3,200 9,547
NET BOOK VALUE
At 30 June 2023 9,521 12,800 22,321
At 30 June 2022 12,694 4,382 17,076

Erik Laan Fine Wines Limited (Registered number: 04768821)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 56,186 41,905
Other debtors 5,999 15,375
Deferred tax asset 63,886 67,584
Prepayments and accrued income 8,946 3,266
135,017 128,130

Amounts falling due after more than one year:
Other debtors 9,500 -

Aggregate amounts 144,517 128,130

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,662 40,808
Other loans 87,789 95,087
Hire purchase contracts (see note 8) 7,539 6,745
Trade creditors 391,495 419,603
Social security and other taxes 83,510 146,926
Other creditors 28,398 51,442
Directors' current accounts 39,165 28,736
Directors' loan accounts 4,767 10,000
Accruals and deferred income 26,176 18,125
719,501 817,472

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 58,626 53,651
Other loans - 2-5 years 15,487 74,113
Hire purchase contracts (see note 8) 10,187 7,416
Directors' loan accounts 103,500 62,000
187,800 197,180

Erik Laan Fine Wines Limited (Registered number: 04768821)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 7,539 6,745
Between one and five years 10,187 7,416
17,726 14,161

Non-cancellable operating leases
2023 2022
£    £   
Within one year 47,700 34,500
Between one and five years 84,025 103,125
131,725 137,625

The operating lease payments are secured by a personal guarantee from the director, E Laan.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts and bank loans 74,946 86,797

The directors have provided personal guarantees to secure the bank overdraft and bank loans.

10. RELATED PARTY DISCLOSURES

The directors C E Laan and G F Dudley provided loan finance of £53,500 (2022: £140,000) to the company during the year. At the year end £108,500 (2022: £72,000) was outstanding. Interest is being applied at 5%.

11. ULTIMATE CONTROLLING PARTY

The controlling party is C E Laan.