KHOSLA WINES LTD

Company Registration Number:
07150715 (England and Wales)

Unaudited abridged accounts for the year ended 30 May 2023

Period of accounts

Start date: 31 May 2022

End date: 30 May 2023

KHOSLA WINES LTD

Contents of the Financial Statements

for the Period Ended 30 May 2023

Balance sheet
Notes

KHOSLA WINES LTD

Balance sheet

As at 30 May 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 1,024,270 1,080,317
Total fixed assets: 1,024,270 1,080,317
Current assets
Stocks: 409,418 470,400
Debtors:   1,112,509 1,091,160
Cash at bank and in hand: 239,634 148,807
Total current assets: 1,761,561 1,710,367
Creditors: amounts falling due within one year:   (1,474,419) (1,410,983)
Net current assets (liabilities): 287,142 299,384
Total assets less current liabilities: 1,311,412 1,379,701
Creditors: amounts falling due after more than one year: 4 (603,278) (675,556)
Provision for liabilities: (28,245) (27,873)
Total net assets (liabilities): 679,889 676,272
Capital and reserves
Called up share capital: 10,000 10,000
Profit and loss account: 669,889 666,272
Shareholders funds: 679,889 676,272

The notes form part of these financial statements

KHOSLA WINES LTD

Balance sheet statements

For the year ending 30 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 18 January 2024
and signed on behalf of the board by:

Name: Mr R Khosla
Status: Director

The notes form part of these financial statements

KHOSLA WINES LTD

Notes to the Financial Statements

for the Period Ended 30 May 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in thenormal course of business, and is shown net of VAT.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over theiruseful lives on the following bases:Land and buildings freehold 2% straight lineFixtures, fittings and equipment 15% reducing balanceComputer equipment 33.33% straight lineMotor vehicles 20% reducing balanceThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

Valuation and information policy

StockStock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprisesof finished goods for resale.

Other accounting policies

Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party tothe contractual provisions of the instrument.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using theeffective interest method unless the arrangement constitutes a financing transaction, where the transaction ismeasured at the present value of the future receipts discounted at a market rate of interest. Financial assetsclassified as receivable within one year are not amortised.Basic financial liabilitiesBasic financial liabilities, including creditors and the bank loan are initially recognised at transaction priceunless the arrangement constitutes a financing transaction, where the debt instrument is measured at thepresent value of the future payments discounted at a market rate of interest. Financial liabilities classified aspayable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Amounts payable are classified as current liabilities if payment is due within one yearor less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially attransaction price and subsequently measured at amortised cost using the effective interest method.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’sliability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets arerecognised to the extent that it is probable that they will be recovered against the reversal of deferred taxliabilities or other future taxable profits.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settledor the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when itrelates to items charged or credited directly to equity, in which case the deferred tax is also dealt with inequity.

KHOSLA WINES LTD

Notes to the Financial Statements

for the Period Ended 30 May 2023

2. Employees

2023 2022
Average number of employees during the period 29 29

KHOSLA WINES LTD

Notes to the Financial Statements

for the Period Ended 30 May 2023

3. Tangible Assets

Total
Cost £
At 31 May 2022 1,313,969
Additions 885
At 30 May 2023 1,314,854
Depreciation
At 31 May 2022 233,652
Charge for year 56,932
At 30 May 2023 290,584
Net book value
At 30 May 2023 1,024,270
At 30 May 2022 1,080,317

KHOSLA WINES LTD

Notes to the Financial Statements

for the Period Ended 30 May 2023

4. Creditors: amounts falling due after more than one year note

Amount falling due after more than one year £603,278 (2022 - £675,556).Amounts included above which fall due after five years are £252,137 (2022 - £303,537).Bank loan amounting to £491,484 (2022 - £529,396) is secured by way of a charge against the freeholdproperty.

KHOSLA WINES LTD

Notes to the Financial Statements

for the Period Ended 30 May 2023

5. Related party transactions

Name of the related party:
Relationship:
Directors
Description of the Transaction: At the balance sheet date, £166,783 (2022 - £174,650) was owed to the directors. The unsecured loans areprovided free of any interest charge and without any repayment terms.
£
Balance at 31 May 2022 174,650
Balance at 30 May 2023 166,783