Silverfin false false 31/07/2024 01/08/2023 31/07/2024 A J E Rae 01/08/2002 25 July 2025 no description of principal activity 04479554 2024-07-31 04479554 bus:Director1 2024-07-31 04479554 2023-07-31 04479554 core:CurrentFinancialInstruments 2024-07-31 04479554 core:CurrentFinancialInstruments 2023-07-31 04479554 core:Non-currentFinancialInstruments 2024-07-31 04479554 core:Non-currentFinancialInstruments 2023-07-31 04479554 core:ShareCapital 2024-07-31 04479554 core:ShareCapital 2023-07-31 04479554 core:RetainedEarningsAccumulatedLosses 2024-07-31 04479554 core:RetainedEarningsAccumulatedLosses 2023-07-31 04479554 core:Goodwill 2023-07-31 04479554 core:OtherResidualIntangibleAssets 2023-07-31 04479554 core:Goodwill 2024-07-31 04479554 core:OtherResidualIntangibleAssets 2024-07-31 04479554 core:LeaseholdImprovements 2023-07-31 04479554 core:OtherPropertyPlantEquipment 2023-07-31 04479554 core:LeaseholdImprovements 2024-07-31 04479554 core:OtherPropertyPlantEquipment 2024-07-31 04479554 2022-07-31 04479554 core:AcceleratedTaxDepreciationDeferredTax 2024-07-31 04479554 core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 04479554 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-07-31 04479554 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-07-31 04479554 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax 2024-07-31 04479554 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax 2023-07-31 04479554 core:WithinOneYear 2024-07-31 04479554 core:WithinOneYear 2023-07-31 04479554 core:BetweenOneFiveYears 2024-07-31 04479554 core:BetweenOneFiveYears 2023-07-31 04479554 core:MoreThanFiveYears 2024-07-31 04479554 core:MoreThanFiveYears 2023-07-31 04479554 2023-08-01 2024-07-31 04479554 bus:FilletedAccounts 2023-08-01 2024-07-31 04479554 bus:SmallEntities 2023-08-01 2024-07-31 04479554 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04479554 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04479554 bus:Director1 2023-08-01 2024-07-31 04479554 core:Goodwill core:TopRangeValue 2023-08-01 2024-07-31 04479554 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-08-01 2024-07-31 04479554 core:LeaseholdImprovements core:TopRangeValue 2023-08-01 2024-07-31 04479554 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-08-01 2024-07-31 04479554 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-08-01 2024-07-31 04479554 2022-08-01 2023-07-31 04479554 core:Goodwill 2023-08-01 2024-07-31 04479554 core:OtherResidualIntangibleAssets 2023-08-01 2024-07-31 04479554 core:LeaseholdImprovements 2023-08-01 2024-07-31 04479554 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 04479554 (England and Wales)

UNCORKED LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

UNCORKED LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

UNCORKED LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
UNCORKED LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
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
UNCORKED LIMITED

BALANCE SHEET

As at 31 July 2024
UNCORKED LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 5,907 13,472
Tangible assets 4 68,186 101,151
74,093 114,623
Current assets
Stocks 764,569 752,107
Debtors 5 996,679 1,095,581
Cash at bank and in hand 10,066 25,682
1,771,314 1,873,370
Creditors: amounts falling due within one year 6 ( 1,370,718) ( 1,319,616)
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 ( 33,333) ( 73,333)
Provision for liabilities 8 ( 16,208) ( 23,268)
Net assets 425,148 571,776
Capital and reserves
Called-up share capital 100 100
Profit and loss account 425,048 571,676
Total shareholders' funds 425,148 571,776

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Uncorked Limited (registered number: 04479554) were approved and authorised for issue by the Director on 25 July 2025. They were signed on its behalf by:

A J E Rae
Director
UNCORKED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
UNCORKED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Other property, plant and equipment 2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 instruments

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.

Dividends

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.

Pensions

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 August 2023 92,500 188,384 280,884
At 31 July 2024 92,500 188,384 280,884
Accumulated amortisation
At 01 August 2023 92,500 174,912 267,412
Charge for the financial year 0 7,565 7,565
At 31 July 2024 92,500 182,477 274,977
Net book value
At 31 July 2024 0 5,907 5,907
At 31 July 2023 0 13,472 13,472

4. Tangible assets

Leasehold improve-
ments
Other property, plant
and equipment
Total
£ £ £
Cost
At 01 August 2023 3,747 183,019 186,766
Additions 0 2,927 2,927
At 31 July 2024 3,747 185,946 189,693
Accumulated depreciation
At 01 August 2023 405 85,210 85,615
Charge for the financial year 375 35,517 35,892
At 31 July 2024 780 120,727 121,507
Net book value
At 31 July 2024 2,967 65,219 68,186
At 31 July 2023 3,342 97,809 101,151

5. Debtors

2024 2023
£ £
Trade debtors 146,299 398,725
Amounts owed by Group undertakings 444,517 395,106
Prepayments 302,086 206,951
Corporation tax 8,259 0
Other debtors 95,518 94,799
996,679 1,095,581

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 159,184 200,836
Trade creditors 302,252 223,463
Other loans 40,000 40,000
Accruals 806,476 772,469
Corporation tax 0 24,897
Other taxation and social security 61,384 52,848
Other creditors 1,422 5,103
1,370,718 1,319,616

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 33,333 73,333

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 23,268) ( 29,181)
Credited to the Profit and Loss Account 7,060 5,913
At the end of financial year ( 16,208) ( 23,268)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances 0 ( 23,268)
Fixed timing difference ( 16,139) 0
Short term difference ( 69) 0
( 16,208) ( 23,268)

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 59,500 59,500
between one and five years 173,542 178,500
after five years 0 54,542
233,042 292,542

Other financial commitments

2024 2023
£ £
Within one year 0 8,940

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.

10. Related party transactions

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.