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

GORDANO WINES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04198688

Gordano Wines Limited

Filleted Unaudited Financial Statements

30 June 2020

Gordano Wines Limited

Financial Statements

Year ended 30 June 2020

Contents	Page

Chartered certified accountants' report to the director on the preparation of the unaudited statutory financial statements of Gordano Wines Limited	1

Statement of financial position	2

Notes to the financial statements	4

Gordano Wines Limited

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Gordano Wines Limited

Year ended 30 June 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gordano Wines Limited for the year ended 30 June 2020, which comprise the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants

2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU

13 November 2020

Gordano Wines Limited

Statement of Financial Position

30 June 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	309,479	314,525

Current assets

Stocks		67,894	64,133
Debtors	6	371,930	427,867
Cash at bank and in hand		3,992	4,783
		---------	---------
		443,816	496,783

Creditors: amounts falling due within one year	7	389,418	463,127
		---------	---------
Net current assets		54,398	33,656
		---------	---------
Total assets less current liabilities		363,877	348,181

Creditors: amounts falling due after more than one year	8	268,671	246,590
		---------	---------
Net assets		95,206	101,591
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	95,106	101,491
	--------	---------
Shareholders funds	95,206	101,591
	--------	---------

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 30 June 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 .

Gordano Wines Limited

Statement of Financial Position (continued)

30 June 2020

These financial statements were approved by the board of directors and authorised for issue on 13 November 2020 , and are signed on behalf of the board by:

Mr R H Bagnall
Director

Company registration number: 04198688

Gordano Wines Limited

Notes to the Financial Statements

Year ended 30 June 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 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.

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.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Computer Equipment	-	25% reducing balance

No depreciation has been provided on freehold property as the director considers that the amount of depreciation on the property would not be material in view of the amount spent on its maintenance and upkeep. Full provision will be made should any permanent diminution in value occur. This view does not comply with FRS 102 but the director considers that this departure is required so that the financial statements give a true and fair view of the company's financial position. If depreciation was charged the charge for the year would be £6,112 (2019 - £6,112).

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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 11 (2019: 11 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 July 2019	305,589	14,403	4,427	4,309	328,728
Disposals	–	( 6,484)	–	–	( 6,484)
	---------	--------	-------	-------	---------
At 30 June 2020	305,589	7,919	4,427	4,309	322,244
	---------	--------	-------	-------	---------
Depreciation
At 1 July 2019	–	6,954	4,388	2,861	14,203
Charge for the year	–	1,082	10	362	1,454
Disposals	–	( 2,892)	–	–	( 2,892)
	---------	--------	-------	-------	---------
At 30 June 2020	–	5,144	4,398	3,223	12,765
	---------	--------	-------	-------	---------
Carrying amount
At 30 June 2020	305,589	2,775	29	1,086	309,479
	---------	--------	-------	-------	---------
At 30 June 2019	305,589	7,449	39	1,448	314,525
	---------	--------	-------	-------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	345,222	401,064
Other debtors	26,708	26,803
	---------	---------
	371,930	427,867
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	195,269	234,603
Trade creditors	167,830	187,026
Corporation tax	5,689	15,029
Social security and other taxes	13,734	15,015
Other creditors	6,896	11,454
	---------	---------
	389,418	463,127
	---------	---------

The company has given security for some of the creditors that will fall due within one year.

Charges have been registered to secure bank loans and overdrafts totalling £195,269 on the company's assets.

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	268,671	246,183
Other creditors	–	407
	---------	---------
	268,671	246,590
	---------	---------

The company has given security for some of the creditors that will fall due after more than one year.

Fixed and floating charges have been registered to secure bank loans totalling £268,671 on the company's assets.

Included within creditors: amounts falling due after more than one year is an amount of £128,564 (2019: £158,252) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	36,133	30,332
Later than 1 year and not later than 5 years	88,271	104,839
Later than 5 years	–	1,130
	---------	---------
	124,404	136,301
	---------	---------

10. 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
	£	£	£	£
Mr R H Bagnall	( 87)	22,534	( 24,910)	( 2,463)
	----	--------	--------	-------

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R H Bagnall	18,403	22,561	( 41,051)	( 87)
	--------	--------	--------	----

The director borrowed money from the company between July 2019 and 5th April 2020. The maximum amount borrowed by the director during the period was £16,639. The director repaid this loan on 6th April 2020 and loaned money to the company for the remainder of the year. These loans are interest free and repayable on demand.