Laurence Philippe Wines Limited Company Accounts

LAURENCE PHILIPPE WINES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01552679

Laurence Philippe Wines Limited

Filleted Unaudited Financial Statements

30 April 2017

Laurence Philippe Wines Limited

Financial Statements

Year ended 30th April 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Laurence Philippe Wines Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		17,530	12,175

Current assets

Stocks		258,486	193,917
Debtors	6	348,819	334,976
Cash at bank and in hand		47,284	65,883
		---------	---------
		654,589	594,776

Creditors: amounts falling due within one year	7	384,640		360,498
		---------		---------
Net current assets			269,949	234,278
			---------	---------
Total assets less current liabilities			287,479	246,453

Creditors: amounts falling due after more than one year	8	7,917	–
		---------	---------
Net assets		279,562	246,453
		---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		279,462	246,353
		---------	---------
Shareholders funds		279,562	246,453
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30th April 2017 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 financial statements for the year in question in accordance with section 476 ;

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

Laurence Philippe Wines Limited

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 17 October 2017 , and are signed on behalf of the board by:

A.W.M Lawrence
Director

Company registration number: 01552679

Laurence Philippe Wines Limited

Notes to the Financial Statements

Year ended 30th April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Brewery Fields, Great Baddow, Chelmsford, Essex.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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

Leasehold property	-	33% straight line
Plant and equipment	-	15% straight line
Motor vehicles	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stock is stated at the lower of cost and net realisable value. Cost includes all direct costs in bringing the stocks to their present location and condition including, where appropriate, a proportion of manufacturing overheads.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1st May 2016	1,756	7,685	78,682	88,123
Additions	–	–	16,230	16,230
	-------	-------	--------	---------
At 30th April 2017	1,756	7,685	94,912	104,353
	-------	-------	--------	---------
Depreciation
At 1st May 2016	1,756	6,210	67,982	75,948
Charge for the year	–	487	10,388	10,875
	-------	-------	--------	---------
At 30th April 2017	1,756	6,697	78,370	86,823
	-------	-------	--------	---------
Carrying amount
At 30th April 2017	–	988	16,542	17,530
	-------	-------	--------	---------
At 30th April 2016	–	1,475	10,700	12,175
	-------	-------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 30th April 2017	14,742
	--------
At 30th April 2016	–
	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	293,310	297,782
Prepayments and accrued income	55,509	37,194
	---------	---------
	348,819	334,976
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	326,758	288,198
Accruals and deferred income	5,882	9,869
Corporation tax	6,495	16,232
Obligations under finance leases and hire purchase contracts	5,000	–
Directors loan account	(16)	563
Other taxes and social security	40,212	45,250
Other creditors	309	386
	---------	---------
	384,640	360,498
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Obligations under finance leases and hire purchase contracts	7,917	–
	-------	----

9. Called up share capital

Authorised share capital

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	10,000	10,000	10,000	10,000
	--------	--------	--------	--------

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Related party transactions

	Loans repaid/(Additional loans)	Balance at 30 April Dr/ (Cr)
	£	£
Entities with control, joint control or significant influence over the company
30 April 2017	580	16
30 April 2016	19,930	(563)

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st May 2015.

No transitional adjustments were required in equity or profit or loss for the year.