Company Registration No. 06798834 (England and Wales)
TORVIEW WINES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
TORVIEW WINES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TORVIEW WINES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
7,041
41,893
Current assets
Stocks
21,038
13,234
Debtors
1,137
158
Cash at bank and in hand
404
201
22,579
13,593
Creditors: amounts falling due within one year
(109,654)
(132,638)
Net current liabilities
(87,075)
(119,045)
Total assets less current liabilities
(80,034)
(77,152)
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
(80,036)
(77,154)
Shareholders' funds
(80,034)
(77,152)
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 11 September 2016
Mr T Gowan
Director
Company Registration No. 06798834
TORVIEW WINES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company meets its day to day working capital requirements through loan
s
from the director
s
which
are
unlikely to be called-in in the forseable future.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the loan
s
by the company's director
s
.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
period of lease
Plant and machinery
25% straight line
Computer equipment
25% straight line
Vineyard vines
4% straight line
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
74,367
Additions
1,945
Disposals
(58,474)
At 31 March 2016
17,838
Depreciation
At 1 April 2015
32,473
On disposals
(24,043)
Charge for the year
2,367
At 31 March 2016
10,797
Net book value
At 31 March 2016
7,041
At 31 March 2015
41,893
TORVIEW WINES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2