REGISTERED NUMBER: |
Polgoon Vineyard Ltd |
Unaudited Financial Statements |
for the Year Ended 28th February 2022 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st March 2021 |
and 28th February 2022 |
AMORTISATION |
At 1st March 2021 |
and 28th February 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 28th February 2022 |
DEPRECIATION |
At 1st March 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28th February 2022 |
NET BOOK VALUE |
At 28th February 2022 |
At 28th February 2021 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer |
At 28th February 2022 |
DEPRECIATION |
At 1st March 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer |
At 28th February 2022 |
NET BOOK VALUE |
At 28th February 2022 |
At 28th February 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Hire purchase contracts (see note 9) |
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 |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdraft |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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). |