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Registered number: 03065822
Woburn Food & Wine Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Mr Hemang Patel
Mr Bhaumik Patel
Company Number 03065822
Registered Office 15 London Street
London
W2 1HL
Business 36-38 Woburn Place
London
WC1H 0JR
Accountants Saii AG
Chartered Certified Accountants
Suite37/38 Marshall House, 124 Middleton Road
Morden
Surrey
SM4 6RW
Bankers National Westminster Plc
Chatham
ME4 4RT
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Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Woburn Food & Wine Limited for the year ended 30 June 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Woburn Food & Wine Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Woburn Food & Wine Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Woburn Food & Wine Limited and state those matters that we have agreed to state to the directors of Woburn Food & Wine Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Woburn Food & Wine Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Woburn Food & Wine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Woburn Food & Wine Limited . You consider that Woburn Food & 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 accounts of Woburn Food & 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 financial statements.
Signed
Saii AG LLP
26 September 2024
Saii AG
Chartered Certified Accountants
Suite37/38 Marshall House, 124 Middleton Road
Morden
Surrey
SM4 6RW
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Balance Sheet
Registered number: 03065822
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 28,672 57,225
Tangible Assets 5 46,414 33,946
Investments 6 453,068 303,068
528,154 394,239
CURRENT ASSETS
Stocks 270,119 213,119
Debtors 7 405,553 367,562
Cash at bank and in hand 264,010 298,636
939,682 879,317
Creditors: Amounts Falling Due Within One Year 8 (502,363 ) (560,490 )
NET CURRENT ASSETS (LIABILITIES) 437,319 318,827
TOTAL ASSETS LESS CURRENT LIABILITIES 965,473 713,066
NET ASSETS 965,473 713,066
CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Profit and Loss Account 963,473 711,066
SHAREHOLDERS' FUNDS 965,473 713,066
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 26 September 2024 and were signed on its behalf by:
Mr Bhaumik Patel
Director
26 September 2024
The notes on pages 5 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Woburn Food & Wine Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03065822 . The registered office is 15 London Street, London, W2 1HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold No Depreciation
Fixtures & Fittings 25% reducing balance method
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.11. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 48 (2023: 45)
48 45
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 841,657
As at 30 June 2024 841,657
Amortisation
As at 1 July 2023 784,432
Provided during the period 28,553
As at 30 June 2024 812,985
Net Book Value
As at 30 June 2024 28,672
As at 1 July 2023 57,225
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Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 65,798 333,486 399,284
Additions - 26,301 26,301
As at 30 June 2024 65,798 359,787 425,585
Depreciation
As at 1 July 2023 65,798 299,540 365,338
Provided during the period - 13,833 13,833
As at 30 June 2024 65,798 313,373 379,171
Net Book Value
As at 30 June 2024 - 46,414 46,414
As at 1 July 2023 - 33,946 33,946
6. Investments
Other
£
Cost
As at 1 July 2023 303,068
Additions 150,000
As at 30 June 2024 453,068
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 453,068
As at 1 July 2023 303,068
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 405,553 367,562
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 162,195 182,120
Corporation tax 41,842 -
Other taxes and social security 23,813 23,913
Other creditors 274,513 354,457
502,363 560,490
9. Related party note
Mr Bhaumik Patel and Mr Hemang Patel are directors of the company.
At the end of the year amount owed by the company to the director is £16,740 (2023: £16740).
During the year, the company has declared dividend of £0.00 ( 2023: £0.00).
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