REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
WINEFLOW FREIGHT FORWARDING LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Pavilion View |
19 New Road |
Brighton |
East Sussex |
BN1 1EY |
WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
4,623,484 | 3,780,592 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
4,659,294 | 3,813,361 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WINEFLOW FREIGHT FORWARDING LTD (REGISTERED NUMBER: 04386827) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 April 2024 |
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 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | (1,889 | ) | 73,588 |
Amount withdrawn by directors | (4,173 | ) | (69,415 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance costs | 2,201 | - |
Finance income | (1,709 | ) | (269 | ) |
4,680,326 | 3,831,518 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 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 |
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 |
Furniture and computer equipment | - |
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 |
Europe |
Rest of the world | 289,413 | 25,114 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest payable |
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 |
Adjustments in respect of |
prior years taxation | 217 | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
Deferred tax movement | - | (1,719 | ) |
Total tax charge | 1,170,187 | 743,094 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
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 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Derivatives | 2,122 | - |
Directors' current accounts | 1,889 | - |
VAT |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Purchase Accruals | 168,879 | 139,920 |
Tax |
Social security and other taxes |
Other creditors |
Insurance claims | 9,811 | 68,876 |
Derivatives | 8,108 | 4,332 |
Directors' current accounts | - | 4,173 |
Deferred income | 100,686 | 72,293 |
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 |
Between one and five years |
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 |
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 |
Other timing differences | (1,201 | ) | (1,983 | ) |
9,725 | 5,791 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 30 April 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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 | 4,214,200 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 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 . |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Amount due to related party |
During the year, a total of key management personnel compensation of £ |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |