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COMPANY REGISTRATION NUMBER: 08462306
Wholly Grape Limited
Filleted Unaudited Financial Statements
31 March 2024
Wholly Grape Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wholly Grape Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
6
360,314
147,238
Current assets
Stocks
265,095
309,742
Cash at bank and in hand
43,778
13,138
---------
---------
308,873
322,880
Creditors: amounts falling due within one year
7
58,735
2,256
---------
---------
Net current assets
250,138
320,624
---------
---------
Total assets less current liabilities
610,452
467,862
---------
---------
Net assets
610,452
467,862
---------
---------
Capital and reserves
Called up share capital
781
781
Share premium account
442,220
442,220
Capital redemption reserve
4,999
4,999
Profit and loss account
162,452
19,862
---------
---------
Shareholders funds
610,452
467,862
---------
---------
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 31 March 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wholly Grape Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
Mr A D Knight
Director
Company registration number: 08462306
Wholly Grape Limited
Notes to the Financial Statements
Year ended 31 March 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
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.
Going concern
The financial statements have been prepared under the going concern basis which assumes the company will continue in existence for at least 12 months following the approval of the accounts.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
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.
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:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
For the fixed asset investments shown in other investments other than loans, as fair market value can be determined at the balance sheet date, these are measured at fair value with changes in fair value being recognised in the profit or loss.
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to 1 (2023: 1).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
Additions
1,791
1,791
Disposals
( 1,791)
( 1,791)
-------
-------
At 31 March 2024
-------
-------
Depreciation
At 1 April 2023
Charge for the year
298
298
Disposals
( 298)
( 298)
-------
-------
At 31 March 2024
-------
-------
Carrying amount
At 31 March 2024
-------
-------
At 31 March 2023
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
147,238
Revaluations
213,076
---------
At 31 March 2024
360,314
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
360,314
---------
At 31 March 2023
147,238
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
39,442
Social security and other taxes
2,043
6
Other creditors
17,250
2,250
--------
-------
58,735
2,256
--------
-------
8. Director's advances, credits and guarantees
At the year end the company owed the director £15,000 (2023: £nil).