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Registered number: 04789235
Sovereign Wines Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04789235
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 134,997 117,908
Investments 6 2,000 2,000
136,997 119,908
CURRENT ASSETS
Stocks 7 193,691 180,106
Debtors 8 119,161 183,669
Cash at bank and in hand 9,765 10,277
322,617 374,052
Creditors: Amounts Falling Due Within One Year 9 (272,826 ) (196,125 )
NET CURRENT ASSETS (LIABILITIES) 49,791 177,927
TOTAL ASSETS LESS CURRENT LIABILITIES 186,788 297,835
Creditors: Amounts Falling Due After More Than One Year 10 (90,315 ) (132,819 )
NET ASSETS 96,473 165,016
CAPITAL AND RESERVES
Called up share capital 12 2 2
Profit and Loss Account 96,471 165,014
SHAREHOLDERS' FUNDS 96,473 165,016
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Michael McGarry
Director
29 July 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sovereign Wines Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04789235 . The registered office is 3 Stoke Damerel Business Centre, 5 Church Street, Plymouth, Devon, PL3 4DT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 7% straight line
Plant & Machinery 33% straight line
Motor Vehicles 25% reducing balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2024: 15)
15 15
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2024 112,000
As at 31 January 2025 112,000
...CONTINUED
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Amortisation
As at 1 February 2024 112,000
As at 31 January 2025 112,000
Net Book Value
As at 31 January 2025 -
As at 1 February 2024 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 February 2024 79,880 35,681 138,008 253,569
Additions 34,780 16,200 - 50,980
As at 31 January 2025 114,660 51,881 138,008 304,549
Depreciation
As at 1 February 2024 54,045 18,352 63,264 135,661
Provided during the period 5,702 8,594 19,595 33,891
As at 31 January 2025 59,747 26,946 82,859 169,552
Net Book Value
As at 31 January 2025 54,913 24,935 55,149 134,997
As at 1 February 2024 25,835 17,329 74,744 117,908
6. Investments
Other
£
Cost or Valuation
As at 1 February 2024 2,000
As at 31 January 2025 2,000
Provision
As at 1 February 2024 -
As at 31 January 2025 -
Net Book Value
As at 31 January 2025 2,000
As at 1 February 2024 2,000
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7. Stocks
2025 2024
£ £
Stock 193,691 180,106
8. Debtors
2025 2024
£ £
Due within one year
Trade debtors 112,340 144,900
Prepayments and accrued income 4,571 36,769
Other debtors 2,250 2,000
119,161 183,669
9. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 9,717 14,799
Trade creditors 126,415 110,134
Bank loans and overdrafts 76,265 25,357
Corporation tax - 4,847
Other taxes and social security - 2,598
VAT 20,600 28,406
Accruals and deferred income 3,141 1,371
Directors' loan accounts 36,688 8,613
272,826 196,125
10. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 15,237 26,352
Bank loans 54,078 73,467
Other loans 21,000 33,000
90,315 132,819
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11. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,717 14,799
Later than one year and not later than five years 15,237 26,352
24,954 41,151
24,954 41,151
12. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2 2
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