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COMPANY REGISTRATION NUMBER: 05269369
The Wine Shop (Leek) Limited
Filleted Unaudited Financial Statements
31 January 2017
The Wine Shop (Leek) Limited
Financial Statements
Year ended 31st January 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Wine Shop (Leek) Limited
Statement of Financial Position
31 January 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
4
12,000
13,500
Tangible assets
5
9,340
10,000
--------
--------
21,340
23,500
Current assets
Stocks
65,940
64,720
Debtors
6
10,160
1,079
Cash at bank and in hand
5,888
6,649
--------
--------
81,988
72,448
Creditors: amounts falling due within one year
7
119,172
99,316
---------
--------
Net current liabilities
37,184
26,868
--------
--------
Total assets less current liabilities
( 15,844)
( 3,368)
Creditors: amounts falling due after more than one year
8
36,000
36,000
--------
--------
Net liabilities
( 51,844)
( 39,368)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 51,944)
( 39,468)
--------
--------
Shareholders deficit
( 51,844)
( 39,368)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Wine Shop (Leek) Limited
Statement of Financial Position (continued)
31 January 2017
These financial statements were approved by the board of directors and authorised for issue on 30 October 2017 , and are signed on behalf of the board by:
Mrs A M Nicholson-James
Director
Company registration number: 05269369
The Wine Shop (Leek) Limited
Notes to the Financial Statements
Year ended 31st January 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Russell Street, Leek, Staffordshire, ST13 5JF, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Intangible assets
Goodwill
£
Cost
At 1st February 2016 and 31st January 2017
30,000
--------
Amortisation
At 1st February 2016
16,500
Charge for the year
1,500
--------
At 31st January 2017
18,000
--------
Carrying amount
At 31st January 2017
12,000
--------
At 31st January 2016
13,500
--------
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1st February 2016
18,427
18,427
Additions
1,676
1,676
--------
--------
At 31st January 2017
20,103
20,103
--------
--------
Depreciation
At 1st February 2016
8,427
8,427
Charge for the year
2,336
2,336
--------
--------
At 31st January 2017
10,763
10,763
--------
--------
Carrying amount
At 31st January 2017
9,340
9,340
--------
--------
At 31st January 2016
10,000
10,000
--------
--------
6. Debtors
2017
2016
£
£
Trade debtors
1,118
Other debtors
9,042
1,079
--------
-------
10,160
1,079
--------
-------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
15,079
Trade creditors
19,554
10,278
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,000
10,000
Social security and other taxes
4,244
2,743
Other creditors
70,295
76,295
---------
--------
119,172
99,316
---------
--------
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
36,000
36,000
--------
--------
9. Related party transactions
The company was under the control of Mrs A M Nicholson-James throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed.
10. Controlling party
The ultimate parent company is Wine and Whisky Limited, a company registered in England and Wales.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st February 2015.
No transitional adjustments were required in equity or profit or loss for the year.

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