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REGISTERED NUMBER: 04096253 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

GLOBAL WINES (BIRMINGHAM) LIMITED

GLOBAL WINES (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 04096253)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


GLOBAL WINES (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 04096253)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,355 10,436
Investment property 5 591,553 603,626
601,908 614,062

CURRENT ASSETS
Stocks 61,159 64,915
Debtors 6 805,075 777,764
Investments 7 126,418 126,200
Cash at bank and in hand 313,095 295,340
1,305,747 1,264,219
CREDITORS
Amounts falling due within one year 8 88,326 110,549
NET CURRENT ASSETS 1,217,421 1,153,670
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,819,329

1,767,732

CREDITORS
Amounts falling due after more than one
year

9

(28,313

)

(44,273

)

PROVISIONS FOR LIABILITIES (1,655 ) (1,593 )
NET ASSETS 1,789,361 1,721,866

CAPITAL AND RESERVES
Called up share capital 2,475 2,475
Share premium 214,492 214,492
Retained earnings 1,572,394 1,504,899
SHAREHOLDERS' FUNDS 1,789,361 1,721,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

GLOBAL WINES (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 04096253)

Balance Sheet - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2023 and were signed on its behalf by:





Baljinder Singh Dulay - Director


GLOBAL WINES (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 04096253)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Global Wines (Birmingham) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04096253

Registered office: 2-4 Abbey Road
Smethwick
Warley
Smethwick
West Midlands
B67 5RD

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks 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 Income Statement, 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 balance sheet date.


GLOBAL WINES (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 04096253)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 balance sheet 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
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 11 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 72,481 100,293 172,774
Additions - 1,877 1,877
At 31 March 2023 72,481 102,170 174,651
DEPRECIATION
At 1 April 2022 70,429 91,909 162,338
Charge for year 410 1,548 1,958
At 31 March 2023 70,839 93,457 164,296
NET BOOK VALUE
At 31 March 2023 1,642 8,713 10,355
At 31 March 2022 2,052 8,384 10,436

GLOBAL WINES (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 04096253)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 603,626
DEPRECIATION
Charge for year 12,073
At 31 March 2023 12,073
NET BOOK VALUE
At 31 March 2023 591,553
At 31 March 2022 603,626

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,708 10,445
Other debtors 794,367 767,319
805,075 777,764

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 126,418 126,200

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 38,186 17,381
Trade creditors 7,902 26,012
Taxation and social security 22,070 58,220
Other creditors 20,168 8,936
88,326 110,549

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 28,313 44,273

10. OTHER FINANCIAL COMMITMENTS

Current asset is due from Balbin Properties Ltd £99,000 (£105,000 in 2022)

Current Assets £582,009 is due from Corvan Ltd (£612,009 in 2022)

Both the above are related party transaction with no terms attached

GLOBAL WINES (BIRMINGHAM) LIMITED (REGISTERED NUMBER: 04096253)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Baljinder Singh Dulay and Balvinder Kaur Dulay
Balance outstanding at start of year 34,414 (6,152 )
Amounts advanced 59,579 55,416
Amounts repaid - (14,850 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 93,993 34,414