Company Registration No. 08094965 (England and Wales)
SUGARVINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
30 April 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SUGARVINE LIMITED
COMPANY INFORMATION
Directors
Mr A M Holland
Mr C Holland
Company number
08094965
Registered office
C/o PM+M
New Century House
Challenge Way
Greenbank Technology Park
Blackburn
Lancashire
BB1 5QB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SUGARVINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SUGARVINE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,865
1,874
Current assets
Debtors
5
205,580
128,751
Creditors: amounts falling due within one year
6
(196,365)
(165,380)
Net current assets/(liabilities)
9,215
(36,629)
Total assets less current liabilities
11,080
(34,755)
Creditors: amounts falling due after more than one year
7
(38,954)
(60,900)
Provisions for liabilities
(252)
(468)
Net liabilities
(28,126)
(96,123)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(28,127)
(96,124)
Total equity
(28,126)
(96,123)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SUGARVINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
Mr A M Holland
Director
Company registration number 08094965 (England and Wales)
SUGARVINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Sugarvine Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o PM+M, New Century House, Challenge Way, Greenbank Technology Park, Blackburn, Lancashire, BB1 5QB.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through an overdraft facility, which is repayable on demand, and other loans. The directors consider that the company will continue to operate within the facilities currently agreed.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised
evenly over its estimated useful life of three years.
1.5
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on reducing balance
Website
33% on cost
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
SUGARVINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.8
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
2,500
Amortisation and impairment
At 1 May 2023 and 30 April 2024
2,500
Carrying amount
At 30 April 2024
At 30 April 2023
SUGARVINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Website
Total
£
£
£
Cost
At 1 May 2023
8,315
7,067
15,382
Additions
320
320
At 30 April 2024
8,635
7,067
15,702
Depreciation and impairment
At 1 May 2023
6,441
7,067
13,508
Depreciation charged in the year
329
329
At 30 April 2024
6,770
7,067
13,837
Carrying amount
At 30 April 2024
1,865
1,865
At 30 April 2023
1,874
1,874
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,089
58,760
Amounts owed by group undertakings
138,261
53,823
Other debtors
1,230
16,168
205,580
128,751
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
52,265
23,307
Taxation and social security
33,081
28,351
Other creditors
111,019
113,722
196,365
165,380
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
38,954
60,900
SUGARVINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
8
Operating lease commitments
Lessee
At the period end, the company had operating lease commitments of £662 (2023 - £1,841).
9
Secured debts
Other loans totalling £66,891 (2023 - £49,741) are secured by personal guarantees by the directors.
SUGARVINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
10
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Deferred income
-
(107,426)
Tax is respect of above adjustment
-
10,355
Total adjustments
-
(97,071)
Equity as previously reported
2,675
948
Equity as adjusted
2,675
(96,123)
Analysis of the effect upon equity
Profit and loss reserves
-
(97,071)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Deferred income
(107,426)
Tax is respect of above adjustment
10,355
Total adjustments
(97,071)
Profit as previously reported
42,273
Loss as adjusted
(54,798)
Notes to reconciliation
Prior year errors relates to an adjustment for income that relates to future years.
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