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REGISTERED NUMBER: 05273743 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Essentially Wine Limited

Essentially Wine Limited (Registered number: 05273743)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Essentially Wine Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: S B Forward





SECRETARY: M E Perez





REGISTERED OFFICE: Airport House
Suite 43-45
Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 05273743 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Essentially Wine Limited (Registered number: 05273743)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Investment property 5 194,863 194,863
194,863 194,863

CURRENT ASSETS
Debtors 6 42,759 56,749
Cash at bank 163,697 131,324
206,456 188,073
CREDITORS
Amounts falling due within one year 7 (5,978 ) (5,391 )
NET CURRENT ASSETS 200,478 182,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

395,341

377,545

CAPITAL AND RESERVES
Called up share capital 400,000 400,000
Retained earnings 8 (4,659 ) (22,455 )
395,341 377,545

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Essentially Wine Limited (Registered number: 05273743)

Balance Sheet - continued
31 August 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 April 2025 and were signed by:





S B Forward - Director


Essentially Wine Limited (Registered number: 05273743)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Essentially Wine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


The company's principal activity during the year was the retail and wholesale of fine wines & related accessories and rental income from property.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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.

TURNOVER
Turnover represents rental income receivable by the company.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

FINANCIAL INSTRUMENTS
The company only enters into basic financial instrument transactions that results in the recognition of financial asset and liability such as trade and other debtors and creditors, loan from bank and other third parties, loan to related parties and investments in non puttable ordinary shares.

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 profit and loss account 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 is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

PROVISION FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

Essentially Wine Limited (Registered number: 05273743)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 September 2023
and 31 August 2024 19,271
AMORTISATION
At 1 September 2023
and 31 August 2024 19,271
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 194,863
NET BOOK VALUE
At 31 August 2024 194,863
At 31 August 2023 194,863

The director considers the carrying value of the investment property within the accounts approximate to its fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 42,759 56,749

The director considers the carrying value of trade and other receivables approximate to their fair values.

Essentially Wine Limited (Registered number: 05273743)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 708 287
Other creditors 5,270 5,104
5,978 5,391

The director considers the carrying amounts of current liabilities approximate to their fair values.

8. RESERVES

PROFIT AND LOSS RESERVES

Retained earnings consist of fair value adjustments and deferred tax in relation to investment properties.

At the balance sheet date the reserves therefore comprise of the following:

Distributable reserves : -£43,251
Non Distributable reserves : £38,592 (relating to fair value adjustments to investment properties)

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
S B Forward
Balance outstanding at start of year 41,543 41,543
Amounts repaid (13,540 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,003 41,543

10. RELATED PARTY DISCLOSURES

As at the balance sheet date included in other debtors were amounts of £28,003 (2023 - £41,543) due from the director. This loan is interest free and repayable on demand.