REGISTERED NUMBER: |
Bolney Wine Estate Ltd |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Auditors: |
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 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Share premium | 12 |
Revaluation reserve | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
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 |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 28,691 | 86,172 |
Other creditors |
Accruals and deferred income |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Amounts owed to group undertakings |
10. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 285,791 | - |
Deferred tax |
£ |
Charge to Income Statement during year |
Balance at 31 December 2023 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | 0.01 | 1,192 | 1,192 |
Ordinary B | 0.01 | 1,788 | 1,788 |
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 | ( |
) | (326,722 | ) |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | ( |
) | (1,486,189 | ) |
13. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
14. | Ultimate controlling party |
The ultimate controlling party is Geschwister Oetker Beteiligungen KG. |