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Registration number: 03947609

The Good Wine Shop Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

The Good Wine Shop Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

The Good Wine Shop Limited

Company Information

Directors

M J C Wrigglesworth

E M Wrigglesworth

Company secretary

E M Wrigglesworth

Registered office

79A High Street
Teddington
Middlesex
TW11 8HG

Accountants

Shaw Gibbs Limited
79a High Street
Teddington
Middlesex
TW11 8HG

 

The Good Wine Shop Limited

(Registration number: 03947609)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible fixed assets

4

119,324

87,662

Current assets

 

Stock

528,270

399,707

Debtors

5

32,045

37,099

Cash at bank and in hand

 

154,906

171,568

 

715,221

608,374

Creditors: Amounts falling due within one year

7

(595,162)

(502,654)

Net current assets

 

120,059

105,720

Total assets less current liabilities

 

239,383

193,382

Creditors: Amounts falling due after more than one year

7

(32,498)

-

Provisions for liabilities

(10,560)

(14,404)

Net assets

 

196,325

178,978

Equity

 

Called up share capital

8

1

1

Retained earnings

196,324

178,977

Shareholders' funds

 

196,325

178,978

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

 

The Good Wine Shop Limited

(Registration number: 03947609)
Balance Sheet as at 31 January 2024 (continued)

.........................................

M J C Wrigglesworth
Director

 

The Good Wine Shop Limited

Notes to the Financial Statements
for the Year Ended 31 January 2024

1

General information

The Good Wine Shop Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for goods sold and services rendered net of value added tax, returns and discounts and is recognised when the amount can be reliably measured and it is probable that future economic benefits will flow to the entity.

Government grants

Government grants of a revenue nature are credited to the income statement so as to match them with the expenditure to which they relate and are included in other operating income.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

The Good Wine Shop Limited

Notes to the Financial Statements
for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over the period of the lease

Equipment, fixture and fittings

25% on cost

Website development

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and cash held at bank.

Debtors

Debtors are amounts due from customers for goods sold or services rendered. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stock

Stock comprises finished goods and is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods comprises direct expenditure and any overheads incurred in bringing the stock to its present location and condition.

At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

 

The Good Wine Shop Limited

Notes to the Financial Statements
for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Good Wine Shop Limited

Notes to the Financial Statements
for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 25).

 

The Good Wine Shop Limited

Notes to the Financial Statements
for the Year Ended 31 January 2024 (continued)

4

Tangible fixed assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Website development
£

Total
£

Cost

At 1 February 2023

44,433

199,250

18,952

21,600

284,235

Additions

56,871

21,956

-

5,625

84,452

Disposals

-

(790)

-

-

(790)

At 31 January 2024

101,304

220,416

18,952

27,225

367,897

Depreciation

At 1 February 2023

32,586

137,251

11,047

15,691

196,575

Charge for the year

4,968

37,831

4,738

5,251

52,788

Eliminated on disposal

-

(790)

-

-

(790)

At 31 January 2024

37,554

174,292

15,785

20,942

248,573

Carrying amount

At 31 January 2024

63,750

46,124

3,167

6,283

119,324

At 31 January 2023

11,847

62,001

7,904

5,910

87,662

 

The Good Wine Shop Limited

Notes to the Financial Statements
for the Year Ended 31 January 2024 (continued)

5

Debtors

2024
£

2023
£

Trade receivables

6,640

7,825

Other debtors

8,115

9,859

Prepayments

17,290

19,415

32,045

37,099

6

Cash and cash equivalents

2024
£

2023
£

Cash at bank

148,269

167,383

Cash in transit

4,306

2,456

Cash on hand

2,331

1,729

154,906

171,568

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

286,044

170,725

Social security and other taxes

 

83,807

96,065

Outstanding defined contribution pension costs

 

1,861

1,128

Other creditors

 

85,196

127,035

Accruals

 

25,807

13,851

Corporation tax

34,338

30,195

Deferred income

 

53,685

63,655

Loans and borrowings

 

24,424

-

 

595,162

502,654

Due after one year

 

Loans and borrowings

32,498

-

 

The Good Wine Shop Limited

Notes to the Financial Statements
for the Year Ended 31 January 2024 (continued)

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

         

The company's share capital comprises 100 ordinary 1p shares, subdivided into 60 ordinary 'A' shares and 40 ordinary 'B' shares. The ordinary shares do not carry any right to fixed income. The ‘A’ ordinary shares and ‘B’ ordinary shares rank pari passu with regard to entitlement to dividend except the directors may at any time resolve to declare a dividend on one or other class of shares and not on one or other class. In all respects the shares rank pari passu.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

9

Related party transactions

Included within other creditors is £40,113 (2023: £57,220) due to M Wrigglesworth, a director. There are no fixed repayment terms and interest is charged on the balance at market rates.

Also included within other creditors is £37,043 (2023: £67,317) due to E Wrigglesworth, a director. There are no fixed repayment terms and interest is charged at market rates.