Laurence Philippe Wines Limited Filleted accounts for Companies House (small and micro)

Laurence Philippe Wines Limited Filleted accounts for Companies House (small and micro)

LAURENCE PHILIPPE WINES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01552679
Laurence Philippe Wines Limited
Filleted Unaudited Financial Statements
30 April 2020
Laurence Philippe Wines Limited
Statement of Financial Position
30 April 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
5
13,155
19,966
Current assets
Stocks
189,304
191,249
Debtors
6
125,875
302,326
Cash at bank and in hand
100,583
107,148
---------
---------
415,762
600,723
Creditors: amounts falling due within one year
7
133,015
313,227
---------
---------
Net current assets
282,747
287,496
---------
---------
Total assets less current liabilities
295,902
307,462
Creditors: amounts falling due after more than one year
8
–
2,431
Provisions
Taxation including deferred tax
933
2,127
---------
---------
Net assets
294,969
302,904
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
294,869
302,804
---------
---------
Shareholders funds
294,969
302,904
---------
---------
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 Section 1A of 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 30th April 2020 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Laurence Philippe Wines Limited
Statement of Financial Position (continued)
30 April 2020
These financial statements were approved by the board of directors and authorised for issue on 28 September 2020 , and are signed on behalf of the board by:
A.W.M Lawrence
Director
Company registration number: 01552679
Laurence Philippe Wines Limited
Notes to the Financial Statements
Year ended 30th April 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Brewery Fields, Great Baddow, Chelmsford, Essex.
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.
Going concern
The directors have considered the impact of the covid-19 pandemic in their assessment of the company's ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the company and its customers, but having taken all the factors into account, the directors are of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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:
Leasehold property
-
33% straight line
Plant and equipment
-
15% straight line
Motor vehicles
-
20% straight line
Stocks
Stock is stated at the lower of cost and net realisable value. Cost includes all direct costs in bringing the stocks to their present location and condition including, where appropriate, a proportion of manufacturing overheads.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2019: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st May 2019 and 30th April 2020
1,756
7,685
67,912
77,353
-------
-------
--------
--------
Depreciation
At 1st May 2019
1,756
7,490
48,141
57,387
Charge for the year
–
65
6,746
6,811
-------
-------
--------
--------
At 30th April 2020
1,756
7,555
54,887
64,198
-------
-------
--------
--------
Carrying amount
At 30th April 2020
–
130
13,025
13,155
-------
-------
--------
--------
At 30th April 2019
–
195
19,771
19,966
-------
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th April 2020
–
----
At 30th April 2019
19,771
--------
6. Debtors
2020
2019
£
£
Trade debtors
94,375
268,774
Prepayments and accrued income
30,521
33,240
Corporation tax repayable
667
–
Director's loan account
312
312
---------
---------
125,875
302,326
---------
---------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
108,070
246,023
Amounts owed to undertakings in which the company has a participating interest
–
2,940
Accruals and deferred income
7,707
8,743
Corporation tax
–
5,142
Obligations under finance leases and hire purchase contracts
2,431
8,750
Other taxes and social security
14,807
41,629
---------
---------
133,015
313,227
---------
---------
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Obligations under finance leases and hire purchase contracts
–
2,431
----
-------
9. Called up share capital
Authorised share capital
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
3,875
3,875
-------
-------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
A.W.M Lawrence
312
312
( 312)
312
----
----
----
----
2019
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
A.W.M Lawrence
328
312
( 328)
312
----
----
----
----
12. Related party transactions
Increase/ decrease to loan Balance at 30 April Dr/(Cr)
£ £
Other related parties
30 April 2020 2,940 –
30 April 2019 (2,940) 2,940