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REGISTERED NUMBER: 02161160 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

THE WINE VAULTS (PORTSMOUTH) LIMITED

THE WINE VAULTS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 02161160)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


THE WINE VAULTS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 02161160)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 14,404 17,054
Investment property 5 1,996,656 1,996,656
2,011,060 2,013,710

CURRENT ASSETS
Debtors 6 2,028,073 1,806,227
Cash at bank 310,259 384,657
2,338,332 2,190,884
CREDITORS
Amounts falling due within one year 7 619,907 504,452
NET CURRENT ASSETS 1,718,425 1,686,432
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,729,485

3,700,142

CREDITORS
Amounts falling due after more than one year 8 (217,729 ) (289,627 )

PROVISIONS FOR LIABILITIES 10 (494,004 ) (494,004 )
NET ASSETS 3,017,752 2,916,511

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserves 1,482,011 1,482,011
Retained earnings 1,534,741 1,433,500
3,017,752 2,916,511

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

THE WINE VAULTS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 02161160)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


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 Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:





Mr M R A Hughes - Director


THE WINE VAULTS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 02161160)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

The Wine Vaults (Portsmouth) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02161160

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

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 despatch 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 costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixtures and fittings - 15% on reducing balance
Motor vehicle - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

THE WINE VAULTS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 02161160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

THE WINE VAULTS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 02161160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 168,340 31,014 199,354
Disposals - (31,014 ) (31,014 )
At 30 April 2024 168,340 - 168,340
DEPRECIATION
At 1 May 2023 151,394 30,906 182,300
Charge for year 2,542 27 2,569
Eliminated on disposal - (30,933 ) (30,933 )
At 30 April 2024 153,936 - 153,936
NET BOOK VALUE
At 30 April 2024 14,404 - 14,404
At 30 April 2023 16,946 108 17,054

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 1,996,656
NET BOOK VALUE
At 30 April 2024 1,996,656
At 30 April 2023 1,996,656

The directors consider the market value of the properties as at year-end to be as stated in the financial statements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 15,159 13,557
Other debtors 2,012,914 1,792,670
2,028,073 1,806,227

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 8,704 8,704
Trade creditors 350,721 184,020
Taxation and social security 110,507 181,028
Other creditors 149,975 130,700
619,907 504,452

THE WINE VAULTS (PORTSMOUTH) LIMITED (REGISTERED NUMBER: 02161160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Bank loans 217,729 289,627

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 226,433 298,331

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 494,004 494,004

Deferred
tax
£   
Balance at 1 May 2023 494,004
Balance at 30 April 2024 494,004

11. RELATED PARTY DISCLOSURES

Included in the other debtors less than one year is an amount of £2,012,914 (2023: £1,789,835) due from connected companies with common control.The amount is interest-free and recoverable on demand.

Included in other creditors less than one year is an amount of £24,364 (2023: £Nil) due to the directors of the company. The amount is interest-free and repayable on demand.