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REGISTERED NUMBER: 07712859 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

VINEWOOD DEVELOPMENTS LIMITED

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 10


VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,395 5,860
Investment property 5 17,584,467 17,175,000
17,588,862 17,180,860

CURRENT ASSETS
Debtors 6 566,610 627,940
Cash at bank and in hand 775,505 523,255
1,342,115 1,151,195
CREDITORS
Amounts falling due within one year 7 (1,774,868 ) (1,719,606 )
NET CURRENT LIABILITIES (432,753 ) (568,411 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,156,109

16,612,449

CREDITORS
Amounts falling due after more than one
year

8

(3,933,915

)

(4,304,214

)

PROVISIONS FOR LIABILITIES (1,328,658 ) (1,268,658 )
NET ASSETS 11,893,536 11,039,577

CAPITAL AND RESERVES
Called up share capital 3,000,000 3,000,000
Non-distributable reserve 4,987,842 4,644,940
Retained earnings 3,905,694 3,394,637
SHAREHOLDERS' FUNDS 11,893,536 11,039,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by:





C L Clarke - Director


VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Vinewood Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07712859

Registered office: Wayside
Salford
Chipping Norton
Oxfordshire
OX7 5YJ

The principal activity of the company during the year was that of a property investment company.

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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other 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:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual vales as evidenced by disposals in the current and prior accounting periods.

REVENUE RECOGNITION
The turnover shown in the profit and loss account is exclusive of Value Added Tax.

The company holds investment property. Rental income is recognised in the period to which it relates at the amount receivable. Rent billed in advance is deferred until the relevant period.

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

INVESTMENT PROPERTY
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

OPERATING LEASE AGREEMENTS
Rentals applicable to operating leases where substantially all of the benefits and risks of
ownership remain with the lessor are charged against profits on a straight line basis over the
period of the lease.

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2022
and 30 September 2023 25,963
DEPRECIATION
At 1 October 2022 20,103
Charge for year 1,465
At 30 September 2023 21,568
NET BOOK VALUE
At 30 September 2023 4,395
At 30 September 2022 5,860

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 17,175,000
Revaluations 409,467
At 30 September 2023 17,584,467
NET BOOK VALUE
At 30 September 2023 17,584,467
At 30 September 2022 17,175,000

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2020 3,901,099
Valuation in 2021 1,434,099
Valuation in 2022 560,962
Valuation in 2023 409,467
Cost 11,278,840
17,584,467

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 120,392 190,822
Other debtors 446,218 437,118
566,610 627,940

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 375,824 370,575
Trade creditors 1,544 5,079
Amounts owed to group undertakings 676,502 647,993
Taxation and social security 253,219 215,403
Other creditors 467,779 480,556
1,774,868 1,719,606

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans 3,913,915 4,274,214
Other creditors 20,000 30,000
3,933,915 4,304,214

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 2,430,375 2,814,591
2,430,375 2,814,591

The bank loans are secured by a fixed and floating charge over all of the properties.

The company has nine bank loans in existence. The first loan of £4,345,000 was taken out in July 2014 and is repayable over 15 years at an interest rate of 2.15% above Base Rate. £2,107,628 was repaid in April 2015.

The second loan of £500,000 was taken out in July 2015 and is repayable over 15 years at an interest rate of 2.59% above the base rate.

The third loan of £757,500 was taken out in February 2016 and is repayable over 15 years at an interest rate of 2.39% above the base rate.

The fourth loan of £757,500 was taken out in February 2016 and is repayable over 15 years at a fixed interest rate of 4.51%

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The fifth loan of £510,000 was taken out in June 2016 and is repayable over 15 years at an interest rate of 2.98% above the base rate.

The sixth loan of of £217,860 was taken out in September 2019 and is repayable over 5 years at a fixed interest rate of 3.19%

The seventh loan of £982,140 was taken out in September 2019 and is repayable at the end of a 5 year term. This loan is currently on a service only arrangement and interest is fixed at 3.19%.

The eighth loan of £1,200,000 was taken out in September 2019 and is repayable over 5 years at a fixed interest rate of 3.19%

The ninth loan of £50,000 was taken out in September 2020 and is repayable over 5 years at a fixed interest rate of 2.5%

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

30.9.23 30.9.22
£    £   
C L Clarke
Balance outstanding at start of year 122,448 61,271
Amounts advanced 78,664 324,737
Amounts repaid (129,053 ) (263,560 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 72,059 122,448

V A Clarke
Balance outstanding at start of year - -
Amounts advanced 126,416 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 126,416 -

By virtue of the outstanding loan account balances a liability to taxation exists under Section 455 of CTA 2010 of £66,985. The loan has been cleared within 9 months of the year end and so no provision for tax has been made.

10. RELATED PARTY DISCLOSURES

Details of the transactions between group companies have not been disclosed in line with paragraph 33.1A of FRS102.

11. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of the approval of the financial statements by the Board.

VINEWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07712859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


12. ULTIMATE CONTROLLING PARTY

The company is a wholly-owned subsidiary of Clarke Business Group Limited, a company incorporated in England and Wales