ACCOUNTS - Final Accounts

WINEWARE (RACKS & ACCESSORIES) LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31false82021-04-01No description of principal activity8truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04019913 2021-04-01 2022-03-31 04019913 2020-04-01 2021-03-31 04019913 2022-03-31 04019913 2021-03-31 04019913 c:Director1 2021-04-01 2022-03-31 04019913 c:Director2 2021-04-01 2022-03-31 04019913 d:Buildings d:ShortLeaseholdAssets 2021-04-01 2022-03-31 04019913 d:Buildings d:ShortLeaseholdAssets 2022-03-31 04019913 d:Buildings d:ShortLeaseholdAssets 2021-03-31 04019913 d:PlantMachinery 2021-04-01 2022-03-31 04019913 d:PlantMachinery 2022-03-31 04019913 d:PlantMachinery 2021-03-31 04019913 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04019913 d:OfficeEquipment 2021-04-01 2022-03-31 04019913 d:OfficeEquipment 2022-03-31 04019913 d:OfficeEquipment 2021-03-31 04019913 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04019913 d:ComputerEquipment 2021-04-01 2022-03-31 04019913 d:ComputerEquipment 2022-03-31 04019913 d:ComputerEquipment 2021-03-31 04019913 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04019913 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04019913 d:CurrentFinancialInstruments 2022-03-31 04019913 d:CurrentFinancialInstruments 2021-03-31 04019913 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04019913 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 04019913 d:ShareCapital 2022-03-31 04019913 d:ShareCapital 2021-03-31 04019913 d:RetainedEarningsAccumulatedLosses 2022-03-31 04019913 d:RetainedEarningsAccumulatedLosses 2021-03-31 04019913 c:FRS102 2021-04-01 2022-03-31 04019913 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 04019913 c:FullAccounts 2021-04-01 2022-03-31 04019913 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Company registration number: 04019913

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2022

	WINEWARE (RACKS AND ACCESSORIES) LIMITED


WINEWARE (RACKS AND ACCESSORIES) LIMITED REGISTERED NUMBER:04019913

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2022

		2022		2021
Note		£		£

Fixed assets
Tangible Assets	4		3,812		5,477
			3,812		5,477
Current assets
Stocks		297,309		204,158
Debtors: amounts falling due within one year	5	120,909		123,049
Cash at bank and in hand		193,538		351,692
		611,756		678,899
Creditors: amounts falling due within one year	6	(217,309)		(290,010)
Net current assets			394,447		388,889
Total assets less current liabilities			398,259		394,366

Net assets			398,259		394,366

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	397,259	393,366
	398,259	394,366

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WINEWARE (RACKS AND ACCESSORIES) LIMITED REGISTERED NUMBER:04019913

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 November 2022.

C J Wellman	Mrs L M Wellman
Director	Director

The notes on pages 3 to 7 form part of these financial statements.

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WINEWARE (RACKS AND ACCESSORIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Wineware (Racks & Accessories) Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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WINEWARE (RACKS AND ACCESSORIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	10%	on cost.
Plant and machinery	-	25%	on cost.
Office equipment	-	20%	on cost.
Computer equipment	-	33%	on cost.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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WINEWARE (RACKS AND ACCESSORIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Financial instruments

The Company only enters into basic financial instrument 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 and investments in ordinary shares.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 8 (2021 - 8).

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WINEWARE (RACKS AND ACCESSORIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

4.	Tangible fixed assets

	Leasehold property	Plant and machinery	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2021	106,544	11,250	23,683	10,668	152,145
Additions	-	-	1,068	474	1,542
At 31 March 2022	106,544	11,250	24,751	11,142	153,687
Depreciation
At 1 April 2021	106,544	6,624	23,533	9,967	146,668
Charge for the year on owned assets	-	2,312	250	645	3,207
At 31 March 2022	106,544	8,936	23,783	10,612	149,875
Net book value
At 31 March 2022	-	2,314	968	530	3,812
At 31 March 2021	-	4,626	150	701	5,477

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WINEWARE (RACKS AND ACCESSORIES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Debtors

					2022	2021
					£	£


Trade debtors	111,330	117,856
Other debtors	436	37
Prepayments and accrued income	9,143	5,156
	120,909	123,049

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	135,321	134,216
Corporation tax	34,503	82,316
Other taxation and social security	28,842	48,557
Other creditors	15,293	21,996
Accruals and deferred income	3,350	2,925
	217,309	290,010

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