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COMPANY REGISTRATION NUMBER: SC462844
Calduero Wine Importers Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
Calduero Wine Importers Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
38,701
37,505
Current assets
Stocks
44,703
46,166
Debtors
6
4,044
11,931
Cash at bank and in hand
20,819
35,245
--------
--------
69,566
93,342
Creditors: amounts falling due within one year
7
209,736
200,368
---------
---------
Net current liabilities
140,170
107,026
---------
---------
Total assets less current liabilities
( 101,469)
( 69,521)
---------
--------
Net liabilities
( 101,469)
( 69,521)
---------
--------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 101,569)
( 69,621)
---------
--------
Shareholders deficit
( 101,469)
( 69,521)
---------
--------
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 30 November 2023 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 .
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr T J Grater
Director
Company registration number: SC462844
Calduero Wine Importers Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. In arriving at this conclusion the directors note that the company had negative total funds of £101,469 (2022: £69,521). The Directors continue to provide financial support to the company and are not aware of any circumstances which would lead to the financial support and the loan provided being recalled during the 12 months post signing of these financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts for wine, beer, spirits and other alcoholic beverages sold during the year, exclusive of Value Added Tax.
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.
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:
Leasehold improvements
-
33% straight line
Plant and machinery
-
20% straight line
Office equipment
-
20% straight line
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 valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
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 assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Office equipment
Total
£
£
£
£
Cost
At 1 December 2022
30,232
7,202
1,222
38,656
Additions
19,094
19,094
--------
-------
-------
--------
At 30 November 2023
49,326
7,202
1,222
57,750
--------
-------
-------
--------
Depreciation
At 1 December 2022
840
285
26
1,151
Charge for the year
16,213
1,440
245
17,898
--------
-------
-------
--------
At 30 November 2023
17,053
1,725
271
19,049
--------
-------
-------
--------
Carrying amount
At 30 November 2023
32,273
5,477
951
38,701
--------
-------
-------
--------
At 30 November 2022
29,392
6,917
1,196
37,505
--------
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
903
807
Other debtors
3,141
11,124
-------
--------
4,044
11,931
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
11,161
3,478
Other creditors
198,575
196,890
---------
---------
209,736
200,368
---------
---------
8. Deferred tax
The company has an unrecognised deferred tax asset of £22,163 (2022: £14,732). This arises as a result of trading losses of £127,352 (2022: £66,198). Its recoverability is dependent on future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
14,400
14,400
Later than 1 year and not later than 5 years
12,000
26,400
--------
--------
26,400
40,800
--------
--------
11. Related party transactions
Included in other creditors is £159,701 (2022: £159,701) owed to Mr P R Brown(director) and £35,875 (2022: £35,875) owed to Mrs S Brown. These amounts are unsecured and there is no interest charged and no schedule of repayments.