The Hitchin Wine Company Filleted Accounts Cover
The Hitchin Wine Company
Company No. 07944828
Information for Filing with The Registrar
29 February 2024
The Hitchin Wine Company Directors Report Registrar
The Director presents his report and the accounts for the year ended 29 February 2024.
Principal activities
The principal activity of the company during the year under review was Wholesale of wine, beer, spirits.
Director
The Director who served at any time during the year was as follows:
P. O'Connor
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
P. O'Connor
Director
28 November 2024
The Hitchin Wine Company Balance Sheet Registrar
at
29 February 2024
Company No.
07944828
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
48,88369,082
48,88369,082
Current assets
Stocks
5
173,228175,272
Debtors
6
18,35612,314
Cash at bank and in hand
167,407151,515
358,991339,101
Creditors: Amount falling due within one year
7
(219,312)
(149,525)
Net current assets
139,679189,576
Total assets less current liabilities
188,562258,658
Creditors: Amounts falling due after more than one year
8
(50,542)
(137,218)
Net assets
138,020121,440
Capital and reserves
Called up share capital
100100
Profit and loss account
10
137,920121,340
Total equity
138,020121,440
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 28 November 2024 and signed on its behalf by:
P. O'Connor
Director
28 November 2024
The Hitchin Wine Company Notes to the Accounts Registrar
for the year ended 29 February 2024
1
General information
The Hitchin Wine Company is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 07944828
Its registered office is:
Its trading address is:
DSC Metropolitan LLP
The Wyevale Garden Centre
1 The Courtyard
Cambridge Road
Chalvington
Hitchin
East Sussex
BN27 3TD
SG4 0JT
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
32
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or revaluation
At 1 March 2023
2,350106,1809,150117,680
Additions
--1,5031,503
At 29 February 2024
2,350106,18010,653119,183
Depreciation
At 1 March 2023
2,34937,1009,14948,598
Charge for the year
-21,32637621,702
At 29 February 2024
2,34958,4269,52570,300
Net book values
At 29 February 2024
147,7541,12848,883
At 28 February 2023
1
69,080
1
69,082
5
Stocks
2024
2023
£
£
Raw materials and consumables
173,228175,272
173,228175,272
6
Debtors
2024
2023
£
£
Other debtors
18,35612,314
18,35612,314
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,616
(130)
Other loans
14,739-
Obligations under finance lease and hire purchase contracts
-30,538
Trade creditors
102,12637,144
Taxes and social security
14,807
14,672
Loans from directors
73,56458,842
Other creditors
459459
Accruals and deferred income
4,0018,000
219,312149,525
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,39137,103
Obligations under finance lease and hire purchase contracts
33,15145,140
Other creditors
-54,975
50,542137,218
9
Share Capital
100 ordinary shares
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
11
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
-
2,000
-
2,000
Dividends by type:
Equity dividends
-2,000
-
2,000
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