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COMPANY REGISTRATION NUMBER: 04714032
Promotion Wine Limited
Filleted Unaudited Financial Statements
30 June 2024
Promotion Wine Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,349
5,243
Current assets
Stocks
96,927
111,974
Debtors
6
74,382
67,969
Investments
7
100
100
Cash at bank and in hand
56,391
93,475
---------
---------
227,800
273,518
Creditors: amounts falling due within one year
8
146,954
184,917
---------
---------
Net current assets
80,846
88,601
--------
--------
Total assets less current liabilities
82,195
93,844
Creditors: amounts falling due after more than one year
9
18,166
27,500
Provisions
Taxation including deferred tax
1,655
996
--------
--------
Net assets
62,374
65,348
--------
--------
Capital and reserves
Called up share capital
10
1
1
Capital redemption reserve
1
1
Profit and loss account
62,372
65,346
--------
--------
Shareholders funds
62,374
65,348
--------
--------
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 30 June 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 .
Promotion Wine Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr R T Newton-Ferguson
Director
Company registration number: 04714032
Promotion Wine Limited
Notes to the Financial Statements
Year ended 30 June 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Equipment
-
20 % straight line
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.
Hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
11,014
41,839
6,740
59,593
Additions
141
141
--------
--------
-------
--------
At 30 June 2024
11,014
41,839
6,881
59,734
--------
--------
-------
--------
Depreciation
At 1 July 2023
11,014
38,580
4,756
54,350
Charge for the year
3,259
776
4,035
--------
--------
-------
--------
At 30 June 2024
11,014
41,839
5,532
58,385
--------
--------
-------
--------
Carrying amount
At 30 June 2024
1,349
1,349
--------
--------
-------
--------
At 30 June 2023
3,259
1,984
5,243
--------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
74,382
67,969
--------
--------
7. Investments
2024
2023
£
£
Investments in group undertakings
100
100
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,064
10,000
Trade creditors
56,411
68,518
Accruals and deferred income
6,879
6,714
Corporation tax
605
1,821
Social security and other taxes
5,601
6,407
Director loan accounts
59,555
87,335
Other creditors
7,839
4,122
---------
---------
146,954
184,917
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,166
27,500
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
1,280
1,280
Later than 1 year and not later than 5 years
640
1,920
-------
-------
1,920
3,200
-------
-------
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Directors loan account
(731)
(970)
( 59,555)
( 87,335)
----
----
--------
--------
There are no fixed repayment terms with the directors loan accounts.