ELITE WINE REFRIGERATION LTD 10985176 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is Retail sale of electrical household appliances in specialised stores Digita Accounts Production Advanced 6.30.9574.0 true 10985176 2023-10-01 2024-09-30 10985176 2024-09-30 10985176 bus:OrdinaryShareClass1 2024-09-30 10985176 core:CurrentFinancialInstruments 2024-09-30 10985176 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 10985176 core:FurnitureFittingsToolsEquipment 2024-09-30 10985176 core:MotorVehicles 2024-09-30 10985176 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-09-30 10985176 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-09-30 10985176 bus:SmallEntities 2023-10-01 2024-09-30 10985176 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 10985176 bus:FilletedAccounts 2023-10-01 2024-09-30 10985176 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 10985176 bus:RegisteredOffice 2023-10-01 2024-09-30 10985176 bus:CompanySecretaryDirector2 2023-10-01 2024-09-30 10985176 bus:Director1 2023-10-01 2024-09-30 10985176 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 10985176 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10985176 bus:Agent1 2023-10-01 2024-09-30 10985176 core:CommercialMotorVehicles 2023-10-01 2024-09-30 10985176 core:ComputerEquipment 2023-10-01 2024-09-30 10985176 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 10985176 core:MotorVehicles 2023-10-01 2024-09-30 10985176 core:OfficeEquipment 2023-10-01 2024-09-30 10985176 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-10-01 2024-09-30 10985176 core:KeyManagementPersonnel 2023-10-01 2024-09-30 10985176 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-01 2024-09-30 10985176 countries:EnglandWales 2023-10-01 2024-09-30 10985176 2023-09-30 10985176 core:FurnitureFittingsToolsEquipment 2023-09-30 10985176 core:MotorVehicles 2023-09-30 10985176 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-09-30 10985176 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 10985176 2022-10-01 2023-09-30 10985176 2023-09-30 10985176 bus:OrdinaryShareClass1 2023-09-30 10985176 core:CurrentFinancialInstruments 2023-09-30 10985176 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 10985176 core:FurnitureFittingsToolsEquipment 2023-09-30 10985176 core:MotorVehicles 2023-09-30 10985176 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-09-30 10985176 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 10985176 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 10985176 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-10-01 2023-09-30 10985176 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-01 2023-09-30 10985176 2022-09-30 10985176 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-30 10985176 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10985176

ELITE WINE REFRIGERATION LTD

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

ELITE WINE REFRIGERATION LTD

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

ELITE WINE REFRIGERATION LTD

Company Information

Directors

Callum Dooley

Chungyee Yung

Company secretary

Chungyee Yung

Registered office

Unit 3 Central Trading Estate
Saltney
Chester
CH4 8SX

Accountants

Beans Accountants Ltd
Chartered AccountantSuite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

 

ELITE WINE REFRIGERATION LTD

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

 

2,142,538

2,170,889

Cost of sales

 

(1,722,679)

(1,411,153)

Gross profit

 

419,859

759,736

Administrative expenses

 

(332,145)

(602,222)

Operating profit

 

87,714

157,514

Interest payable and similar expenses

 

(3,283)

(737)

Profit before tax

84,431

156,777

Tax on profit

 

(25,971)

(38,523)

Profit for the financial year

 

58,460

118,254

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

ELITE WINE REFRIGERATION LTD

(Registration number: 10985176)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18,210

33,426

Current assets

 

Stocks

5

126,008

77,188

Debtors

6

176,280

268,176

Cash at bank and in hand

 

681,630

650,425

 

983,918

995,789

Creditors: Amounts falling due within one year

7

(266,638)

(331,185)

Net current assets

 

717,280

664,604

Net assets

 

735,490

698,030

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

734,490

697,030

Shareholders' funds

 

735,490

698,030

For the financial year ending 30 September 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 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 June 2025 and signed on its behalf by:
 

.........................................
Callum Dooley
Director

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 3 Central Trading Estate
Saltney
Chester
CH4 8SX

These financial statements were authorised for issue by the Board on 17 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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 tax. Tax is recognised in profit or loss, except that a change 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office Equipment

Straight Line over 4 years

Computer Equipment

Straight Line over 3 years

Vans

Straight Line over 4 years

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.

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 2).

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

39,299

22,750

62,049

At 30 September 2024

39,299

22,750

62,049

Depreciation

At 1 October 2023

15,826

12,797

28,623

Charge for the year

9,529

5,687

15,216

At 30 September 2024

25,355

18,484

43,839

Carrying amount

At 30 September 2024

13,944

4,266

18,210

At 30 September 2023

17,785

15,641

33,426

5

Stocks

2024
£

2023
£

Other inventories

126,008

77,188

6

Debtors

Current

2024
£

2023
£

Trade debtors

42,490

150,094

Prepayments

13,721

5,542

Other debtors

120,069

112,540

 

176,280

268,176

7

Creditors

Creditors: amounts falling due within one year

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Creditors (continued)

2024
£

2023
£

Due within one year

Trade creditors

130,518

119,463

Taxation and social security

62,581

96,250

Accruals and deferred income

2,727

-

Other creditors

70,812

115,472

266,638

331,185

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

£1 Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £21.00 (2023 - £2.00) per each £1 Ordinary Shares

21,000

2,000

 

 

Reconciliation to Dividends categories

Total assigned to category SOCIE 2 2

21000

64000

Difference to be corrected

-

(62,000)

10

Related party transactions

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,998

21,070

Summary of transactions with all entities with joint control or significant interest

Loans to Elite Group Holdings Ltd, Enofaber Ltd and Dunavox GB Ltd. The amounts listed were outstandiing at the reporting end date. This consists of intercompany loans with companies which have shared control by directors of Elite Wine Refrigeration Ltd.
The loan are repayable on demand.

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

89,132

89,132

Advanced

620

620

At end of period

89,752

89,752

2023

Entities with joint control or significant influence
£

Total
£

At start of period

4,132

4,132

Advanced

85,000

85,000

At end of period

89,132

89,132

Loans from related parties

2024

Key management
£

Total
£

At start of period

6,779

6,779

Repaid

2,216

2,216

At end of period

8,995

8,995

 

ELITE WINE REFRIGERATION LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Related party transactions (continued)

2023

Key management
£

Total
£

At start of period

5,370

5,370

Advanced

1,409

1,409

At end of period

6,779

6,779

Terms of loans from related parties

At the balance sheet date, Elite Wine Refrigeration Ltd owed its directors £4,563.36.