Burgundy Wines Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Burgundy Wines Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03978856 . The registered office is 3 Queen Square, London, WC1N 3AR.

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. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Significant judgements and estimations

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.3. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website 5 Years Straight Line

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Burgundy Wines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures & Fittings

5 Years Straight Line

Impairment of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.6. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

2.7. 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.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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Burgundy Wines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Pensions

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.9. Cash at bank and in hand

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 current liabilities.

2.10. Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on 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.

Classification of financial liabilities

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.

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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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Burgundy Wines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.11. Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2023: 5)

4. Prior Period Adjustment

The accounts have been restated to gross up debtors and creditor balances that were previously netted off in error.

This has no impact on net assets or profit but both debtors and creditors have increased by £36,718.03 and £41,867.15 respectively and VAT decreased by £5,149.12 as at 31 December 2023.

The accounts have also been amended to reinstate a directors loan account that was written off in error. As a result net assets and retained profits have reduced by £53,925.

5. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	3,131

As at 31 December 2024	3,131

Amortisation
As at 1 January 2024	687
Provided during the period	626

As at 31 December 2024	1,313

Net Book Value
As at 31 December 2024	1,818

As at 1 January 2024	2,444

6. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	114,940
Additions	2,940
Disposals	(994 )

As at 31 December 2024	116,886

...CONTINUED

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Burgundy Wines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	52,008
Provided during the period	18,300
Disposals	(760 )

As at 31 December 2024	69,548

Net Book Value
As at 31 December 2024	47,338

As at 1 January 2024	62,932

7. Stocks

	2024	2023 as restated
	£	£
Stock	120,531	107,841

8. Debtors

	2024	2023 as restated
	£	£
Due within one year
Trade debtors	272,111	220,503

	272,111	220,503

9. Creditors: Amounts Falling Due Within One Year

	2024	2023 as restated
	£	£
Trade creditors	271,177	256,156
Bank loans and overdrafts	2,000	-
Other creditors	50,806	26,113
Taxation and social security	40,301	28,080

	364,284	310,349

10. Creditors: Amounts Falling Due After More Than One Year

	2024	2023 as restated
	£	£
Bank loans	1,007	5,167
Other creditors	53,925	53,925

	54,932	59,092

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Burgundy Wines Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Share Capital

	2024	2023 as restated
Allotted, called up and fully paid	£	£
200 Ordinary A shares of £ 1.00 each	200	200
200 Ordinary B shares of £ 1.00 each	200	200
200 Ordinary C shares of £ 1.00 each	200	200

	600	600

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		2024		2023 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	5		1,818		2,444
Tangible Assets	6		47,338		62,932

			49,156		65,376
CURRENT ASSETS
Stocks	7	120,531		107,841
Debtors	8	272,111		220,503
Cash at bank and in hand		94,995		61,773

		487,637		390,117
Creditors: Amounts Falling Due Within One Year	9	(364,284 )		(310,349 )

NET CURRENT ASSETS (LIABILITIES)			123,353		79,768

TOTAL ASSETS LESS CURRENT LIABILITIES			172,509		145,144

Creditors: Amounts Falling Due After More Than One Year	10		(54,932 )		(59,092 )

NET ASSETS			117,577		86,052

CAPITAL AND RESERVES
Called up share capital	11		600		600
Profit and Loss Account			116,977		85,452

SHAREHOLDERS' FUNDS			117,577		86,052