Winebuyers Ltd - Filleted accounts

Registered number
09816569
Winebuyers Ltd
Unaudited Filleted Accounts
31 October 2017
Winebuyers Ltd
Registered number: 09816569
Balance Sheet
as at 31 October 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 90,318 -
Tangible assets 3 1,354 -
91,672 -
Current assets
Debtors 4 12,893 30,262
Cash at bank and in hand 4,688 2,682
17,581 32,944
Creditors: amounts falling due within one year 5 (172,079) (29,785)
Net current (liabilities)/assets (154,498) 3,159
Net (liabilities)/assets (62,826) 3,159
Capital and reserves
Called up share capital 1 1
Profit and loss account (62,827) 3,158
Shareholder's funds (62,826) 3,159
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B A E Revell
Director
Approved by the board on 25 November 2017
Winebuyers Ltd
Notes to the Accounts
for the year ended 31 October 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Intangible fixed assets £
Goodwill:
Cost
Additions 98,529
At 31 October 2017 98,529
Amortisation
Provided during the year 8,211
At 31 October 2017 8,211
Net book value
At 31 October 2017 90,318
Goodwill is being written off in equal annual instalments over its estimated economic life of 3 years.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,500
At 31 October 2017 1,500
Depreciation
Charge for the year 146
At 31 October 2017 146
Net book value
At 31 October 2017 1,354
4 Debtors 2017 2016
£ £
Other debtors 12,893 30,262
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors - 3,761
Taxation and social security costs 1,517 1,294
Other creditors 170,562 24,730
172,079 29,785
6 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases 30,521 -
7 Other information
Winebuyers Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Mappin House
Oxford Street
London
W1W 8HF
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