The Chelsea Food and Wine Company - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05729781 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2019

for

The Chelsea Food and Wine Company

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr S H Shah

REGISTERED OFFICE:

276 Preston Road

Harrow

Middlesex

HA3 0QA

REGISTERED NUMBER:

05729781 (England and Wales)

ACCOUNTANTS:

RNS Business Solutions Limited

Chartered Accountants

276 Preston Road

Harrow

Middlesex

HA3 0QA

FIXED ASSETS

Intangible assets

4

563,971

415,691

Tangible assets

5

119,562

97,818

683,533

513,509

CURRENT ASSETS

Stocks

256,540

185,410

Debtors

6

662,050

481,724

Cash at bank and in hand

218,395

390,083

1,136,985

1,057,217

CREDITORS

Amounts falling due within one year

7

(717,087

)

(583,834

)

NET CURRENT ASSETS

419,898

473,383

TOTAL ASSETS LESS CURRENT LIABILITIES

1,103,431

986,892

PROVISIONS FOR LIABILITIES

(17,427

)

(12,584

)

NET ASSETS

1,086,004

974,308

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Profit and loss account

1,085,004

973,308

SHAREHOLDERS' FUNDS

1,086,004

974,308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 31 December 2019 and were signed by:

Mr S H Shah - Director

1.	STATUTORY INFORMATION

The Chelsea Food and Wine Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal place of business is 20 Cale Street, London, SW3 3QU.

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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the

newsagent and convenience goods has transferred to the buyer. This is usually at the point that the customer has

paid for the goods.

Goodwill

Externally purchased goodwill is stated at cost less accumulated amortisation and accumulated impairment

losses. Goodwill is amortised over its estimated useful life of ten years on straight line basis from the date of

transition in to FRS 102 on 1 April 2014 or the date of aquisition if later .

Tangible fixed assets

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

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

15% on cost

Stocks

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

moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future payments discounted at a market rate of

interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any

impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2018 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

699,994

Additions

215,000

At 31 March 2019

914,994

AMORTISATION

At 1 April 2018

284,303

Amortisation for year

66,720

At 31 March 2019

351,023

NET BOOK VALUE

At 31 March 2019

563,971

At 31 March 2018

415,691

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 April 2018

43,345

167,524

210,869

Additions

-

55,000

55,000

At 31 March 2019

43,345

222,524

265,869

DEPRECIATION

At 1 April 2018

16,868

96,183

113,051

Charge for year

2,823

30,433

33,256

At 31 March 2019

19,691

126,616

146,307

NET BOOK VALUE

At 31 March 2019

23,654

95,908

119,562

At 31 March 2018

26,477

71,341

97,818

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Trade debtors

25,519

10,084

Other debtors

192,620

121,900

VAT

93,869

92,369

Prepayments and accrued income

350,042

257,371

662,050

481,724

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Trade creditors

483,960

337,405

Tax

59,562

41,949

Social security and other taxes

6,754

3,944

Other creditors

11,028

6,405

Directors' current accounts

87,077

142,181

Accrued expenses

68,706

51,950

717,087

583,834

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/3/19

31/3/18

£

£

Within one year

383,424

221,760

Between one and five years

1,533,696

887,040

In more than five years

4,402,133

2,029,352

6,319,253

3,138,152

9.	RELATED PARTY DISCLOSURES

Included in creditors is an amount due to the director and shareholder of £87,077 (2018: £142,181). The

outstanding loan due is interest free and payable on demand.