Decorum Vintners Ltd Filleted accounts for Companies House (small and micro)

DECORUM VINTNERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03816422

Decorum Vintners Ltd

Filleted Unaudited Financial Statements

31 December 2020

Decorum Vintners Ltd

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	24,525	–
Tangible assets	6	3,709	4,572
		--------	-------
		28,234	4,572

Current assets

Stocks		732,000	796,000
Debtors	7	206,666	240,416
Cash at bank and in hand		205,193	182,758
		------------	------------
		1,143,859	1,219,174

Creditors: amounts falling due within one year	8	470,828		368,308
		------------		------------
Net current assets			673,031	850,866
			---------	---------
Total assets less current liabilities			701,265	855,438

Creditors: amounts falling due after more than one year	9	–	20,651
		---------	---------
Net assets		701,265	834,787
		---------	---------

Capital and reserves

Called up share capital	20,000	20,000
Profit and loss account	681,265	814,787
	---------	---------
Shareholders funds	701,265	834,787
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Decorum Vintners Ltd

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 8 September 2021 , and are signed on behalf of the board by:

Mr R Monier-Williams

Director

Company registration number: 03816422

Decorum Vintners Ltd

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Shaftesbury Centre, 85 Barlby Road, London, W10 6BN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The financial statements do not include any estimates or assumptions that affect the amounts reported.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	According to the remaining estimated useful life o the website

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2019: 4 ).

5. Intangible assets

	Development costs
	£
Cost
Additions	149,525
	---------
At 31 December 2020	149,525
	---------
Amortisation
Charge for the year	125,000
	---------
At 31 December 2020	125,000
	---------
Carrying amount
At 31 December 2020	24,525
	---------
At 31 December 2019	–
	---------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2020	6,693	30,503	37,196
Additions	–	372	372
	-------	--------	--------
At 31 December 2020	6,693	30,875	37,568
	-------	--------	--------
Depreciation
At 1 January 2020	6,363	26,261	32,624
Charge for the year	82	1,153	1,235
	-------	--------	--------
At 31 December 2020	6,445	27,414	33,859
	-------	--------	--------
Carrying amount
At 31 December 2020	248	3,461	3,709
	-------	--------	--------
At 31 December 2019	330	4,242	4,572
	-------	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	203,664	237,414
Other debtors	3,002	3,002
	---------	---------
	206,666	240,416
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	287,171	225,674
Social security and other taxes	129,840	86,782
Other creditors	4,078	3,113
Other creditors	49,739	52,739
	---------	---------
	470,828	368,308
	---------	---------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Trade creditors	–	1,231
Other creditors	–	19,420
	----	--------
	–	20,651
	----	--------

10. Related party transactions

The company was under the control of the directors throughout the current and previous year. As at the end of the year each of the two directors were owed £10,000 (2019: £11,500). This balance is included within other creditors due in less than one year.