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Registration number: 12972476

Vinicon Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Vinicon Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Vinicon Ltd

(Registration number: 12972476)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

59,509

1,227

Current assets

 

Stocks

5

459,659

322,461

Debtors

6

174,178

119,311

Cash at bank and in hand

 

430

4,053

 

634,267

445,825

Creditors: Amounts falling due within one year

7

(573,644)

(427,019)

Net current assets

 

60,623

18,806

Total assets less current liabilities

 

120,132

20,033

Creditors: Amounts falling due after more than one year

7

(126,310)

-

Provisions for liabilities

-

(233)

Net (liabilities)/assets

 

(6,178)

19,800

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(6,278)

19,700

Shareholders' (deficit)/funds

 

(6,178)

19,800

 

Vinicon Ltd

(Registration number: 12972476)
Balance Sheet as at 31 October 2023

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

S W Lane
Director

   
     
 

Vinicon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hall O'th Wood Balterley Green Road
Balterley
Crewe
CW2 5QQ
England

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The company's balance sheet at the 31 October 2023 shows liabilities exceed assets by £6,178 (2022 - assets exceeded liabilities by £19,800). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

 

Vinicon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets to an estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% Straight line

Computer equipment

25% Straight line

Motor vehicles

25% Straight line/over the term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Vinicon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Vinicon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 1).

4

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

1,653

291

-

1,944

Additions

1,929

3,847

62,394

68,170

Disposals

(207)

-

-

(207)

At 31 October 2023

3,375

4,138

62,394

69,907

Depreciation

At 1 November 2022

620

97

-

717

Charge for the year

815

789

8,284

9,888

Eliminated on disposal

(207)

-

-

(207)

At 31 October 2023

1,228

886

8,284

10,398

Carrying amount

At 31 October 2023

2,147

3,252

54,110

59,509

At 31 October 2022

1,033

194

-

1,227

5

Stocks

2023
£

2022
£

Goods for sale

459,659

322,461

 

Vinicon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

129,887

117,545

Amounts owed by related parties

9

44,230

-

Other debtors

 

61

1,766

 

174,178

119,311

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

224,168

188,000

Trade creditors

 

252,846

129,296

Amounts due to related parties

9

32,018

18,721

Social security and other taxes

 

8,836

-

Other creditors

 

35,592

34,317

Accruals

 

20,184

50,775

Corporation tax liability

-

5,910

 

573,644

427,019

Due after one year

 

Loans and borrowings

8

126,310

-

 

Vinicon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

44,365

-

Other borrowings

81,945

-

126,310

-

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

20,329

-

Finance lease liabilities

7,506

-

Other borrowings

196,333

188,000

224,168

188,000

Finance lease liabilities are secured against the assets to which they relate.

9

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

Advanced

350,920

350,920

Repaid

(306,690)

(306,690)

At end of period

44,230

44,230

Terms of loans to related parties

Loans to key management are interest free and repayable on demand.
 

 

Vinicon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Loans from related parties

2023

Key management
£

Total
£

At start of period

18,721

18,721

Advanced

50,018

50,018

Repaid

(36,721)

(36,721)

At end of period

32,018

32,018

2022

Key management
£

Total
£

At start of period

72,527

72,527

Advanced

161,230

161,230

Repaid

(215,036)

(215,036)

At end of period

18,721

18,721

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.