Company registration number 10415497 (England and Wales)
WINCHESTER WINES GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
WINCHESTER WINES GROUP LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 7
WINCHESTER WINES GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The director presents his annual report and financial statements for the year ended 30 June 2023.

 

During the normal course of the year in December 2021 we established an Employee Ownership Trust that transferred ownership of the business to and for the benefit of employees. A new trustee board has been established to ensure we step through the opportunities this new ownership model provides to all current and future employees. We look to run the business with our existing management team structure supported by the new Trustee Board. Our journey of employee ownership is underway.

Fair review of the business

Winchester Wines Group Ltd was created to allow the wine businesses within the Group Company to be

managed based on their relevant customer segments. Winchester Wines EOT Ltd was created in December 2021 to manage the subsidiaries for the benefit of all employees.

 

Milton Sandford Wines has been trading since 1990 in the 'on trade' segment whilst offering wine storage facilities and The Secret Cellar since 2006 in the retail segment. The Secret Cellar Ltd comprises four retail premier wine stores in the South East of England.

 

The two wine-market companies retain separate customer engagement management teams to ensure focus and leadership are in place whilst the efficiencies of sharing inventory, managing the HMRC approved Bonded facility at The Old Chalk Mine for both companies, will continue to be managed in the term ahead.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

 

Mr J H Winchester

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr J H Winchester
Director
2 February 2024
WINCHESTER WINES GROUP LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WINCHESTER WINES GROUP LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Winchester Wines Group Limited for the year ended 30 June 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Winchester Wines Group Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Winchester Wines Group Limited and state those matters that we have agreed to state to the Board of Directors of Winchester Wines Group Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Winchester Wines Group Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Winchester Wines Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Winchester Wines Group Limited. You consider that Winchester Wines Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Winchester Wines Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kirk Rice LLP
6 February 2024
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
WINCHESTER WINES GROUP LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
392,515
392,515
Current assets
Debtors
5
2
2
Net current assets
2
2
Total assets less current liabilities
392,517
392,517
Creditors: amounts falling due after more than one year
6
(71,193)
(71,193)
Net assets
321,324
321,324
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
321,320
321,320
Total equity
321,324
321,324

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 2 February 2024
Mr J H Winchester
Director
Company registration number 10415497 (England and Wales)
WINCHESTER WINES GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
4
321,320
321,324
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
1,900,000
1,900,000
Other movements
-
(1,900,000)
(1,900,000)
Balance at 30 June 2022
4
321,320
321,324
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
290,000
290,000
Gift to Employee Ownership Trust
-
(290,000)
(290,000)
Balance at 30 June 2023
4
321,320
321,324
WINCHESTER WINES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
1
Accounting policies
Company information

Winchester Wines Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Chalk Mine, Warren Row Road, Knowl Hill, Reading, Berkshire, RG10 8QS.

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are recognised at cost.

1.3
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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.

WINCHESTER WINES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.4

Going concern

The director has agreed to support the company and in his opinion the company will be trading for at least 12 months from the date when this report is signed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
392,515
392,515
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2
2
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
71,193
71,193
WINCHESTER WINES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Parent company

The immediate and ultimate parent is Winchester Wines EOT, a trust incorporated in England and Wales.

 

The registered office of the parent company is:

The Old Chalk Mine, Warren Row Road, Knowl Hill, Reading, Berkshire, RG10 8QS

 

The ultimate controlling parties are Mr J H Winchester, Mr B R Cowl and Ms J Smart, who are the shareholders of the company Winchester Wines EOT Limited, which owns the shares in Winchester Wines EOT.

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