Company No:
Contents
| DIRECTOR | A J E Rae |
| SECRETARY | A J E Rae |
| REGISTERED OFFICE | 45 Gresham Street |
| EC2V 7BG | |
| London | |
| United Kingdom |
| COMPANY NUMBER | 04479554 (England and Wales) |
| ACCOUNTANT | S&W Partners LLP |
| Onslow House | |
| Onslow Street | |
| Guildford | |
| GU1 4TL |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 74,093 | 114,623 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 1,771,314 | 1,873,370 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 400,596 | 553,754 | ||
| Total assets less current liabilities | 474,689 | 668,377 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | 8 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Uncorked Limited (registered number:
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A J E Rae
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Uncorked Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Gresham Street, EC2V 7BG, London, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Uncorked Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The Directors have carefully reviewed the future prospects of the company and its future cash flows, having assessed this the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements.
For this reason the directors continue to adopt the going concern basis for the preparation of the Financial Statements. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the company was unable to continue as a going concern.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
| Goodwill |
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| Other intangible assets |
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| Leasehold improvements |
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| Other property, plant and equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Goodwill | Other intangible assets | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 August 2023 |
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| At 31 July 2024 |
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| Accumulated amortisation | |||||
| At 01 August 2023 |
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| Charge for the financial year |
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| At 31 July 2024 |
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| Net book value | |||||
| At 31 July 2024 |
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| At 31 July 2023 |
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| Leasehold improve- ments |
Other property, plant and equipment |
Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 August 2023 |
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| Additions |
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| At 31 July 2024 |
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| Accumulated depreciation | |||||
| At 01 August 2023 |
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| Charge for the financial year |
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| At 31 July 2024 |
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| Net book value | |||||
| At 31 July 2024 | 2,967 | 65,219 | 68,186 | ||
| At 31 July 2023 | 3,342 | 97,809 | 101,151 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Prepayments |
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| Corporation tax |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank overdrafts |
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| Trade creditors |
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| Other loans |
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| Accruals |
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| Corporation tax |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other loans |
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| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Credited to the Profit and Loss Account |
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| At the end of financial year | (
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The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances |
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| Fixed timing difference | (
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| Short term difference | (
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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| after five years |
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Other financial commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Within one year |
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Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £7,428 (2023 -£7,758). Contributions totalling £1,422 (2023 - £5,103) were payable to the fund at the balance sheet date and are included in creditors.
Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Brought forward | 94,799 | 94,635 | |
| Amount advanced | 102,500 | 102,500 | |
| Amount repaid | (101,781) | (102,336) | |
| Carried forward | 95,518 | 94,799 |
Included within debtors due within one year is £95,518 (2023 - £94,799) owed by the director. These amounts are interest free and repayable on demand.
The company has provided a guarantee of £400,000 and a debenture by way of security to Royal Bank of Scotland in respect of a loan taken out by the holding company.
The company has claimed exemption under paragraph 33.1A to not disclose transactions with wholly owned member companies of the group.