Worthington Wine And Spirits UK Limited - Limited company accounts 18.2

REGISTERED NUMBER: 08532296 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2019

FOR

WORTHINGTON WINE AND SPIRITS UK LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Statement of Comprehensive Income

4

Statement of Financial Position

5

Notes to the Financial Statements

6

DIRECTORS:

Exceed Nominees Limited

Mr J V Hooper

SECRETARY:

Exceed Cosec Services Limited

REGISTERED OFFICE:

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

REGISTERED NUMBER:

08532296 (England and Wales)

ACCOUNTANTS:

Exceed Accountants Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

The directors present their report with the financial statements of the company for the year ended 28th February 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of distribution of wine and spirits.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st March 2018 to the date of this

report.

Exceed Nominees Limited

Mr J V Hooper

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr J V Hooper - Director

14th May 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Worthington Wine And Spirits UK Limited for the year ended 28th February 2019 which

comprise the Statement of Comprehensive Income, Statement of Financial Position and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Worthington Wine And Spirits UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Worthington Wine And Spirits UK Limited and state those matters that we have agreed to state to the Board of Directors of Worthington Wine And Spirits UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Worthington Wine And Spirits UK Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Worthington Wine And Spirits UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Worthington Wine And Spirits UK Limited. You consider that Worthington Wine And Spirits UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Worthington Wine And Spirits UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Exceed Accountants Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

14th May 2019

REVENUE

35,792

82,259

Cost of sales

23,323

55,360

GROSS PROFIT

12,469

26,899

Administrative expenses

5,863

5,463

OPERATING PROFIT and

PROFIT BEFORE TAXATION

6,606

21,436

Tax on profit

1,255

4,091

PROFIT FOR THE FINANCIAL YEAR

5,351

17,345

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,351

17,345

CURRENT ASSETS

Inventories

3

227

532

Debtors

4

34,558

18,309

Cash at bank

12,791

26,220

47,576

45,061

CREDITORS

Amounts falling due within one year

5

1,455

4,291

NET CURRENT ASSETS

46,121

40,770

TOTAL ASSETS LESS CURRENT
LIABILITIES

46,121

40,770

CAPITAL AND RESERVES

Called up share capital

6

1

Retained earnings

7

46,120

40,769

SHAREHOLDERS' FUNDS

46,121

40,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14th May 2019 and were signed on its behalf by:

Mr J V Hooper - Director

1.	STATUTORY INFORMATION

Worthington Wine And Spirits UK Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are

physically delivered to the customer.

Where payments are received from customers in advance of goods delivered, the amounts are recorded as

Deferred Income and included as part of Creditors due within one year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

3.	INVENTORIES

28.2.19

28.2.18

£

Stocks

227

532

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

Trade debtors

9,143

13,794

Other debtors

25,037

4,238

VAT

378

277

34,558

18,309

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

Bank loans and overdrafts

-

2

Tax

1,257

4,091

Directors' current accounts

198

1,455

4,291

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

1

Ordinary

£1

1

7.

RESERVES

Retained

earnings

£

At 1st March 2018

40,769

Profit for the year

5,351

At 28th February 2019

46,120

8.	RELATED PARTY DISCLOSURES

During the year the company purchased goods amounting to £16,509.22 (2018 £35,254) from Gravel Junction

(Pty) Limited a company in which Mr J V Hooper has a controlling interest. These goods were purchased on an

arm's length basis.

At the year end the Gravel Junction (Pty) Limited owed £25,009 (2018 £4,238 ) to the company.

This loan is non interest bearing, long term in nature and repayable on demand.

Included under creditors falling due within one year is an amount due to Mr J V Hooper the director, of £198

(2018 - £198).

This loan is interest free, unsecured and of no fixed term and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J V Hooper.