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REGISTERED NUMBER: 02709943 (England and Wales)



















GLOBAL WINES (UK) LIMITED

Financial Statements

for the Year Ended 31 March 2023






GLOBAL WINES (UK) LIMITED (REGISTERED NUMBER: 02709943)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


GLOBAL WINES (UK) LIMITED (REGISTERED NUMBER: 02709943)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 113,714 102,636
Investments 5 2 -
113,716 102,636

CURRENT ASSETS
Stocks 6 92,186 91,535
Debtors 7 1,121,797 1,330,669
Cash at bank and in hand 138,983 128,841
1,352,966 1,551,045
CREDITORS
Amounts falling due within one year 8 157,726 184,139
NET CURRENT ASSETS 1,195,240 1,366,906
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,308,956

1,469,542

PROVISIONS FOR LIABILITIES 19,482 14,214
NET ASSETS 1,289,474 1,455,328

CAPITAL AND RESERVES
Called up share capital 9,900 9,900
Retained earnings 1,279,574 1,445,428
SHAREHOLDERS' FUNDS 1,289,474 1,455,328

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 (UK) LIMITED (REGISTERED NUMBER: 02709943)

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 15 December 2023 and were signed on its behalf by:





Kuldip Singh Dulay - Director


GLOBAL WINES (UK) LIMITED (REGISTERED NUMBER: 02709943)

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

1. STATUTORY INFORMATION

Global Wines (UK) 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: 02709943

Registered office: 148 -152 George Road
Oldbury
Warley
West Midlands
B68 9LW

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.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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.

GLOBAL WINES (UK) LIMITED (REGISTERED NUMBER: 02709943)

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

2. ACCOUNTING POLICIES - continued

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 20 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 326,852 28,615 371,607
Additions - - 1,750
At 31 March 2023 326,852 28,615 373,357
DEPRECIATION
At 1 April 2022 300,552 19,776 308,917
Charge for year 3,945 1,326 9,525
At 31 March 2023 304,497 21,102 318,442
NET BOOK VALUE
At 31 March 2023 22,355 7,513 54,915
At 31 March 2022 26,300 8,839 62,690

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 7,990 8,017 743,081
Additions 26,995 1,252 29,997
At 31 March 2023 34,985 9,269 773,078
DEPRECIATION
At 1 April 2022 7,653 3,547 640,445
Charge for year 2,968 1,155 18,919
At 31 March 2023 10,621 4,702 659,364
NET BOOK VALUE
At 31 March 2023 24,364 4,567 113,714
At 31 March 2022 337 4,470 102,636

GLOBAL WINES (UK) LIMITED (REGISTERED NUMBER: 02709943)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 2
At 31 March 2023 2
NET BOOK VALUE
At 31 March 2023 2

6. STOCKS
2023 2022
£    £   
Stocks 92,186 91,535

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54 62
Other debtors 171,197 43,912
Tax Paid S-455 95,986 95,986
Woodborne Group (Abbey Road) 249,818 249,818
Woodbourne Group(Black lake) 150,000 150,000
KMR Holdings Ltd 8,016 391,016
Directors' current accounts 443,682 396,254
Prepayments 3,044 3,621
1,121,797 1,330,669

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 70,869 86,854
Corporation tax 53,542 71,231
Social security and other taxes 1,697 2,068
VAT 2,018 9,797
Other creditors 3,072 5,060
Woodbourne Homes Ltd 7,255 7,255
Accrued expenses 19,273 1,874
157,726 184,139

GLOBAL WINES (UK) LIMITED (REGISTERED NUMBER: 02709943)

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

9. 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
£    £   
Kuldip Singh Dulay and Ravinder Kaur Dulay
Balance outstanding at start of year 396,254 350,398
Amounts advanced 159,767 161,875
Amounts repaid (112,339 ) (116,019 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 443,682 396,254

10. RELATED PARTY DISCLOSURES

Dividends issued to the parent company (KMR Holdings Ltd) = £400,000 (£300,000 in 2022)

The current asset of £8,016 due from KMR Holdings Ltd (£391,016 in 2022) is a related party transaction with no terms attached

11. ULTIMATE CONTROLLING PARTY

Ultimate Controlling Party is the shareholder