4 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,835 6,942 830 7,772 1,063 1,893 xbrli:pure xbrli:shares iso4217:GBP 08485580 2022-07-01 2023-06-30 08485580 2023-06-30 08485580 2022-06-30 08485580 2021-07-01 2022-06-30 08485580 2022-06-30 08485580 2021-06-30 08485580 bus:RegisteredOffice 2022-07-01 2023-06-30 08485580 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 08485580 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 08485580 bus:Director1 2022-07-01 2023-06-30 08485580 bus:Director2 2022-07-01 2023-06-30 08485580 core:FurnitureFittings 2022-06-30 08485580 core:FurnitureFittings 2023-06-30 08485580 core:WithinOneYear 2023-06-30 08485580 core:WithinOneYear 2022-06-30 08485580 core:ShareCapital 2023-06-30 08485580 core:ShareCapital 2022-06-30 08485580 core:RetainedEarningsAccumulatedLosses 2023-06-30 08485580 core:RetainedEarningsAccumulatedLosses 2022-06-30 08485580 core:FurnitureFittings 2022-07-01 2023-06-30 08485580 core:FurnitureFittings 2022-06-30 08485580 bus:SmallEntities 2022-07-01 2023-06-30 08485580 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 08485580 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 08485580 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08485580 bus:FullAccounts 2022-07-01 2023-06-30 08485580 bus:OrdinaryShareClass1 2023-06-30 08485580 bus:OrdinaryShareClass1 2022-06-30 08485580 1 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 08485580
Lancaster Wines Limited
Filleted Unaudited Financial Statements
30 June 2023
Lancaster Wines Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Lancaster Wines Limited
Officers and Professional Advisers
The board of directors
Mr B P Howarth
Mrs F M Howarth
Registered office
Riverside Offices, Second Floor
26 St. Georges Quay
Lancaster
LA1 1RD
Accountants
Riverside Accountancy Lancaster Limited
Chartered accountants
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Bankers
HSBC UK
35 Market Street
Lancaster
LA1 1JQ
Lancaster Wines Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lancaster Wines Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lancaster Wines Limited for the year ended 30 June 2023, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Lancaster Wines Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Lancaster Wines Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lancaster Wines Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Lancaster 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 Lancaster Wines Limited. You consider that Lancaster 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 Lancaster 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.
Riverside Accountancy Lancaster Limited Chartered accountants
Second Floor, Riverside Offices 26 St George's Quay Lancaster LA1 1RD
27 February 2024
Lancaster Wines Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,063
1,893
Current assets
Stocks
76,900
69,587
Debtors
6
2,495
2,346
Cash at bank and in hand
27,951
29,337
---------
---------
107,346
101,270
Creditors: amounts falling due within one year
7
48,069
49,486
---------
---------
Net current assets
59,277
51,784
--------
--------
Total assets less current liabilities
60,340
53,677
--------
--------
Net assets
60,340
53,677
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
60,240
53,577
--------
--------
Shareholders funds
60,340
53,677
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lancaster Wines Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 27 February 2024 , and are signed on behalf of the board by:
Mr B P Howarth
Director
Company registration number: 08485580
Lancaster Wines Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Riverside Offices, Second Floor, 26 St. Georges Quay, Lancaster, LA1 1RD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20 - 25% Straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 July 2022 and 30 June 2023
8,835
-------
Depreciation
At 1 July 2022
6,942
Charge for the year
830
-------
At 30 June 2023
7,772
-------
Carrying amount
At 30 June 2023
1,063
-------
At 30 June 2022
1,893
-------
6. Debtors
2023
2022
£
£
Other debtors
2,495
2,346
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,321
24,896
Social security and other taxes
6,530
5,364
Other creditors
19,218
19,226
--------
--------
48,069
49,486
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Controlling party
The company is controlled by its directors.