K And L Wines And Spirits Uk Ltd 06443310 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is The principal activity of the company is the importation and distribution of wines and spirits Digita Accounts Production Advanced 6.30.9574.0 true 06443310 2023-01-01 2023-12-31 06443310 2023-12-31 06443310 bus:OrdinaryShareClass1 2023-12-31 06443310 core:CurrentFinancialInstruments 2023-12-31 06443310 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06443310 core:Non-currentFinancialInstruments 2023-12-31 06443310 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06443310 core:OfficeEquipment 2023-12-31 06443310 bus:SmallEntities 2023-01-01 2023-12-31 06443310 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06443310 bus:FilletedAccounts 2023-01-01 2023-12-31 06443310 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06443310 bus:RegisteredOffice 2023-01-01 2023-12-31 06443310 bus:Director1 2023-01-01 2023-12-31 06443310 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06443310 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06443310 core:OfficeEquipment 2023-01-01 2023-12-31 06443310 countries:England 2023-01-01 2023-12-31 06443310 2022-12-31 06443310 core:OfficeEquipment 2022-12-31 06443310 2022-01-01 2022-12-31 06443310 2022-12-31 06443310 bus:OrdinaryShareClass1 2022-12-31 06443310 core:CurrentFinancialInstruments 2022-12-31 06443310 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06443310 core:Non-currentFinancialInstruments 2022-12-31 06443310 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06443310 core:OfficeEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06443310

K And L Wines And Spirits Uk Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

K And L Wines And Spirits Uk Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Detailed Profit and Loss Account

9 to 11

 

K And L Wines And Spirits Uk Ltd

Company Information

Director

Mr Andrew Gavin Murphy

Registered office

2 Old Rectory Close
Mersham
Ashford
Kent
TN25 6LZ

Accountants

Elements Financial Solutions Limited
T/A AIMS - Accountants for Business
2 Chalk Close
Dartford
Kent
DA1 1AN

 

K And L Wines And Spirits Uk Ltd

(Registration number: 06443310)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

865

1,247

Current assets

 

Stocks

5

73,445

92,016

Debtors

6

56,828

54,148

Cash at bank and in hand

 

8,498

37,198

 

138,771

183,362

Creditors: Amounts falling due within one year

7

(117,432)

(137,645)

Net current assets

 

21,339

45,717

Total assets less current liabilities

 

22,204

46,964

Creditors: Amounts falling due after more than one year

7

(37,345)

(21,597)

Net (liabilities)/assets

 

(15,141)

25,367

Capital and reserves

 

Called up share capital

8

20,000

20,000

Retained earnings

(35,141)

5,367

Shareholders' (deficit)/funds

 

(15,141)

25,367

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 August 2024
 

.........................................
Mr Andrew Gavin Murphy
Director

 

K And L Wines And Spirits Uk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Old Rectory Close
Mersham
Ashford
Kent
TN25 6LZ
United Kingdom

These financial statements were authorised for issue by the director on 9 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

K And L Wines And Spirits Uk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

K And L Wines And Spirits Uk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 3).

 

K And L Wines And Spirits Uk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

13,757

13,757

Additions

799

799

At 31 December 2023

14,556

14,556

Depreciation

At 1 January 2023

12,510

12,510

Charge for the year

1,181

1,181

At 31 December 2023

13,691

13,691

Carrying amount

At 31 December 2023

865

865

At 31 December 2022

1,247

1,247

5

Stocks

2023
£

2022
£

Other inventories

73,445

92,016

6

Debtors

Current

2023
£

2022
£

Trade debtors

28,797

32,766

Other debtors

28,031

21,382

 

56,828

54,148

7

Creditors

Creditors: amounts falling due within one year

 

K And L Wines And Spirits Uk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

12,950

8,127

Trade creditors

 

54,100

89,058

Taxation and social security

 

8,457

15,609

Other creditors

 

41,925

24,851

 

117,432

137,645

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

37,345

21,597

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

20,000

20,000

20,000

20,000

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

37,345

21,597

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

4,823

-

Other borrowings

8,127

8,127

12,950

8,127

Other borrowings

The carrying amount of Bounceback loan at year end is £Nil (2022 - £Nil).

10

Related party transactions

 

K And L Wines And Spirits Uk Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,922

23,374

 

K And L Wines And Spirits Uk Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Turnover (analysed below)

344,885

370,607

Cost of sales (analysed below)

(294,046)

(292,776)

Gross profit

50,839

77,831

Gross profit (%)

14.74%

21%

Administrative expenses

Employment costs (analysed below)

(50,581)

(45,136)

Establishment costs (analysed below)

(2,020)

(1,413)

General administrative expenses (analysed below)

(34,362)

(23,376)

Finance charges (analysed below)

(2,550)

(2,896)

Depreciation costs (analysed below)

(1,181)

(1,229)

(90,694)

(74,050)

Operating (loss)/profit

(39,855)

3,781

Interest payable and similar expenses (analysed below)

(647)

(871)

(Loss)/profit before tax

(40,502)

2,910

 

K And L Wines And Spirits Uk Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Turnover

Sales, UK

344,885

370,607

   

Cost of sales

Opening stock

(92,016)

-

Purchases

(194,918)

(219,264)

Duty & excise

(13,548)

(33,617)

Closing stock

73,445

-

Warehousing & storage

(15,551)

(15,477)

Freight and carriage

(6,988)

(9,559)

Delivery

(28,040)

(11,736)

Commissions payable

(16,430)

(3,123)

(294,046)

(292,776)

   

Employment costs

Wages and salaries (excluding directors)

(24,659)

(21,762)

Directors remuneration

(25,922)

(23,374)

(50,581)

(45,136)

   

Establishment costs

Insurance

(1,371)

(764)

Use of home as office

(649)

(649)

(2,020)

(1,413)

   

General administrative expenses

Telephone and fax

(1,235)

(1,856)

Computer software and maintenance costs

(4,886)

(5,186)

Printing, postage and stationery

(605)

(665)

Trade subscriptions

(508)

(507)

Hire of other assets (Operating leases)

(6,131)

-

Sundry expenses

(1,249)

(487)

Motor expenses

(5,853)

(580)

Travel and subsistence

(2,145)

(2,927)

Advertising

(7,155)

(7,475)

Customer entertaining (disallowable for tax)

(20)

(329)

Accountancy fees

(3,275)

(3,175)

Legal and professional fees

(1,300)

(189)

(34,362)

(23,376)

   

Finance charges

Bank charges

(2,550)

(2,896)

   

Depreciation costs

Depreciation of office equipment (owned)

(1,181)

(1,229)

 

K And L Wines And Spirits Uk Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Interest payable and similar expenses

Bank interest payable

(647)

(871)