Erik Laan Fine Wines Limited - Accounts to registrar (filleted) - small 22.3
Erik Laan Fine Wines Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 June 2022 |
| for |
| Erik Laan Fine Wines Limited |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2022 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| Erik Laan Fine Wines Limited |
| Company Information |
| for the Year Ended 30 June 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Endeavour House |
| 78 Stafford Road |
| Wallington |
| Surrey |
| SM6 9AY |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Erik Laan Fine Wines Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Erik Laan Fine Wines Limited for the year ended 30 June 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Erik Laan Fine Wines Limited, as a body, in accordance with the terms of our engagement letter dated 4 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Erik Laan Fine Wines Limited and state those matters that we have agreed to state to the Board of Directors of Erik Laan Fine Wines Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Erik Laan Fine Wines Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Erik Laan Fine Wines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Erik Laan Fine Wines Limited. You consider that Erik Laan Fine Wines Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Erik Laan Fine Wines 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 statutory financial statements. |
| Endeavour House |
| 78 Stafford Road |
| Wallington |
| Surrey |
| SM6 9AY |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Statement of Financial Position |
| 30 June 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| 41,944 | 54,317 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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. |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Statement of Financial Position - continued |
| 30 June 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2022 |
| 1. | STATUTORY INFORMATION |
| Erik Laan Fine Wines Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The preparation of the financial statements requires the directors to make an assessment of the entity's ability to continue as a going concern. The directors have reviewed in particular the impact of the COVID-19 pandemic and have concluded that it remains appropriate to prepare these financial statements on a going concern basis. During the COVID-19 pandemic the directors have taken advantage of various support packages available to the company including a Coronavirus Business Interruption Loan and government grants. |
| Since the accounting reference date the directors have implemented various cost savings and business management, performance and monitoring improvements, to enhance the trading profitability. |
| The directors have confirmed that they will continue to support the company for at least the next twelve months and have the financial resources to do so. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is recognised at the point at which goods and services are delivered to the customer. |
| En primeur sales |
| Revenue in respect of en primeur sales is recognised when invoiced and the amount is payable by the customer. The cost of the goods to be delivered is included in cost of sales and creditors. Payment has usually been made to the supplier before delivery of the goods. Payments on account have been recorded as a reduction in the related creditor. The commercial risk of the goods passes from the company to the customer once ordered and therefore the directors believe it is applicable to recognise en primeur revenue on invoicing. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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 |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2022 |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2021 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Deferred tax asset |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts |
| Directors' loan accounts |
| Accruals and deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other loans - 1-2 years |
| Other loans - 2-5 years |
| Hire purchase contracts (see note 8) |
| Directors' loan accounts |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2022 | 2021 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Erik Laan Fine Wines Limited (Registered number: 04768821) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2022 |
| 8. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank overdrafts and bank loans | 86,797 | 52,962 |
| The directors have provided personal guarantees to secure the bank overdraft and bank loans. |
| 10. | RELATED PARTY DISCLOSURES |
| The director R Devitt, who has now resigned, provided loan finance of £100,000 to the company. At the year end £9,167 (2021 £10,000) was outstanding. |
| The directors C E Laan and G F Dudley provided loan finance of £140,000 to the company during the year. At the year end £72,000 was outstanding. Interest is being applied at 5%. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The controlling party is C E Laan. |