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COMPANY REGISTRATION NUMBER: 04926317
Celtic Wines Limited
Filleted Unaudited Financial Statements
31 March 2024
Celtic Wines Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Celtic Wines Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
35,554
47,405
Current assets
Stocks
288,258
320,556
Debtors
8
475,231
461,230
Cash at bank and in hand
15,822
16,517
---------
---------
779,311
798,303
Creditors: amounts falling due within one year
9
( 730,836)
( 711,177)
---------
---------
Net current assets
48,475
87,126
--------
---------
Total assets less current liabilities
84,029
134,531
Creditors: amounts falling due after more than one year
10
( 58,401)
( 101,325)
--------
---------
Net assets
25,628
33,206
--------
---------
Capital and reserves
Called up share capital
11
60,051
60,051
Profit and loss account
( 34,423)
( 26,845)
--------
--------
Shareholders funds
25,628
33,206
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Celtic Wines Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Mr RR Roberts
Director
Company registration number: 04926317
Celtic Wines Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1a, Warrior Way, Pembroke Dock, Pembrokeshire, SA72 6UB.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).
5. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
Adjustments in respect of prior periods
( 3,260)
Deferred tax:
Origination and reversal of timing differences
( 1,067)
----
-------
Tax on loss
( 4,327)
----
-------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
36,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
36,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
7. Tangible assets
Plant and Equipment
Motor Vehicles
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
64,888
115,776
180,664
--------
---------
---------
Depreciation
At 1 April 2023
41,438
91,821
133,259
Charge for the year
5,862
5,989
11,851
--------
---------
---------
At 31 March 2024
47,300
97,810
145,110
--------
---------
---------
Carrying amount
At 31 March 2024
17,588
17,966
35,554
--------
---------
---------
At 31 March 2023
23,450
23,955
47,405
--------
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
352,880
342,337
Other debtors
122,351
118,893
---------
---------
475,231
461,230
---------
---------
Other debtors include an amount of £Nil (2023 - £Nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
214,270
223,679
Trade creditors
80,342
58,928
Hire purchase agreements (secured)
12,545
11,618
Corporation tax
73
Social security and other taxes
27,884
21,675
Other creditors
395,795
395,204
---------
---------
730,836
711,177
---------
---------
Santander UK Plc hold a fixed and floating charge over the company's property.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
36,108
66,487
Hire purchase agreements (secured)
22,293
34,838
--------
---------
58,401
101,325
--------
---------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
60,001
60,001
60,001
60,001
Ordinary B shares of £ 1 each
50
50
50
50
--------
--------
--------
--------
60,051
60,051
60,051
60,051
--------
--------
--------
--------
12. Related party transactions
The company is a 100% subsidiary of Celtic Vintners Limited, a company registered in England and Wales.