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COMPANY REGISTRATION NUMBER: 06012515
Hard To Find Wines Limited
Filleted Unaudited Abridged Financial Statements
31 August 2024
Hard To Find Wines Limited
Abridged Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
267,415
320,018
Current assets
Stocks
1,922,975
1,937,174
Debtors
42,445
56,894
Cash at bank and in hand
23,699
33,399
------------
------------
1,989,119
2,027,467
Creditors: amounts falling due within one year
506,877
481,706
------------
------------
Net current assets
1,482,242
1,545,761
------------
------------
Total assets less current liabilities
1,749,657
1,865,779
Creditors: amounts falling due after more than one year
2,867,580
2,878,648
------------
------------
Net liabilities
( 1,117,923)
( 1,012,869)
------------
------------
Capital and reserves
Called up share capital
1,900
1,900
Profit and loss account
( 1,119,823)
( 1,014,769)
------------
------------
Shareholders deficit
( 1,117,923)
( 1,012,869)
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Hard To Find Wines Limited
Abridged Statement of Financial Position (continued)
31 August 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
C J Davies
Director
Company registration number: 06012515
Hard To Find Wines Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Tasting Room, Unit 7, High Grosvenor, Bridgnorth, Shropshire, WV15 5PN.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
10% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% straight line
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
£
Cost
At 1 September 2023
621,172
Additions
1,448
Disposals
( 3,295)
---------
At 31 August 2024
619,325
---------
Depreciation
At 1 September 2023
301,154
Charge for the year
54,051
Disposals
( 3,295)
---------
At 31 August 2024
351,910
---------
Carrying amount
At 31 August 2024
267,415
---------
At 31 August 2023
320,018
---------
6. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
9,213
5,560
Later than 1 year and not later than 5 years
4,802
5,097
--------
--------
14,015
10,657
--------
--------