Planet of the Grapes Limited - Period Ending 2022-03-31

Planet of the Grapes Limited - Period Ending 2022-03-31


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Registration number: 6192750

Planet of the Grapes Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2022

 

Planet of the Grapes Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Planet of the Grapes Limited

Company Information

Director

M Harris

Registered office

Office 2
Tweed House
Park Lane
Swanley
BR8 8DT

Accountants

Mack Business Services Limited
Office 2
Tweed House
Park Lane
Swanley
BR8 8DT

 

Planet of the Grapes Limited

(Registration number: 6192750)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

19,500

21,000

Tangible assets

5

324,522

680,344

 

344,022

701,344

Current assets

 

Stocks

6

185,642

218,412

Debtors

26,321

39,446

Cash at bank and in hand

 

77,149

143,697

 

289,112

401,555

Prepayments and accrued income

 

40,815

42,625

Creditors: Amounts falling due within one year

(349,131)

(490,551)

Net current liabilities

 

(19,204)

(46,371)

Total assets less current liabilities

 

324,818

654,973

Creditors: Amounts falling due after more than one year

(679,007)

(747,662)

Accruals and deferred income

 

(3,740)

(3,740)

Net liabilities

 

(357,929)

(96,429)

Capital and reserves

 

Called up share capital

7

160

160

Share premium reserve

262,009

262,009

Profit and loss account

(620,098)

(358,598)

Shareholders' deficit

 

(357,929)

(96,429)

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Planet of the Grapes Limited

(Registration number: 6192750)
Abridged Balance Sheet as at 31 March 2022

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 22 July 2022
 

.........................................
M Harris
Director

 

Planet of the Grapes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Office 2
Tweed House
Park Lane
Swanley
BR8 8DT

The principal place of business is:
Unit 3
126 Brixton Hill
London
SW2 1RS

These financial statements were authorised for issue by the director on 22 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Planet of the Grapes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Planet of the Grapes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2021 - 27).

 

Planet of the Grapes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2021

60,000

At 31 March 2022

60,000

Amortisation

At 1 April 2021

39,000

Amortisation charge

1,500

At 31 March 2022

40,500

Carrying amount

At 31 March 2022

19,500

At 31 March 2021

21,000

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

59,567

729,712

6,958

796,237

Additions

-

4,178

-

4,178

Disposals

(59,567)

(290,433)

-

(350,000)

At 31 March 2022

-

443,457

6,958

450,415

Depreciation

At 1 April 2021

-

108,935

6,958

115,893

Charge for the year

-

10,000

-

10,000

At 31 March 2022

-

118,935

6,958

125,893

Carrying amount

At 31 March 2022

-

324,522

-

324,522

At 31 March 2021

59,567

620,777

-

680,344

Included within the net book value of land and buildings above is £Nil (2021 - £59,567) in respect of freehold land and buildings.
 

 

Planet of the Grapes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

6

Stocks

2022
£

2021
£

Other inventories

185,642

218,412

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.00 each

158,404

158

158,404

158

Ordinary A shares of £1 each

2

2

2

2

 

158,406

160

158,406

160