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Notes to the financial statements
For the year ended 30 June 2022
McPherson Wines Limited is a private company limited by shares and is incorporated in England and Wales. Its company registration number is 03253926. The registered office of the company is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL.
2.Accounting policies
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Basis of preparation of financial statements
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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 Republic of Ireland' ('FRS102') and the Companies Act 2006.
The company was dormant (within the meaning of Section 480 of the Companies Act 2006) throughout the year ended 30 June 2022. The company has not traded during the year and received no income and incurred no expenses and therefore made neither profit nor loss.
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from McPherson Wines Pty Ltd, its immediate parent company, that it will continue to give financial support to the company for a period of at least twelve months from the date of approval of these financial statements sufficient to enable the company to meet its liabilities as and when they fall due for the foreseeable future and defer repayment of its loans in favour of other creditors.
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The financial statements do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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