Frank Stainton Wines Ltd - Accounts to registrar (filleted) - small 18.2

Frank Stainton Wines Ltd - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 03716022 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2021

for

Frank Stainton Wines Ltd

Frank Stainton Wines Ltd (Registered number: 03716022)






Contents of the Financial Statements
for the Year Ended 30 September 2021




Page

Balance Sheet 1

Notes to the Financial Statements 3


Frank Stainton Wines Ltd (Registered number: 03716022)

Balance Sheet
30 September 2021

30.9.21 30.9.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 519,619 548,349
519,619 548,349

CURRENT ASSETS
Stocks 476,929 457,494
Debtors 6 242,071 239,215
Cash at bank and in hand 363,179 271,535
1,082,179 968,244
CREDITORS
Amounts falling due within one year 7 363,042 326,982
NET CURRENT ASSETS 719,137 641,262
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,238,756

1,189,611

CREDITORS
Amounts falling due after more than one
year

8

(425,600

)

(434,384

)

PROVISIONS FOR LIABILITIES (12,428 ) (15,263 )
NET ASSETS 800,728 739,964

CAPITAL AND RESERVES
Called up share capital 11,000 11,000
Retained earnings 789,728 728,964
800,728 739,964

Frank Stainton Wines Ltd (Registered number: 03716022)

Balance Sheet - continued
30 September 2021


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 8 December 2021 and were signed on its behalf by:





F E Stainton - Director


Frank Stainton Wines Ltd (Registered number: 03716022)

Notes to the Financial Statements
for the Year Ended 30 September 2021

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.


Frank Stainton Wines Ltd (Registered number: 03716022)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

2. ACCOUNTING POLICIES - continued
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 (2020 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2020
and 30 September 2021 250,000
AMORTISATION
At 1 October 2020
and 30 September 2021 250,000
NET BOOK VALUE
At 30 September 2021 -
At 30 September 2020 -

Frank Stainton Wines Ltd (Registered number: 03716022)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2020 740,374 39,252 49,500 829,126
Disposals - (12,644 ) - (12,644 )
At 30 September 2021 740,374 26,608 49,500 816,482
DEPRECIATION
At 1 October 2020 233,701 27,091 19,985 280,777
Charge for year 14,807 1,016 7,380 23,203
Eliminated on disposal - (7,117 ) - (7,117 )
At 30 September 2021 248,508 20,990 27,365 296,863
NET BOOK VALUE
At 30 September 2021 491,866 5,618 22,135 519,619
At 30 September 2020 506,673 12,161 29,515 548,349

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.21 30.9.20
£    £   
Trade debtors 235,130 231,360
Other debtors 6,941 7,855
242,071 239,215

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.21 30.9.20
£    £   
Bank loans and overdrafts 10,000 8,333
Hire purchase contracts 5,450 5,450
Trade creditors 119,750 145,568
Taxation and social security 103,321 68,418
Other creditors 124,521 99,213
363,042 326,982

Frank Stainton Wines Ltd (Registered number: 03716022)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.9.21 30.9.20
£    £   
Bank loans 38,333 41,667
Hire purchase contracts 7,267 12,717
Other creditors 380,000 380,000
425,600 434,384

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

The company has a loan from Mr & Mrs Stainton on which it pays interest at 1% over the bank rate. At the Balance Sheet date the amount due to Mr & Mrs Stainton was £380,000 (2018 - £380,000)