Company Registration No. 03570581 (England and Wales)
A & B VINTNERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
A & B VINTNERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
A & B VINTNERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
79,444
89,521
Tangible assets
4
94,273
64,407
Investments
5
1
50,001
173,718
203,929
Current assets
Stock
1,554,326
1,258,857
Debtors
6
2,707,000
1,933,202
Cash at bank and in hand
2,348,725
2,146,980
6,610,051
5,339,039
Creditors: amounts falling due within one year
7
(4,873,610)
(3,685,512)
Net current assets
1,736,441
1,653,527
Total assets less current liabilities
1,910,159
1,857,456
Provisions for liabilities
(13,956)
(11,721)
Net assets
1,896,203
1,845,735
Capital and reserves
Called up share capital
8
50,000
50,000
Profit and loss reserves
1,846,203
1,795,735
Total equity
1,896,203
1,845,735
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
A & B VINTNERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2022 and are signed on its behalf by:
Mr J. C. Arnold
Mr S. C. Davies
Director
Director
Company Registration No. 03570581
A & B VINTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
A & B Vintners Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
43-45 Dorset Street, London, W1U 7NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
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.
Turnover relating to En Primeur wine sales is recognised when the wine is made available for delivery to the customer. This may be up to two years after the amount is invoiced to the customer, during which time it is held as deferred revenue. The cost of wine is carried as a supplier prepayment until the point that the wine become
s
available to the customer at which point it is recognised as a cost of sale.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
and is amortised over the period during which the company is expected to benefit.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 & equipment
15% & 25% Reducing Balance
Motor vehicles
25% Reducing Balance
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
.
A & B VINTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Stock
Stock is
stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost is calculated using the purchase price for the wines held in stock. Provision is made for obsolete, slow-moving or defective items where appropriate.
1.7
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 a net basis or to realise the asset and settle the liability simultaneously.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
A & B VINTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
11
10
A & B VINTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2021
162,073
Additions
13,423
At 31 December 2021
175,496
Amortisation and impairment
At 1 January 2021
72,552
Amortisation charged for the year
23,500
At 31 December 2021
96,052
Carrying amount
At 31 December 2021
79,444
At 31 December 2020
89,521
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
114,915
Additions
72,432
Disposals
(64,060)
At 31 December 2021
123,287
Depreciation and impairment
At 1 January 2021
50,508
Depreciation charged in the year
15,844
Eliminated in respect of disposals
(37,338)
At 31 December 2021
29,014
Carrying amount
At 31 December 2021
94,273
At 31 December 2020
64,407
A & B VINTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Fixed asset investments
2021
2020
£
£
Investments
1
50,001
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
169,054
125,293
Other debtors
2,537,946
1,807,909
2,707,000
1,933,202
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
420,379
170,518
Amounts owed to group undertakings
50,000
Corporation tax
141,143
194,257
Other taxation and social security
255,608
237,847
Other creditors
4,056,480
3,032,890
4,873,610
3,685,512
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
9
Events after the reporting date
There are no events to note.
10
Related party transactions
Included in creditors is a balance of £Nil (2020: £50,000) owed to Triage Wines Limited, previously a subsidiary undertaking of the company. This amount was unsecured and interest free.
11
Controlling party
Mr. J. C. Arnold is the ultimate controlling party.
A & B VINTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
12
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2020
£
Total adjustments
-
Profit as previously reported
831,837
Profit as adjusted
831,837