Far Out Wines Limited - Accounts to registrar (filleted) - small 18.2
Far Out Wines Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| FOR |
| FAR OUT WINES LIMITED |
| FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| FAR OUT WINES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Tax Advisors |
| 11, Leadenhall Street |
| Fifth Floor |
| London |
| EC3V 1LP |
| FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223) |
| STATEMENT OF FINANCIAL POSITION |
| 31 OCTOBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | 8 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 OCTOBER 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director on |
| FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| 1. | STATUTORY INFORMATION |
| Far Out Wines Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting |
| estimates. It also requires management to exercise judgment in applying the Company accounting policies. |
| Significant judgements and estimates |
| In preparing the financial statements, management were not required to make any estimates or judgments which |
| materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities. |
| DEBTORS |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially |
| at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
| method, less any impairment. |
| 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 measured subsequently at amortised cost using the |
| effective interest method. |
| CASH AND CASH EQUIVALENTS |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of |
| not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months |
| from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of |
| change in value. |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Furniture, fittings & equipment - 25% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates 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 transaction. Exchange differences are taken into account in arriving at the operating |
| result. |
| Going concern |
| The financial statements have been prepared under the going concern basis as the company's lenders have agreed |
| to provide the company with the continued financial support to enable the company to trade and meet its working |
| capital requirements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2017 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 1 November 2017 |
| and 31 October 2018 |
| Depreciation |
| At 1 November 2017 |
| Charge for year |
| At 31 October 2018 |
| Net book value |
| At 31 October 2018 |
| At 31 October 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| FAR OUT WINES LIMITED (REGISTERED NUMBER: 03681223) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2018 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | 1 | 2 | 2 |
| 8. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 November 2017 | ( |
) |
| Profit for the year |
| At 31 October 2018 | ( |
) |
| 9. | RELATED PARTY DISCLOSURES |
| During the year the director provided an interest free loan to the company. The balance payable to the director at |
| the end of the year was £75,536 (2017 - £75,075) and included in other creditors. The loan was interest free and |
| the maximum outstanding during the year was £75,536 (2017 - £90,853). |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr G C C Quinney. |