Silverfin false false 31/10/2023 01/11/2022 31/10/2023 C A Madeleine Aldrin 23/05/2019 S R Morley Ham 10/09/2020 J Sharp 04/05/2021 L J Steevenson 20/10/2016 31 July 2024 The principal activity of the Company during the financial year was the manufacturing and distribution of wine. 10438774 2023-10-31 10438774 bus:Director1 2023-10-31 10438774 bus:Director2 2023-10-31 10438774 bus:Director3 2023-10-31 10438774 bus:Director4 2023-10-31 10438774 2022-10-31 10438774 core:CurrentFinancialInstruments 2023-10-31 10438774 core:CurrentFinancialInstruments 2022-10-31 10438774 core:Non-currentFinancialInstruments 2023-10-31 10438774 core:Non-currentFinancialInstruments 2022-10-31 10438774 core:ShareCapital 2023-10-31 10438774 core:ShareCapital 2022-10-31 10438774 core:RetainedEarningsAccumulatedLosses 2023-10-31 10438774 core:RetainedEarningsAccumulatedLosses 2022-10-31 10438774 core:ComputerSoftware 2022-10-31 10438774 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 10438774 core:ComputerSoftware 2023-10-31 10438774 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 10438774 core:PlantMachinery 2022-10-31 10438774 core:Vehicles 2022-10-31 10438774 core:FurnitureFittings 2022-10-31 10438774 core:OfficeEquipment 2022-10-31 10438774 core:ComputerEquipment 2022-10-31 10438774 core:PlantMachinery 2023-10-31 10438774 core:Vehicles 2023-10-31 10438774 core:FurnitureFittings 2023-10-31 10438774 core:OfficeEquipment 2023-10-31 10438774 core:ComputerEquipment 2023-10-31 10438774 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-10-31 10438774 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-10-31 10438774 bus:OrdinaryShareClass1 2023-10-31 10438774 2022-11-01 2023-10-31 10438774 bus:FilletedAccounts 2022-11-01 2023-10-31 10438774 bus:SmallEntities 2022-11-01 2023-10-31 10438774 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 10438774 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10438774 bus:Director1 2022-11-01 2023-10-31 10438774 bus:Director2 2022-11-01 2023-10-31 10438774 bus:Director3 2022-11-01 2023-10-31 10438774 bus:Director4 2022-11-01 2023-10-31 10438774 core:ComputerSoftware core:TopRangeValue 2022-11-01 2023-10-31 10438774 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-11-01 2023-10-31 10438774 core:PlantMachinery core:TopRangeValue 2022-11-01 2023-10-31 10438774 core:Vehicles core:TopRangeValue 2022-11-01 2023-10-31 10438774 core:FurnitureFittings core:TopRangeValue 2022-11-01 2023-10-31 10438774 core:OfficeEquipment core:TopRangeValue 2022-11-01 2023-10-31 10438774 core:ComputerEquipment core:TopRangeValue 2022-11-01 2023-10-31 10438774 2021-11-01 2022-10-31 10438774 core:ComputerSoftware 2022-11-01 2023-10-31 10438774 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-01 2023-10-31 10438774 core:PlantMachinery 2022-11-01 2023-10-31 10438774 core:Vehicles 2022-11-01 2023-10-31 10438774 core:FurnitureFittings 2022-11-01 2023-10-31 10438774 core:OfficeEquipment 2022-11-01 2023-10-31 10438774 core:ComputerEquipment 2022-11-01 2023-10-31 10438774 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 10438774 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 10438774 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 10438774 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10438774 (England and Wales)

GLOBAL WINE SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

GLOBAL WINE SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

GLOBAL WINE SOLUTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
GLOBAL WINE SOLUTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTORS C A Madeleine Aldrin
S R Morley Ham
J Sharp
L J Steevenson
SECRETARY J Sharp
REGISTERED OFFICE Ground Floor
17- 19 Clare Street
Bristol
BS1 1XA
United Kingdom
COMPANY NUMBER 10438774 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
GLOBAL WINE SOLUTIONS LIMITED

BALANCE SHEET

As at 31 October 2023
GLOBAL WINE SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 27,055 37,422
Tangible assets 4 34,877 42,958
61,932 80,380
Current assets
Stocks 425,815 527,507
Debtors 5 836,184 453,154
Cash at bank and in hand 163,648 121,054
1,425,647 1,101,715
Creditors: amounts falling due within one year 6 ( 938,904) ( 471,450)
Net current assets 486,743 630,265
Total assets less current liabilities 548,675 710,645
Creditors: amounts falling due after more than one year 7 ( 94,482) ( 134,296)
Provision for liabilities ( 6,000) ( 7,055)
Net assets 448,193 569,294
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 448,093 569,194
Total shareholders' funds 448,193 569,294

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Global Wine Solutions Limited (registered number: 10438774) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

L J Steevenson
Director
GLOBAL WINE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
GLOBAL WINE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Global Wine Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor, 17- 19 Clare Street, Bristol, BS1 1XA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Vehicles 10 years straight line
Fixtures and fittings 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Intangible assets

Computer software Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 November 2022 32,500 30,000 62,500
At 31 October 2023 32,500 30,000 62,500
Accumulated amortisation
At 01 November 2022 25,078 0 25,078
Charge for the financial year 7,367 3,000 10,367
At 31 October 2023 32,445 3,000 35,445
Net book value
At 31 October 2023 55 27,000 27,055
At 31 October 2022 7,422 30,000 37,422

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 November 2022 9,448 37,853 4,212 9,722 2,279 63,514
Additions 0 1,047 0 448 915 2,410
At 31 October 2023 9,448 38,900 4,212 10,170 3,194 65,924
Accumulated depreciation
At 01 November 2022 5,108 7,571 1,288 6,065 524 20,556
Charge for the financial year 2,222 3,838 1,334 2,217 880 10,491
At 31 October 2023 7,330 11,409 2,622 8,282 1,404 31,047
Net book value
At 31 October 2023 2,118 27,491 1,590 1,888 1,790 34,877
At 31 October 2022 4,340 30,282 2,924 3,657 1,755 42,958

5. Debtors

2023 2022
£ £
Trade debtors 762,156 381,591
Amounts owed by related parties 3,406 5,600
Amounts owed by directors 38,941 15,679
Prepayments 18,123 11,584
VAT recoverable 3,774 32,270
Corporation tax 1,823 0
Other debtors 7,961 6,430
836,184 453,154

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 24,987 22,697
Trade creditors 425,663 364,267
Amounts owed to related parties 22,654 16,368
Amounts owed to directors 454 0
Other loans 10,056 9,808
Accruals 425,586 5,099
Taxation and social security 10,278 48,405
Obligations under finance leases and hire purchase contracts 4,769 4,575
Other creditors 14,457 231
938,904 471,450

Hire purchase contracts are secured over the assets concerned.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 71,297 96,285
Obligations under finance leases and hire purchase contracts (secured) 4,971 9,740
Other creditors 18,214 28,271
94,482 134,296

Hire purchase contracts are secured over the assets concerned.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Other 171,179 208,089

The above commitments represents non cancellable rent agreements relating to the property from which the company operates.

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Advances to directors 38,941 15,488

During the year an advance of £23,453 (2022: £15,488) was made to a director. Interest is charged on the loan in accordance with HM Revenue & Customs' beneficial loan rate. The balance is repayable on demand.

Other related party transactions

2023 2022
£ £
Recharge of expenses 28,577 0

During the year, the company recharged expenses totalling £19,971 and £8,606 to Global Wine Solutions France and Global Wine Solutions USA respectively.