Gordano Wines Limited Small abbreviated accounts

GORDANO WINES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 04198688

GORDANO WINES LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

30 June 2016

JAY & JAY PARTNERSHIP LIMITED

Chartered Certified Accountants

2 Chesterfield Buildings

Westbourne Place

Clifton

Bristol

BS8 1RU

GORDANO WINES LIMITED

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GORDANO WINES LIMITED

YEAR ENDED 30 JUNE 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Gordano Wines Limited for the year ended 30 June 2016 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

Our work has been undertaken in accordance with the requirements of Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants

2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU

2 December 2016

GORDANO WINES LIMITED

ABBREVIATED BALANCE SHEET

30 June 2016

	2016	2015
Note	£	£
FIXED ASSETS	2
Tangible assets	315,635	319,010
	-----------	-----------

CURRENT ASSETS

Stocks	55,582	70,258
Debtors	490,757	526,343
Cash at bank and in hand	22,738	15,540
	-----------	-----------
	569,077	612,141
CREDITORS: Amounts falling due within one year	3	498,202	551,383
		-----------	-----------
NET CURRENT ASSETS	70,875	60,758
	-----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES	386,510	379,768

CREDITORS: Amounts falling due after more than one year	4	323,113	336,716
	-----------	-----------
	63,397	43,052
	-----------	-----------

CAPITAL AND RESERVES

Called up equity share capital	6	100	100
Profit and loss account	63,297	42,952
	---------	---------
SHAREHOLDERS' FUNDS	63,397	43,052
	---------	---------

For the year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved and signed by the director and authorised for issue on 2 December 2016 .

Mr R H Bagnall

Company Registration Number: 04198688

GORDANO WINES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 JUNE 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Changes in accounting policies

In preparing the financial statements for the current year, the company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015).

The adoption of FRSSE 2015 in place of FRSSE 2008 has not resulted in any changes of accounting policy.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

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

Plant & Machinery-25% reducing balance method

Fixtures & Fittings-25% reducing balance method

Computer Equipment-25% reducing balance method

The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 July 2015 and 30 June 2016	350,399
	-----------

DEPRECIATION

At 1 July 2015	31,389
Charge for year	3,375
	-----------
At 30 June 2016	34,764
	-----------

NET BOOK VALUE

At 30 June 2016	315,635
	-----------

At 30 June 2015	319,010
	-----------

3. CREDITORS: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	319,537	343,590
Secured debt < 1 Yr: Hire purchase agreements	3,500	4,045
	-----------	-----------
	323,037	347,635
	-----------	-----------

4. CREDITORS: Amounts falling due after more than one year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	190,684	200,787
Secured debt >1 Yr: Hire purchase agreements	2,429	5,929
	-----------	-----------
	193,113	206,716
	-----------	-----------

5. TRANSACTIONS WITH THE DIRECTOR

At the beginning of the year the director, Mr R Bagnall, owed the company £18,402 (2015 - £26,402). During the year the director borrowed further funds from the company and the maximum amount that was owed by the director was £35,447 in March 2016. The director made repayments of the loan during the year so that at 30th June 2016 the director owed the company £18,402 (2015 - £18,402). This loan is interest free and repayable on demand.

6. SHARE CAPITAL

Allotted, called up and fully paid:

2016	2015
No.	£	No.	£
Ordinary A shares of £ 1 each	94	94	94	94
Ordinary B shares of £ 1 each	6	6	6	6
	-----	-----	-----	-----
	100	100	100	100
	-----	-----	-----	-----

The A and B shares rank equally except that the company has the power to pay different rates of dividends to different classes of shares.