Frank Stainton Wines Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03716022 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

Frank Stainton Wines Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

12,500

Tangible assets

5

550,020

572,317

550,020

584,817

CURRENT ASSETS

Stocks

485,075

507,699

Debtors

6

302,673

321,960

Cash at bank and in hand

111,454

61,313

899,202

890,972

CREDITORS

Amounts falling due within one year

7

271,716

314,517

NET CURRENT ASSETS

627,486

576,455

TOTAL ASSETS LESS CURRENT LIABILITIES

1,177,506

1,161,272

CREDITORS

Amounts falling due after more than one year

8

(380,000

)

(380,000

)

PROVISIONS FOR LIABILITIES

(12,956

)

(14,568

)

NET ASSETS

784,550

766,704

CAPITAL AND RESERVES

Called up share capital

11,000

11,000

Retained earnings

773,550

755,704

784,550

766,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 Board of Directors on 5 December 2019 and were signed on its behalf by:

F E Stainton - Director

1.	STATUTORY INFORMATION

Frank Stainton Wines Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

03716022

Registered office:

1 Station Yard

Station Road

Kendal

Cumbria

LA9 6BT

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 50 years

Fixtures and fittings

-

33% on cost and 15% on reducing balance

Motor vehicles

-

25% on 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

250,000

AMORTISATION

At 1 October 2018

237,500

Charge for year

12,500

At 30 September 2019

250,000

NET BOOK VALUE

At 30 September 2019

-

At 30 September 2018

12,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2018

and 30 September 2019

740,374

38,149

45,750

824,273

DEPRECIATION

At 1 October 2018

204,087

22,787

25,082

251,956

Charge for year

14,807

2,323

5,167

22,297

At 30 September 2019

218,894

25,110

30,249

274,253

NET BOOK VALUE

At 30 September 2019

521,480

13,039

15,501

550,020

At 30 September 2018

536,287

15,362

20,668

572,317

Included within the net book value of land and buildings above is £521,480 (2018 - £536,287) in respect of

freehold land and buildings.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

293,146

310,760

Other debtors

9,527

11,200

302,673

321,960

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade creditors

104,509

160,282

Taxation and social security

80,492

73,562

Other creditors

86,715

80,673

271,716

314,517

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Other creditors

380,000

380,000

9.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £8,426 (2018 - £1,960).

10.	RELATED PARTY DISCLOSURES

The company has a loan from Mr & Mrs Stainton on which it pays interest at 1% over the bank rate. At the

Balance Sheet date the amount due to Mr & Mrs Stainton was £380,000 (2018 - £380,000)