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REGISTERED NUMBER: 11695822 (England and Wales)












Polgoon Vineyard Ltd

Unaudited Financial Statements

for the Year Ended 28th February 2023






Polgoon Vineyard Ltd (Registered number: 11695822)






Contents of the Financial Statements
for the Year Ended 28th February 2023




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 2023







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 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 210,477 231,732
210,477 231,732

CURRENT ASSETS
Stocks 316,664 271,089
Debtors 6 40,735 34,178
Cash in hand - 1,472
357,399 306,739
CREDITORS
Amounts falling due within one year 7 (493,789 ) (388,745 )
NET CURRENT LIABILITIES (136,390 ) (82,006 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,087

149,726

CREDITORS
Amounts falling due after more than one
year

8

(87,480

)

(106,100

)

PROVISIONS FOR LIABILITIES - (6,720 )
NET (LIABILITIES)/ASSETS (13,393 ) 36,906

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings (13,395 ) 36,904
SHAREHOLDERS' FUNDS (13,393 ) 36,906

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 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 2023


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 24th November 2023 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 2023

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 financial statements cover a single entity.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements have been rounded to the nearest Pound.

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 2023

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.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets including trade, other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts, discounted at a market rate of interest.

(ii) Financial liabilities

Basic financial liabilities including trade, other payables, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Going concern
The company has net liabilities and is reliant upon the continued support of its directors. The directors believe the going concern basis for preparing the financial statements to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 22 ) .

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2022
and 28th February 2023 2
AMORTISATION
At 1st March 2022
and 28th February 2023 2
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 -

5. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st March 2022 63,032 191,339 32,205 3,144 289,720
Additions 16,321 16,266 - 204 32,791
Disposals - (3,375 ) - - (3,375 )
At 28th February 2023 79,353 204,230 32,205 3,348 319,136
DEPRECIATION
At 1st March 2022 6,262 39,976 10,654 1,096 57,988
Charge for year 6,160 39,683 4,310 1,082 51,235
Eliminated on disposal - (564 ) - - (564 )
At 28th February 2023 12,422 79,095 14,964 2,178 108,659
NET BOOK VALUE
At 28th February 2023 66,931 125,135 17,241 1,170 210,477
At 28th February 2022 56,770 151,363 21,551 2,048 231,732

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

5. TANGIBLE FIXED ASSETS - continued

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 2022 113,677 31,705 145,382
Additions 9,650 - 9,650
Transfer to ownership - (13,455 ) (13,455 )
At 28th February 2023 123,327 18,250 141,577
DEPRECIATION
At 1st March 2022 16,826 10,410 27,236
Charge for year 23,693 1,291 24,984
Transfer to ownership - (6,563 ) (6,563 )
At 28th February 2023 40,519 5,138 45,657
NET BOOK VALUE
At 28th February 2023 82,808 13,112 95,920
At 28th February 2022 96,851 21,295 118,146

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 38,125 30,835
Other debtors 750 -
Directors' current accounts - 3,247
Prepayments and accrued income 1,860 96
40,735 34,178

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 69,528 59,929
Other loans 235,216 213,703
Hire purchase contracts (see note 9) 35,117 37,234
Trade creditors 56,944 53,125
Social security and other taxes 14,195 10,037
VAT 51,723 2,698
Other creditors 1,722 277
Directors' current accounts 14,214 -
Accrued expenses 15,130 11,742
493,789 388,745

Included within other loans is a balance of £197,703 (2022: £213,703). As there is no formal agreement for this loan, it has been treated as falling due within one year. However it is the intention that this loan will be repaid as cash flow allows.

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 23,333 33,333
Other loans - 1-2 years 17,971 -
Hire purchase contracts (see note 9) 46,176 72,767
87,480 106,100

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 35,117 37,234
Between one and five years 46,176 72,767
81,293 110,001

Non-cancellable operating leases
2023 2022
£    £   
Within one year 2,006 -
Between one and five years 6,352 -
8,358 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 59,528 49,929

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28th February 2023 and 28th February 2022:

2023 2022
£    £   
J P Coulson and Mrs K M Coulson
Balance outstanding at start of year 3,247 7,373
Amounts advanced 26,657 25,353
Amounts repaid (29,904 ) (29,479 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,247

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 £27,600 (2022: £25,300).