Company registration number 01385867 (England and Wales)
S H JONES WINES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
S H JONES WINES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
S H JONES WINES LTD
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
43,032
24,506
Investments
5
6,300
6,300
49,332
30,806
Current assets
Stocks
262,466
265,169
Debtors
6
394,192
325,808
Cash at bank and in hand
4,604
9,881
661,262
600,858
Creditors: amounts falling due within one year
7
(811,844)
(738,816)
Net current liabilities
(150,582)
(137,958)
Total assets less current liabilities
(101,250)
(107,152)
Creditors: amounts falling due after more than one year
8
(17,582)
(27,786)
Net liabilities
(118,832)
(134,938)
Capital and reserves
Called up share capital
27,500
27,500
Capital redemption reserve
27,500
27,500
Profit and loss reserves
(173,832)
(189,938)
Total equity
(118,832)
(134,938)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

S H JONES WINES LTD
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr R N Jones
Mr H Jones
Director
Director
Mr G Shaw
Miss J Stanley
Director
Director
Company registration number 01385867 (England and Wales)
S H JONES WINES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

S H Jones Wines Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Riverside, Tramway Road, Banbury, Oxon, OX16 5TU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at the year end date the company's current liabilities exceed its total assets by £118,832. The company is currently dependent on financial supplement of the bankers and directors. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 

The hospitality industry continues to face many challenges but specifically for the wine and spirits sector there are greatly increased duty and packaging waste costs imposed by government. The impact of the these taxes is significant and will therefore have to be passed on. This further pressure on hospitality spending is recognised by the directors and the business will be managed appropriately. They are therefore satisfied that as of the date of approving these accounts, the accounts can continue to be prepared on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property improvements
10% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
10% straight line
Motor vehicles
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

S H JONES WINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

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 original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.12
Deferred income
Deferred income represents forward sales of wine and port for delivery in future years. The sales are recognised and included within turnover in the year in which the product is delivered to the customer.
1.13
Foreign currency translation
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 the transaction. All differences are taken to profit and loss account.
S H JONES WINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
2
Employees

The average number of persons (including directors) employed by the company during the year was:

2024
2023
Total
16
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
84,000
Amortisation and impairment
At 1 March 2023 and 29 February 2024
84,000
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
48,718
303,025
351,743
Additions
-
0
37,085
37,085
Disposals
-
0
(30,353)
(30,353)
At 29 February 2024
48,718
309,757
358,475
Depreciation and impairment
At 1 March 2023
34,039
293,198
327,237
Depreciation charged in the year
3,669
14,890
18,559
Eliminated in respect of disposals
-
0
(30,353)
(30,353)
At 29 February 2024
37,708
277,735
315,443
Carrying amount
At 29 February 2024
11,010
32,022
43,032
At 28 February 2023
14,679
9,827
24,506
S H JONES WINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
6,300
6,300
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
341,626
285,986
Other debtors
21,852
9,108
363,478
295,094
Deferred tax asset
30,714
30,714
394,192
325,808
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
239,115
224,713
Trade creditors
154,788
122,272
Taxation and social security
98,730
81,123
Other creditors
319,211
310,708
811,844
738,816

National Westminster Bank plc hold a mortgage debenture dated 13 November 1998 incorporating a fixed and floating charge over the assets of the company.

Trade debtors are funded through RBS Invoice Finance Limited. The amount owed to the financier, which is included within bank loans and overdraft is £228,911 (2023 - £214,760). The RBS Invoice Finance Limited debt is secured by way of a fixed and floating charge dated 29 April 2009 over the assets of the company.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,582
27,786
S H JONES WINES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
64,668
66,414
Between two and five years
126,840
191,508
191,508
257,922
10
Related party transactions

During the year, the company received a service charge from R E H Kendermann (UK) Limited of £6,000 (2023 - £6,000), a company of which Mr R N Jones is a director.

11
Directors' transactions

As at the balance sheet date, the company owed Mr R N Jones, a director, the amount of £277,508 (2023 - £306,364) which is included in other creditors. There is no interest accruing on this balance.

At the balance sheet date, the company owed Mr G N Shaw, a director, the amount of £32,981 (2023 - £2,568) which is included in other creditors. There is no interest accruing on this balance.

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