Company registration number SC569418 (Scotland)
Fountainhall Wines Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with registrar
Fountainhall Wines Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Fountainhall Wines Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fountainhall Wines Limited for the year ended 30 June 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Fountainhall Wines Limited, as a body, in accordance with the terms of our engagement letter dated 3 July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Fountainhall Wines Limited and state those matters that we have agreed to state to the board of directors of Fountainhall Wines Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fountainhall Wines Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Fountainhall Wines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fountainhall Wines Limited. You consider that Fountainhall Wines Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fountainhall Wines Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
24 March 2025
Fountainhall Wines Limited
Statement of financial position
at 30 June 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,750
12,765
34,750
12,765
Current assets
Stocks
432,085
393,582
Debtors
60,144
124,978
Cash at bank and in hand
16,073
26,418
508,302
544,978
Creditors: amounts falling due within one year
(239,256)
(272,524)
Net current assets
269,046
272,454
Total assets less current liabilities
303,796
285,219
Creditors: amounts falling due after more than one year
(33,910)
(21,771)
Provisions for liabilities
(8,389)
(3,191)
Net assets
261,497
260,257
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
261,397
260,157
Total equity
261,497
260,257
Fountainhall Wines Limited
Statement of financial position (continued)
at 30 June 2024
3

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 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 members have 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.

The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
Steven McQueen
James McQueen
Director
Director
Company Registration No. SC569418
Fountainhall Wines Limited
Notes to the financial statements
for the year ended 30 June 2024
4
1
Accounting policies
Company information

Fountainhall Wines Limited is a private company limited by shares incorporated in Scotland. The registered office is 29 Fountainhall Road, Aberdeen, AB15 4EW.

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 are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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:

Fixtures and fittings
15% reducing balance
Computers
3 years straight line
Motor vehicles
4 years straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Fountainhall Wines Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
1
Accounting policies (continued)
5
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 income statement 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.

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 income statement, 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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Fountainhall Wines Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
6
2
Intangible fixed assets
Total
£
Cost
At 1 July 2023 and 30 June 2024
110,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
110,000
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
11,660
13,777
15,559
40,996
Additions
-
0
235
35,779
36,014
At 30 June 2024
11,660
14,012
51,338
77,010
Depreciation and impairment
At 1 July 2023
6,970
8,147
13,114
28,231
Depreciation charged in the year
705
3,425
9,899
14,029
At 30 June 2024
7,675
11,572
23,013
42,260
Carrying amount
At 30 June 2024
3,985
2,440
28,325
34,750
At 30 June 2023
4,690
5,630
2,445
12,765
Fountainhall Wines Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
7
4
Directors' transactions

During the year the directors entered into the following advances and credits with the company :

 

Description
Opening credit balance
Amounts advanced
Closing         credit       balance
£
£
£
Steven McQueen -
11,284
6,027
17,311
James McQueen -
68,291
6,000
74,291
79,575
12,027
91,602
5
Controlling party

James McQueen , director, together with members of his close family, controls the company by virtue of a controlling interest (directly or indirectly) of 100% of the issued ordinary share capital.

 

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