1 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07004797 2023-01-01 2023-12-31 07004797 2023-12-31 07004797 2022-12-31 07004797 2022-01-01 2022-12-31 07004797 2022-12-31 07004797 2021-12-31 07004797 bus:RegisteredOffice 2023-01-01 2023-12-31 07004797 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 07004797 bus:Director2 2023-01-01 2023-12-31 07004797 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 07004797 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 07004797 core:WithinOneYear 2023-12-31 07004797 core:WithinOneYear 2022-12-31 07004797 core:ShareCapital 2023-12-31 07004797 core:ShareCapital 2022-12-31 07004797 core:RetainedEarningsAccumulatedLosses 2023-12-31 07004797 core:RetainedEarningsAccumulatedLosses 2022-12-31 07004797 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 07004797 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 07004797 bus:SmallEntities 2023-01-01 2023-12-31 07004797 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07004797 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07004797 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07004797 bus:FullAccounts 2023-01-01 2023-12-31
Company registration number: 07004797
Portman Wine Distributors Limited
Unaudited filleted financial statements
31 December 2023
Portman Wine Distributors Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Portman Wine Distributors Limited
Directors and other information
Director
A Dorski
Company number 07004797
Registered office First Floor
64 Baker Street
London W1U 7GB
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Portman Wine Distributors Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 2,956 5,912
_______ _______
2,956 5,912
Current assets
Stocks 443,198 306,044
Debtors 6 3,506,594 4,104,092
Cash at bank and in hand 29,900 55,048
_______ _______
3,979,692 4,465,184
Creditors: amounts falling due
within one year 7 ( 3,840,080) ( 3,868,829)
_______ _______
Net current assets 139,612 596,355
_______ _______
Total assets less current liabilities 142,568 602,267
_______ _______
Net assets 142,568 602,267
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 141,568 601,267
_______ _______
Shareholder funds 142,568 602,267
_______ _______
For the 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 member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 September 2024 , and are signed on behalf of the board by:
A Dorski
Director
Company registration number: 07004797
Portman Wine Distributors Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is First Floor, 64 Baker Street, London W1U 7GB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date, based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - over 3 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 8,868 8,868
_______ _______
Amortisation
At 1 January 2023 2,956 2,956
Charge for the year 2,956 2,956
_______ _______
At 31 December 2023 5,912 5,912
_______ _______
Carrying amount
At 31 December 2023 2,956 2,956
_______ _______
At 31 December 2022 5,912 5,912
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,384,092 3,431,102
Other debtors 122,502 672,990
_______ _______
3,506,594 4,104,092
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 3,411,060 3,759,684
Corporation tax 26,452 16,203
Social security and other taxes 445 -
Other creditors 402,123 92,942
_______ _______
3,840,080 3,868,829
_______ _______
8. Controlling party
The company was controlled by Loza Winery Ltd, a company incorporated in Bulgaria, which owns 100% of the share capital of the company.