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REGISTERED NUMBER: 04386827 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

WINEFLOW FREIGHT FORWARDING LTD

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15 to 22


WINEFLOW FREIGHT FORWARDING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: M J Treleaven
I R Liddell





REGISTERED OFFICE: Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY





REGISTERED NUMBER: 04386827 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for Wineflow Freight Forwarding Limited (''the company'') for the year ended 30 April 2024.

REVIEW OF BUSINESS
The company provides global beverage transportation services specialising in the delivery and customs clearance of wines, spirits, and beers. Our supply chain management services include european and worldwide logistics, customs clearance, deep-sea consignments, and cargo consolidation.

Over the last three years, the company has seen consistent growth. This has been attributed to several factors:
- Expansion of the current business and acquiring new business through existing contacts;
- A concerted effort to advance our IT systems to support our internal technology and our customers which creates greater collaboration and better working relationships.

Turnover has increased to £26.1m in the year to 30 April 2024, compared to £23.4m in the year to 30 April 2023.
Due to this growth the staff quota over the past 12 months has increased from 35 to 38 staff, including two full time IT staff to complement our existing external consultant. We recognise the role IT will play in the future of Wineflow, and that continued investment in IT will support and contribute to our growth.

The company recognises that to continue to grow we need to plan now. This will mean being able to adjust to the changing demands and commit to future investment. We need to make ourselves and the services we offer a greater attraction to our customers, in order to continue prospering in a competitive industry.

We remain aware that cost of living increases in sectors like food, energy and fuel can impact the business, as well as tax increases on alcohol. However, the company has many positives to build on such as environmental issues, sustainability, and carbon footprint monitoring.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continually monitor and review the principal risks and uncertainties which the company may face.
The company's principal financial risk is foreign currency exposure resulting from trading with foreign companies. Bank accounts are maintained in several foreign currencies and the company also utilises forward cover contracts to mitigate foreign currency risk.

The company uses credit verification procedures to assess the credit worthiness of clients and continues to monitor credit limits and payment patterns to manage credit risk.

The company has exposure to commercial risks. These include above inflationary cost increases in several areas including utility bills, wages, fuel, and increased volatility in foreign exchange rates. These are managed on an ongoing basis.

FINANCIAL KEY PERFORMANCE INDICATORS
The company's key performance indicators are turnover, turnover growth, cash generated from operations and profit before tax. A summary of these key performance indicators is as follows:


2024 2023 Movement
£m £m %
Turnover £26.1 £23.4 11.5%
Gross profit £6.6 £5.5 20.0%
Profit before tax £4.7 £3.8 23.7%
Cash generated from operations £4.4 £4.0 10.0%

OTHER KEY PERFORMANCE INDICATORS
The company's other key performance indicators include customer satisfaction, client retention, and growth reviews together with the development of new business and ensuring existing customer service levels are maintained.


WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

FUTURE DEVELOPMENTS
The strategic direction for 2024 and beyond will be the structural enhancement of the company, taking a bigger market share of alcohol shipping.

Taking into consideration cost, environmentally friendly movements, and smoother supply chains.
We continue to invest in our internal IT development and linking to our clients directly. This will also automatically enhance growth.

BY ORDER OF THE BOARD:





M J Treleaven - Director


9 September 2024

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of shipping and forwarding agents.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 was £2,000,000. No additional dividends are recommended to be declared in respect of the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

M J Treleaven
I R Liddell

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities.

Price risk
The company carefully monitors costs incurred from suppliers and constantly reviews the pricing of its products to ensure that margins remain favourable.

Credit risk
The risk of financial loss due to third parties failing to honour their obligations arises where the company provides services to customers. The company has implemented policies to minimise such losses and require that terms are only granted to customers who meet the internal requirements for having suitable payment history and adequate creditworthiness.

Liquidity risk
The company manages daily the cost requirements and is not reliant on external borrowing.

Cash flow risk
The company maintains strong cash reserves to meet all of its costs.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:





M J Treleaven - Director


9 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINEFLOW FREIGHT FORWARDING LTD


Opinion
We have audited the financial statements of Wineflow Freight Forwarding Ltd (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINEFLOW FREIGHT FORWARDING LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINEFLOW FREIGHT FORWARDING LTD


Auditors' 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 a Report of the Auditors 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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks.

Audit approach to identifying and assessing potential risks related to irregularities
Our procedures for identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:


- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company.

The key laws and regulations we considered to have a direct effect on the financial statements included the Financial Reporting Standard FRS 102 "The Financial Reporting applicable in the UK and Republic of Ireland" and the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Audit approach in response to identified risks
Our procedures to respond to risks identified included the following:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the entity is in compliance with such laws and regulations.

- Inspecting correspondence, if any, with the relevant licensing or regulatory authorities.

- Reviewing the financial statement disclosures and test to supporting documentation to assess compliance with reporting requirements.

- Reviewing meeting minutes where available for any indication of non-compliance.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Through these procedures, we have not become aware of any actual or suspected non-compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WINEFLOW FREIGHT FORWARDING LTD

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. This is particularly true for those laws and regulations far removed from transactions reflected in the financial statements. As with any audit, there remained a higher risk of non-detection of irregularities that result from fraud, due to an implied intent behind this, than from those that result from error. As stated in the audit standards, we are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit, in accordance with the ISAs (UK), we have exercised professional judgment and maintained professional skepticism throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Guy Rolliston (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

9 September 2024

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 3 26,091,091 23,409,226

Cost of sales 19,459,191 17,924,385
GROSS PROFIT 6,631,900 5,484,841

Administrative expenses 2,008,416 1,704,249
4,623,484 3,780,592

Other operating income 34,101 32,500
OPERATING PROFIT 5 4,657,585 3,813,092

Interest receivable and similar income 1,709 269
4,659,294 3,813,361

Interest payable and similar expenses 6 2,201 -
PROFIT BEFORE TAXATION 4,657,093 3,813,361

Tax on profit 7 1,170,187 743,094
PROFIT FOR THE FINANCIAL YEAR 3,486,906 3,070,267

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,486,906

3,070,267

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 43,705 30,340

CURRENT ASSETS
Debtors 10 3,732,547 3,179,045
Cash at bank 6,297,465 4,942,757
10,030,012 8,121,802
CREDITORS
Amounts falling due within one year 11 4,362,806 3,932,071
NET CURRENT ASSETS 5,667,206 4,189,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,710,911

4,220,071

PROVISIONS FOR LIABILITIES 14 9,725 5,791
NET ASSETS 5,701,186 4,214,280

CAPITAL AND RESERVES
Called up share capital 15 80 80
Capital redemption reserve 16 20 20
Retained earnings 16 5,701,086 4,214,180
SHAREHOLDERS' FUNDS 5,701,186 4,214,280

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





M J Treleaven - Director


WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 80 2,751,913 20 2,752,013

Changes in equity
Total comprehensive income - 3,070,267 - 3,070,267
Dividends - (1,608,000 ) - (1,608,000 )
Balance at 30 April 2023 80 4,214,180 20 4,214,280

Changes in equity
Total comprehensive income - 3,486,906 - 3,486,906
Dividends - (2,000,000 ) - (2,000,000 )
Balance at 30 April 2024 80 5,701,086 20 5,701,186

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,373,898 4,036,834
Interest paid (2,201 ) -
Tax paid (976,530 ) (864,621 )
Net cash from operating activities 3,395,167 3,172,213

Cash flows from investing activities
Purchase of tangible fixed assets (36,106 ) (18,726 )
Interest received 1,709 269
Net cash from investing activities (34,397 ) (18,457 )

Cash flows from financing activities
Amount introduced by directors (1,889 ) 73,588
Amount withdrawn by directors (4,173 ) (69,415 )
Equity dividends paid (2,000,000 ) (1,608,000 )
Net cash from financing activities (2,006,062 ) (1,603,827 )

Increase in cash and cash equivalents 1,354,708 1,549,929
Cash and cash equivalents at beginning
of year

2

4,942,757

3,392,828

Cash and cash equivalents at end of
year

2

6,297,465

4,942,757

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 4,657,093 3,813,361
Depreciation charges 22,741 18,426
Finance costs 2,201 -
Finance income (1,709 ) (269 )
4,680,326 3,831,518
Increase in trade and other debtors (551,613 ) (781,965 )
Increase in trade and other creditors 245,185 987,281
Cash generated from operations 4,373,898 4,036,834

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 6,297,465 4,942,757
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 4,942,757 3,392,828


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank 4,942,757 1,354,708 6,297,465
4,942,757 1,354,708 6,297,465
Total 4,942,757 1,354,708 6,297,465

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Wineflow Freight Forwarding Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Wineflow Freight Forwarding Ltd is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Significant judgements and estimates
In the application of the company's accounting policies, which are described below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

The areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic lives of assets, bad debt provision, deferred income, deferred tax and accrued and prepaid expenditure. Although these areas are subject to judgement, they are not considered to be subject to significant estimation.

Turnover
Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer refunds, rebates and other similar allowances.

Revenue from services is recognised when the shipping contract has been completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Furniture and computer equipment - 33% on cost and 25% on reducing balance

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Derivatives

Derivatives are non-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 within the line item the derivative relates to. Currently the company has forward exchange contracts to cover the fluctuation in the exchange rates related to the purchase of logistic services; hence, the changes in fair value of the derivatives are recorded within cost of sales.

The company does not currently apply hedge accounting.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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. Translations in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 25,044,613 22,758,346
Europe 757,065 625,766
Rest of the world 289,413 25,114
26,091,091 23,409,226

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,541,420 1,366,259
Social security costs 160,062 151,036
Other pension costs 40,100 31,671
1,741,582 1,548,966

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Sales 3 2
Administration 30 28
Management 5 5
38 35

2024 2023
£    £   
Directors' remuneration 263,570 263,084

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 263,570 263,084

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 42,941 21,673
Depreciation - owned assets 22,741 18,426
Auditors' remuneration 19,175 10,000
Auditors' remuneration for non audit work 7,591 7,913

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 2,201 -

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,166,036 744,813
Adjustments in respect of
prior years taxation 217 -
Total current tax 1,166,253 744,813

Deferred tax 3,934 (1,719 )
Tax on profit 1,170,187 743,094

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,657,093 3,813,361
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.493%)

1,164,273

743,338

Effects of:
Expenses not deductible for tax purposes 5,886 2,536
Capital allowances in excess of depreciation (189 ) (1,061 )
Adjustments to tax charge in respect of previous periods 217 -
Deferred tax movement - (1,719 )
Total tax charge 1,170,187 743,094

8. DIVIDENDS
2024 2023
£    £   
Interim 2,000,000 1,608,000

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. TANGIBLE FIXED ASSETS
Furniture
and
computer
equipment
£   
COST
At 1 May 2023 108,803
Additions 36,106
At 30 April 2024 144,909
DEPRECIATION
At 1 May 2023 78,463
Charge for year 22,741
At 30 April 2024 101,204
NET BOOK VALUE
At 30 April 2024 43,705
At 30 April 2023 30,340

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,253,063 2,715,387
Other debtors - 3,153
Derivatives 2,122 -
Directors' current accounts 1,889 -
VAT 85,455 68,031
Prepayments 390,018 392,474
3,732,547 3,179,045

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,367,559 3,127,251
Purchase Accruals 168,879 139,920
Tax 574,536 384,813
Social security and other taxes 2,859 41,040
Other creditors 130,368 89,373
Insurance claims 9,811 68,876
Derivatives 8,108 4,332
Directors' current accounts - 4,173
Deferred income 100,686 72,293
4,362,806 3,932,071

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 41,119 12,299
Between one and five years 54,287 27,091
95,406 39,390

Lease payments from operating lease agreements recognised as an expense in the profit and loss are £42,941 (2023: £21,673).

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other creditors 5,373 458
Derivatives 5,986 4,332
11,359 4,790

The creditors are secured by an all monies debenture over the whole assets of the company.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 10,926 7,774
Other timing differences (1,201 ) (1,983 )
9,725 5,791

Deferred
tax
£   
Balance at 1 May 2023 5,791
Charge to Statement of Comprehensive Income during year 3,934
Balance at 30 April 2024 9,725

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 Ordinary £1 80 80

Ordinary share rights
The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 4,214,180 20 4,214,200
Profit for the year 3,486,906 3,486,906
Dividends (2,000,000 ) (2,000,000 )
At 30 April 2024 5,701,086 20 5,701,106

Retained earnings
Cumulative profit and loss net of distributions to owners.

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made advances to a director totalling £43,429, of which £41,540 was repaid prior to the year end. The balance of £1,889 is outstanding at the year end.

18. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,000,000 (2023 - £804,000) were paid to the directors .

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Sales 69,300 142,937
Purchases 1,400,467 1,014,748
Amount due to related party 134,254 398,859

During the year, a total of key management personnel compensation of £ 497,535 (2023 - £ 487,444 ) was paid.

19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Treleaven.