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COMPANY REGISTRATION NUMBER: 01552679
Laurence Philippe Wines Limited
Filleted Unaudited Financial Statements
30 April 2024
Laurence Philippe Wines Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
42,320
49,423
Current assets
Stocks
250,294
251,298
Debtors
6
338,237
300,360
Cash at bank and in hand
255,714
204,517
---------
---------
844,245
756,175
Creditors: amounts falling due within one year
7
341,608
351,168
---------
---------
Net current assets
502,637
405,007
---------
---------
Total assets less current liabilities
544,957
454,430
Provisions
Taxation including deferred tax
8,971
8,089
---------
---------
Net assets
535,986
446,341
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
535,886
446,241
---------
---------
Shareholders funds
535,986
446,341
---------
---------
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 30th April 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Laurence Philippe Wines Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
A.W.M Lawrence
Director
Company registration number: 01552679
Laurence Philippe Wines Limited
Notes to the Financial Statements
Year ended 30th April 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 1 Brewery Fields, Great Baddow, Chelmsford, Essex.
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, 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.
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.
Income tax
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:
Leasehold property
-
33% straight line
Plant and equipment
-
15% straight line
Motor vehicles
-
20% straight line
Stocks
Stock is stated at the lower of cost and net realisable value. Cost includes all direct costs in bringing the stocks to their present location and condition including, where appropriate, a proportion of manufacturing overheads.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st May 2023
1,756
8,116
103,782
113,654
Additions
3,700
3,700
-------
--------
---------
---------
At 30th April 2024
1,756
11,816
103,782
117,354
-------
--------
---------
---------
Depreciation
At 1st May 2023
1,756
7,781
54,694
64,231
Charge for the year
383
10,420
10,803
-------
--------
---------
---------
At 30th April 2024
1,756
8,164
65,114
75,034
-------
--------
---------
---------
Carrying amount
At 30th April 2024
3,652
38,668
42,320
-------
--------
---------
---------
At 30th April 2023
335
49,088
49,423
-------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
310,783
250,967
Prepayments and accrued income
26,142
48,081
Director's loan account
312
312
Other debtors
1,000
1,000
---------
---------
338,237
300,360
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
62
Trade creditors
251,445
308,527
Accruals and deferred income
5,975
7,607
Corporation tax
46,141
8,922
Other taxes and social security
37,538
25,471
Other creditors
447
641
---------
---------
341,608
351,168
---------
---------
8. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
3,875
3,875
-------
-------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
A.W.M Lawrence
312
312
( 312)
312
----
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
A.W.M Lawrence
624
312
( 624)
312
----
----
----
----