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Company No: 04739920 (England and Wales)

REGENCY WINES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

REGENCY WINES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

REGENCY WINES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
REGENCY WINES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 32,161 42,710
32,161 42,710
Current assets
Stocks 189,708 180,125
Debtors 5 545,801 462,263
Cash at bank and in hand 47,492 52,365
783,001 694,753
Creditors: amounts falling due within one year 6 ( 233,157) ( 225,439)
Net current assets 549,844 469,314
Total assets less current liabilities 582,005 512,024
Provision for liabilities 7 ( 7,936) ( 9,858)
Net assets 574,069 502,166
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 574,067 502,164
Total shareholder's funds 574,069 502,166

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Regency Wines Limited (registered number: 04739920) were approved and authorised for issue by the Director on 29 July 2024. They were signed on its behalf by:

Jorik Driesen
Director
REGENCY WINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
REGENCY WINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Regency Wines Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Apple Lane, Trade City, Sowton Industrial Estate, Exeter Devon, EX2 5GL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 7 years straight line
Other property, plant and equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 37,500 37,500
At 31 March 2024 37,500 37,500
Accumulated amortisation
At 01 April 2023 37,500 37,500
At 31 March 2024 37,500 37,500
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2023 36,851 14,100 121,996 24,100 197,047
Additions 1,990 3,500 0 0 5,490
At 31 March 2024 38,841 17,600 121,996 24,100 202,537
Accumulated depreciation
At 01 April 2023 27,238 14,100 106,974 6,025 154,337
Charge for the financial year 3,751 0 6,263 6,025 16,039
At 31 March 2024 30,989 14,100 113,237 12,050 170,376
Net book value
At 31 March 2024 7,852 3,500 8,759 12,050 32,161
At 31 March 2023 9,613 0 15,022 18,075 42,710

5. Debtors

2024 2023
£ £
Trade debtors 82,780 83,455
Amounts owed by Parent undertakings 456,719 371,598
Prepayments 6,302 5,710
Other debtors 0 1,500
545,801 462,263

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 191,408 186,261
Taxation and social security 37,729 33,483
Other creditors 4,020 5,695
233,157 225,439

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 9,858) ( 9,299)
Credited/(charged) to the Statement of Income and Retained Earnings 1,922 ( 559)
At the end of financial year ( 7,936) ( 9,858)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 65,060 72,921

10. Related party transactions

As a wholly owned subsidiary undertaking of their parent company, Regency Wines Holdings Limited, (Registered office: 22 Apple Lane, Sowton Industrial Estate, Exeter, Devon, England, EX2 5GL), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.