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REGISTERED NUMBER: 05427501















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

QUAFF FINE WINE MERCHANT LTD.

QUAFF FINE WINE MERCHANT LTD. (REGISTERED NUMBER: 05427501)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


QUAFF FINE WINE MERCHANT LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: T Peirce





REGISTERED OFFICE: 139 - 141 Portland Road
Hove
East Sussex
BN3 5QF





REGISTERED NUMBER: 05427501





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

QUAFF FINE WINE MERCHANT LTD. (REGISTERED NUMBER: 05427501)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 29,116 55,484
29,116 55,484

CURRENT ASSETS
Stocks 6 104,356 97,497
Debtors 7 100,455 115,586
Cash at bank 24,009 47,456
228,820 260,539
CREDITORS
Amounts falling due within one year 8 211,197 188,608
NET CURRENT ASSETS 17,623 71,931
TOTAL ASSETS LESS CURRENT LIABILITIES 46,739 127,415

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 46,738 127,414
SHAREHOLDERS' FUNDS 46,739 127,415

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The 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.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





T Peirce - Director


QUAFF FINE WINE MERCHANT LTD. (REGISTERED NUMBER: 05427501)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Quaff Fine Wine Merchant Ltd. is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Intangible asset
The asset has been fully amortised for its useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over term of lease
Computer equipment - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Plant & machinery - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

QUAFF FINE WINE MERCHANT LTD. (REGISTERED NUMBER: 05427501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 May 2023
and 30 April 2024 11,856
AMORTISATION
At 1 May 2023
and 30 April 2024 11,856
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Short Computer and
leasehold equipment fittings
£    £    £   
COST
At 1 May 2023
and 30 April 2024 82,955 10,728 24,670
DEPRECIATION
At 1 May 2023 42,096 9,967 24,165
Charge for year 23,254 424 409
At 30 April 2024 65,350 10,391 24,574
NET BOOK VALUE
At 30 April 2024 17,605 337 96
At 30 April 2023 40,859 761 505

QUAFF FINE WINE MERCHANT LTD. (REGISTERED NUMBER: 05427501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Plant &
vehicles machinery Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 15,640 2,667 136,660
DEPRECIATION
At 1 May 2023 2,281 2,667 81,176
Charge for year 2,281 - 26,368
At 30 April 2024 4,562 2,667 107,544
NET BOOK VALUE
At 30 April 2024 11,078 - 29,116
At 30 April 2023 13,359 - 55,484

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 15,640
DEPRECIATION
At 1 May 2023
and 30 April 2024 2,281
NET BOOK VALUE
At 30 April 2024 13,359
At 30 April 2023 13,359

6. STOCKS
2024 2023
£    £   
Stocks 104,356 97,497

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 17,205 13,241
Other debtors 61,248 66,955
Directors' current accounts - 9,771
Accrued Income 22,002 20,441
Prepayments - 5,178
100,455 115,586

QUAFF FINE WINE MERCHANT LTD. (REGISTERED NUMBER: 05427501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 139,347 130,876
Tax 25,442 22,241
Social security and other taxes (2,329 ) 68
VAT 11,559 12,203
Other creditors 34,856 21,271
Directors' current accounts 373 -
Accrued expenses 1,949 1,949
211,197 188,608

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
T Peirce
Balance outstanding at start of year 9,771 -
Amounts advanced - 9,771
Amounts repaid (10,144 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (373 ) 9,771

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T Peirce and Mrs N Peirce.

This was by virtue of their 100% holding of the issued share capital.