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COMPANY REGISTRATION NUMBER: 08860505
Carson Wines Ltd
Filleted Unaudited Financial Statements
31 March 2024
Carson Wines Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Carson Wines Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
731
975
Investments
6
1
1
----
----
732
976
Current assets
Debtors
7
177,752
185,569
Cash at bank and in hand
5,821
1,896
---------
---------
183,573
187,465
Creditors: amounts falling due within one year
8
326,650
353,626
---------
---------
Net current liabilities
143,077
166,161
---------
---------
Total assets less current liabilities
( 142,345)
( 165,185)
---------
---------
Net liabilities
( 142,345)
( 165,185)
---------
---------
Capital and reserves
Called up share capital
140
140
Profit and loss account
( 142,485)
( 165,325)
---------
---------
Shareholders deficit
( 142,345)
( 165,185)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
Carson Wines Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr C Carson
Director
Company registration number: 08860505
Carson Wines Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis as the directors will continue to support the business and believe the company is able to meet its debts as they fall due.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
20% straight line
Investments in joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
1,219
1,219
-------
-------
Depreciation
At 1 April 2023
244
244
Charge for the year
244
244
-------
-------
At 31 March 2024
488
488
-------
-------
Carrying amount
At 31 March 2024
731
731
-------
-------
At 31 March 2023
975
975
-------
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
1
----
At 31 March 2023
1
----
The company owns 50% of the share capital in Carson and Carnevale Limited, a company incorporated in England.
7. Debtors
2024
2023
£
£
Trade debtors
112,519
132,720
Amounts owed by group undertakings and undertakings in which the company has a participating interest
65,038
51,863
Other debtors
195
986
---------
---------
177,752
185,569
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
338
2,751
Other creditors
326,312
350,875
---------
---------
326,650
353,626
---------
---------
The company's bankers hold fixed and floating charges over all assets.
9. Related party transactions
At the balance sheet date the company was owed £65,038 (2023: £51,863) to companies connected by ownership. At the balance sheet date the company owed a director £325,213 (2023: £349,459).