Global Wines (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02709943 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

GLOBAL WINES (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Kuldip Singh Dulay

Ravinder Kaur Dulay

SECRETARY:

Kuldip Singh Dulay

REGISTERED OFFICE:

148 -152 George Road

Oldbury

Warley

West Midlands

B68 9LW

REGISTERED NUMBER:

02709943 (England and Wales)

ACCOUNTANTS:

Brindleys Limited

2 Wheeleys Road

Edgbaston

Birmingham

West Midlands

B15 2LD

BANKERS:

National Westminster Bank Plc.

Smethwick Branch

34 High Street

Smethwick

Warley

West Midlands

B66 1DU

FIXED ASSETS

Tangible assets

4

133,288

149,727

CURRENT ASSETS

Stocks

5

72,835

110,115

Debtors

6

1,213,113

745,644

Cash at bank and in hand

169,847

374,649

1,455,795

1,230,408

CREDITORS

Amounts falling due within one year

7

233,000

196,020

NET CURRENT ASSETS

1,222,795

1,034,388

TOTAL ASSETS LESS CURRENT LIABILITIES

1,356,083

1,184,115

PROVISIONS FOR LIABILITIES

17,977

-

NET ASSETS

1,338,106

1,184,115

CAPITAL AND RESERVES

Called up share capital

9,900

9,900

Retained earnings

1,328,206

1,174,215

SHAREHOLDERS' FUNDS

1,338,106

1,184,115

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2021 and were signed on its behalf by:

Kuldip Singh Dulay - Director

1.	STATUTORY INFORMATION

Global Wines (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2019 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2019

326,852

24,965

365,649

Additions

-

-

4,311

At 31 March 2020

326,852

24,965

369,960

DEPRECIATION

At 1 April 2019

284,027

14,955

270,697

Charge for year

6,424

1,501

14,340

At 31 March 2020

290,451

16,456

285,037

NET BOOK VALUE

At 31 March 2020

36,401

8,509

84,923

At 31 March 2019

42,825

10,010

94,952

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2019

7,990

2,510

727,966

Additions

-

2,095

6,406

At 31 March 2020

7,990

4,605

734,372

DEPRECIATION

At 1 April 2019

7,190

1,370

578,239

Charge for year

200

380

22,845

At 31 March 2020

7,390

1,750

601,084

NET BOOK VALUE

At 31 March 2020

600

2,855

133,288

At 31 March 2019

800

1,140

149,727

5.

STOCKS

2020

2019

£

£

Stocks

72,835

110,115

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

73

45

Tax Paid S-455

59,646

59,646

Woodborne Group (Abbey Road)

249,426

249,818

Woodbourne Group(Black lake)

150,000

-

KMR Holdings Ltd

430,000

-

Directors' current accounts

315,092

433,308

Prepayments

8,876

2,827

1,213,113

745,644

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

111,191

119,830

Corporation tax

58,373

47,159

Social security and other taxes

3,613

2,837

VAT

11,597

4,916

Other creditors

34,841

7,740

Woodbourne Homes Ltd

7,255

7,255

Accrued expenses

6,130

6,283

233,000

196,020

8.	RELATED PARTY TRANSACTIONS

The current asset of £430,000 due to KMR Holdings Ltd is a related party transaction and no terms are attached to this amount

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

Kuldip Singh Dulay and Ravinder Kaur Dulay

Balance outstanding at start of year

433,308

338,313

Amounts advanced

167,909

230,578

Amounts repaid

(286,125

)

(135,583

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

315,092

433,308

Dividends issued during the year = £61,000 (£59,000 in 2019)

10.	ULTIMATE CONTROLLING PARTY

Ultimate Controlling Parties are Mr Kuldip Singh Dulay and Mrs Ravinder Kaur Dulay.