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REGISTERED NUMBER: 04034942 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

NEW GENERATION WINES LIMITED

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEW GENERATION WINES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: A Record MBE
J A Booth
H G Young
R E M Boote
J R Furze
J McKenna
E Gerber
E Alexander
V Lewis
M C Kent



SECRETARY: J R Furze



REGISTERED OFFICE: 14 Kennington Road
LONDON
SE1 7BL



REGISTERED NUMBER: 04034942 (England and Wales)



SENIOR STATUTORY AUDITOR: John Sheather BSc FCA



AUDITORS: McCabe Ford Williams
Chartered Accountants and Statutory Auditors
Charlton House
Dour Street
DOVER
Kent
CT16 1BL

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 268,004 302,195
Tangible assets 5 10,415 7,667
Investments 6 24,540 21,932
302,959 331,794

CURRENT ASSETS
Stocks 7 1,775,518 1,675,179
Debtors 8 1,411,517 1,613,441
Cash at bank 39,025 273,126
3,226,060 3,561,746
CREDITORS
Amounts falling due within one year 9 1,670,251 2,060,664
NET CURRENT ASSETS 1,555,809 1,501,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,858,768

1,832,876

CREDITORS
Amounts falling due after more than one
year

10

(23,316

)

(106,976

)

PROVISIONS FOR LIABILITIES 13 (2,519 ) (1,378 )
NET ASSETS 1,832,933 1,724,522

CAPITAL AND RESERVES
Called up share capital 14 850,319 850,102
Share premium 15,624 7,812
Share-based payment reserve 124,755 72,595
Retained earnings 842,235 794,013
SHAREHOLDERS' FUNDS 1,832,933 1,724,522

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 4 January 2024 and were signed on its behalf by:





J A Booth - Director


NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

New Generation Wines Limited 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.

Significant judgements and estimates
Useful life of goodwill - the directors have considered the length of the useful lives of the goodwill as described in the following notes and consider the values chosen to be appropriate.

Turnover
Turnover represents net invoiced sales of goods and disbursements, excluding value added tax.

Goodwill
Goodwill, being the amounts paid and associated costs incurred in connection with the acquisition of a business in September 2010 and a business in 2016, is being amortised evenly over the estimated useful lives of the goodwill which is between five and twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 5% on cost
Office equipment - 20% to 33.3% on cost

Investments in subsidiaries
Investments in and loans to subsidiaries, associate undertakings and joint ventures are recognised at cost less any provision for impairment.

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

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 balance sheet date.


NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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 balance sheet 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
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Profit and Loss account over the vesting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 670,610
AMORTISATION
At 1 August 2022 368,415
Charge for year 34,191
At 31 July 2023 402,606
NET BOOK VALUE
At 31 July 2023 268,004
At 31 July 2022 302,195

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 August 2022 2,699 70,649 73,348
Additions - 7,445 7,445
At 31 July 2023 2,699 78,094 80,793
DEPRECIATION
At 1 August 2022 270 65,411 65,681
Charge for year 135 4,562 4,697
At 31 July 2023 405 69,973 70,378
NET BOOK VALUE
At 31 July 2023 2,294 8,121 10,415
At 31 July 2022 2,429 5,238 7,667

6. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Participating interests 1 1
Loans to undertakings in which the company
has a participating interest

24,539

21,931
24,540 21,932

Additional information is as follows:
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 392,225 1 392,226
PROVISIONS
At 1 August 2022
and 31 July 2023 392,225 - 392,225
NET BOOK VALUE
At 31 July 2023 - 1 1
At 31 July 2022 - 1 1

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. FIXED ASSET INVESTMENTS - continued
Loans to
joint
ventures
£   
At 1 August 2022 21,931
New in year 2,608
At 31 July 2023 24,539

7. STOCKS
2023 2022
£    £   
Stocks 1,775,518 1,675,179

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,296,218 1,499,624
Prepayments and other debtors 115,299 113,817
1,411,517 1,613,441

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 269,366 83,333
Trade creditors 938,637 1,288,154
Tax 80,419 178,993
Social security and other taxes 169,451 178,248
Accrued expenses 212,378 331,936
1,670,251 2,060,664

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 23,316 83,333
Bank loans - 2-5 years - 23,643
23,316 106,976

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 50,981 23,151
Between one and five years 95,754 82,919
146,735 106,070

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 185,611 -
Bank loans 107,071 190,309
292,682 190,309

The bank overdraft and bank loan are secured by fixed and floating charges over the company and all property and assets.

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,519 1,378

Deferred
tax
£   
Balance at 1 August 2022 1,378
Accelerated capital allowances 1,141
Balance at 31 July 2023 2,519

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
12,819 Ordinary £1 12,819 12,602
837,500 B £1 837,500 837,500
850,319 850,102

The following shares were issued during the year:

217 Ordinary shares of £1 for cash of £ 8,029

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Sheather BSc FCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

16. SHARE-BASED PAYMENT TRANSACTIONS

In 2021 the company entered into an equity-settled share-based payment arrangement with certain directors under an Enterprise Management Incentive Scheme. The vesting period of the scheme is 3 years from 11 March 2021.

The company has followed FRS102 and accounted for the award of share options by recording the expense of £52,160 (2022-£52,160) in the profit and loss account and making a corresponding credit to the share-based payment reserve.


Weighted
average


exercise price

)

Number
2023
Outstanding at 1 August 202237435
Granted during the year37-
Exercised during the year37217
Outstanding at 31 July 202337218

The Black-Scholes option pricing model was used to value the equity-settled share-based payment awards as it was considered that this approach would result in a materially accurate estimate of the fair value of the options granted.

Equity-settled2021

Option pricing model usedBlack-Scholes
Weighted average share price at grant date (£)275
Exercise price (£)37
Weighted average contractual life (years)10
Expected volatility10%
Expected dividend growth rate0%
Risk-free interest rate0.57%