0
25 September 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
9,000
9,000
835
835
xbrli:pure
xbrli:shares
iso4217:GBP
06739526
2023-01-01
2023-12-31
06739526
2023-12-31
06739526
2022-12-31
06739526
2022-01-01
2022-12-31
06739526
2022-12-31
06739526
2021-12-31
06739526
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-01-01
2023-12-31
06739526
bus:Director10
2023-01-01
2023-12-31
06739526
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
06739526
core:WithinOneYear
2023-12-31
06739526
core:WithinOneYear
2022-12-31
06739526
core:ShareCapital
2023-12-31
06739526
core:ShareCapital
2022-12-31
06739526
core:RevaluationReserve
2023-12-31
06739526
core:RevaluationReserve
2022-12-31
06739526
core:RetainedEarningsAccumulatedLosses
2023-12-31
06739526
core:RetainedEarningsAccumulatedLosses
2022-12-31
06739526
bus:SmallEntities
2023-01-01
2023-12-31
06739526
bus:Audited
2023-01-01
2023-12-31
06739526
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06739526
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06739526
bus:FullAccounts
2023-01-01
2023-12-31
06739526
core:FurnitureFittingsToolsEquipment
2023-01-01
2023-12-31
06739526
core:FurnitureFittingsToolsEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
06739526
Hong Kong International Wine & Spirit Competition Limited |
|
Filleted Financial Statements |
|
Hong Kong International Wine & Spirit Competition Limited |
|
Statement of Financial Position |
|
31 December 2023
|
2023 |
2022 |
|
|
|
(restated) |
Note |
£ |
£ |
£ |
|
|
|
|
Current assets
Debtors |
6 |
322,200 |
|
320,325 |
Cash at bank and in hand |
35,685 |
|
19,089 |
|
--------- |
|
--------- |
|
357,885 |
|
339,414 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
122,489) |
|
(
117,070) |
|
--------- |
|
--------- |
Net current assets |
|
235,396 |
222,344 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
235,396 |
222,344 |
|
|
--------- |
--------- |
Net assets |
|
235,396 |
222,344 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
10,000 |
10,000 |
Revaluation reserve |
|
28,955 |
26,559 |
Profit and loss account |
|
196,441 |
185,785 |
|
|
--------- |
--------- |
Shareholders funds |
|
235,396 |
222,344 |
|
|
--------- |
--------- |
|
|
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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:
Company registration number:
06739526
Hong Kong International Wine & Spirit Competition 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 and Wales. The address of the registered office is Unit 208, Canalot Studios, 222 Kensal Road, London, W10 5BN, England.
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 at fair value through profit or loss as set out in the accounting policies below. The financial statements are prepared in sterling.
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.
Revenue recognition
Turnover represents the amounts derived from the provision of goods and services, which fall within the company's ordinary activities, stated net of VAT. Competition revenue is recognised once the competition has taken place.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
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:
|
Website |
- |
33% straight line |
|
|
|
|
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Equipment |
- |
33% straight line |
|
|
|
|
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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Trade and other debtors Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment for bad and doubtful debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Trade and other creditors Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
4.
Intangible assets
|
Website |
|
£ |
Cost |
|
At 1 January 2023 (as restated) and 31 December 2023 |
9,000 |
|
------- |
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
9,000 |
|
------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
------- |
At 31 December 2022 |
– |
|
------- |
|
|
5.
Tangible assets
|
Equipment |
Total |
|
£ |
£ |
Cost |
|
|
At 1 January 2023 (as restated) and 31 December 2023 |
835 |
835 |
|
---- |
---- |
Depreciation |
|
|
At 1 January 2023 and 31 December 2023 |
835 |
835 |
|
---- |
---- |
Carrying amount |
|
|
At 31 December 2023 |
– |
– |
|
---- |
---- |
At 31 December 2022 |
– |
– |
|
---- |
---- |
|
|
|
6.
Debtors
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Trade debtors |
1,399 |
377 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
320,801 |
319,681 |
Other debtors |
– |
267 |
|
--------- |
--------- |
|
322,200 |
320,325 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Trade creditors |
41,333 |
36,093 |
Amounts owed to group undertakings |
76,141 |
76,120 |
Corporation tax |
5,015 |
– |
Other creditors |
– |
4,857 |
|
--------- |
--------- |
|
122,489 |
117,070 |
|
--------- |
--------- |
|
|
|
A fixed and floating charge containing a negative pledge is in place covering all the property and undertakings of the company.
8.
Prior period adjustments
Prior period adjustment was recognised in that £26,558 was reclassified from "Debtors" to "Revaluation reserve". This adjustment was purely reclassification and there was no impact on the Income Statement. This adjustment resulted in a decrease in debtors, thus a reduction net assets and an introduction of the revaluation reserve in equity.
9.
Summary audit opinion
The auditor's report dated
25 September 2024
was
unqualified
.
The senior statutory auditor was
Stephen Foster
, for and on behalf of
Shipleys LLP
.
10.
Related party transactions
During the year there was an increase in intercompany debtors from £319,681 in 2022 to £320,801 as at 31 December 2023. During the year there was an increase in intercompany creditors from £76,120 in 2022 to £76,141 as at 31 December 2023. During the year the following transactions took place with a related party.
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Purchases from related parties |
80,162 |
80,438 |
|
Amounts due to(from) related parties |
39,323 |
36,095 |
|
|
|
|
11.
Controlling party
The parent undertaking of the company is The Conversion Group Limited, a company incorporated in England and Wales. The address of the registered office of the parent undertaking is Unit 208, Canalot Studios, 222 Kensal Road, London, W10 5BN. The ultimate parent company is Ergo Science Corporation, a company incorporated in the United States of America.