Worthington Wine and Spirits UK Limited
Worthington Wine and Spirits UK Limited
Registered number: 08532296
Directors' Report and
Unaudited Financial Statements
For The Year Ended
28 February 2022
Worthington Wine and Spirits UK Limited
Directors' Report and Unaudited Financial Statements
For The Year Ended
28 February 2022
Directors' Report and Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Statement of Income and Retained Earnings | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6—8 |
Worthington Wine and Spirits UK Limited
Company Information
For The Year Ended
28 February 2022
Company Information
| Directors |
|
|
|
|
| Company Number |
|
| Registered Office | Bank House |
| 81 St Judes Road | |
| Englefield Green | |
| Surrey | |
| TW20 0DF | |
| Accountants |
|
|
|
|
| 81 St Judes Road | |
| Englefield Green | |
| TW20 0DF | |
Worthington Wine and Spirits UK Limited
Company No. 08532296
Directors' Report For The Year Ended
28 February 2022
Directors' Report
The directors present their report and the financial statements for the year ended
28 February 2022
.
Principal Activity
The company's principal activity continues to be that of distribution of wine and spirits.
Directors
The directors who held office during the year were as follows:
|
|
|
|
Small Company Rules
This report has 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.
On behalf of the board
|
Director
|
|
|
Worthington Wine and Spirits UK Limited
Accountants' Report
For The Year Ended
28 February 2022
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of
Worthington Wine and Spirits UK Limited
For The Year Ended 28 February 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Worthington Wine and Spirits UK Limited
For The Year Ended 28 February 2022 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
Worthington Wine and Spirits UK Limited
, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of
Worthington Wine and Spirits UK Limited
and state those matters that we have agreed to state to the directors of
Worthington Wine and Spirits UK Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Worthington Wine and Spirits UK Limited
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
Worthington Wine and Spirits UK Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Worthington Wine and Spirits UK Limited
. You consider that
Worthington Wine and Spirits UK Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Worthington Wine and Spirits UK Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
| Signed |
|
|
|
|
Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Worthington Wine and Spirits UK Limited
Statement of Income and Retained Earnings
For The Year Ended
28 February 2022
Statement of Income and Retained Earnings
| 2022 | 2021 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| TURNOVER |
|
|
||
| Cost of sales |
( |
( |
||
| GROSS PROFIT |
|
|
||
| Administrative expenses |
( |
( |
||
| OPERATING PROFIT AND PROFIT BEFORE TAXATION |
|
|
||
| Tax on Profit | 3 |
( |
( |
|
| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
|
|
||
| RETAINED EARNINGS | ||||
| As at
|
|
|
||
| As at
|
|
|
||
The notes on pages 6 to 8 form part of these financial statements.
Worthington Wine and Spirits UK Limited
Balance Sheet
As at
28 February 2022
Balance Sheet
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Stocks | 5 |
|
|
||
| Debtors | 6 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
|
|
||
| Profit and Loss Account |
|
|
|||
| SHAREHOLDERS' FUNDS | 131,184 | 91,173 | |||
On behalf of the board
|
Director
|
|
|
The notes on pages 6 to 8 form part of these financial statements.
Worthington Wine and Spirits UK Limited
Notes to the Financial Statements
For The Year Ended
28 February 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Coronavirus
On 11 March 2020 the World Health Organisation declared the COVID-19 outbreak as a worldwide pandemic. The directors are carefully monitoring the situation and following the applicable guidance issued by the UK Government. The outbreak has had a significant impact on both people and industry across the world. Due to the nature of the outbreak and the ongoing affect it is having globally it is currently very difficult to fully predict the overall impact this situation will have on the company and the business going forward.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2021: NIL)
Worthington Wine and Spirits UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
3.
Tax on Profit
| Tax Rate | 2022 | 2021 | |||
|---|---|---|---|---|---|
| 2022 | 2021 | £ | £ | ||
| UK Corporation Tax | 19.0% | 19.0% |
|
|
|
| Total Current Tax Charge |
|
|
|||
| Total tax charge for the period |
|
|
|||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Profit before tax | 49,396 | 22,065 | |||
| Breakdown of Tax Charge is: | |||||
| Tax on profit at 19% (UK standard rate) |
|
|
|||
| Total tax charge for the period | 9,385 | 4,192 | |||
4.
5.
Stocks
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - finished goods |
|
|
|
|
|
|
||
6.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
| VAT |
|
|
|
| Directors' loan accounts |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Other creditors |
|
|
|
|
|
|
||
Worthington Wine and Spirits UK Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
9.
Related Party Transactions
At the balance sheet date, included within debtors due within one year, is an amount of £546 (2021 - £102) owed by the company director, J V Hooper. This loan is interest free, of no fixed term and repayable on demand.
J V Hooper has a controlling interest in the following company:
Gravel Junction (Pty) Limited
At the balance sheet date, included within other debtors due within one year, is an amount of £130,000 (2021 - £30,000) owed to Worthington Wine and Spirits UK Limited. This loan is interest free, long term in nature and repayable on demand.
Stellar Limited
At the balance sheet date, included within other creditor due within one year, is an amount of £80,000 (2021 - £nil) owes by Worthington Wine and Spirits UK Limited. This loan is interest free, long term in nature and repayable on demand.
10.
Ultimate Controlling Party
The company's ultimate controlling party is J V Hooper.
11.
General Information
Worthington Wine and Spirits UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08532296
. The registered office is Bank House, 81 St Judes Road, Englefield Green, Surrey, TW20 0DF.