Laurence Philippe Wines Limited Filleted accounts for Companies House (small and micro)

LAURENCE PHILIPPE WINES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01552679

Laurence Philippe Wines Limited

Filleted Unaudited Financial Statements

30 April 2018

Laurence Philippe Wines Limited

Statement of Financial Position

30 April 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		27,031	17,530

Current assets

Stocks		192,448	258,486
Debtors	6	270,205	348,835
Cash at bank and in hand		100,359	47,284
		---------	---------
		563,012	654,605

Creditors: amounts falling due within one year	7	288,135		384,656
		---------		---------
Net current assets			274,877	269,949
			---------	---------
Total assets less current liabilities			301,908	287,479

Creditors: amounts falling due after more than one year	8		11,181	7,917

Provisions

Taxation including deferred tax	3,327	–
	---------	---------
Net assets	287,400	279,562
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		287,300	279,462
		---------	---------
Shareholders funds		287,400	279,562
		---------	---------

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 2018 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 2018

These financial statements were approved by the board of directors and authorised for issue on 18 January 2019 , 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 2018

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.

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.

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

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1st May 2017	1,756	7,685	94,912	104,353
Additions	–	–	17,500	17,500
Disposals	–	–	( 44,500)	( 44,500)
	-------	-------	--------	---------
At 30th April 2018	1,756	7,685	67,912	77,353
	-------	-------	--------	---------
Depreciation
At 1st May 2017	1,756	6,697	78,370	86,823
Charge for the year	–	474	5,725	6,199
Disposals	–	–	( 42,700)	( 42,700)
	-------	-------	--------	---------
At 30th April 2018	1,756	7,171	41,395	50,322
	-------	-------	--------	---------
Carrying amount
At 30th April 2018	–	514	26,517	27,031
	-------	-------	--------	---------
At 30th April 2017	–	988	16,542	17,530
	-------	-------	--------	---------

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 2018	26,517
	--------
At 30th April 2017	14,742
	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	236,234	293,310
Prepayments and accrued income	33,523	55,509
Director's loan account	328	16
Other debtors	120	–
	---------	---------
	270,205	348,835
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	223,356	326,758
Accruals and deferred income	11,436	5,882
Corporation tax	–	6,495
Obligations under finance leases and hire purchase contracts	10,833	5,000
Other taxes and social security	42,510	40,212
Other creditors	–	309
	---------	---------
	288,135	384,656
	---------	---------

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

	2018	2017
	£	£
Obligations under finance leases and hire purchase contracts	11,181	7,917
	--------	-------

9. Called up share capital

Authorised share capital

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	10,000	10,000.00	10,000	10,000.00
	--------	------------	--------	------------

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100.00	100	100.00
	----	--------	----	--------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A.W.M Lawrence	16	312	328
	----	----	----

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A.W.M Lawrence	–	16	16
	----	----	----