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Company registration number: 02935817
Sensible Wine Services Limited
Unaudited filleted financial statements
30 June 2024
Sensible Wine Services Limited
Contents
Statement of financial position
Notes to the financial statements
Sensible Wine Services Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 2 96,790 64,182
Investments 3 100 100
_______ _______
96,890 64,282
Current assets
Stocks 270,000 230,000
Debtors 4 275,309 367,439
Cash at bank and in hand 152,035 226,728
_______ _______
697,344 824,167
Creditors: amounts falling due
within one year 5 ( 120,704) ( 114,660)
_______ _______
Net current assets 576,640 709,507
_______ _______
Total assets less current liabilities 673,530 773,789
Creditors: amounts falling due
after more than one year 6 ( 72,879) ( 80,000)
Provisions for liabilities ( 23,323) ( 16,046)
_______ _______
Net assets 577,328 677,743
_______ _______
Capital and reserves
Called up share capital 7 26 50
Capital redemption reserve 74 50
Profit and loss account 577,228 677,643
_______ _______
Shareholders funds 577,328 677,743
_______ _______
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 their responsibilities for complying with the requirements of the Act 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 January 2025 , and are signed on behalf of the board by:
Mr Peter Franz
Director
Company registration number: 02935817
Sensible Wine Services Limited
Notes to the financial statements
Year ended 30 June 2024
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
1. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 16 (2023: 17).
2. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 157,546 114,917 85,744 358,207
Additions - 3,500 48,178 51,678
_______ _______ _______ _______
At 30 June 2024 157,546 118,417 133,922 409,885
_______ _______ _______ _______
Depreciation
At 1 July 2023 151,807 99,716 42,502 294,025
Charge for the year 1,146 3,098 14,826 19,070
_______ _______ _______ _______
At 30 June 2024 152,953 102,814 57,328 313,095
_______ _______ _______ _______
Carrying amount
At 30 June 2024 4,593 15,603 76,594 96,790
_______ _______ _______ _______
At 30 June 2023 5,739 15,201 43,242 64,182
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 June 2024 44,163
_______
At 30 June 2023 8,377
_______
3. Investments
Other investments other than loans Total
£ £
Cost
At 1 July 2023 and 30 June 2024 100 100
_______ _______
Impairment
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 100 100
_______ _______
At 30 June 2023 100 100
_______ _______
4. Debtors
2024 2023
£ £
Trade debtors 81,625 140,656
Other debtors 193,684 226,783
_______ _______
275,309 367,439
_______ _______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 40,000 42,374
Trade creditors 9,819 32,045
Social security and other taxes 13,041 17,554
Other creditors 57,844 22,687
_______ _______
120,704 114,660
_______ _______
6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 72,879 80,000
_______ _______
7. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 26 26 50 50
_______ _______ _______ _______
Share movements
No £
Ordinary shares :
At 1 July 2023 50 50
Shares redeemed 24 100
_______ _______
At 30 June 2024 26 26
_______ _______
On 22 August 2023, the company purchased its own shares for the sum of £168,000 from the shareholder, Karl Franz.
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 157,838 157,838
Later than 1 year and not later than 5 years 631,252 631,252
Later than 5 years 420,901 578,739
_______ _______
1,209,991 1,367,829
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Peter Franz 87,745 23,678 ( 46,750) 64,673
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Peter Franz 81,049 6,696 - 87,745
_______ _______ _______ _______