REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
NEW GENERATION WINES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium |
Share-based payment reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Office equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
AMORTISATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
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 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
6. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Participating interests |
Loans to undertakings in which the company has a participating interest |
Additional information is as follows: |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
and 31 July 2023 | 392,226 |
PROVISIONS |
At 1 August 2022 |
and 31 July 2023 | 392,225 | - | 392,225 |
NET BOOK VALUE |
At 31 July 2023 | 1 |
At 31 July 2022 | 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 |
New in year |
At 31 July 2023 |
7. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments and other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
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 |
Bank loans |
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 |
Accelerated capital allowances | 1,141 |
Balance at 31 July 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 12,819 | 12,602 |
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 £ |
15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 2022 | 37 | 435 |
Granted during the year | 37 | - |
Exercised during the year | 37 | 217 |
Outstanding at 31 July 2023 | 37 | 218 |
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-settled | 2021 |
Option pricing model used | Black-Scholes |
Weighted average share price at grant date (£) | 275 |
Exercise price (£) | 37 |
Weighted average contractual life (years) | 10 |
Expected volatility | 10% |
Expected dividend growth rate | 0% |
Risk-free interest rate | 0.57% |