Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-302021-12-309396truetrue2020-12-31falsefalsetrue 02233431 2020-12-31 2021-12-30 02233431 2019-12-31 2020-12-30 02233431 2021-12-30 02233431 2020-12-30 02233431 2019-12-31 02233431 1 2020-12-31 2021-12-30 02233431 d:Director1 2020-12-31 2021-12-30 02233431 d:Director2 2020-12-31 2021-12-30 02233431 d:Director3 2020-12-31 2021-12-30 02233431 d:RegisteredOffice 2020-12-31 2021-12-30 02233431 c:Buildings 2020-12-31 2021-12-30 02233431 c:Buildings 2021-12-30 02233431 c:Buildings 2020-12-30 02233431 c:Buildings c:OwnedOrFreeholdAssets 2020-12-31 2021-12-30 02233431 c:PlantMachinery 2020-12-31 2021-12-30 02233431 c:PlantMachinery 2021-12-30 02233431 c:PlantMachinery 2020-12-30 02233431 c:PlantMachinery c:OwnedOrFreeholdAssets 2020-12-31 2021-12-30 02233431 c:MotorVehicles 2020-12-31 2021-12-30 02233431 c:MotorVehicles 2021-12-30 02233431 c:MotorVehicles 2020-12-30 02233431 c:MotorVehicles c:OwnedOrFreeholdAssets 2020-12-31 2021-12-30 02233431 c:FurnitureFittings 2020-12-31 2021-12-30 02233431 c:FurnitureFittings 2021-12-30 02233431 c:FurnitureFittings 2020-12-30 02233431 c:FurnitureFittings c:OwnedOrFreeholdAssets 2020-12-31 2021-12-30 02233431 c:OtherPropertyPlantEquipment 2020-12-31 2021-12-30 02233431 c:OtherPropertyPlantEquipment 2021-12-30 02233431 c:OtherPropertyPlantEquipment 2020-12-30 02233431 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2020-12-31 2021-12-30 02233431 c:OwnedOrFreeholdAssets 2020-12-31 2021-12-30 02233431 c:CurrentFinancialInstruments 2021-12-30 02233431 c:CurrentFinancialInstruments 2020-12-30 02233431 c:Non-currentFinancialInstruments 2021-12-30 02233431 c:Non-currentFinancialInstruments 2020-12-30 02233431 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-30 02233431 c:CurrentFinancialInstruments c:WithinOneYear 2020-12-30 02233431 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-30 02233431 c:Non-currentFinancialInstruments c:AfterOneYear 2020-12-30 02233431 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2021-12-30 02233431 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2020-12-30 02233431 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2021-12-30 02233431 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2020-12-30 02233431 c:ReportableOperatingSegment1 2020-12-31 2021-12-30 02233431 c:ReportableOperatingSegment1 2019-12-31 2020-12-30 02233431 c:ReportableOperatingSegment2 2020-12-31 2021-12-30 02233431 c:ReportableOperatingSegment2 2019-12-31 2020-12-30 02233431 c:ReportableOperatingSegment3 2020-12-31 2021-12-30 02233431 c:ReportableOperatingSegment3 2019-12-31 2020-12-30 02233431 c:ReportableOperatingSegment5 2020-12-31 2021-12-30 02233431 c:ReportableOperatingSegment5 2019-12-31 2020-12-30 02233431 c:ReportableOperatingSegment6 2020-12-31 2021-12-30 02233431 c:ReportableOperatingSegment6 2019-12-31 2020-12-30 02233431 c:ShareCapital 2021-12-30 02233431 c:ShareCapital 2020-12-30 02233431 c:ShareCapital 2019-12-31 02233431 c:SharePremium 2021-12-30 02233431 c:SharePremium 2020-12-30 02233431 c:SharePremium 2019-12-31 02233431 c:RetainedEarningsAccumulatedLosses 2020-12-31 2021-12-30 02233431 c:RetainedEarningsAccumulatedLosses 2021-12-30 02233431 c:RetainedEarningsAccumulatedLosses 2019-12-31 2020-12-30 02233431 c:RetainedEarningsAccumulatedLosses 2020-12-30 02233431 c:RetainedEarningsAccumulatedLosses 2019-12-31 02233431 c:FinancialAssetsAmortisedCost 2021-12-30 02233431 c:FinancialAssetsAmortisedCost 2020-12-30 02233431 c:FinancialLiabilitiesAmortisedCost 2021-12-30 02233431 c:FinancialLiabilitiesAmortisedCost 2020-12-30 02233431 d:OrdinaryShareClass1 2020-12-31 2021-12-30 02233431 d:OrdinaryShareClass1 2021-12-30 02233431 d:OrdinaryShareClass1 2020-12-30 02233431 d:FRS102 2020-12-31 2021-12-30 02233431 d:Audited 2020-12-31 2021-12-30 02233431 d:FullAccounts 2020-12-31 2021-12-30 02233431 d:PrivateLimitedCompanyLtd 2020-12-31 2021-12-30 02233431 c:Subsidiary1 2020-12-31 2021-12-30 02233431 c:Subsidiary1 1 2020-12-31 2021-12-30 02233431 c:Subsidiary2 2020-12-31 2021-12-30 02233431 c:Subsidiary2 1 2020-12-31 2021-12-30 02233431 c:WithinOneYear 2021-12-30 02233431 c:WithinOneYear 2020-12-30 02233431 6 2020-12-31 2021-12-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02233431










THE VINEYARD AT STOCKCROSS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 DECEMBER 2021



 
THE VINEYARD AT STOCKCROSS LIMITED
 

COMPANY INFORMATION


Directors
A G McKenzie 
M V Morris 
B Wilkinson 




Registered number
02233431



Registered office
Buckingham House
West Street

Newbury

Berkshire

RG14 1BE




Independent auditor
James Cowper Kreston
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
THE VINEYARD AT STOCKCROSS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 25


 
THE VINEYARD AT STOCKCROSS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2021

BUSINESS REVIEW
The Company is a five star luxury boutique hotel providing a high end wine and food offering which is primarily focused on the weekend leisure guest and midweek business travellers.
The business also operates an exclusive wine agent, importing and selling wines from small bespoke wineries located in California.
Turnover for the year increased resulting in a reduced trading loss before taxation of £359,698 (2020: £1,364,783). 
FINANCIAL KEY PERFORMANCE INDICATORS
The directors actively monitor a number of key performance indicators as follows:
Turnover - Increase of 55% on prior year
Gross profit margin - A increase of 0.03% on prior year at 74.6%
EBITDA - loss of £55,494 in 2021 and loss of £1,123,137 in 2020
The directors also monitor a number of hotel related KPIs in respect of, but not limited to, average room rate and occupancy.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The company uses various financial instruments including cash, loans and items such as trade debtors and trade creditors that arise directly from its operations. The purpose of these financial instruments is to raise finance for the company’s operations.
The risks arising from the company’s financial instruments are currency risk, liquidity risk, interest rate risk and credit risk. The directors review and agree policies for managing each of these risks and these policies have remained unchanged from previous years.

Currency risk
 
The principal trading currency of the company is sterling. Certain purchases are made in US dollars and to minimise foreign exchange risk, the company operates a US bank account and prices the sale based on the US cost of purchase.

Liquidity risk
 
The company manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company has a significant bank loan due for refinancing as mentioned in note 2.3. 

Interest rate risk
 
The company uses loans to finance the expansion and improvement of the facilities which in the long term will improve profitability. Any interest rate risk is manageable through cash assets. No interest is payable on inter company balances. The company’s cash assets are all held in floating rate deposit accounts. Trade debtors and creditors do not attract interest.

Page 1

 
THE VINEYARD AT STOCKCROSS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021

Credit risk
 
The company’s principal financial assets are cash and trade debtors. To manage trade debtor credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Covid-19
At the date of this report the situation with regards to Covid-19 is significantly improved, with all legal restrictions impacting the hotel having been lifted. Whilst some risks remain, the company is trading successfully and the directors believe that the company is well placed for the future.


This report was approved by the board and signed on its behalf.



M V Morris
Director

A G McKenzie
Director


Date: 15 August 2022


Page 2

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2021

The directors present their report and the financial statements for the year ended 30 December 2021.

Principal activity

The principal activity was running a hotel.

Directors

The directors who served during the year were:

A G McKenzie 
M V Morris 
B Wilkinson 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £359,698 (2020 - loss £1,374,325).

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 3

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021

Post balance sheet events

Post year end the Company’s external bank debt was repaid in full. 

Auditor

The auditor, James Cowper Krestonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M V Morris
Director
A G McKenzie
Director


Date: 15 August 2022
Date: 15 August 2022

Page 4

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED
 

Opinion


We have audited the financial statements of The Vineyard at Stockcross Limited (the 'Company') for the year ended 30 December 2021, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 December 2021 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases  the  more  that  compliance  with  a  law  or  regulation  is  removed  from  the  events  and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 
The  risk  is  also  greater  regarding  irregularities  occurring  due  to  fraud  rather  than  error,  as  fraud  involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements
in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business  rationale of significant transactions outside the normal course of business and reviewing accounting  estimates for evidence of bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 7

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Baillie BA (Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

30 August 2022
Page 8

 
THE VINEYARD AT STOCKCROSS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
4,192,767
2,702,405

Cost of sales
  
(1,063,661)
(774,014)

Gross profit
  
3,129,106
1,928,391

Administrative expenses
  
(4,138,051)
(4,184,304)

Other operating income
 5 
766,133
955,234

Operating loss
 6 
(242,812)
(1,300,679)

Interest payable and similar expenses
 10 
(116,886)
(73,646)

Loss before tax
  
(359,698)
(1,374,325)

Loss for the financial year
  
(359,698)
(1,374,325)

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
THE VINEYARD AT STOCKCROSS LIMITED
REGISTERED NUMBER: 02233431

BALANCE SHEET
AS AT 30 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 12 
7,032,138
7,153,599

  
7,032,138
7,153,599

Current assets
  

Stocks
 14 
974,638
909,747

Debtors: amounts falling due within one year
 15 
1,606,171
1,185,883

Cash at bank and in hand
 16 
134,863
562,834

  
2,715,672
2,658,464

Creditors: amounts falling due within one year
 17 
(27,565,865)
(26,720,420)

Net current liabilities
  
 
 
(24,850,193)
 
 
(24,061,956)

Total assets less current liabilities
  
(17,818,055)
(16,908,357)

Creditors: amounts falling due after more than one year
 18 
(2,150,000)
(2,700,000)

  

Net liabilities
  
(19,968,055)
(19,608,357)


Capital and reserves
  

Called up share capital 
 21 
2,867,895
2,867,895

Share premium account
 22 
20,587
20,587

Profit and loss account
 22 
(22,856,537)
(22,496,839)

  
(19,968,055)
(19,608,357)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M V Morris
A G McKenzie
Director
Director


Date: 15 August 2022

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
THE VINEYARD AT STOCKCROSS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 December 2019
2,867,895
20,587
(21,122,514)
(18,234,032)


Comprehensive income for the year

Loss for the year
-
-
(1,374,325)
(1,374,325)



At 31 December 2020
2,867,895
20,587
(22,496,839)
(19,608,357)


Comprehensive income for the year

Loss for the year
-
-
(359,698)
(359,698)


At 30 December 2021
2,867,895
20,587
(22,856,537)
(19,968,055)


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

1.


General information

The Vineyard at Stockcross Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of the Company’s principal place of business is The Vineyard Hotel, Stockcross, Newbury, Berkshire, RG20 8JU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The company has a year end of 30 December 2021, however the financial statements include all transactions up to and including 31 December 2021, a policy permitted under Companies Act 2006 section 390.
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group financial statements. The financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Stockford Limited as at 30 December 2021 and these financial statements may be obtained from Buckingham House, West Street, Newbury, Berkshire, England, RG14 1BE.

Page 12

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Going concern

The Company has made a loss during the year and at the year end had net liabilities of £19,968,055. The company was affected by Covid 19 in 2021 and used government support schemes, most particularly the Coronavirus Job Retention Scheme. Post year end trading however has been strong. 
The Company had a significant level of debt due for repayment in July 2020, but this was extended to August 2021 and subsequently to August 2022. In July 2022 all of the Company’s external bank debt was repaid in full.
The parent company Stockford Limited has agreed to provide support and has confirmed to the Company that it will make available sufficient financial resources as required to enable the Company to meet its short term liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In conclusion the directors consider that the Company will have adequate cash and other liquid resources to meet its commitments, and therefore the financial statements are appropriately prepared on a going concern basis.

 
2.4

Revenue

The turnover shown in the Statement of Income and Retained Earnings represents the value of goods and services provided during the year, stated net of discounts and value added tax. Turnover can be split into two main areas:
Sale of accommodation:
Turnover in relation to the provision of accommodation is recognised over the period of stay in the hotel. Where a customer pays in advance of their stay that turnover is deferred accordingly.
Sale of food, beverages, leisure and other goods:
Turnover in relation to the provision of food, drink and other goods is recognised at the point the sale of the items is made to the customer.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, straight-line method.

The estimated useful lives range as follows:

Freehold property
-
0% Straight line
Plant and machinery
-
10-50% Straight line
Motor vehicles
-
25% Straight line
Fixtures and fittings
-
20% Straight line
Assets under construction
-
0% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The condition and upkeep of the freehold property is carried out on a continuous basis by the company with any payments being charged to the profit and loss account as it arises. This depreciation policy reflects the expected benefits of such assets and provides consistency with the depreciation methods used by other entities within the same industry. 
In accordance with GAAP (Generally Accepted Accounting Practice), the assets under construction do not begin to be depreciated until they come into use. Once assets under construction come into use they are transferred to the relevant categories and commence being depreciated if applicable. 

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 14

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Government grants

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 15

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

2.Accounting policies (continued)

 
2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. 

  
2.18

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the assets (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cashflows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historic experience and other factors that are considered to be applicable. Due to the inherent subjectivity in making such judgements, estimates and assumptions, the actual results and outcomes may differ.  The estimates and underlying assumptions are reviewed on an ongoing basis. 
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Determining residual values and useful economic lives of tangible fixed assets 
The company depreciates tangible fixed assets over their useful economic lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of the assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management determining the residual values for property, plant and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already in the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Page 16

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

4.


Turnover

An analysis of turnover by class of business is as follows:


2021
2020
£
£

Provision of rooms
1,508,274
764,028

Sale of food and beverages
2,083,571
1,270,042

Provision of spa and leisure services
159,983
115,092

Other hotel income
92,325
150,960

Cellars
348,614
402,283

4,192,767
2,702,405


All turnover arose within the United Kingdom.


5.


Other operating income

2021
2020
£
£

Other operating income
424,754
356,536

Government grants receivable
341,379
598,698

766,133
955,234


Other operating income relates to management fees charged to fellow subsidiary Donnington Valley Group Limited, and to its subsidiary Knights Valley Hotels Limited.


6.


Operating loss

The operating loss is stated after charging:

2021
2020
£
£

Depreciation of tangible fixed assets
187,318
168,000

Other operating lease rentals
8,357
13,157

Defined contribution pension costs
88,949
98,827


7.


Auditor's remuneration

2021
2020
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
8,490
8,160

Services relating to taxation
2,080
2,000



Page 17

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2021
2020
£
£

Wages and salaries
2,061,598
2,088,468

Social security costs
169,700
164,399

Cost of defined contribution scheme
88,949
98,827

2,320,247
2,351,694


The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Management and administration staff
15
12



Sales and marketing staff
3
5



Operational staff
75
79

93
96


9.


Directors' remuneration

2021
2020
£
£

Directors' emoluments
281,480
172,764

Company contributions to defined contribution pension schemes
17,091
17,091

298,571
189,855


During the year retirement benefits were accruing to 2 directors (2020 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £122,158 (2020 - £116,559).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,216 (2020 - £12,216).


10.


Interest payable and similar expenses

2021
2020
£
£


Bank interest payable
116,886
73,646

Page 18

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

11.


Taxation


2021
2020
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Loss on ordinary activities before tax
(359,698)
(1,374,325)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
(68,343)
(259,309)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
12

Capital allowances for year in excess of depreciation
-
488

Deferred tax not recognised
68,343
258,809

Total tax charge for the year
-
-


Factors that may affect future tax charges

In the Spring Budget 2021, the Government announced that from 1 April 2023 the main corporation tax rate will increase to 25%.  

Page 19

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under contruction
Total

£
£
£
£
£
£



Cost or valuation


At 31 December 2020
12,139,121
1,730,666
48,342
1,727,562
9,136
15,654,827


Additions
-
32,546
12,500
20,811
-
65,857



At 30 December 2021

12,139,121
1,763,212
60,842
1,748,373
9,136
15,720,684



Depreciation


At 31 December 2020
5,669,327
1,499,024
48,342
1,284,535
-
8,501,228


Charge for the year
-
48,279
-
139,039
-
187,318



At 30 December 2021

5,669,327
1,547,303
48,342
1,423,574
-
8,688,546



Net book value



At 30 December 2021
6,469,794
215,909
12,500
324,799
9,136
7,032,138



At 30 December 2020
6,469,794
231,642
-
443,027
9,136
7,153,599

Freehold property includes freehold land of £103,500 which is not depreciated.

Page 20

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 31 December 2020
192,308



At 30 December 2021

192,308



Impairment


At 31 December 2020
192,308



At 30 December 2021

192,308



Net book value



At 30 December 2021
-



At 30 December 2020
-


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Knights Valley Hotels Limited
Hotel Management
Ordinary
100%
Foley Lodge Limited
Holding Company
Ordinary
100%







14.


Stocks

2021
2020
£
£

Finished goods and goods for resale
974,638
909,747


Page 21

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

15.


Debtors

2021
2020
£
£


Trade debtors
225,814
6,440

Amounts owed by group undertakings
1,344,965
917,765

Other debtors
-
248,264

Prepayments and accrued income
35,392
13,414

1,606,171
1,185,883


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


16.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
134,863
562,834

Less: bank overdrafts
-
(706)

134,863
562,128



17.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
-
706

Bank loans
3,250,000
3,025,000

Trade creditors
241,347
147,110

Amounts owed to group undertakings
23,267,960
23,004,780

Other taxation and social security
265,202
14,271

Other creditors
20,023
38,023

Accruals and deferred income
521,333
490,530

27,565,865
26,720,420


The bank overdraft is secured by a fixed and floating charge over all assets of the company.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 
See note 19 for details on the bank loan.

Page 22

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

18.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
2,150,000
2,700,000


See note 19 for details on the bank loan. 


19.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
3,250,000
3,025,000


3,250,000
3,025,000

Amounts falling due 1-2 years

Bank loans
600,000
600,000


600,000
600,000

Amounts falling due 2-5 years

Bank loans
1,550,000
2,100,000


1,550,000
2,100,000


5,400,000
5,725,000


A bank loan of £2,650,000 (2020: £2,800,000) which has quarterly repayments of £37,500, is repayable in full on 22 August 2022. The interest rate is LIBOR plus 2.25%. The loans is secured on a property that it relates to, along with a fixed and floating charge over all other assets in the company in which the loans are present. 
Included in bank loans is a loan of £3,000,000 which has monthly repayments of £50,000. Interest is charged at 3.99% above Bank of England base rate. 
Post year end the Company’s external bank debt was repaid in full. 

Page 23

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

20.


Financial instruments

2021
2020
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
1,741,034
1,744,845


Financial liabilities


Financial liabilities measured at amortised cost
297,158,865
28,915,619


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed to group undertakings, other debtors and cash at bank and in hand.


Financial liabilities measured at amortised cost comprise trade creditors, bank overdrafts, bank loans, amounts owed to group undertakings and other creditors. 




21.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



2,867,895 (2020 - 2,867,895) Ordinary shares of £1.00 each
2,867,895
2,867,895



22.


Reserves

Profit and loss account

Includes all current and prior year retained profit and losses.


23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted £88,949 (2020: £98,827). 

Page 24

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021

24.


Commitments under operating leases

At 30 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
-
4,624

-
4,624


25.


Related party transactions

The Company is exempt from disclosing related party transactions with other 100% owned members of the Group headed by Stockford Limited by virtue of FRS 102 section 33.1A.


26.


Post balance sheet events

Post year end the Company’s external bank debt was repaid in full. 


27.


Controlling party

The Company considers Stockford Limited, a company incorporated in England and Wales, to be its ultimate parent company throughout the current and previous years. The Company’s results are included in the consolidated financial statements of Stockford Limited. Copies of the group financial statements for Stockford Limited are available from its registered office:Buckingham House, West Street, Newbury, Berkshire, England, RG14 1BE


Page 25