Registration number:
Experience Wine Limited
for the Year Ended 31 March 2025
Experience Wine Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Experience Wine Limited
(Registration number: 06340441)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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13,192 |
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Current assets |
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Stocks |
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125,550 |
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Debtors |
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31,854 |
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Cash at bank and in hand |
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288 |
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141,522 |
157,692 |
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Creditors: Amounts falling due within one year |
(426,937) |
(485,871) |
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Net current liabilities |
( |
(328,179) |
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Total assets less current liabilities |
( |
(314,987) |
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Creditors: Amounts falling due after more than one year |
(34,277) |
(7,000) |
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Net liabilities |
(312,832) |
(321,987) |
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Capital and reserves |
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Called up share capital |
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164 |
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Profit and loss account |
( |
(322,151) |
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Total equity |
( |
(321,987) |
Experience Wine Limited
(Registration number: 06340441)
Balance Sheet as at 31 March 2025
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Experience Wine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
The Cold Store
Unit 1E Restormel Industrial Estate
Lostwithiel
Cornwall
PL22 0HG
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.
Going concern
The shareholders' deficit at 31 March 2025 is £(312,832) (2024 - £(321,987)). The company's main creditors are two of the directors. These directors have pledged continuing financial support for the foreseable future, being not less than one year from the approval of these financial statements, to enable the company to pay its liabilities as they fall due. Accordingly, the directors consider it appropriate that the financial statements have been prepared on a going concern basis.
Experience Wine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
25% straight line |
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Office equipment |
25% straight line |
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Motor vehicles |
25% straight line |
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Website development |
25% straight line |
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Plant and machinery |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Experience Wine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Experience Wine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Experience Wine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
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Fixtures and fittings and office equipment |
Motor vehicles |
Website development |
Plant and machinery |
Total |
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Cost |
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At 1 April 2024 |
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Additions |
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- |
- |
- |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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- |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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- |
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At 31 March 2024 |
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- |
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Stocks |
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2025 |
2024 |
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Other inventories |
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125,550 |
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Experience Wine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Creditors |
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Due within one year |
Note |
2025 |
2024 |
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Other borrowings |
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6,000 |
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Trade creditors |
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13,286 |
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Other creditors |
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354,884 |
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Taxation and social security |
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8,755 |
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Amounts owed to connected companies |
- |
101,217 |
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Accruals and deferred income |
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1,729 |
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426,937 |
485,871 |
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Due after one year |
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Other borrowings |
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7,000 |
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2025 |
2024 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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- |
- |
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Loans and borrowings |
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2025 |
2024 |
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Current loans and borrowings |
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Other borrowings |
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6,000 |
Non-current loans and borrowings
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2025 |
2024 |
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Other borrowings |
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Other borrowings
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The carrying amount of other borrowings at year end is £46,944 (2024 - £13,000). |
Included in the loans and borrowings are the following amounts due after more than five years:
Other loans after five years
£6,109 (2024 - £nil) is due after more than five years by instalments.
Experience Wine Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Related party transactions |
Key management personnel
Directors
Summary of transactions with other related parties
Income and receivables from related parties
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2025 |
Other related parties |
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Sale of goods |
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2024 |
Other related parties |
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Sale of goods |
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Loans from related parties
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2025 |
Key management |
Other related parties |
Total |
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At start of period |
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Repaid |
( |
( |
( |
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At end of period |
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- |
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2024 |
Key management |
Other related parties |
Total |
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At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties