REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 September 2022 to 31 December 2023 |
for |
Best Wines London Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Best Wines London Ltd (Registered number: 07748562) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
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 were approved by the director and authorised for issue on |
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 |
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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 August 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.8.22 |
£ | £ |
Trade debtors |
Staff loan |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.8.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 751,748 | 462,496 |
Net wages | 46,228 | 23,421 |
Accruals and deferred income | 30,000 | 525,913 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.8.22 |
£ | £ |
Bank loans (see note 8) |
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 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
9. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.8.22 |
£ | £ |
Deferred tax | 38,258 | 21,563 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Provided during period |
Balance at 31 December 2023 |
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 |
Profit for the period |
Dividends | ( |
) |
At 31 December 2023 |
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. |