Company Registration No. 01796046 (England and Wales)
Rafine Limited
(trading as Turville Valley Wines)
Unaudited financial statements
for the year ended 31 January 2023
Pages for filing with the registrar
Rafine Limited
(trading as Turville Valley Wines)
Company information
Directors
Michael Raffety
Sarah Raffety
Adam Raffety
Luke Raffety
(Appointed 11 January 2023)
Secretary
Michael Raffety
Company number
01796046
Registered office
St John's Court
Easton Street
High Wycombe
HP11 1JX
Accountants
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Rafine Limited
(trading as Turville Valley Wines)
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Rafine Limited
(trading as Turville Valley Wines)
Statement of financial position
As at 31 January 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,943
13,146
Current assets
Stocks
529,080
288,433
Debtors
4
409,568
1,483,544
Cash at bank and in hand
2,011,585
2,910,599
2,950,233
4,682,576
Creditors: amounts falling due within one year
5
(1,800,447)
(3,411,962)
Net current assets
1,149,786
1,270,614
Total assets less current liabilities
1,160,729
1,283,760
Provisions for liabilities
6
(2,736)
(3,287)
Net assets
1,157,993
1,280,473
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,157,893
1,280,373
Total equity
1,157,993
1,280,473
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Rafine Limited
(trading as Turville Valley Wines)
Statement of financial position (continued)
As at 31 January 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Michael Raffety
Director
Company Registration No. 01796046
Rafine Limited
(trading as Turville Valley Wines)
Notes to the financial statements
For the year ended 31 January 2023
Page 3
1
Accounting policies
Company information
Rafine Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Court, Easton Street, High Wycombe, HP11 1JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Improvements to premises
10% straight line
Fixtures and fittings
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rafine Limited
(trading as Turville Valley Wines)
Notes to the financial statements (continued)
For the year ended 31 January 2023
1
Accounting policies (continued)
Page 4
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Rafine Limited
(trading as Turville Valley Wines)
Notes to the financial statements (continued)
For the year ended 31 January 2023
1
Accounting policies (continued)
Page 5
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year.
Rafine Limited
(trading as Turville Valley Wines)
Notes to the financial statements (continued)
For the year ended 31 January 2023
1
Accounting policies (continued)
Page 6
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
7
Rafine Limited
(trading as Turville Valley Wines)
Notes to the financial statements (continued)
For the year ended 31 January 2023
Page 7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022
2,030
61,594
63,624
Additions
6,177
6,177
Disposals
(13,750)
(13,750)
At 31 January 2023
2,030
54,021
56,051
Depreciation and impairment
At 1 February 2022
945
49,533
50,478
Depreciation charged in the year
203
7,745
7,948
Eliminated in respect of disposals
(13,318)
(13,318)
At 31 January 2023
1,148
43,960
45,108
Carrying amount
At 31 January 2023
882
10,061
10,943
At 31 January 2022
1,085
12,061
13,146
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
322,011
1,446,849
Other debtors
87,557
36,695
409,568
1,483,544
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
592,239
1,858,371
Corporation tax
90,516
332,552
Other taxation and social security
13,038
18,908
Other creditors
1,104,654
1,202,131
1,800,447
3,411,962
Rafine Limited
(trading as Turville Valley Wines)
Notes to the financial statements (continued)
For the year ended 31 January 2023
Page 8
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,736
3,287
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
The shares have attached to them full voting, dividend and capital distribution (including wind up) rights; they do not confer any rights of redemption.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
66,600
4,200
9
Directors' transactions
Dividends of £500,000 (2022 - £nil) were paid in the year in respect of shares held by the company's directors.
During the year, a total of £609,290 (2022 - £1,156,265) was drawn by the directors in respect of amounts held on account.
At 31 January 2023, reported in other creditors due within one year, is a balance of £1,019,552 (2022 - £1,128,842) due to the directors of the company. This balance is non-interest bearing and is considered to be repayable on demand.
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