Silverfin false false 31/05/2024 01/06/2023 31/05/2024 R Healey 29/06/2021 06 November 2024 The principal activity of the Company during the financial year was that of a licenced restaurant. SC661039 2024-05-31 SC661039 bus:Director1 2024-05-31 SC661039 2023-05-31 SC661039 core:CurrentFinancialInstruments 2024-05-31 SC661039 core:CurrentFinancialInstruments 2023-05-31 SC661039 core:ShareCapital 2024-05-31 SC661039 core:ShareCapital 2023-05-31 SC661039 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC661039 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC661039 core:Goodwill 2023-05-31 SC661039 core:Goodwill 2024-05-31 SC661039 core:PlantMachinery 2023-05-31 SC661039 core:FurnitureFittings 2023-05-31 SC661039 core:ComputerEquipment 2023-05-31 SC661039 core:PlantMachinery 2024-05-31 SC661039 core:FurnitureFittings 2024-05-31 SC661039 core:ComputerEquipment 2024-05-31 SC661039 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 SC661039 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 SC661039 bus:OrdinaryShareClass1 2024-05-31 SC661039 2023-06-01 2024-05-31 SC661039 bus:FilletedAccounts 2023-06-01 2024-05-31 SC661039 bus:SmallEntities 2023-06-01 2024-05-31 SC661039 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC661039 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC661039 bus:Director1 2023-06-01 2024-05-31 SC661039 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 SC661039 core:Goodwill 2023-06-01 2024-05-31 SC661039 core:PlantMachinery 2023-06-01 2024-05-31 SC661039 core:FurnitureFittings 2023-06-01 2024-05-31 SC661039 core:ComputerEquipment 2023-06-01 2024-05-31 SC661039 2022-06-01 2023-05-31 SC661039 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC661039 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC661039 (Scotland)

NATURAL SELECTION WINES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

NATURAL SELECTION WINES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

NATURAL SELECTION WINES LTD

BALANCE SHEET

AS AT 31 MAY 2024
NATURAL SELECTION WINES LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 600 900
Tangible assets 4 55,286 42,613
55,886 43,513
Current assets
Stocks 22,026 10,917
Debtors 5 34,235 31,515
Cash at bank and in hand 200,693 122,205
256,954 164,637
Creditors: amounts falling due within one year 6 ( 238,955) ( 190,366)
Net current assets/(liabilities) 17,999 (25,729)
Total assets less current liabilities 73,885 17,784
Provision for liabilities 7 ( 13,821) ( 10,503)
Net assets 60,064 7,281
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 59,964 7,181
Total shareholders' funds 60,064 7,281

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Natural Selection Wines Ltd (registered number: SC661039) were approved and authorised for issue by the Director on 06 November 2024. They were signed on its behalf by:

R Healey
Director
NATURAL SELECTION WINES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
NATURAL SELECTION WINES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Natural Selection Wines Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1321 Argyle Street, Glasgow, G3 8TL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 29 25

3. Intangible assets

Goodwill Total
£ £
Cost/Valuation
At 01 June 2023 1,500 1,500
At 31 May 2024 1,500 1,500
Accumulated amortisation
At 01 June 2023 600 600
Charge for the financial year 300 300
At 31 May 2024 900 900
Net book value
At 31 May 2024 600 600
At 31 May 2023 900 900

4. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 June 2023 7,300 46,482 1,769 55,551
Additions 0 25,797 0 25,797
At 31 May 2024 7,300 72,279 1,769 81,348
Accumulated depreciation
At 01 June 2023 267 11,973 698 12,938
Charge for the financial year 1,758 11,098 268 13,124
At 31 May 2024 2,025 23,071 966 26,062
Net book value
At 31 May 2024 5,275 49,208 803 55,286
At 31 May 2023 7,033 34,509 1,071 42,613

5. Debtors

2024 2023
£ £
Other debtors 34,235 31,515

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 72,565 77,502
Amounts owed to related parties 0 1,800
Taxation and social security 102,004 44,002
Other creditors 64,386 67,062
238,955 190,366

7. Provision for liabilities

2024 2023
£ £
Deferred tax 13,821 10,503

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts due to shareholder 6,283 21,761

Other related party transactions

2024 2023
£ £
Amounts due to related parties 0 1,800

The amounts included above are unsecured, interest free, and repayable on demand.