Relate AccountsProduction v2.6.1 v2.6.1 2022-06-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The Principal activity of the company is retailers in the licensed trade 12 April 2024 18 14 NI006763 2023-05-31 NI006763 2022-05-31 NI006763 2021-05-31 NI006763 2022-06-01 2023-05-31 NI006763 2021-06-01 2022-05-31 NI006763 uk-bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 NI006763 uk-bus:AbridgedAccounts 2022-06-01 2023-05-31 NI006763 uk-bus:Director1 2022-06-01 2023-05-31 NI006763 uk-bus:Director2 2022-06-01 2023-05-31 NI006763 uk-bus:RegisteredOffice 2022-06-01 2023-05-31 NI006763 uk-bus:Agent1 2022-06-01 2023-05-31 NI006763 uk-core:ShareCapital 2023-05-31 NI006763 uk-core:ShareCapital 2022-05-31 NI006763 uk-core:OtherReservesSubtotal 2023-05-31 NI006763 uk-core:OtherReservesSubtotal 2022-05-31 NI006763 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI006763 uk-core:RetainedEarningsAccumulatedLosses 2022-05-31 NI006763 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI006763 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-05-31 NI006763 uk-bus:FRS102 2022-06-01 2023-05-31 NI006763 uk-core:LandBuildings 2022-06-01 2023-05-31 NI006763 uk-core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 NI006763 2022-06-01 2023-05-31 NI006763 uk-bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI006763
 
 
LJC Wines & Spirits Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 May 2023
LJC Wines & Spirits Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Kieran Turley
Deborah Turley
 
 
Company Registration Number NI006763
 
 
Registered Office and Business Address 5 Rathcuan Heights
Saul Road
Downpatrick
Co Down
BT30 6XD
Northern Ireland
 
 
Accountants Paul Hagerty & Co
Chartered Accountants
11 The Square
Rostrevor
Co Down
BT34 3AZ
 
 
Bankers Ulster Bank
  2-8 Market Street
  Downpatrick
  BT30 6BU



LJC Wines & Spirits Ltd
Company Registration Number: NI006763
ABRIDGED BALANCE SHEET
as at 31 May 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 131,870 142,334
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Current Assets
Stocks 31,129 25,934
Debtors 51,024 39,948
Cash and cash equivalents 1,851 59,680
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84,004 125,562
───────── ─────────
Creditors: amounts falling due within one year (129,622) (161,474)
───────── ─────────
Net Current Liabilities (45,618) (35,912)
───────── ─────────
Total Assets less Current Liabilities 86,252 106,422
 
Creditors:
amounts falling due after more than one year (78,057) (99,758)
 
Provisions for liabilities (3,436) (4,291)
───────── ─────────
Net Assets 4,759 2,373
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Other reserves 1 1
Retained earnings 4,756 2,370
───────── ─────────
Equity attributable to owners of the company 4,759 2,373
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 12 April 2024 and signed on its behalf by
           
________________________________          
Kieran Turley          
Director          
           



LJC Wines & Spirits Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 May 2023

   
1. General Information
 
LJC Wines & Spirits Ltd is a company limited by shares incorporated in Northern Ireland. 5 Rathcuan Heights, Saul Road, Downpatrick, Co Down, BT30 6XD, Northern Ireland is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 May 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight line
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 18, (2022 - 14).
 
  2023 2022
  Number Number
 
Employees 18 14
  ═════════ ═════════
         
4. Tangible assets
  Land and Fixtures, Total
  buildings fittings and  
  freehold equipment  
  £ £ £
Cost
At 1 June 2022 240,687 378,699 619,386
Additions - 183 183
  ───────── ───────── ─────────
At 31 May 2023 240,687 378,882 619,569
  ───────── ───────── ─────────
Depreciation
At 1 June 2022 127,336 349,716 477,052
Charge for the financial year 4,814 5,833 10,647
  ───────── ───────── ─────────
At 31 May 2023 132,150 355,549 487,699
  ───────── ───────── ─────────
Net book value
At 31 May 2023 108,537 23,333 131,870
  ═════════ ═════════ ═════════
At 31 May 2022 113,351 28,983 142,334
  ═════════ ═════════ ═════════
       
5. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 May 2023.
   
6. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.