Giffords Hall Vineyard Limited
Unaudited Financial Statements
For the year ended 31 October 2023
Pages for filing with registrar
Company Registration No. 08014306 (England and Wales)
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
Accountants Report to the Board of Directors on the Unaudited Financial Statements of Giffords Hall Vineyard Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Giffords Hall Vineyard Limited for the year ended 31 October 2023 set out on the following pages 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 Giffords Hall Vineyard Limited, as a body, in accordance with the terms of our engagement letter dated 2 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Giffords Hall Vineyard Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Giffords Hall Vineyard Limited and Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Giffords Hall Vineyard 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 loss of Giffords Hall Vineyard Limited. You consider that Giffords Hall Vineyard 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 Giffords Hall Vineyard 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.
Churchgate Accountants Limited
31 July 2024
Accountants
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,569
13,953
Tangible assets
4
494,114
516,364
496,683
530,317
Current assets
Stocks
5
201,843
179,824
Debtors
6
10,951
6,010
Cash at bank and in hand
2,494
100
215,288
185,934
Creditors: amounts falling due within one year
7
(245,387)
(270,077)
Net current liabilities
(30,099)
(84,143)
Total assets less current liabilities
466,584
446,174
Creditors: amounts falling due after more than one year
8
(25,411)
(29,560)
Net assets
441,173
416,614
Capital and reserves
Called up share capital
657,557
620,057
Share premium account
136,380
98,880
Revaluation reserve
9
95,689
95,689
Profit and loss reserves
(448,453)
(398,012)
Total equity
441,173
416,614
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 October 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.
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
L Hughes
P Hughes
Director
Director
Company registration number 08014306 (England and Wales)
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Giffords Hall Vineyard Limited is a private company limited by shares incorporated in England and Wales. The registered office is Giffords Hall, Shimpling, Bury St Edmunds, Suffolk, IP29 4EX.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors accept that the company has negative reserves but with the continued financial support of the directors and shareholders, there is a reasotruenable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
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:
Knowledge and know-how
10% Straight Line
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:
Freehold Property
1% Straight Line
Plant and machinery
20% Reducing Balance
Biological Assets - Vines
5% Straight Line
Computer equipment
25% Reducing Balance
Improvements to Property
10% - 25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold Property was revalued by the Directors as at 1 November 2015 on transition to FRS102 accounting standards. The Directors have elected to treat this revalued amount as deemed cost, and will continue to use the historic cost convention going forward.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
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.
Classification of financial liabilities
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.
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2022 - 9).
2023
2022
Number
Number
Total
9
9
3
Intangible fixed assets
Knowledge and know-how
£
Cost
At 1 November 2022 and 31 October 2023
113,837
Amortisation and impairment
At 1 November 2022
99,884
Amortisation charged for the year
11,384
At 31 October 2023
111,268
Carrying amount
At 31 October 2023
2,569
At 31 October 2022
13,953
4
Tangible fixed assets
Freehold Property
Plant and machinery
Biological Assets - Vines
Computer equipment
Improvements to Property
Total
£
£
£
£
£
£
Cost
At 1 November 2022
420,000
116,957
8,159
6,426
97,391
648,933
Additions
4,363
62
4,425
At 31 October 2023
420,000
121,320
8,159
6,488
97,391
653,358
Depreciation and impairment
At 1 November 2022
29,400
71,028
4,507
5,683
21,951
132,569
Depreciation charged in the year
4,200
11,312
408
192
10,563
26,675
At 31 October 2023
33,600
82,340
4,915
5,875
32,514
159,244
Carrying amount
At 31 October 2023
386,400
38,980
3,244
613
64,877
494,114
At 31 October 2022
390,600
45,929
3,652
743
75,440
516,364
GIFFORDS HALL VINEYARD LIMITED
Giffords Hall Vineyard Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
5
Stocks
2023
2022
£
£
Work in progress
132,278
101,190
Finished goods and goods for resale
69,565
78,634
201,843
179,824
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,287
5,193
Other debtors
664
817
10,951
6,010
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
38,435
23,690
Trade creditors
14,729
35,487
Taxation and social security
4,631
737
Other creditors
187,592
210,163
245,387
270,077
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,411
29,560
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
95,689
95,689
Freehold Property was revalued by the Directors as at 1 November 2015 on transition to FRS102 accounting standards. The Directors have elected to treat this revalued amount as deemed cost, and will continue to use the historic cost convention going forward.