Silverfin false false 30/06/2024 01/07/2023 30/06/2024 D J Hornabrook 09/12/2015 R P Siddle 22/02/2016 24 March 2025 no description of principal activity 09908869 2024-06-30 09908869 bus:Director1 2024-06-30 09908869 bus:Director2 2024-06-30 09908869 core:CurrentFinancialInstruments 2024-06-30 09908869 core:CurrentFinancialInstruments 2023-06-30 09908869 2023-06-30 09908869 core:ShareCapital 2024-06-30 09908869 core:ShareCapital 2023-06-30 09908869 core:RetainedEarningsAccumulatedLosses 2024-06-30 09908869 core:RetainedEarningsAccumulatedLosses 2023-06-30 09908869 2022-06-30 09908869 2023-07-01 2024-06-30 09908869 bus:FilletedAccounts 2023-07-01 2024-06-30 09908869 bus:SmallEntities 2023-07-01 2024-06-30 09908869 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09908869 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09908869 bus:Director1 2023-07-01 2024-06-30 09908869 bus:Director2 2023-07-01 2024-06-30 09908869 2022-07-01 2023-06-30 09908869 1 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 09908869 (England and Wales)

VIN-EXCHANGE LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

VIN-EXCHANGE LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

VIN-EXCHANGE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
VIN-EXCHANGE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Current assets
Debtors 3 611,458 580,150
Cash at bank and in hand 2,655 3,298
614,113 583,448
Creditors: amounts falling due within one year 4 ( 3,701,770) ( 3,672,040)
Net current liabilities (3,087,657) (3,088,592)
Total assets less current liabilities (3,087,657) (3,088,592)
Net liabilities ( 3,087,657) ( 3,088,592)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 3,087,757 ) ( 3,088,692 )
Total shareholder's deficit ( 3,087,657) ( 3,088,592)

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Vin-Exchange Ltd (registered number: 09908869) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D J Hornabrook
Director

24 March 2025

VIN-EXCHANGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
VIN-EXCHANGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vin-Exchange Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 155/88 Lower Marsh Road, London, SE1 7AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

After having paid particular attention to a period of at last one year from the data of approval of the financial statements the director considers the company is able to continue in operational existence for the foreseeable future and is confident the company will meet its liabilities as they fall due. Accordingly the going concern basis continues to be adopted when preparing the financial statements.

The company meets its day to day working capital requirements through a banking facility which is payable on demand. In addition, the company is supported by its parent company and directors.

The Directors have also considered the Company’s current working capital facilities, together with the range of measures. The directors have confirmed that they will receive continued support where necessary from Vin-Exchange international Ltd.

They have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2024 2023
£ £
Trade debtors 37,594 23,168
Prepayments and accrued income 35,424 18,878
Deferred tax asset 537,539 537,539
VAT recoverable 816 480
Other debtors 85 85
611,458 580,150

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,884 5,351
Amounts owed to Group undertakings 3,652,194 3,626,298
Accruals 29,417 26,115
Other creditors 14,275 14,276
3,701,770 3,672,040

5. Deferred tax

2024 2023
£ £
At the beginning of financial year 537,539 537,539
At the end of financial year 537,539 537,539

6. Related party transactions

The company took advantage of the exemption in section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned companies within the group.

7. Ultimate controlling party

The ultimate parent company is Vin-Exchange International Ltd, a company registered in England. The company's registered office is 155/88 Lower Marsh Road, London, United Kingdom, SE1 7AB.