General Information
Uncharted Wine Company Ltd. is a private company, limited by shares, registered in England and Wales, registration number 10791206, registration address Unit 56 Containerville, 40 The Oval, London, England, E2 9DT.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Income is recognised when the company obtains the right to consideration.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate 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 the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles - 25% straight line
Computer and office equipment - 25% straight line
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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.
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs 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 subsequently measured at amortised costs using the effective interest method.
|
| 2. |
Average number of employees
Average number of employees during the year was 7 (2024 : 6).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 April 2024 |
33,435 |
|
10,311 |
|
43,746 |
| Additions |
- |
|
5,576 |
|
5,576 |
| Disposals |
- |
|
- |
|
- |
| At 31 March 2025 |
33,435 |
|
15,887 |
|
49,322 |
| Depreciation |
| At 01 April 2024 |
19,639 |
|
5,690 |
|
25,329 |
| Charge for year |
8,358 |
|
2,383 |
|
10,741 |
| On disposals |
- |
|
- |
|
- |
| At 31 March 2025 |
27,997 |
|
8,073 |
|
36,070 |
| Net book values |
| Closing balance as at 31 March 2025 |
5,438 |
|
7,814 |
|
13,252 |
| Opening balance as at 01 April 2024 |
13,796 |
|
4,621 |
|
18,417 |
|
| 4. |
Investments
| Cost |
Investments in group undertakings |
|
Total |
| |
£ |
|
£ |
| At 01 April 2024 |
1 |
|
1 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2025 |
1 |
|
1 |
|
| 5. |
Advances and Credits
Mr R J Taylor The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024: | Brought Forward
£ | Amount
£ | Interest
£ | Repaid
£ | Written Off
£ | Waived
£ | Carry Forward
£ |
|---|
| Mr R J Taylor | 123 | | 0 | | 0 | | 0 | | 0 | | 0 | | 123 | | 123 | | 0 | | 0 | | 0 | | 0 | | 0 | | 123 |
| Brought Forward
£ | Amount
£ | Interest
£ | Repaid
£ | Written Off
£ | Waived
£ | Carry Forward
£ |
|---|
| Mr R J Taylor | 0 | | 123 | | 0 | | 0 | | 0 | | 0 | | 123 | | 0 | | 123 | | 0 | | 0 | | 0 | | 0 | | 123 |
|
|
Directors' advances, credits and guarantees
At the balance sheet date there were the following balances on the directors' loan accounts:
Ms L Holstein current account £16,577 credit (2024 : £56,790 credit)
Ms L Holstein loan account £461,123 credit (2024 : £415,000 credit)
Mr R J Taylor £123 debit (2024 : £123 debit)
There are no fixed dates for repayment of the loans. Interest is paid on Ms L Holstein's loan account at 10%
|
| 7. |
Stocks
| . |
|
2025
£ |
|
2024
£ |
| Finished Goods |
|
1,229,464 |
|
1,044,331 |
|
|
1,229,464 |
|
1,044,331 |
|
| 8. |
Debtors: amounts falling due within one year
| . |
|
2025
£ |
|
2024
£ |
| Trade Debtors |
|
379,938 |
|
427,378 |
| Amounts Owed to Group Undertakings |
|
24,298 |
|
10,078 |
| Prepayments & Accrued Income |
|
7,214 |
|
6,849 |
| Other Debtors |
|
62,724 |
|
1,800 |
| Director's Current Account |
|
- |
|
123 |
|
|
474,174 |
|
446,228 |
|
| 9. |
Creditors: amounts falling due within one year
| . |
|
2025
£ |
|
2024
£ |
| Trade Creditors |
|
277,115 |
|
398,144 |
| Bank Loans & Overdrafts |
|
319,809 |
|
23,187 |
| Corporation Tax |
|
10,974 |
|
11,531 |
| PAYE & Social Security |
|
7,486 |
|
11,270 |
| Accrued Expenses |
|
70,263 |
|
50,724 |
| Other Creditors |
|
919 |
|
676 |
| Obligations under HP/Financial Leases |
|
5,719 |
|
5,211 |
| Directors' Current Accounts |
|
16,454 |
|
- |
| VAT |
|
178,529 |
|
187,216 |
|
|
887,268 |
|
687,959 |
|
| 10. |
Creditors: amounts falling due after more than one year
| . |
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
|
4,385 |
|
14,806 |
| Other Creditors |
|
408,758 |
|
408,758 |
| Obligations Under HP/Financial Leases |
|
3,571 |
|
9,290 |
| Directors' Loan Accounts |
|
461,123 |
|
471,790 |
|
|
877,837 |
|
904,644 |
|
| 11. |
Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
| . |
|
2025
£ |
|
2024
£ |
| Within one year |
|
14,400 |
|
4,000 |
| Within 2-5 years |
|
4,800 |
|
- |
|
|
19,200 |
|
4,000 |
|
| 12. |
Provisions for liabilities
| . |
|
2025
£ |
|
2024
£ |
| Deferred Tax |
|
(7,343) |
|
(18,609) |
|
|
(7,343) |
|
(18,609) |
|
| 13. |
Secured debts
There is a fixed and floating charge over the property and undertakings of the company in favour of Sme Invoice Finance Limited.
|
2
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