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Registered Number: 10791206
England and Wales

 

 

 

UNCHARTED WINE COMPANY LTD.


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 18,417    23,287 
Investments 4 1   
18,418    23,287 
Current assets      
Stocks 1,044,331    908,729 
Debtors 446,228    360,333 
Cash at bank and in hand 6,236    50,310 
1,496,795    1,319,372 
Creditors: amount falling due within one year (687,959)   (464,000)
Net current assets 808,836    855,372 
 
Total assets less current liabilities 827,254    878,659 
Creditors: amount falling due after more than one year (904,644)   (923,157)
Provisions for liabilities 18,609    11,361 
Net assets (58,781)   (33,137)
 

Capital and reserves
     
Called up share capital 744    744 
Profit and loss account (59,525)   (33,881)
Shareholders' funds (58,781)   (33,137)
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 28 October 2024 and were signed on its behalf by:


-------------------------------
Louise Holstein
Director
1
General Information
Uncharted Wine Company Ltd. is a private company, limited by shares, registered in England and Wales, registration number 10791206, registration address Unit 56 Containerville, 40 The Oval, London, E2 9DT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.  Income is recognised when the company obtains the right to consideration.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles - 25% straight line
Computer and office equipment - 25% straight line


At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.


If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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.
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. 
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 6).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Total
  £   £   £
At 01 April 2023 33,435    5,321    38,756 
Additions   4,990    4,990 
Disposals    
At 31 March 2024 33,435    10,311    43,746 
Depreciation
At 01 April 2023 11,280    4,189    15,469 
Charge for year 8,359    1,501    9,860 
On disposals    
At 31 March 2024 19,639    5,690    25,329 
Net book values
Closing balance as at 31 March 2024 13,796    4,621    18,417 
Opening balance as at 01 April 2023 22,155    1,132    23,287 


4.

Investments

Cost Investments in group undertakings   Total
  £   £
At 01 April 2023  
Additions 1    1 
Transfer to/from tangible fixed assets  
Disposals  
At 31 March 2024 1    1 

5.

Advances and Credits



Mr Rupert James Taylor
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Mr Rupert James Taylor123 123 
01230000123
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Mr Rupert James Taylor
0000000
6.

Director’s loan

Directors' advances, credits and guarantees

At the balance sheet date there were the following balances on the directors' loan accounts:

L Holstein £471,790 credit (2023 : £475,759 credit)
R Taylor £123 debit (2023 : £nil)

There are no fixed dates for repayment of the loans.  Interest is paid on L Holstein's loan at 10%
7.

Stocks

.   2024
£
  2023
£
Finished Goods 1,044,331  908,729 
1,044,331  908,729 

8.

Debtors: amounts falling due within one year

.   2024
£
  2023
£
Trade Debtors 427,378  326,880 
Amounts Owed to Group Undertakings 10,078 
Prepayments & Accrued Income 6,849  31,653 
Other Debtors 1,800  1,800 
Director's Current Account 123 
446,228  360,333 

9.

Creditors: amounts falling due within one year

.   2024
£
  2023
£
Trade Creditors 398,144  269,756 
Bank Loans & Overdrafts 23,187  62,914 
Corporation Tax 11,531 
PAYE & Social Security 11,270  7,549 
Accrued Expenses 50,724 
Other Creditors 676  900 
Obligations under HP/Financial Leases 5,211  4,719 
VAT 187,216  118,162 
687,959  464,000 

10.

Creditors: amounts falling due after more than one year

.   2024
£
  2023
£
Bank Loans & Overdrafts 14,806  24,154 
Other Creditors 408,758  408,758 
Obligations Under HP/Financial Leases 9,290  14,486 
Directors'Loan Accounts 471,790  475,759 
904,644  923,157 

11.

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
.   2024
£
  2023
£
Within one year 4,000  12,000 
Within 2-5 years 4,000 
4,000  16,000 

2