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REGISTERED NUMBER: 00911202 (England and Wales)














Financial Statements

for the Year Ended 31st March 2020

for

The Merchant Vintners Company Limited

The Merchant Vintners Company Limited (Registered number: 00911202)






Contents of the Financial Statements
for the year ended 31st March 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Merchant Vintners Company Limited

Company Information
for the year ended 31st March 2020







DIRECTORS: J.J. Eustace
J.J. Tanner
J.C. Townend
N. Hillman
A.A. Cleary
M.E. Trease



SECRETARY: A.M. Sidebottom



REGISTERED OFFICE: c/o House of Townend
Wyke Way
Melton West Industrial Estate
Melton
East Yorkshire
HU14 3BQ



REGISTERED NUMBER: 00911202 (England and Wales)



AUDITORS: cbaSadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: HSBC PLC
3-4 Jameson Street
Hull
East Yorkshire
HU1 3JX



SOLICITORS: Andrew Jackson
Marina Court
Castle Street
Hull
East Yorkshire
HU1 1TJ

The Merchant Vintners Company Limited (Registered number: 00911202)

Balance Sheet
31st March 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,183 602

CURRENT ASSETS
Stocks 1,743,265 1,709,398
Debtors 5 394,348 510,976
Cash at bank and in hand 189,192 177,009
2,326,805 2,397,383
CREDITORS
Amounts falling due within one year 6 1,287,513 1,353,133
NET CURRENT ASSETS 1,039,292 1,044,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,045,475

1,044,852

CREDITORS
Amounts falling due after more than one
year

7

(294,705

)

(318,880

)

PROVISIONS FOR LIABILITIES 9 (1,175 ) (114 )
NET ASSETS 749,595 725,858

CAPITAL AND RESERVES
Called up share capital 10 44,000 40,000
Capital redemption reserve 17,000 17,000
Retained earnings 688,595 668,858
SHAREHOLDERS' FUNDS 749,595 725,858

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th January 2021 and were signed on its behalf by:




J.J. Tanner - Director



J.C. Townend - Director


The Merchant Vintners Company Limited (Registered number: 00911202)

Notes to the Financial Statements
for the year ended 31st March 2020

1. STATUTORY INFORMATION

The Merchant Vintners Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, having regard to the levels of the company's reserves and the trading position up to the date of this report. They believe that the company is well placed to manage its business risks successfully despite the uncertain economic outlook due to the coronavirus pandemic.

The directors have therefore continued to adopt the going concern basis in preparing these annual financial statements.

Turnover
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT. Turnover is recognised when the goods have been dispatched.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Stocks
Stock is valued at the lower of the average cost and net realisable value. The average cost is calculated by including all direct expenditure and a proportion of fixed and variable overheads. The average cost is updated upon delivery of each order.

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.


The Merchant Vintners Company Limited (Registered number: 00911202)

Notes to the Financial Statements - continued
for the year ended 31st March 2020

2. ACCOUNTING POLICIES - continued
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.

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 3 (2019 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2019 11,953
Additions 6,811
Disposals (7,942 )
At 31st March 2020 10,822
DEPRECIATION
At 1st April 2019 11,351
Charge for year 1,072
Eliminated on disposal (7,784 )
At 31st March 2020 4,639
NET BOOK VALUE
At 31st March 2020 6,183
At 31st March 2019 602

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 354,394 479,699
Other debtors 12,091 11,397
Prepayments 27,863 19,880
394,348 510,976

The Merchant Vintners Company Limited (Registered number: 00911202)

Notes to the Financial Statements - continued
for the year ended 31st March 2020

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 590,807 202,747
Trade creditors 572,576 986,401
Taxation 4,451 7,197
Social security and other taxes 2,908 2,385
Other creditors 43,681 52,872
Accrued expenses 73,090 101,531
1,287,513 1,353,133

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Shareholders' unsecured loans 84,705 78,880
Convertible loan stock 210,000 240,000
294,705 318,880

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Shareholders' unsecured loans 84,705 78,880
Convertible loan stock 210,000 240,000
294,705 318,880

8. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank overdrafts 590,807 202,747

The bank overdraft is secured by a debenture including fixed and floating charges over the assets of the company.

9. PROVISIONS FOR LIABILITIES
2020 2019
£    £   
Deferred tax
Accelerated capital allowances 1,175 114

The Merchant Vintners Company Limited (Registered number: 00911202)

Notes to the Financial Statements - continued
for the year ended 31st March 2020

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st April 2019 114
Charge to Income Statement during year 1,061
Balance at 31st March 2020 1,175

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
44,000 Ordinary £1 44,000 40,000
(2019 - 40,000 )

4,000 Ordinary shares of £1 were issued during the year for cash of £ 4,000 .

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of cbaSadofskys

12. RELATED PARTY DISCLOSURES

Rebates payable to the company's members for the year amounted to £nil (2019 - £35,000).

13. POST BALANCE SHEET EVENTS

The COVID-19 pandemic has developed rapidly in 2020, with a significant number of cases. Measures taken by various governments to contain the virus have affected economic activity and the company's business in various significant ways:

- The reduction of economic activity has resulted in a significant reduction in sales from mid-March 2020.
- Due to government measures taken, two-thirds of our staff were placed on furlough from April to July 2020.

As a result of these effects our cumulative revenue in the first 3 months of the 2020/21 financial year was approximately 53% lower than our 2019/20 revenues in the same period, with the major negative impact being in April.

Revenues have recovered in the second quarter of the 2020/21 financial year, with turnover for that period actually being 5% higher than the same period in 2019/20.

Depending on the duration of the COVID-19 crisis and continued negative impact on economic activity as a result of the second wave of coronavirus, the company might experience further negative results in 2020/21. The exact impact on our activities in the remainder of 2020/21 and thereafter cannot be predicted, but the directors are confident that the company is well placed to weather the storm due to efficiencies that have been made over the last twelve months.