Frank Stainton Wines Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03716022 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2022

for

Frank Stainton Wines Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

516,161

519,619

516,161

519,619

CURRENT ASSETS

Stocks

539,540

476,929

Debtors

6

234,761

242,071

Cash at bank and in hand

319,300

363,179

1,093,601

1,082,179

CREDITORS

Amounts falling due within one year

7

338,110

363,042

NET CURRENT ASSETS

755,491

719,137

TOTAL ASSETS LESS CURRENT LIABILITIES

1,271,652

1,238,756

CREDITORS

Amounts falling due after more than one year

8

(410,604

)

(425,600

)

PROVISIONS FOR LIABILITIES

(14,585

)

(12,428

)

NET ASSETS

846,463

800,728

CAPITAL AND RESERVES

Called up share capital

11,000

11,000

Retained earnings

835,463

789,728

846,463

800,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2022 and were signed on its behalf by:

F E Stainton - Director

1.	STATUTORY INFORMATION

Frank Stainton Wines Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03716022

Registered office:

1 Station Yard

Station Road

Kendal

Cumbria

LA9 6BT

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 50 years

Fixtures and fittings

-

33% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost 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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2021

and 30 September 2022

250,000

AMORTISATION

At 1 October 2021

and 30 September 2022

250,000

NET BOOK VALUE

At 30 September 2022

-

At 30 September 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2021

740,374

26,608

49,500

816,482

Additions

-

4,250

18,835

23,085

At 30 September 2022

740,374

30,858

68,335

839,567

DEPRECIATION

At 1 October 2021

248,508

20,990

27,365

296,863

Charge for year

14,807

1,492

10,244

26,543

At 30 September 2022

263,315

22,482

37,609

323,406

NET BOOK VALUE

At 30 September 2022

477,059

8,376

30,726

516,161

At 30 September 2021

491,866

5,618

22,135

519,619

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

227,471

235,130

Other debtors

7,290

6,941

234,761

242,071

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

5,450

5,450

Trade creditors

140,260

119,750

Taxation and social security

61,472

103,321

Other creditors

120,928

124,521

338,110

363,042

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans

28,333

38,333

Hire purchase contracts

2,271

7,267

Other creditors

380,000

380,000

410,604

425,600

9.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £2,106 (2020 - £5,266).

10.	RELATED PARTY DISCLOSURES