0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-31 Sage Accounts Production Advanced 2024 - FRS102_2024 30,000 250 30,250 27,000 1,500 28,500 1,750 3,000 29,807 496 30,303 22,207 1,296 23,503 6,800 7,600 xbrli:pure xbrli:shares iso4217:GBP 05269369 2023-01-31 2024-01-30 05269369 2024-01-30 05269369 2023-01-30 05269369 2022-02-01 2023-01-30 05269369 2023-01-30 05269369 2022-01-31 05269369 core:NetGoodwill 2023-01-31 2024-01-30 05269369 core:FurnitureFittings 2023-01-31 2024-01-30 05269369 bus:Director1 2023-01-31 2024-01-30 05269369 bus:Director2 2023-01-31 2024-01-30 05269369 core:NetGoodwill 2023-01-30 05269369 core:NetGoodwill 2024-01-30 05269369 core:FurnitureFittings 2023-01-30 05269369 core:FurnitureFittings 2024-01-30 05269369 core:WithinOneYear 2024-01-30 05269369 core:WithinOneYear 2023-01-30 05269369 core:AfterOneYear 2024-01-30 05269369 core:AfterOneYear 2023-01-30 05269369 core:ShareCapital 2024-01-30 05269369 core:ShareCapital 2023-01-30 05269369 core:RetainedEarningsAccumulatedLosses 2024-01-30 05269369 core:RetainedEarningsAccumulatedLosses 2023-01-30 05269369 core:NetGoodwill 2023-01-30 05269369 core:FurnitureFittings 2023-01-30 05269369 bus:SmallEntities 2023-01-31 2024-01-30 05269369 bus:AuditExempt-NoAccountantsReport 2023-01-31 2024-01-30 05269369 bus:SmallCompaniesRegimeForAccounts 2023-01-31 2024-01-30 05269369 bus:PrivateLimitedCompanyLtd 2023-01-31 2024-01-30 05269369 bus:FullAccounts 2023-01-31 2024-01-30
COMPANY REGISTRATION NUMBER: 05269369
The Wine Shop (Leek) Limited
Filleted Unaudited Financial Statements
30 January 2024
The Wine Shop (Leek) Limited
Financial Statements
Year ended 30th January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Wine Shop (Leek) Limited
Statement of Financial Position
30 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
1,750
3,000
Tangible assets
5
6,800
7,600
-------
--------
8,550
10,600
Current assets
Stocks
47,980
48,500
Debtors
6
11,675
4,830
Cash at bank and in hand
6,663
8,169
--------
--------
66,318
61,499
Creditors: amounts falling due within one year
7
46,388
46,962
--------
--------
Net current assets
19,930
14,537
--------
--------
Total assets less current liabilities
28,480
25,137
Creditors: amounts falling due after more than one year
8
31,636
36,384
--------
--------
Net liabilities
( 3,156)
( 11,247)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 3,256)
( 11,347)
-------
--------
Shareholders deficit
( 3,156)
( 11,247)
-------
--------
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 30th 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 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 .
The Wine Shop (Leek) Limited
Statement of Financial Position (continued)
30 January 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mrs A M Nicholson-James
Mr D James
Director
Director
Company registration number: 05269369
The Wine Shop (Leek) Limited
Notes to the Financial Statements
Year ended 30th January 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 22 Russell Street, Leek, Staffordshire, ST13 5JF, United Kingdom.
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.
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.
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.
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:
Goodwill
-
5% 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. 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:
Fixtures and fittings
-
20% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Intangible assets
Goodwill
£
Cost
At 31st January 2023
30,000
Additions
Acquisitions through business combinations
250
--------
At 30th January 2024
30,250
--------
Amortisation
At 31st January 2023
27,000
Charge for the year
1,500
--------
At 30th January 2024
28,500
--------
Carrying amount
At 30th January 2024
1,750
--------
At 30th January 2023
3,000
--------
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 31st January 2023
29,807
29,807
Additions
496
496
--------
--------
At 30th January 2024
30,303
30,303
--------
--------
Depreciation
At 31st January 2023
22,207
22,207
Charge for the year
1,296
1,296
--------
--------
At 30th January 2024
23,503
23,503
--------
--------
Carrying amount
At 30th January 2024
6,800
6,800
--------
--------
At 30th January 2023
7,600
7,600
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
500
3,545
Other debtors
11,175
1,285
--------
-------
11,675
4,830
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,559
15,414
Trade creditors
13,027
10,505
Social security and other taxes
4,391
4,522
Other creditors
1,411
16,521
--------
--------
46,388
46,962
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,636
36,384
--------
--------
9. Related party transactions
The company was under the control of Mrs A M Nicholson-James throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed.
10. Controlling party
The ultimate parent company is Wine and Whisky Limited, a company registered in England and Wales.