Company registration number 01123744 (England and Wales)
FARTHINGHOE FINE WINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
FARTHINGHOE FINE WINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
FARTHINGHOE FINE WINE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22,900
36,467
Current assets
Stocks
6
1,602,273
1,625,981
Debtors
5
3,994,726
5,317,531
Cash at bank and in hand
493,550
439,306
6,090,549
7,382,818
Creditors: amounts falling due within one year
7
(5,901,445)
(7,308,004)
Net current assets
189,104
74,814
Net assets
212,004
111,281
Capital and reserves
Called up share capital
8
1,200
1,200
Profit and loss reserves
210,804
110,081
Total equity
212,004
111,281
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
Mr A Cox
Director
Company registration number 01123744 (England and Wales)
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The Kinetic Centre
Theobald Street
Elstree, Borehamwood
Hertfordshire
United Kingdom
WD6 4PJ
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 £1.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Going concern
The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following to uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates. true
As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.
On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable in respect of sale of fine wines when the title passes to the buyer. Revenue from customers for the sale of En Primeur wines is recognised when the wine is made available to the customer. This may be up to two years after the amount is invoiced to the customer, during which time it is held as deferred revenue. The cost of the wine is carried as a supplier prepayment until the point that revenue is recognised, at which time it is transferred to cost of sales.
Commissions are recognised when the related service is provided.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intangible Assets
Straight line over 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short Leasehold land and buildings
Over lease period
Fixtures, fittings and equipment
20% on reducing balance
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
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.
1.8
Equity instruments
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
1.9
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2022 - 16).
2023
2022
Number
Number
Total
16
16
3
Intangible fixed assets
Intangible Assets
£
Cost
At 1 January 2023 and 31 December 2023
9,450
Amortisation and impairment
At 1 January 2023 and 31 December 2023
9,450
Carrying amount
At 31 December 2023
At 31 December 2022
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
104,851
88,890
193,741
Depreciation and impairment
At 1 January 2023
83,880
73,394
157,274
Depreciation charged in the year
10,485
3,082
13,567
At 31 December 2023
94,365
76,476
170,841
Carrying amount
At 31 December 2023
10,486
12,414
22,900
At 31 December 2022
20,971
15,496
36,467
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
661,759
926,737
Other debtors
2,892,779
3,995,902
Prepayments and accrued income
436,377
392,982
3,990,915
5,315,621
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note )
3,811
1,910
Total debtors
3,994,726
5,317,531
6
Stocks
2023
2022
£
£
Finished goods and goods for resale
1,602,273
1,625,981
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,460,468
1,811,639
Corporation tax
146,867
113,031
Other taxation and social security
61,941
61,815
Deferred income
4,195,884
5,273,094
Accruals and deferred income
36,285
48,425
5,901,445
7,308,004
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
520
520
520
520
Ordinary B Shares of £1 each
439
439
439
439
Ordinary C Shares of £1 each
61
61
61
61
Ordinary D Shares of £1 each
180
180
180
180
1,200
1,200
1,200
1,200
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
En Primeur Wines
En Primeur involves the sale of wine prior to bottling. Around 2 years subsequent to the initial En Primeur offering the wine is released by the Chateau and is made available to the customer for delivery. Revenue and the corresponding gross profit are deferred until the wine is released and becomes available to the customer. Payments to suppliers are treated as prepayments and receipts from customers are treated as deferred income.
Analysis of impact on turnover
2023
2022
£
£
Turnover before En Primeur wines adjustment
8,875,699.00
9,381,805.00
Unfulfilled sales of En Primeur wines at the year end
(4,195,884.00)
(5,273,094.00)
Release of unfulfilled sales of En Primeur wines at the year start
5,273,094.00
5,890,917.00
Turnover after En Primeur wines adjustment
9,952,909.00
9,999,628.00
Analysis of impact on Operating profit
2023
2022
£
£
Profit/(Loss) before En Primeur adjustment
(618,020.00)
(162,547.00)
Net movement on sales of En Primeur wines
1,077,210.00
617,823.00
Profit/(Loss) after En Primeur adjustment
459,190.00
455,276.00
Analysis of En Primeur balance sheet items:
2023
2022
£
£
En Primeur purchases included in goods invoiced not received
2,873,713.00
3,930,869.00
En Primeur sales included in deferred income
(4,195,884.00)
(5,273,094.00)
Net En Primeur balance
(1,322,171.00)
(1,342,225.00)
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £28,800 (2022 - £57,600).
11
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr A Cox -
50,135
22,278
(58,273)
14,140
50,135
22,278
(58,273)
14,140
2023-12-312023-01-01false17 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr A CoxMr J Chamberlenfalse011237442023-01-012023-12-31011237442023-12-31011237442022-12-3101123744core:LandBuildings2023-12-3101123744core:OtherPropertyPlantEquipment2023-12-3101123744core:LandBuildings2022-12-3101123744core:OtherPropertyPlantEquipment2022-12-3101123744core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101123744core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101123744core:CurrentFinancialInstruments2023-12-3101123744core:CurrentFinancialInstruments2022-12-3101123744core:ShareCapital2023-12-3101123744core:ShareCapital2022-12-3101123744core:RetainedEarningsAccumulatedLosses2023-12-3101123744core:RetainedEarningsAccumulatedLosses2022-12-3101123744core:ShareCapitalOrdinaryShares2023-12-3101123744core:ShareCapitalOrdinaryShares2022-12-3101123744bus:Director12023-01-012023-12-3101123744core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101123744core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101123744core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3101123744core:FurnitureFittings2023-01-012023-12-31011237442022-01-012022-12-3101123744core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3101123744core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3101123744core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3101123744core:LandBuildings2022-12-3101123744core:OtherPropertyPlantEquipment2022-12-31011237442022-12-3101123744core:LandBuildings2023-01-012023-12-3101123744core:OtherPropertyPlantEquipment2023-01-012023-12-3101123744core:Non-currentFinancialInstruments2023-12-3101123744core:Non-currentFinancialInstruments2022-12-3101123744bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101123744bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101123744bus:FRS1022023-01-012023-12-3101123744bus:AuditExemptWithAccountantsReport2023-01-012023-12-3101123744bus:Director22023-01-012023-12-3101123744bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP