A & A Wines Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01836130 (England and Wales)

A & A Wines Limited

Unaudited Financial Statements for the Year Ended 31 December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A P Bickerton

A P Connor

SECRETARY:

Mrs V Connor

REGISTERED OFFICE:

Unit 13 Manfield Park

Cranleigh

Surrey

GU6 8PT

REGISTERED NUMBER:

01836130 (England and Wales)

ACCOUNTANTS:

Hughes Waddell

The White House

2 Meadrow

Godalming

Surrey

GU7 3HN

FIXED ASSETS

Tangible assets

4

14,292

42,727

Investments

5

1

1

14,293

42,728

CURRENT ASSETS

Stocks

456,456

425,890

Debtors

6

146,338

404,047

Cash at bank

192,130

14,852

794,924

844,789

CREDITORS

Amounts falling due within one year

7

392,672

488,855

NET CURRENT ASSETS

402,252

355,934

TOTAL ASSETS LESS CURRENT LIABILITIES

416,545

398,662

CREDITORS

Amounts falling due after more than one year

8

(1,567

)

(11,035

)

PROVISIONS FOR LIABILITIES

(1,229

)

(3,568

)

NET ASSETS

413,749

384,059

CAPITAL AND RESERVES

Called up share capital

75,102

75,102

Retained earnings

338,647

308,957

SHAREHOLDERS' FUNDS

413,749

384,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2021 and were signed on its behalf by:

A P Bickerton - Director

A P Connor - Director

1.	STATUTORY INFORMATION

A & A Wines 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 (£).

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 wine and food during the year, excluding value added tax.

Turnover is recognised on delivery of goods.

Tangible fixed assets

Depreciation is provided at the following rates in order to write off the cost less residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Furniture & equipment

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33.3% on cost

Hire purchase motor vehicles - over the term of the hire purchase agreement taking into account the balloon payment payable at the end of the agreement.

The cost of tangible fixed assets includes only expenditure directly incurred in bringing the assets into working condition for their intended use.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock is valued at the lower of purchase price including delivery and import taxes 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 Income Statement, 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.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. During the year transactions in foreign currencies are translated into sterling at an average rate set by the directors. Exchange differences are taken into account in arriving at the gross profit.

Hire purchase and rent leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet. The interest element of these obligations is charged to the profit and loss account over the relevant period . The capital element of the future payments is treated as a liability.

Operating lease rentals are charged to the profit and loss account evenly over the period of the lease.

Pension costs and other post-retirement benefits

The company makes contributions on behalf of one of the directors to his individual pension scheme. Pension scheme contributions are charged to the profit and loss account in the period to which they relate.

Fixed asset investments

Fixed asset investments are stated at cost less any provisions required where there has been a permanent diminution in their value. Profits or losses arising from disposal of fixed asset investments are treated as part of the result from ordinary activities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

190,667

Disposals

(30,361

)

At 31 December 2020

160,306

DEPRECIATION

At 1 January 2020

147,940

Charge for year

28,435

Eliminated on disposal

(30,361

)

At 31 December 2020

146,014

NET BOOK VALUE

At 31 December 2020

14,292

At 31 December 2019

42,727

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2020

106,198

Transfer to ownership

(68,638

)

At 31 December 2020

37,560

DEPRECIATION

At 1 January 2020

66,894

Charge for year

25,013

Transfer to ownership

(68,638

)

At 31 December 2020

23,269

NET BOOK VALUE

At 31 December 2020

14,291

At 31 December 2019

39,304

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

1

NET BOOK VALUE

At 31 December 2020

1

At 31 December 2019

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

109,158

382,140

Other debtors

37,180

21,907

146,338

404,047

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 9)

9,963

22,637

Trade creditors

206,844

297,350

Taxation and social security

112,820

90,631

Other creditors

63,045

78,237

392,672

488,855

The company has provided a duty deferment guarantee of £100,000 (2019: £100,000) in favour of H M Revenue & Customs.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 9)

1,567

11,035

The hire purchase and finance lease obligations are secured on the assets to which they relate.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.20

31.12.19

£

£

Net obligations repayable:

Within one year

9,963

22,637

Between one and five years

1,567

11,035

11,530

33,672

Non-cancellable operating

leases

31.12.20

31.12.19

£

£

Between one and five years

59,000

88,500