Company registration number 08980025 (England and Wales)
LANT STREET WINE COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
LANT STREET WINE COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LANT STREET WINE COMPANY LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,046
29,162
Current assets
Stocks
276,706
272,264
Debtors
4
44,618
31,517
Cash at bank and in hand
2,163
39
323,487
303,820
Creditors: amounts falling due within one year
5
(504,593)
(429,198)
Net current liabilities
(181,106)
(125,378)
Total assets less current liabilities
(162,060)
(96,216)
Creditors: amounts falling due after more than one year
6
(223,575)
(218,750)
Net liabilities
(385,635)
(314,966)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(385,735)
(315,066)
Total equity
(385,635)
(314,966)
LANT STREET WINE COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr D Wilcock
Director
Company registration number 08980025 (England and Wales)
LANT STREET WINE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Lant Street Wine Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

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. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The company is dependant upon the continued support of the Directors, via the provision of an interest free loan. An undertaking has been given by the Directors that this facility, will not be sought until such time that retained profits have returned to a surplus. Therefore the going concern basis is considered appropriate.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Land and buildings Leasehold
Over the life of the lease
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line

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.

LANT STREET WINE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

1.7
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 or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

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

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
LANT STREET WINE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
26,983
27,680
54,663
Depreciation and impairment
At 1 July 2023
3,010
22,491
25,501
Depreciation charged in the year
7,991
2,125
10,116
At 30 June 2024
11,001
24,616
35,617
Carrying amount
At 30 June 2024
15,982
3,064
19,046
At 30 June 2023
23,973
5,189
29,162
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,759
23,961
Other debtors
6,859
7,556
44,618
31,517
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
61,911
30,452
Trade creditors
197,291
150,680
Taxation and social security
99,055
106,550
Other creditors
146,336
141,516
504,593
429,198
LANT STREET WINE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,575
18,750
Other creditors
200,000
200,000
223,575
218,750

Included in creditors after one year, is an interest free loan provided by the Directors. An undertaking has been given by the Directors that this facility, will not be sought until such time that retained profits have returned to a surplus.

7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
58,933
79,733
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