REGISTERED NUMBER: |
General Wine and Liquor Company Limited |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
REGISTERED NUMBER: |
General Wine and Liquor Company Limited |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
General Wine and Liquor Company Limited (Registered number: 02046703) |
Contents of the Financial Statements |
for the year ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
General Wine and Liquor Company Limited |
Company Information |
for the year ended 31 May 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
General Wine and Liquor Company Limited (Registered number: 02046703) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
General Wine and Liquor Company Limited (Registered number: 02046703) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
General Wine and Liquor Company Limited (Registered number: 02046703) |
Notes to the Financial Statements |
for the year ended 31 May 2024 |
1. | Statutory information |
General Wine and Liquor Company Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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 pound. |
Turnover |
Turnover represents amounts receivable for goods and services provided in the year and is stated net of VAT and trade discounts. |
Goodwill |
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable. |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset. In the case of Goodwill, this is over 10 years. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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: |
Land and buildings leasehold | - | Over period of lease |
Fixtures, fitting & equipment | - | Between 20%-33% on cost |
Motor vehicles | - | 25% per annum on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-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. |
3. | Employees and directors |
The average number of employees during the year was |
General Wine and Liquor Company Limited (Registered number: 02046703) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2024 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 June 2023 |
and 31 May 2024 |
Amortisation |
At 1 June 2023 |
and 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
5. | Tangible fixed assets |
Fixtures |
Short | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
General Wine and Liquor Company Limited (Registered number: 02046703) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2024 |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
Included within creditors is a balance of £29,537 (2023: £29,537) due to the director A Snudden. |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | Leasing agreements |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |