Planet_Wine_Limited_31_Dec_2017_companies_house_set_of_accounts.html
Planet_Wine_Limited_31_Dec_2017_companies_house_set_of_accounts.html
Company registration number:
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Planet Wine Limited for the year ended 31 December 2017
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Planet Wine Limited for the year ended 31 December 2017 which comprise the income statement, statement of income and retained earnings, statement of financial position and 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 at icaew.com/regulations.
This report is made solely to the Board of Directors of Planet Wine Limited , as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Planet Wine Limited and state those matters that we have agreed to state to the Board of Directors of Planet Wine 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 Planet Wine Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Planet Wine 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 profit of Planet Wine Limited . You consider that Planet Wine Limited is exempt from the statutory audit requirement for the year.
Marsland Chambers
1a Marsland Road
Sale Moor
Cheshire
M33 3HP
United Kingdom
1a Marsland Road
Sale Moor
Cheshire
M33 3HP
United Kingdom
Statement of Financial Position
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
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| Current assets | |||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 7 |
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| Net current assets |
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| Total assets less current liabilities | 54,914 | 76,315 | |||
| Provision for liabilities | (577 | ) | (862 | ) | |
| Net assets |
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| Capital and reserves | |||||
| Called up share capital |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 31 December 2017 , the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 2 July 2018 , and are signed on behalf of the board by:
| Director |
Company registration number:
03561530
Notes to the Financial Statements
Year ended 31 December 2017
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 126 Northenden Road , Sale , Cheshire , M33 3HD , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.
Current tax
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.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
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:
| Office equipment |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Defined contribution pension plan
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.
Operating leases
4 Average number of employees
The average number of persons employed by the company during the year was 5 (2016: 5 ).
5 Tangible assets
| Plant and machinery etc. | ||
|---|---|---|
| £ | ||
| Cost | ||
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| Disposals |
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| Depreciation | ||
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| Carrying amount | ||
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| At 31 December 2016 |
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6 Debtors
| 2017 | 2016 | |||
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| £ | £ | |||
| Trade debtors |
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| Other debtors |
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7 Creditors: amounts falling due within one year
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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8 Directors' advances, credit and guarantees
The following advances and credits to directors subsisted during the years ended 31 December 2017 and 31 December 2016:
P Bosc
The balance outstanding at the start of the year to 31 December 2016 was £0 and £6,671 was advanced in the year.
The outstanding balance at the end of the year was £6,671.
No advances or credits were made in the year to 31 December 2017 and the balance at the end of the year remains £6,671.
P Sherlock
The balance outstanding at the start of the year to 31 December 2016 was £0. £109,483 was advanced and no repayments were made in the year .
The outstanding balance at the end of the year was £109,483.
The balance outstanding at the start of the year to 31 December 2017 was £109,483. £1,088.50 was advanced and £100,000 was repaid in the year
The outstanding balance at the end of the year was £10,571.
P Bosc
The balance outstanding at the start of the year to 31 December 2016 was £0 and £6,671 was advanced in the year.
The outstanding balance at the end of the year was £6,671.
No advances or credits were made in the year to 31 December 2017 and the balance at the end of the year remains £6,671.
P Sherlock
The balance outstanding at the start of the year to 31 December 2016 was £0. £109,483 was advanced and no repayments were made in the year .
The outstanding balance at the end of the year was £109,483.
The balance outstanding at the start of the year to 31 December 2017 was £109,483. £1,088.50 was advanced and £100,000 was repaid in the year
The outstanding balance at the end of the year was £10,571.