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REGISTERED NUMBER: 03681223 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

FAR OUT WINES LIMITED

FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FAR OUT WINES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mr G C C Quinney
Mr D R Wilson Esq





REGISTERED OFFICE: Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: 03681223 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 316 421

CURRENT ASSETS
Stocks 109,719 115,429
Debtors 5 55,862 29,902
Cash at bank 62,385 29,403
227,966 174,734
CREDITORS
Amounts falling due within one year 6 366,572 308,836
NET CURRENT LIABILITIES (138,606 ) (134,102 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(138,290

)

(133,681

)

PROVISIONS FOR LIABILITIES 7 - 58
NET LIABILITIES (138,290 ) (133,739 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings (138,292 ) (133,741 )
SHAREHOLDERS' FUNDS (138,290 ) (133,739 )

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

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

The directors acknowledge their 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.

FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2025 and were signed on its behalf by:





Mr G C C Quinney - Director


FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Far Out Wines 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 (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
In preparing the financial statements, the directors are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

DEBTORS
Short term debtors are measured at transaction price. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CREDITORS
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

TURNOVER
Turnover represents net invoiced sales of goods, excluding value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Furniture, fittings & equipment - 25% reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

GOING CONCERN
The company's balance sheet shows a net deficit shareholders fund position. However, the directors and shareholders have confirmed their continued financial support for the foreseeable future and for at least twelve months from the date of signature of these accounts.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 November 2023
and 31 October 2024 20,397 1,284 21,681
Depreciation
At 1 November 2023 19,989 1,271 21,260
Charge for year 102 3 105
At 31 October 2024 20,091 1,274 21,365
Net book value
At 31 October 2024 306 10 316
At 31 October 2023 408 13 421

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,765 24,379
Other debtors 34,097 5,523
55,862 29,902

FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 154,903 154,903
Trade creditors 111,814 66,529
Taxation and social security 22,575 592
Other creditors 77,280 86,812
366,572 308,836

7. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 58

Deferred
tax
£   
Balance at 1 November 2023 58
Credit to Statement of Income and Retained Earnings during year (28,632 )
Balance at 31 October 2024 (28,574 )

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G C C Quinney.