Company registration number 02482400 (England and Wales)
LOUIS LATOUR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LOUIS LATOUR LIMITED
COMPANY INFORMATION
Directors
Mr F L O Latour
(Appointed 18 April 2023)
W Oatley
J D Clevely
E Fougère
R A Nunn
B Pepin
M Veniat
Secretary
B Pepin
Company number
02482400
Registered office
12-14 Denman Street
London
W1D 7HJ
Auditor
Begbies
9 Bonhill Street
London
EC2A 4DJ
LOUIS LATOUR LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
LOUIS LATOUR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business and development and performance

The company has delivered another profitable year in extremely challenging circumstances. Our turnover has been predominately underpinned by maintaining our presence in Specialist Multiple Retail and the continued growth of premium and super premium wine and cognac. The Fine Wine sector has remained buoyant due to an inexorable appetite for Grand Cru Burgundy. The cost of living crisis, with soaring energy costs, has taken its toll on the On-Trade with businesses having to adapt to survive. Fine dining continues to excel with several new restaurants gaining recognition from Michelin. There again on the flip side, both Marcus Wareing at the Berkeley and Le Gavroche closed their doors.

 

Taylors Wakefield, who were our largest agency, have now left the portfolio, so we need to return to core strengths and develop shareholder brands.

Principal risks and uncertainties

The key risk is growing the company profitably in an intensely competitive market whilst maintaining the loyalty of the regional business upon which the business was built on 34 years ago. For the long term health of the company, it is essential to have an equilibrium in order to spread risk.

Key performance indicators

The Directors still consider the key performance indicators of the business should be gross and operating profit which will be achieved by expansion into select National Accounts, maintenance of Regional Accounts, Fine Wine and stringent management of overheads.

2023
2022
£
£
Gross profit
2,347,556
2,364,471
Operating profit
51,146
238,095
Profit before taxation
41,794
229,769
Future plans for development

Plans for development are building on our reputation for Fine Wine and further expansion into the Multiple Grocer sector.

On behalf of the board

Mr F L O Latour
Director
19 May 2024
LOUIS LATOUR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The company's principal activity during the year continued to be the importation and distribution of wines into the United Kingdom market.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr F L O Latour
(Appointed 18 April 2023)
W Oatley
J D Clevely
E Fougère
R A Nunn
B Pepin
M Veniat
Future Developments

Information regarding future developments of the business is presented in the Strategic Report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr F L O Latour
Director
19 May 2024
LOUIS LATOUR LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LOUIS LATOUR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOUIS LATOUR LIMITED
- 4 -
Opinion

We have audited the financial statements of Louis Latour Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LOUIS LATOUR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOUIS LATOUR LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

LOUIS LATOUR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOUIS LATOUR LIMITED
- 6 -
Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

– We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.

– Agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements;

– Enquiries and confirmation of management as to their identification of any non-compliance with laws or regulations, or any actual or potential claims;

– incorporating unpredictability into the nature, timing and/or extent of testing.

– Evaluation of the selection and application of the accounting policies chosen by the company. and

– In relation to the risk of management override of controls, by undertaking procedures to review journal entries, accounting estimates and exceptional transactions and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud. In our opinion the key accounting estimates which may have a material impact on the financial statements, and which were a key focus of our audit testing, were bad debt provision and stock obsolescence.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Brooker FCA
Senior Statutory Auditor
For and on behalf of Begbies
31 May 2024
Chartered Accountants
Statutory Auditor
9 Bonhill Street
London
EC2A 4DJ
LOUIS LATOUR LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
15,321,819
15,661,283
Cost of sales
(12,974,264)
(13,296,812)
Gross profit
2,347,555
2,364,471
Selling and distribution expenes
(1,643,783)
(1,581,273)
Administrative expenses
(652,626)
(545,103)
Operating profit
4
51,146
238,095
Interest receivable and similar income
1,026
328
Interest payable and similar expenses
7
(10,378)
(8,654)
Profit before taxation
41,794
229,769
Tax on profit
8
(15,337)
(46,440)
Profit for the financial year
26,457
183,329

The income statement has been prepared on the basis that all operations are continuing operations.

LOUIS LATOUR LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
7,947
14,486
Current assets
Stocks
11
1,515,450
2,623,868
Debtors
12
2,339,620
3,709,748
Cash at bank and in hand
824,789
230,702
4,679,859
6,564,318
Creditors: amounts falling due within one year
13
(2,912,125)
(4,829,580)
Net current assets
1,767,734
1,734,738
Net assets
1,775,681
1,749,224
Capital and reserves
Called up share capital
15
1,000,000
1,000,000
Profit and loss reserves
775,681
749,224
Total equity
1,775,681
1,749,224

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 May 2024 and are signed on its behalf by:
Mr F L O  Latour
Director
Company registration number 02482400 (England and Wales)
LOUIS LATOUR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,000,000
565,895
1,565,895
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
183,329
183,329
Balance at 31 December 2022
1,000,000
749,224
1,749,224
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
26,457
26,457
Balance at 31 December 2023
1,000,000
775,681
1,775,681
LOUIS LATOUR LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
682,596
(250,127)
Interest paid
(10,378)
(8,654)
Taxation paid
(78,555)
(43,810)
Net cash inflow/(outflow) from operating activities
593,663
(302,591)
Investing activities
Purchase of tangible fixed assets
(602)
(6,763)
Interest received
1,026
328
Net cash generated from/(used in) investing activities
424
(6,435)
Net increase/(decrease) in cash and cash equivalents
594,087
(309,026)
Cash and cash equivalents at beginning of year
230,702
539,728
Cash and cash equivalents at end of year
824,789
230,702
LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Louis Latour Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12-14 Denman Street, London, W1D 7HJ.

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.

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

Atruet 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 future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill paid upon the acquisition of an agency was amortised over five years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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 land and buildings
over 5 years
Office furniture
10%
Computers
33%

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

Recoverable amount is the higher of fair value less costs to sell and value in use.

LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.7
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and all company bank accounts.

1.9
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost, although debtors receivable within 12 months are not amortised. In the current and prior financial year, all debtors were receivable within 12 months.

 

Financial assets are assessed for indicators of impairment on an ongoing basis, including at each financial year end.

 

Financial assets are derecognized only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

 

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Financial liabilities payable in less than 12 months are not amortised. At the current and prior year end, all financial liabilities were payable in less than 12 months.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable.

LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Current tax

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of material timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. No deferred tax provision is recognised in the current or prior financial year as in the director's judgement such a provision would be immaterial.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

 

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. In the directors' opinion, the key estimation risk impacting the financial statements is bad debts and stock obsolescence, but stringent working capital management means this risk is regarded as low.

3
Turnover

Sales are made within the UK and are solely in respect of wine.

LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
4,461
13,365
Audit fees
10,800
10,500
Depreciation of owned tangible fixed assets
7,141
7,020
Operating lease charges
89,028
97,996
5
Employees

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

2023
2022
Number
Number
Management
7
7
Administration
7
7
Sales
6
8
Total
20
22

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
980,812
969,939
Social security costs
122,968
121,168
Pension costs
136,538
129,223
1,240,318
1,220,330
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
265,493
286,789
Company pension contributions to defined contribution schemes
36,135
34,414
301,628
307,314

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 16 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
150,224
166,875
Company pension contributions to defined contribution schemes
21,085
20,081

The company's directors are also its key management personnel

7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
10,378
8,654
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
15,337
46,440

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
41,794
229,769
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
9,830
43,656
Tax effect of expenses that are not deductible in determining taxable profit
4,065
2,762
Capital allowances for year less than depreciation
1,442
22
Taxation charge for the year
15,337
46,440
LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
9
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
41,667
Amortisation
At 1 January 2023 and 31 December 2023
41,667
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
10
Tangible fixed assets
Leasehold land and buildings
Office furniture
Computers
Total
£
£
£
£
Cost
At 1 January 2023
67,059
16,840
70,789
154,688
Additions
-
0
-
0
602
602
At 31 December 2023
67,059
16,840
71,391
155,290
Depreciation
At 1 January 2023
67,059
13,012
60,131
140,202
Depreciation charged in the year
-
0
1,611
5,530
7,141
At 31 December 2023
67,059
14,623
65,661
147,343
Carrying amount
At 31 December 2023
-
0
2,217
5,730
7,947
At 31 December 2022
-
0
3,828
10,658
14,486
11
Stocks
2023
2022
£
£
Wine held for resale
1,338,132
2,360,041
Goods in transit
177,318
263,827
1,515,450
2,623,868
LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,276,562
3,623,766
Corporation tax recoverable
16,777
-
0
Other debtors
156
-
0
Prepayments
46,125
85,982
2,339,620
3,709,748
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
910,959
1,974,804
Amounts owed to parent undertaking
1,780,666
2,502,505
Corporation tax
-
0
46,440
Other taxation and social security
171,633
165,036
Accruals
48,867
140,795
2,912,125
4,829,580
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
136,538
129,223

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
LOUIS LATOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
16
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
92,828
92,828
Between two and five years
65,109
157,937
157,937
248,187
17
Ultimate controlling party

Louis Latour Limited is a wholly owned subsidiary undertaking of Maison Louis Latour, SA, a company incorporated in France. The address of the parent undertaking is 18 Rue des Tonneliers, 21204, Beaune.

18
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
26,457
183,329
Adjustments for:
Taxation charged
15,337
46,440
Finance costs
10,378
8,654
Investment income
(1,026)
(328)
Depreciation and impairment of tangible fixed assets
7,141
7,249
Movements in working capital:
Decrease/(increase) in stocks
1,108,419
(1,077,932)
Decrease in debtors
1,386,905
1,140,929
Decrease in creditors
(1,871,015)
(558,468)
Cash generated from/(absorbed by) operations
682,596
(250,127)
Per cash flow statement page
682,596
(250,127)
19
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
230,702
594,087
824,789
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