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REGISTERED NUMBER: 04697328 (England and Wales)















Bolney Wine Estate Ltd

Audited Financial Statements

for the Year Ended 31 December 2023






Bolney Wine Estate Ltd (Registered number: 04697328)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Bolney Wine Estate Ltd

Company Information
for the year ended 31 December 2023







Directors: D M Clarke
R P Copestick





Registered office: Bolney Wine Estate
Foxhole Lane
Bolney
Haywards Heath
West Sussex
RH17 5NB





Registered number: 04697328 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD

Bolney Wine Estate Ltd (Registered number: 04697328)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 8,832 17,664
Tangible assets 5 4,522,025 3,447,377
Investments 6 100 100
4,530,957 3,465,141

Current assets
Stocks 5,367,193 3,252,870
Debtors 7 145,443 348,691
Cash in hand 124,415 153,114
5,637,051 3,754,675
Creditors
Amounts falling due within one year 8 447,870 779,410
Net current assets 5,189,181 2,975,265
Total assets less current liabilities 9,720,138 6,440,406

Creditors
Amounts falling due after more than one
year

9

(7,662,143

)

(3,508,735

)

Provisions for liabilities 10 (285,791 ) -
Net assets 1,772,204 2,931,671

Capital and reserves
Called up share capital 11 3,258,393 3,258,393
Share premium 12 1,529,012 1,529,012
Revaluation reserve 12 272,891 272,891
Retained earnings 12 (3,288,092 ) (2,128,625 )
Shareholders' funds 1,772,204 2,931,671

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 1 August 2024 and were signed on its behalf by:





D M Clarke - Director


Bolney Wine Estate Ltd (Registered number: 04697328)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Bolney Wine Estate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company has made a loss in the year and retained losses. The directors have prepared detailed cash flows and budgets, that suggest company performance will improve in the future. However, the company will be relying on support from their new parent company, Freixenet Copestick Limited, for the foreseeable future, and a letter of support has been obtained from Freixenet Copestick Limited to confirm this. As a result the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically.

They key accounting estimates within the financial statements are as follows:

Valuation of stock provision
Slow moving and obsolete stocks are monitored during the year. Whilst every attempt is made to ensure that stock provisions are as accurate as possible, there remains a risk that the provisions do not match the ultimate unrealised value of stock held.

Estimated useful lives and residual values of fixed assets
Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services and rendered, stated net of discounts and of value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired as transferred at 31 December 2016 under a hive up arrangement and purchase of a business on 31 December 2018 . It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years from the original date of acquisition

Bolney Wine Estate Ltd (Registered number: 04697328)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost (or deemed 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:

Land and buildings freehold- Land nil, buildings over 50 years straight line
Plant and machinery- Over 20 years straight line
Fixtures and fittings- Over 4 years straight line
Motor vehicles- Over 4 years straight line

Government grants
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost or deemed cost and net realisable value. Cost is calculated on a standard cost basis. Stock costs include direct costs of the winery plus attributable overheads that relate to bringing stock to their present condition and location.

Stocks are assessed for impairment at the end of each reporting period. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss.

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.

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.

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.

Bolney Wine Estate Ltd (Registered number: 04697328)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant 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.

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

3. Employees and directors

The average number of employees during the year was 31 (2022 - 59 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
and 31 December 2023 88,320
Amortisation
At 1 January 2023 70,656
Amortisation for year 8,832
At 31 December 2023 79,488
Net book value
At 31 December 2023 8,832
At 31 December 2022 17,664

Bolney Wine Estate Ltd (Registered number: 04697328)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


5. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Cost
At 1 January 2023 2,500,654 1,068,677 143,368
Additions 835,997 268,811 80,031
At 31 December 2023 3,336,651 1,337,488 223,399
Depreciation
At 1 January 2023 69,143 186,319 51,512
Charge for year 14,969 51,785 32,568
At 31 December 2023 84,112 238,104 84,080
Net book value
At 31 December 2023 3,252,539 1,099,384 139,319
At 31 December 2022 2,431,511 882,358 91,856

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 January 2023 4,415 111,712 3,828,826
Additions - 15,921 1,200,760
At 31 December 2023 4,415 127,633 5,029,586
Depreciation
At 1 January 2023 4,415 70,060 381,449
Charge for year - 26,790 126,112
At 31 December 2023 4,415 96,850 507,561
Net book value
At 31 December 2023 - 30,783 4,522,025
At 31 December 2022 - 41,652 3,447,377

6. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 January 2023
and 31 December 2023 100
Net book value
At 31 December 2023 100
At 31 December 2022 100

Bolney Wine Estate Ltd (Registered number: 04697328)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 66,108 75,057
Amounts owed by group undertakings 68,423 100,742
Other debtors 2,258 1,904
Prepayments and accrued income 8,654 170,988
145,443 348,691

8. Creditors: amounts falling due within one year
2023 2022
£ £
Hire purchase contracts 10,453 32,685
Trade creditors 71,519 243,074
Amounts owed to group undertakings 1,357 124,966
Social security and other taxes 36,900 23,420
VAT 28,691 86,172
Other creditors 7,652 45,107
Accruals and deferred income 291,298 223,986
447,870 779,410

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Hire purchase contracts - 10,435
Amounts owed to group undertakings 7,662,143 3,498,300
7,662,143 3,508,735

10. Provisions for liabilities
2023 2022
£ £
Deferred tax 285,791 -

Deferred tax
£
Charge to Income Statement during year 285,791
Balance at 31 December 2023 285,791

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
119,203 Ordinary A 0.01 1,192 1,192
178,805 Ordinary B 0.01 1,788 1,788
3,255,413 Preference 1 3,255,413 3,255,413
3,258,393 3,258,393

Bolney Wine Estate Ltd (Registered number: 04697328)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


12. Reserves
Retained Share Revaluation
earnings premium reserve Totals
£ £ £ £

At 1 January 2023 (2,128,625 ) 1,529,012 272,891 (326,722 )
Deficit for the year (1,159,467 ) (1,159,467 )
At 31 December 2023 (3,288,092 ) 1,529,012 272,891 (1,486,189 )

13. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Tara Mellett (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

14. Ultimate controlling party

The ultimate controlling party is Geschwister Oetker Beteiligungen KG.