Registered number
10765096
The Food and Wine Wisbech Ltd
Filleted Accounts
31 May 2023
The Food and Wine Wisbech Ltd
Registered number: 10765096
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 202,000 202,000
Current assets
Stocks 195,449 125,154
Cash at bank and in hand 11,345 2,196
206,794 127,350
Creditors: amounts falling due within one year 4 (79,073) (31,671)
Net current assets 127,721 95,679
Total assets less current liabilities 329,721 297,679
Creditors: amounts falling due after more than one year 5 (272,029) (294,856)
Net assets 57,692 2,823
Capital and reserves
Called up share capital 1 1
Profit and loss account 57,691 2,822
Shareholder's funds 57,692 2,823
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Sithamparapillai
Director
Approved by the board on 29 February 2024
The Food and Wine Wisbech Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 202,000 73,543 275,543
At 31 May 2023 202,000 73,543 275,543
Depreciation
At 1 June 2022 - 73,543 73,543
At 31 May 2023 - 73,543 73,543
Net book value
At 31 May 2023 202,000 - 202,000
At 31 May 2022 202,000 - 202,000
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 24,160 461
Taxation and social security costs 54,913 31,210
79,073 31,671
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 73,388 77,491
Other creditors 198,641 217,365
272,029 294,856
6 Transactions with the diretcors
The amount of £199,777.00 is owed to the directors of the company
7 Other information
The Food and Wine Wisbech Ltd is a private company limited by shares and incorporated in England. Its registered office is:
45-47 Wisbech Road
Kingslynn
PE30 5JP
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