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DOM'S WINES LIMITED

Registered Number
13497725
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

DOM'S WINES LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

CONDON, D M

Registered Address

37 Earls Court Road
London
W8 6ED

Registered Number

13497725 (England and Wales)
DOM'S WINES LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4160,496183,604
160,496183,604
Current assets
Debtors524,88615,433
Cash at bank and on hand2,29614,673
27,18230,106
Creditors amounts falling due within one year6(127,845)(95,449)
Net current assets (liabilities)(100,663)(65,343)
Total assets less current liabilities59,833118,261
Net assets59,833118,261
Capital and reserves
Called up share capital11
Share premium279,999279,999
Profit and loss account(220,167)(161,739)
Shareholders' funds59,833118,261
The financial statements were approved and authorised for issue by the Director on 1 April 2025, and are signed on its behalf by:
CONDON, D M
Director
Registered Company No. 13497725
DOM'S WINES LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The director has considered the basis of preparation of the financial statements and has concluded that it is appropriate to prepare these on the going concern basis. The entity is in a strong net asset and cash position and the Company is considered to be able to manage its liabilities as they fall due for a period of not less than 12 months of the approval of the financial statements. The director therefore continues to adopt a going concern basis in preparing these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable for the retail of specialist beverages, net of discounts and value added taxes. Revenue is recognised once the product has been delivered to the customer.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows: Short leasehold property - 6% straight line Fixtures and fittings - 15% straight line Equipment - 12% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. a) Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment. b) Trade and other payables Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment. c) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, together with other short-term highly liquid investments that are readily convertible into known amounts of cash having maturities of 3 months or less from inception and which are subject to an insignificant risk of change in value, and bank overdrafts. Bank overdrafts are shown within borrowings, in current liabilities on the Statement of Financial Position.
2.Average number of employees
including directors and key management personnel

20242023
Average number of employees during the year44
3.Prior period adjustment
During the year, the company identified errors in the accounting of Cost of Sales and Miscellaneous Variable Costs. As a result of this error, the comparative figures have been restated and the following adjustments have been made to the profit and loss for the year ended 31 July 2023: Cost of Sales As originally stated: £115,524 Adjustment: £32 As restated: £115,556 Miscellaneous Variable Costs As originally stated: £1,143 Adjustment: (£8) As restated: £1,135 Retained Earnings As originally stated (as at 31 July 2023): (£161,715) Adjustment: (£24) As restated (as at 31 July 2023): (£161,739) The Corporation Tax impact from the above adjustments is NIL.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 August 23207,895
At 31 July 24207,895
Depreciation and impairment
At 01 August 2324,290
Charge for year23,109
At 31 July 2447,398
Net book value
At 31 July 24160,496
At 31 July 23183,604
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables50100
Other debtors16,0359,000
Prepayments and accrued income8,8016,333
Total24,88615,433
Included in other debtors above is a rental deposit of £9,000 due in more than one year.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables70,75853,043
Taxation and social security42,80031,890
Other creditors14,28710,516
Total127,84595,449
7.Other commitments
There were no financial or other commitments or contracts for capital expenditure outstanding at the reporting date (2023: £nil).
8.Operating lease commitments
At 31 July 2024, the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods: Not later than one year: £38,667 (2023: £38,000) Later than one year and not later than five years: £160,000 (2023: £158,685) Later than 5 years: £327,666 (2023: £329,419)
9.Related party transactions
During the year no related-party transactions took place. All transactions arose on an arm's length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A. The company was under the control of the director throughout the period.
10.Further information regarding the company's financial position
During the year, the company identified errors in the accounting of Cash at bank and on hand and Trade Creditors. As a result of this error, the comparative figures have been restated and the following adjustments have been made to the balance sheet for the year ended 31 July 2023: Cash at bank and on hand: As originally stated: £14,997 Adjustment: (£324) As restated: £14,673 Trade Creditors: As originally stated: £54,353 Adjustment: £310 As restated: £54,043