Gusto Wines Ltd 08185367 false 2024-02-01 2025-01-31 2025-01-31 The principal activity of the company is that of the sale of wine. Digita Accounts Production Advanced 6.30.9574.0 true true 08185367 2024-02-01 2025-01-31 08185367 2025-01-31 08185367 core:FinanceLeases core:CurrentFinancialInstruments 2025-01-31 08185367 core:FinanceLeases core:Non-currentFinancialInstruments 2025-01-31 08185367 core:CurrentFinancialInstruments 2025-01-31 08185367 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 08185367 core:Non-currentFinancialInstruments 2025-01-31 08185367 core:Non-currentFinancialInstruments core:AfterOneYear 2025-01-31 08185367 core:OtherResidualIntangibleAssets 2025-01-31 08185367 core:FurnitureFittingsToolsEquipment 2025-01-31 08185367 core:MotorVehicles 2025-01-31 08185367 core:OtherPropertyPlantEquipment 2025-01-31 08185367 bus:SmallEntities 2024-02-01 2025-01-31 08185367 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 08185367 bus:FilletedAccounts 2024-02-01 2025-01-31 08185367 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 08185367 bus:RegisteredOffice 2024-02-01 2025-01-31 08185367 bus:Director1 2024-02-01 2025-01-31 08185367 bus:Director2 2024-02-01 2025-01-31 08185367 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 08185367 core:IntangibleAssetsOtherThanGoodwill 2024-02-01 2025-01-31 08185367 core:OtherResidualIntangibleAssets 2024-02-01 2025-01-31 08185367 core:FurnitureFittings 2024-02-01 2025-01-31 08185367 core:FurnitureFittingsToolsEquipment 2024-02-01 2025-01-31 08185367 core:MotorVehicles 2024-02-01 2025-01-31 08185367 core:OtherPropertyPlantEquipment 2024-02-01 2025-01-31 08185367 core:PlantMachinery 2024-02-01 2025-01-31 08185367 countries:EnglandWales 2024-02-01 2025-01-31 08185367 2024-01-31 08185367 core:OtherResidualIntangibleAssets 2024-01-31 08185367 core:FurnitureFittingsToolsEquipment 2024-01-31 08185367 core:MotorVehicles 2024-01-31 08185367 core:OtherPropertyPlantEquipment 2024-01-31 08185367 2023-02-01 2024-01-31 08185367 2024-01-31 08185367 core:FinanceLeases core:CurrentFinancialInstruments 2024-01-31 08185367 core:FinanceLeases core:Non-currentFinancialInstruments 2024-01-31 08185367 core:CurrentFinancialInstruments 2024-01-31 08185367 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08185367 core:Non-currentFinancialInstruments 2024-01-31 08185367 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08185367 core:OtherResidualIntangibleAssets 2024-01-31 08185367 core:FurnitureFittingsToolsEquipment 2024-01-31 08185367 core:MotorVehicles 2024-01-31 08185367 core:OtherPropertyPlantEquipment 2024-01-31 iso4217:GBP xbrli:pure

Registration number: 08185367

Gusto Wines Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2025

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Gusto Wines Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Gusto Wines Ltd

Company Information

Directors

S P Wallace

C E Wallace

Registered office

Unit 6
Ford Lane Business Park
Ford
Arundel
BN18 0UZ

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Gusto Wines Ltd

Statement of Financial Position as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

997

1,581

Tangible assets

5

47,438

53,666

Investments

6

2,000

2,000

 

50,435

57,247

Current assets

 

Stocks

7

148,355

128,412

Debtors

8

67,793

68,530

Cash at bank and in hand

 

67,001

84,781

 

283,149

281,723

Creditors: Amounts falling due within one year

9

(227,939)

(244,535)

Net current assets

 

55,210

37,188

Total assets less current liabilities

 

105,645

94,435

Creditors: Amounts falling due after more than one year

9

(27,283)

(35,039)

Provisions for liabilities

(1,931)

(1,761)

Net assets

 

76,431

57,635

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

66,431

47,635

Shareholders' funds

 

76,431

57,635

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gusto Wines Ltd

Statement of Financial Position as at 31 January 2025

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the Board on 1 May 2025 and signed on its behalf by:
 

.........................................

S P Wallace

Director

Company registration number: 08185367

 

Gusto Wines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6
Ford Lane Business Park
Ford
Arundel
BN18 0UZ

The principal activity of the company is that of the sale of wine.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 January 2025 and had net assets at that date amounting to £76,431 including cash at bank of £67,001.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in the preparation of the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when goods are despatched to customers or collected from the company's warehouse.

 

Gusto Wines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Straight Line

Motor Vehicles

25% Straight Line

Furniture, fittings and equipment

25% Straight Line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

20% Straight Line

 

Gusto Wines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Gusto Wines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 11 (2024 - 10).

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 February 2024

14,288

14,288

At 31 January 2025

14,288

14,288

Amortisation

At 1 February 2024

12,707

12,707

Amortisation charge

584

584

At 31 January 2025

13,291

13,291

Carrying amount

At 31 January 2025

997

997

At 31 January 2024

1,581

1,581

 

Gusto Wines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 February 2024

22,213

114,159

12,054

148,426

Additions

3,608

23,775

165

27,548

At 31 January 2025

25,821

137,934

12,219

175,974

Depreciation

At 1 February 2024

14,852

67,854

12,054

94,760

Charge for the year

3,745

29,998

33

33,776

At 31 January 2025

18,597

97,852

12,087

128,536

Carrying amount

At 31 January 2025

7,224

40,082

132

47,438

At 31 January 2024

7,361

46,305

-

53,666

6

Investments

2025
£

2024
£

Unlisted shares

2,000

2,000

7

Stocks

2025
£

2024
£

Goods for resale

148,355

128,412

8

Debtors

2025
£

2024
£

Trade debtors

52,641

49,007

Other debtors

15,152

19,523

67,793

68,530

 

Gusto Wines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Loans and borrowings

10

45,980

54,015

Trade creditors

 

99,536

84,624

Taxation and social security

 

68,423

81,105

Other creditors

 

14,000

24,791

 

227,939

244,535

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Loans and borrowings

10

27,283

35,039

10

Loans and borrowings

2025
£

2024
£

Current loans and borrowings

Bank loans

10,000

10,000

Finance lease liabilities

35,980

44,015

45,980

54,015

2025
£

2024
£

Non-current loans and borrowings

Bank loans

4,167

14,167

Finance lease liabilities

23,116

20,872

27,283

35,039

Finance lease liabilities are secured on the assets concerned.


Bank loans are secured by a floating and fixed charges over the assets and undertakings of the company.

11

Transactions with the directors

At 31 January 2025 an amount of £3,263 (2024: £NIL) was due to the company from the directors. During the year advances of £87,295 and repayments of £85,000 were made. Interest of £968 (2024: £416) is payable to the company at 2.25% pa. There are no set terms in place.