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REGISTERED NUMBER: 11695822 (England and Wales)












Polgoon Vineyard Ltd

Unaudited Financial Statements

for the Year Ended 28th February 2022






Polgoon Vineyard Ltd (Registered number: 11695822)






Contents of the Financial Statements
for the Year Ended 28th February 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Polgoon Vineyard Ltd

Company Information
for the Year Ended 28th February 2022







DIRECTORS: J P Coulson
Mrs K M Coulson





REGISTERED OFFICE: Polgoon Farmhouse
Polgoon Farm
Rosehill
Penzance
Cornwall
TR20 8TE





REGISTERED NUMBER: 11695822 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Polgoon Vineyard Ltd (Registered number: 11695822)

Statement of Financial Position
28th February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 231,732 80,725
231,732 80,725

CURRENT ASSETS
Stocks 271,089 216,069
Debtors 6 34,178 23,170
Cash at bank and in hand 1,472 64,209
306,739 303,448
CREDITORS
Amounts falling due within one year 7 388,745 308,804
NET CURRENT LIABILITIES (82,006 ) (5,356 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

149,726

75,369

CREDITORS
Amounts falling due after more than one
year

8

(106,100

)

(56,135

)

PROVISIONS FOR LIABILITIES (6,720 ) (6,867 )
NET ASSETS 36,906 12,367

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 36,904 12,365
36,906 12,367

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2022 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.

Polgoon Vineyard Ltd (Registered number: 11695822)

Statement of Financial Position - continued
28th February 2022


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 7th September 2022 and were signed on its behalf by:




J P Coulson - Director



Mrs K M Coulson - Director


Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements
for the Year Ended 28th February 2022

1. STATUTORY INFORMATION

Polgoon Vineyard Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of one years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.


Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 22 (2021 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2021
and 28th February 2022 2
AMORTISATION
At 1st March 2021
and 28th February 2022 2
NET BOOK VALUE
At 28th February 2022 -
At 28th February 2021 -

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2022

5. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st March 2021 17,337 51,472 32,205 1,518 102,532
Additions 45,695 146,167 - 1,626 193,488
Disposals - (6,300 ) - - (6,300 )
At 28th February 2022 63,032 191,339 32,205 3,144 289,720
DEPRECIATION
At 1st March 2021 2,186 14,105 5,266 250 21,807
Charge for year 4,076 27,920 5,388 846 38,230
Eliminated on disposal - (2,049 ) - - (2,049 )
At 28th February 2022 6,262 39,976 10,654 1,096 57,988
NET BOOK VALUE
At 28th February 2022 56,770 151,363 21,551 2,048 231,732
At 28th February 2021 15,151 37,367 26,939 1,268 80,725

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st March 2021 - 31,705 31,705
Additions 99,562 - 99,562
Disposals (2,800 ) - (2,800 )
Reclassification/transfer 16,915 - 16,915
At 28th February 2022 113,677 31,705 145,382
DEPRECIATION
At 1st March 2021 - 5,086 5,086
Charge for year 15,886 5,324 21,210
Eliminated on disposal (236 ) - (236 )
Reclassification/transfer 1,176 - 1,176
At 28th February 2022 16,826 10,410 27,236
NET BOOK VALUE
At 28th February 2022 96,851 21,295 118,146
At 28th February 2021 - 26,619 26,619

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 30,835 9,341
Other debtors 3,343 13,829
34,178 23,170

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 59,929 6,667
Hire purchase contracts (see note 9) 37,234 9,931
Trade creditors 53,125 26,354
Taxation and social security 12,735 2,798
Other creditors 225,722 263,054
388,745 308,804

Included within other creditors is a loan of £213,703 (2021: £252,703). As there is no formal loan agreement, this loan has been treated as falling due within one year, however it is the intention that this loan will be repaid as cash flow allows.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 33,333 43,333
Hire purchase contracts (see note 9) 72,767 12,802
106,100 56,135

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 3,333

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2022 2021
£    £   
Net obligations repayable:
Within one year 37,234 9,931
Between one and five years 72,767 12,802
110,001 22,733

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdraft 49,929 -

The bank overdraft is secured by fixed and floating charges covering all the property and undertaking of the company.

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2022

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28th February 2022 and 28th February 2021:

2022 2021
£    £   
J P Coulson and Mrs K M Coulson
Balance outstanding at start of year 7,373 28,698
Amounts advanced 25,353 6,315
Amounts repaid (29,479 ) (27,640 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,247 7,373

No interest has been charged on the above loan.

During the period the company paid rent for the use of premises and land owned by the directors totalling £25,300 (2021: £31,937).