IRIS Accounts Production v24.3.2.46 07748562 director 1.9.22 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077485622022-08-31077485622023-12-31077485622022-09-012023-12-31077485622021-08-31077485622021-09-012022-08-31077485622022-08-3107748562ns15:EnglandWales2022-09-012023-12-3107748562ns14:PoundSterling2022-09-012023-12-3107748562ns10:Director12022-09-012023-12-3107748562ns10:PrivateLimitedCompanyLtd2022-09-012023-12-3107748562ns10:SmallEntities2022-09-012023-12-3107748562ns10:AuditExempt-NoAccountantsReport2022-09-012023-12-3107748562ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-12-3107748562ns10:SmallCompaniesRegimeForAccounts2022-09-012023-12-3107748562ns10:FullAccounts2022-09-012023-12-3107748562ns10:RegisteredOffice2022-09-012023-12-3107748562ns5:CurrentFinancialInstruments2023-12-3107748562ns5:CurrentFinancialInstruments2022-08-3107748562ns5:Non-currentFinancialInstruments2023-12-3107748562ns5:Non-currentFinancialInstruments2022-08-3107748562ns5:ShareCapital2023-12-3107748562ns5:ShareCapital2022-08-3107748562ns5:RetainedEarningsAccumulatedLosses2023-12-3107748562ns5:RetainedEarningsAccumulatedLosses2022-08-3107748562ns5:PlantMachinery2022-08-3107748562ns5:FurnitureFittings2022-08-3107748562ns5:MotorVehicles2022-08-3107748562ns5:ComputerEquipment2022-08-3107748562ns5:PlantMachinery2022-09-012023-12-3107748562ns5:FurnitureFittings2022-09-012023-12-3107748562ns5:MotorVehicles2022-09-012023-12-3107748562ns5:ComputerEquipment2022-09-012023-12-3107748562ns5:PlantMachinery2023-12-3107748562ns5:FurnitureFittings2023-12-3107748562ns5:MotorVehicles2023-12-3107748562ns5:ComputerEquipment2023-12-3107748562ns5:PlantMachinery2022-08-3107748562ns5:FurnitureFittings2022-08-3107748562ns5:MotorVehicles2022-08-3107748562ns5:ComputerEquipment2022-08-3107748562ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3107748562ns5:WithinOneYearns5:CurrentFinancialInstruments2022-08-3107748562ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3107748562ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2022-08-3107748562ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107748562ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-08-3107748562ns5:DeferredTaxation2022-08-3107748562ns5:DeferredTaxation2022-09-012023-12-3107748562ns5:DeferredTaxation2023-12-3107748562ns5:RetainedEarningsAccumulatedLosses2022-08-3107748562ns5:RetainedEarningsAccumulatedLosses2022-09-012023-12-31
REGISTERED NUMBER: 07748562 (England and Wales)















Unaudited Financial Statements

for the Period 1 September 2022 to 31 December 2023

for

Best Wines London Ltd

Best Wines London Ltd (Registered number: 07748562)






Contents of the Financial Statements
for the Period 1 September 2022 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Best Wines London Ltd

Company Information
for the Period 1 September 2022 to 31 December 2023







DIRECTOR: J P S Chawla





REGISTERED OFFICE: 11/12 Hallmark Trading Centre
Fourth Way
Wembley
Middlesex
HA9 0LB





REGISTERED NUMBER: 07748562 (England and Wales)






Best Wines London Ltd (Registered number: 07748562)

Balance Sheet
31 December 2023

31.12.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 622,843 113,490

CURRENT ASSETS
Stocks 653,480 470,000
Debtors 5 4,106,349 1,551,973
Cash at bank 1,433,587 2,924,829
6,193,416 4,946,802
CREDITORS
Amounts falling due within one year 6 5,573,627 4,625,979
NET CURRENT ASSETS 619,789 320,823
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,242,632

434,313

CREDITORS
Amounts falling due after more than one
year

7

(245,363

)

(63,504

)

PROVISIONS FOR LIABILITIES 9 (38,258 ) (21,563 )
NET ASSETS 959,011 349,246

CAPITAL AND RESERVES
Called up share capital 10 103 103
Retained earnings 11 958,908 349,143
959,011 349,246

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Best Wines London Ltd (Registered number: 07748562)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2025 and were signed by:





J P S Chawla - Director


Best Wines London Ltd (Registered number: 07748562)

Notes to the Financial Statements
for the Period 1 September 2022 to 31 December 2023

1. STATUTORY INFORMATION

Best Wines London Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 15% WDV
Motor Vehicles 15% WDV
Fixtures & Fittings 10% Cost
Computer Equipment 33.33% 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 and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Best Wines London Ltd (Registered number: 07748562)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Best Wines London Ltd (Registered number: 07748562)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 December 2023

2. ACCOUNTING POLICIES - continued
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 statement of comprehensive income 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.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 48 (2022 - 29 ) .

Best Wines London Ltd (Registered number: 07748562)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 100,351 7,684 - 59,240 167,275
Additions 88,646 349,152 170,525 - 608,323
At 31 December 2023 188,997 356,836 170,525 59,240 775,598
DEPRECIATION
At 1 September 2022 24,295 2,060 - 27,430 53,785
Charge for period 22,854 19,806 34,105 22,205 98,970
At 31 December 2023 47,149 21,866 34,105 49,635 152,755
NET BOOK VALUE
At 31 December 2023 141,848 334,970 136,420 9,605 622,843
At 31 August 2022 76,056 5,624 - 31,810 113,490

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.8.22
£    £   
Trade debtors 1,704,452 1,139,524
Staff loan 5,000 5,000
Other debtors 1,918,716 288
CT Recoverable assets 130,419 -
Short term deposits 81,000 -
Directors' current accounts 226,262 400,040
Prepayments and accrued income 40,500 7,121
4,106,349 1,551,973

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.8.22
£    £   
Trade creditors 3,987,519 3,131,537
Tax 702,429 415,932
Social security and other taxes 55,703 66,680
VAT 751,748 462,496
Net wages 46,228 23,421
Accruals and deferred income 30,000 525,913
5,573,627 4,625,979

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.8.22
£    £   
Bank loans (see note 8) 245,363 63,504

Best Wines London Ltd (Registered number: 07748562)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 December 2023

8. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.8.22
£    £   
Amounts falling due between one and two years:
Hire Purchase - 1-2 years 220,440 25,434

Amounts falling due between two and five years:
Bank loans - 2-5 years 24,923 38,070

9. PROVISIONS FOR LIABILITIES
31.12.23 31.8.22
£    £   
Deferred tax 38,258 21,563

Deferred
tax
£   
Balance at 1 September 2022 21,563
Provided during period 16,695
Balance at 31 December 2023 38,258

10. CALLED UP SHARE CAPITAL


31 December
2023
31 August
2022
£ £
Allotted, called up and fully paid
100 Ordinary Shares of £1.00 each 100 100
1 Ordinary A shares of £1.00 each 1 1
1 Ordinary B shares of £1.00 each 1 1
1 Ordinary C shares of £1.00 each 1 1
103 103

11. RESERVES
Retained
earnings
£   

At 1 September 2022 349,143
Profit for the period 1,009,765
Dividends (400,000 )
At 31 December 2023 958,908

Best Wines London Ltd (Registered number: 07748562)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 December 2023

12. RELATED PARTY DISCLOSURES

At the balance sheet date, Best Wines London Ltd owed an amount of £914, 112 (2022 - Nil) from Nirvana Properties Ltd , £872,858 (2022-Nil) from Simcho06 Ltd and £131,457 (2022-Nil) from Chosim 23 Ltd companies controlled by J P S Chawla (Director).

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the period the charge to profit or loss in respect of defined contribution schemes was £12,376 (2022: £0).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.