Company registration number SC228000 (Scotland)
SIMPSONS WINE IMPORTS LIMITED
Unaudited Financial Statements
For The Year Ended 29 February 2024
Pages For Filing With Registrar
Simpsons Wine Imports Limited
SIMPSONS WINE IMPORTS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
Simpsons Wine Imports Limited
SIMPSONS WINE IMPORTS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Simpsons Wine Imports Limited For The Year Ended 29 February 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simpsons Wine Imports Limited for the year ended 29 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Simpsons Wine Imports Limited, as a body, in accordance with the terms of our engagement letter dated 24 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Simpsons Wine Imports Limited and state those matters that we have agreed to state to the board of directors of Simpsons Wine Imports Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simpsons Wine Imports Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Simpsons Wine Imports Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Simpsons Wine Imports Limited. You consider that Simpsons Wine Imports Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Simpsons Wine Imports Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
26 November 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Simpsons Wine Imports Limited
SIMPSONS WINE IMPORTS LIMITED
Balance Sheet
As At 29 February 2024
- 2 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Current assets
Stocks
32,595
27,356
Debtors
3
3,190
Cash at bank and in hand
937
32,595
31,483
Creditors: amounts falling due within one year
4
(73,784)
(76,211)
Net current liabilities
(41,189)
(44,728)
Capital and reserves
Called up share capital
1
Profit and loss reserves
(41,189)
(44,729)
Total equity
(41,189)
(44,728)
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
C W Simpson
Mrs R E Simpson
Director
Director
Company registration number SC228000 (Scotland)
Simpsons Wine Imports Limited
SIMPSONS WINE IMPORTS LIMITED
Notes To The Financial Statements
For The Year Ended 29 February 2024
- 3 -
1
Accounting policies
Company information
Simpsons Wine Imports Limited is a private company limited by shares incorporated in Scotland. The registered office is Princes Exchange, 1 Earl Grey Street, Edinburgh, United Kingdom, EH3 9EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.4
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Simpsons Wine Imports Limited
SIMPSONS WINE IMPORTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 29 February 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,190
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,207
Trade creditors
6,619
10,783
Taxation and social security
58
561
Other creditors
63,400
62,367
Accruals and deferred income
2,500
2,500
73,784
76,211