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Company registration number:
03561530
Planet Wine Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Planet Wine Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Planet Wine Limited
Year ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Planet Wine Limited
for the year ended
31 December 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Planet Wine Limited
, as a body, in accordance with the terms of our engagement letter dated 3 July 2018. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Planet Wine Limited
and state those matters that we have agreed to state to the Board of Directors of
Planet Wine Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Planet Wine Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Planet Wine Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Planet Wine Limited
. You consider that
Planet Wine Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Planet Wine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A&C Chartered Accountants
Marsland Chambers
1a Marsland Road
Sale Moor
Cheshire
M33 3HP
United Kingdom
Planet Wine Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
4,122
 
1,508
 
Current assets    
Stocks
83,476
  -  
Debtors 6
293,912
 
524,698
 
Cash at bank and in hand
140,068
 
181,510
 
517,456
 
706,208
 
Creditors: amounts falling due within one year 7
(386,340
)
(547,636
)
Net current assets
131,116
 
158,572
 
Total assets less current liabilities 135,238   160,080  
Provisions for liabilities
(782
)
(376
)
Net assets
134,456
 
159,704
 
Capital and reserves    
Called up share capital
150
 
150
 
Profit and loss account
134,306
 
159,554
 
Shareholders funds
134,456
 
159,704
 
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.
Directors' 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 directors acknowledge 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 September 2024
, and are signed on behalf of the board by:
P Sherlock
P Bosc
DirectorDirector
Company registration number:
03561530
Planet Wine Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Marsland Chambers
,
1a Marsland Road
,
Sale
,
M33 3HP
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
8,394
 
Additions
3,375
 
At
31 December 2023
11,769
 
Depreciation  
At
1 January 2023
6,886
 
Charge
761
 
At
31 December 2023
7,647
 
Carrying amount  
At
31 December 2023
4,122
 
At 31 December 2022
1,508
 

6 Debtors

20232022
££
Trade debtors
284,529
 
520,269
 
Other debtors
9,383
 
4,429
 
293,912
 
524,698
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
346,873
 
483,499
 
Taxation and social security
11,892
 
59,687
 
Other creditors
27,575
 
4,450
 
386,340
 
547,636
 

8 Directors' advances, credit and guarantees

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2023:
P Bosc
2022
Balance at 01/01/2022: £0 owed to the company.
£3,918 was loaned to the company in the year.
Balance at 31/12/2022: £3,918 owed to the director.
2023
Balance at 01/01/2023: £3,918 owed to the director.
£21,846 was loaned to the company in the year.
Balance at 31/12/2023: £25,764 owed to the director.
P Sherlock
2022
Balance at 01/01/2022: £9,297 owed to the company.
£9,297 was repaid in the year.
Balance at 31/12/2022: £0 owed to the company.
Balance at 01/01/2023: £0 owed to the company.
Balance at 31/12/2023: £0 owed to the company.
The above loans are interest free, unsecured and repayable on demand.

9 Controlling party

During the year ending 31 December 2023, the directors controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.