REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED (REGISTERED NUMBER: 00770403) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Mercury House |
19-21 Chapel Street |
Marlow |
Buckinghamshire |
SL7 3HN |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED (REGISTERED NUMBER: 00770403) |
BALANCE SHEET |
31ST DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account | 7 |
The directors acknowledge their 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 surplus or deficit 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED (REGISTERED NUMBER: 00770403) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
The International Wine & Food Society Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Income and expenditure |
Income and expenses are included in the financial statements as they become receivable or due. |
Expenses include VAT where applicable as the company cannot reclaim it. |
Tangible fixed assets |
Items acquired with a useful life of more than one year and material to the overall financial position of the company are included in tangible fixed assets at cost and depreciated over its expected useful life. Adjustments are made to the expected useful life as appropriate, provided that the item has a realisable value. |
Operating income |
Operating income represents the expense allocation contributions, royalties and the total invoice value of goods sold and services rendered during the year, less the cost of goods sold. |
Foreign exchange |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the income and expenditure account. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to the income statement on a straight line basis over the term of the relevant lease. |
Expense allocation contributions |
The Area Companies have agreed under the terms of the R&LA to fund the basic administrative expenses incurred by the company. The Area Companies have also agreed to fund any other expenses (referred to as "extraordinary expense") incurred by the company with their consent. The total amount of the basic administrative and extraordinary expense (less income from royalties and merchandise) is divided amongst the Area Companies pro rata to their membership numbers as at the prior financial year end and each Area Company is severally liable to reimburse its share of such expenses to the company. |
Stocks |
Due to the small quantities of merchandise held at any time the value of stock held at the year end is not included in these financial statements. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with orginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Members liability |
In the event of the Society being wound up each and every member has guaranteed to contribute to its assets an amount not exceeding 50 pence (£0.50). |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED (REGISTERED NUMBER: 00770403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Service charges due |
Amts owed by IWFS Americas Inc |
Prepayments |
5. | CASH AT BANK |
31.12.23 | 31.12.22 |
£ | £ |
Company's own funds | 90,303 | 79,901 |
Funds held on behalf of IWFS Americas Inc | 95,823 | 96,215 |
186,126 | 176,116 |
During 2022, IWFS Americas Inc held a festival in France. Pursuant to an agreement between the company and IWFS Americas Inc, surplus funds from the festival were transferred to the company's euro bank account and are being held on behalf of IWFS Americas Inc for use on future European events. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Corporation tax payable |
Amts owed to IWFS Americas Inc |
Accrued expenses |
7. | RESERVES |
31.12.23 | 31.12.22 |
£ | £ |
Balance at 1 January | 122,766 | 126,290 |
Deficit for the year | (15,011 | ) | (3,524 | ) |
Balance at 31 December | 107,755 | 122,766 |
8. | OPERATING LEASE COMMITMENTS |
Operating lease payments represent office rent of £6,930 per annum payable by the company. The current commitment is due for renewal on 1 May 2025. |
THE INTERNATIONAL WINE & FOOD SOCIETY |
LIMITED (REGISTERED NUMBER: 00770403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
9. | RELATED PARTY TRANSACTIONS |
The directors receive no remuneration and all personal expenses incurred by the directors in the exercise of their responsibilities are paid by them. |
Included in Other creditors is an amount of £95,823 that represents funds held on behalf of IWFS Americas Inc that is payable on demand. |