| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| FAR OUT WINES LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| 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 |
| Depreciation |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| Net book value |
| At 31 October 2024 |
| At 31 October 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 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 |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | PROVISIONS FOR LIABILITIES |
| 2023 |
| £ |
| Deferred tax | 58 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Credit to Statement of Income and Retained Earnings during year | ( |
) |
| Balance at 31 October 2024 | ( |
) |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr G C C Quinney. |