Iberian Wine Tours Limited NI602086 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the sale of wine tours principally to Spain, Portugal, Chile and Argentina Digita Accounts Production Advanced 6.30.9574.0 true true NI602086 2023-04-01 2024-03-31 NI602086 2024-03-31 NI602086 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI602086 core:ShareCapital 2024-03-31 NI602086 core:CurrentFinancialInstruments 2024-03-31 NI602086 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI602086 core:FurnitureFittingsToolsEquipment 2024-03-31 NI602086 1 2024-03-31 NI602086 bus:SmallEntities 2023-04-01 2024-03-31 NI602086 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI602086 bus:FilletedAccounts 2023-04-01 2024-03-31 NI602086 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI602086 bus:RegisteredOffice 2023-04-01 2024-03-31 NI602086 bus:Director1 2023-04-01 2024-03-31 NI602086 bus:Director2 2023-04-01 2024-03-31 NI602086 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI602086 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI602086 core:OfficeEquipment 2023-04-01 2024-03-31 NI602086 countries:NorthernIreland 2023-04-01 2024-03-31 NI602086 1 2023-04-01 2024-03-31 NI602086 2023-03-31 NI602086 core:FurnitureFittingsToolsEquipment 2023-03-31 NI602086 1 2023-03-31 NI602086 2022-04-01 2023-03-31 NI602086 2023-03-31 NI602086 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI602086 core:ShareCapital 2023-03-31 NI602086 core:CurrentFinancialInstruments 2023-03-31 NI602086 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI602086 core:FurnitureFittingsToolsEquipment 2023-03-31 NI602086 1 2023-03-31 NI602086 1 2022-04-01 2023-03-31 NI602086 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: NI602086

Iberian Wine Tours Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Iberian Wine Tours Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Iberian Wine Tours Limited

Company Information

Directors

Jeremy Shaw

Maria Luisa Espeso

Registered office

90 Old Belfast Road
Saintfield
Ballynahinch
Co Down
BT24 7DF

 

Iberian Wine Tours Limited

(Registration number: NI602086)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,062

1,328

Current assets

 

Debtors

5

94,499

104,804

Cash at bank and in hand

 

301,880

315,946

 

396,379

420,750

Creditors: Amounts falling due within one year

6

(302,675)

(344,955)

Net current assets

 

93,704

75,795

Total assets less current liabilities

 

94,766

77,123

Provisions for liabilities

(668)

(252)

Net assets

 

94,098

76,871

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

94,096

76,869

Shareholders' funds

 

94,098

76,871

For the financial year ending 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:

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.

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.

 

Iberian Wine Tours Limited

(Registration number: NI602086)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
Jeremy Shaw
Director

.........................................
Maria Luisa Espeso
Director

 

Iberian Wine Tours Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
90 Old Belfast Road
Saintfield
Ballynahinch
Co Down
BT24 7DF
Northern Ireland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue relating to tours is recognised in the profit and loss account on the date of commencement of the tour.

Conference and associated travel costs

Conference and associated travel costs are included in advertising costs.

 

Iberian Wine Tours Limited

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

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are 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

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

Furniture, fittings and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Iberian Wine Tours Limited

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

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

Trade creditors

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Iberian Wine Tours Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,762

4,762

At 31 March 2024

4,762

4,762

Depreciation

At 1 April 2023

3,434

3,434

Charge for the year

266

266

At 31 March 2024

3,700

3,700

Carrying amount

At 31 March 2024

1,062

1,062

At 31 March 2023

1,328

1,328

5

Debtors

2024
£

2023
£

Prepayments

93,673

102,469

Other debtors

826

2,335

94,499

104,804

 

Iberian Wine Tours Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

187

2,495

Taxation and social security

 

25,443

14,247

Accruals and deferred income

 

277,045

328,213

 

302,675

344,955

Creditors: amounts falling due after more than one year

2024
£

2023
£

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

12

2,320

Other borrowings

175

175

187

2,495

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

At 31 March 2024
£

Director's loan account

(175)

(175)

     
   

 

2023

At 1 April 2022
£

At 31 March 2023
£

Director's loan account

(175)

(175)

     
   

 

Iberian Wine Tours Limited

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

 

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2