LICENSED_WHOLESALE_COMPAN - Accounts
LICENSED_WHOLESALE_COMPAN - Accounts
Licensed Wholesale Company Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Greenside Way, Middleton, Manchester, M24 1SW.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures; and
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.
The financial statements of the company are consolidated in the financial statements of Licensed Wholesale Company Limited which are available from Companies House.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The company was dissolved on 29 May 2018 but in 2022 has been reinstated on the Companies Register.
On 30 September 2014 the company sold six freehold and four leasehold properties to LWC Drinks Limited as part of a group simplification exercise for consideration of £4,077k paid via intra group account being the net book value of the properties at the time. Whilst beneficial ownership of the properties was duly moved to the purchaser it has recently come to light that legal paperwork in respect of three of those properties was not fully executed and hence there is a question as to where the legal title resides. The company has been temporarily reinstated in order that the necessary paperwork can be completed which is expected to happen later this year.
The average monthly number of persons (including directors) employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Licensed Wholesale Company Limited, a company incorporated in England and Wales is considered to be the ultimate parent company.
The company's controlling related parties are R M Gray and E K Mukadam by virtue of their shareholdings in Licensed Wholesale Company Limited.
Financial statements for Licensed Wholesale Company Limited are available to the public, on payment of the appropriate fee, from the Registrar of Companies, Crown Way, Maindy, Cardiff, CF2 4UZ.