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Logo On Report
Registered Number: 06605656
England and Wales

 

 

 

TURTON WINES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 182,836    188,630 
182,836    188,630 
Current assets      
Stocks 59,689    87,028 
Debtors 1,833    15 
Cash at bank and in hand 1,865    401 
63,387    87,444 
Creditors: amount falling due within one year (317,755)   (133,382)
Net current liabilities (254,368)   (45,938)
 
Total assets less current liabilities (71,532)   142,692 
Creditors: amount falling due after more than one year (96,946)   (238,478)
Provisions for liabilities (6,239)   (7,340)
Net liabilities (174,717)   (103,126)
 

Capital and reserves
     
Called up share capital 4 4    4 
Profit and loss account (174,721)   (103,130)
Shareholder's funds (174,717)   (103,126)
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 11 March 2024 and were signed on its behalf by:


-------------------------------
Matthew Brett Dawson
Director
1
General Information
Turton Wines Ltd is a private company, limited by shares, registered in England and Wales, registration number 06605656, registration address Rock House Rock Terrace, Smith Lane, Egerton, Bolton, BL7 9HA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 15% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The 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 to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 15 (2022 : 13).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Total
  £   £   £
At 01 July 2022 150,000    68,884    218,884 
Additions    
Disposals    
At 30 June 2023 150,000    68,884    218,884 
Depreciation
At 01 July 2022   30,254    30,254 
Charge for year   5,794    5,794 
On disposals    
At 30 June 2023   36,048    36,048 
Net book values
Closing balance as at 30 June 2023 150,000    32,836    182,836 
Opening balance as at 01 July 2022 150,000    38,630    188,630 


4.

Share Capital

Authorised
4 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
4 Class A shares of £1.00 each  
 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Margaret Dawson(50,000)(50,000)

Margaret Dawson had loaned £50,000 to Turton Wines in a prior accounting period. She has passed away in 2023, and her affairs are currently going through probate at the time of production of the accounts. It is not yet known what will become of the £50,000 owing to Margaret, whether this will be written off or need to be repaid.
2