REGISTERED NUMBER: 05465686 (England and Wales) |
Freixenet Copestick Limited |
Group Strategic Report, |
Directors' Report and |
Audited Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: 05465686 (England and Wales) |
Freixenet Copestick Limited |
Group Strategic Report, |
Directors' Report and |
Audited Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Freixenet Copestick Limited (Registered number: 05465686) |
Contents of the Consolidated Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
Freixenet Copestick Limited |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Freixenet Copestick Limited (Registered number: 05465686) |
Group Strategic Report |
for the year ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
Review of business |
The principal activities of the Business are distribution and marketing of Henkell International Gmbh supplied sparkling wine, wine and spirits brands to the UK. |
The Groups turnover in the year was £140.7m (2022 £136.8m). Gross profit was £20.8m (2022 £21.2m). |
Financial KPIs |
2022 (£ s) | 2023 (£ s) | Movement | Movement % |
Net Turnover | 136,762 | 140,659 | 3,897 | 2.85% |
Gross Profit | 21,218 | 20,794 | -424 | 2.00% |
Whilst net turnover grew +2.85%, profitability declined, as we continued to see the impact of macroeconomic events in 2022 driving an inflationary environment and causing increases in the cost of goods. Although inflation softened in 2023, levels remained at record highs which impacted consumer choices and led to some switching to less premium products, altering the product mix of sales. |
In 2023 we continued to invest in our brands and the business outperformed the Sparkling Wine category with a decline of -5.1% vs market decline of -7.3%. (Circana 52 wks to 24.12.23). |
Principal risks and uncertainties |
Inflation & Recession: |
Prices are rising less rapidly than in 2022 and we expect continued reduction in the rate of inflation. The UK economy technically was in recession as we exited 2023 with a decline of -0.1% in Q3 and -0.3% in Q4. This level of contraction is shallow compared to previous recessions and it is expected that the UK will exit this ‘mild’ recession by the end of Q1. |
Macroeconomic events: |
Prior years have been impacted by Covid and the Ukraine conflict disrupting global logistics, resulting in record high transportation costs. Whilst there has been some price stabilisation, regional conflicts continue to pose a business risk. The current conflict in the Middle East has led to shipping companies taking alternative routes increasing shipping times and costs. |
Consumer Drinking Trends: |
The Low and No-alcohol category continues to grow and could pose both a threat and an opportunity to Wine & Spirits companies. In addition there has been media coverage over the last year on the health implications of alcohol. We continue to grow our participation in the ‘Low & No’ category and to engage with trade associations to ensure we are connected to our consumers to promote responsible drinking. |
Foreign Exchange: |
The Group trades in a number of foreign currencies creating exposure throughout the value chain. We have group and local hedging strategies in place as a safeguard but the risk cannot be fully eliminated. |
Freixenet Copestick Limited (Registered number: 05465686) |
Group Strategic Report |
for the year ended 31 December 2023 |
Section 172(1) statement |
The Directors are aware of their obligations relating to S172 (1) of the Companies Act 2006 and promoting success of the Group, and consider a number of key factors that contribute to this: |
" The recruitment and retention of staff |
" Carrying out appropriate research and development |
" Giving appropriate consideration to the long-term |
" Delivering the sustainability agenda |
" Ensuring industry leading standards on EDI |
We have a collaborative strategic procurement strategy where we identify and work in long term close partnerships with a key number of suppliers. We have a high level of due diligence and compliance but working as a key supplier to Freixenet Copestick ensures a high level of mutual beneficial opportunities and initiatives for both businesses not at least on driving the sustainability agenda for the UK. |
From a customer perspective we enter into a number of joint business planning processes to ensure strategic fit of our products with consumer centricity being at the core. |
The Group has invested significantly to reshape the values to ensure their evolvement with the business. |
EMPOWERING EACH OTHER |
We commit to the long-term improvement and development of our people. We are inclusive, friendly and supportive, we love what we do and we value the voice of all of our people. |
We recognise that no one achieves success alone, and we provide the culture, the environment and the structure to work together to reach our potential. |
LEARN AND BE CURIOUS |
We have a thirst for new ideas, new solutions and new opportunities. |
We think, we question, we search, we challenge. We value leadership, innovative thinking and creativity and encourage all to see these as a natural part of the day job. |
We work together and learn from each other. There is no fear of failure, only a failure of not trying. |
CONSUMER CENTRICITY |
Everything starts with the consumer. Our brands, products and distribution must satisfy consumer's evolving needs. For this we have to represent our consumers, lead and anticipate trends. |
We make a long-term commitment to our industry to work together to do ethical business and drive improvements for the benefit of all |
CELEBRATE LIFE |
We provide that moment of sparkle to celebrate life's big and small moments, and promote the same celebration at work. |
We value and appreciate everyone's efforts that deliver growth and success for our business, and take regular opportunities to reflect and recognise each person, as an individual, and call out those who exceed the norm. |
On behalf of the board: |
1 August 2024 |
Freixenet Copestick Limited (Registered number: 05465686) |
Directors' Report |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
Dividends |
No dividends will be distributed for the year ended 31 December 2023. |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Statement on engagement with suppliers, customers and others |
Details on how the Group has fostered relationships with suppliers, customers and others can be found within the Group’s Section 172 statement in the Strategic Report. |
Streamlined energy and carbon reporting |
2022 | 2023 |
Total energy consumption used to calculate emissions in kWh | 447,749 | 509,235 |
Emissions (in tC02e) |
Scope 1 | Combustion of natural gas at sites controlled by the group | 37.99 | 48.29 |
Scope 2 | Combustion of fuel in company operated vehicles | 14.77 | 9.64 |
Scope 3 | Purchased UK electricity at sites controlled by the group | 161.18 | 163.21 |
Total gross emissions | 213.94 | 221.14 |
Intensity ratio: | Total gross emissions/Turnover | tC02e/£m | 1.56 | 1.57 |
Total energy generated by solar panels in kWh | 60,170 | 75,400 |
* see Methodology below |
The adopted methodology used is based on the Greenhouse Gas Protocol Corporate Reporting Standard reporting on equivalent CO2 emissions from organisational boundary. Information has been gathered from utility supplier invoices and transport mileage records, and collated into kWh for all corresponding UK based operations, directly owned or operated by Freixenet Copestick Limited. On-farm emissions for our own operations are calculated and audited using WineGB tool and service (Bolney Wine Estate). |
These have been converted to tonnes of carbon dioxide equivalent (tCO2e) using the 2019 UK Defra Carbon Conversion Factors. |
Re-baseline of 2022 Data: |
A significant level of effort has been undertaken both within Freixenet Copestick and across the wider Henkell Group to ensure rigorous and accurate data collection. The 2022 figures have been re-baselined based on revised and improved calculation methods and improved data granularity. The most significant changes are as follows: |
Business Travel |
The correction of a calculation error in our carbon accounting system established in early 2022, resulting in a significant reduction in the emissions figures for business travel. Emissions from cooling Reevaluated to account for estimated coolant loss from the system, rather than accounting for the filling of coolant in the new system. |
Scope 2 Emissions |
Further investigation found the electricity supply not to be emissions free. This has been resolved moving all supply to zero emissions energy supply contracts from summer 2023. |
Freixenet Copestick Limited (Registered number: 05465686) |
Directors' Report |
for the year ended 31 December 2023 |
Energy Efficiency Action |
Significant work has already been undertaken to reduce Freixenet Copestick's Scope 1 & 2 emissions, with a move to EV delivery vans (Scope 1) and company vehicles (Scope 1) already in progress. Emissions from Mobile combustion show an increase however following a move to bring delivery work in house, increasing our opportunity to decarbonise our delivery network. Freixenet Copestick has also introduced an EV car scheme for employees, driving a solid transition towards zero carbon commuting (Scope 3) and business mileage (Scope 3), which we are anticipating will be reflected in our future emissions reporting figures. Our company target is to source 100% of our Scope 2 energy from renewable sources by 2025, which we are on target to achieve in 2024 and to achieve a minimum of a 90% reduction of Scope 1 CO2 emissions by 2045. Aligning with our current efforts to define our emissions reduction goals and action plan in accordance with Science Based Targets. |
We are proud of the steps we have taken towards sustainability over the past year, and we remain committed to promoting sustainable business practices in the years to come. We believe that these initiatives not only benefit the environment but also help us build a stronger and more resilient business for the future. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Auditors |
The audit business of Haines Watts Farnborough LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Farnborough LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. Cooper Parry Group Limited will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006. |
On behalf of the board: |
Independent Auditors' Report to the Members of |
Freixenet Copestick Limited |
Opinion |
We have audited the financial statements of Freixenet Copestick Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Freixenet Copestick Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Independent Auditors' Report to the Members of |
Freixenet Copestick Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Freixenet Copestick Limited (Registered number: 05465686) |
Consolidated |
Income Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 | 140,658,649 | 136,762,429 |
Cost of sales | (119,864,498 | ) | (115,544,211 | ) |
Gross profit | 20,794,151 | 21,218,218 |
Distribution costs | (5,897 | ) | - |
Administrative expenses | (20,630,825 | ) | (21,111,699 | ) |
157,429 | 106,519 |
Other operating income | 11,242 | 52,657 |
Operating profit | 168,671 | 159,176 |
Interest payable and similar expenses | 6 | (1,419,137 | ) | (653,550 | ) |
Loss before taxation | 7 | (1,250,466 | ) | (494,374 | ) |
Tax on loss | 8 | (446,913 | ) | 135,890 |
Loss for the financial year | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (1,697,379 | ) | (358,484 | ) |
Freixenet Copestick Limited (Registered number: 05465686) |
Consolidated |
Other Comprehensive Income |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Loss for the year | (1,697,379 | ) | (358,484 | ) |
Other comprehensive income | - | - |
Total comprehensive income for the year | (1,697,379 | ) |
Prior year adjustment | (3,986,750 | ) |
Total comprehensive income since last annual report |
(4,345,234 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (1,697,379 | ) | (4,345,234 | ) |
Freixenet Copestick Limited (Registered number: 05465686) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 10 | 15,748,976 | 17,961,812 |
Tangible assets | 11 | 5,439,532 | 4,341,350 |
Investments | 12 |
Interest in associate | 8,450,820 | 8,450,820 |
29,639,328 | 30,753,982 |
Current assets |
Stocks | 13 | 16,414,763 | 17,881,400 |
Debtors | 14 | 45,251,765 | 39,062,400 |
Cash at bank and in hand | 790,541 | 4,348,853 |
62,457,069 | 61,292,653 |
Creditors |
Amounts falling due within one year | 15 | 69,841,753 | 68,363,500 |
Net current liabilities | (7,384,684 | ) | (7,070,847 | ) |
Total assets less current liabilities | 22,254,644 | 23,683,135 |
Creditors |
Amounts falling due after more than one year |
16 |
- |
(10,435 |
) |
Provisions for liabilities | 18 | (418,663 | ) | (139,340 | ) |
Net assets | 21,835,981 | 23,533,360 |
Capital and reserves |
Called up share capital | 19 | 2,120 | 2,120 |
Share premium | 20 | 23,710,605 | 23,710,605 |
Retained earnings | 20 | (1,876,744 | ) | (179,365 | ) |
Shareholders' funds | 21,835,981 | 23,533,360 |
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 |
Freixenet Copestick Limited (Registered number: 05465686) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Current assets |
Stocks | 13 |
Debtors | 14 |
Cash in hand |
Creditors |
Amounts falling due within one year | 15 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities | 18 |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 |
Shareholders' funds |
Company's profit for the financial year | 1,070,499 | 1,999,630 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Freixenet Copestick Limited (Registered number: 05465686) |
Consolidated Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 2,120 | 4,165,869 | 23,710,605 | 27,878,594 |
Prior year adjustment | - | (3,986,750 | ) | - | (3,986,750 | ) |
As restated | 2,120 | 179,119 | 23,710,605 | 23,891,844 |
Changes in equity |
Total comprehensive income | - | (358,484 | ) | - | (358,484 | ) |
Balance at 31 December 2022 | 2,120 | (179,365 | ) | 23,710,605 | 23,533,360 |
Changes in equity |
Total comprehensive income | - | (1,697,379 | ) | - | (1,697,379 | ) |
Balance at 31 December 2023 | 2,120 | (1,876,744 | ) | 23,710,605 | 21,835,981 |
Freixenet Copestick Limited (Registered number: 05465686) |
Company Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Prior year adjustment | - | ( |
) | - | ( |
) |
As restated |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
Freixenet Copestick Limited (Registered number: 05465686) |
Consolidated Cash Flow Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 23 | 345,508 | 12,472,797 |
Interest paid | (1,419,137 | ) | (653,550 | ) |
Tax paid | (526,390 | ) | (990,168 | ) |
Net cash from operating activities | (1,600,019 | ) | 10,829,079 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (530,000 | ) | (5,685,888 | ) |
Purchase of tangible fixed assets | (1,395,626 | ) | (4,125,993 | ) |
Sale of intangible fixed assets | - | 10,833 |
Sale of tangible fixed assets | - | 51,886 |
Net cash from investing activities | (1,925,626 | ) | (9,749,162 | ) |
Cash flows from financing activities |
Capital repayments in year | (32,667 | ) | 43,120 |
Net cash from financing activities | (32,667 | ) | 43,120 |
(Decrease)/increase in cash and cash equivalents | (3,558,312 | ) | 1,123,037 |
Cash and cash equivalents at beginning of year |
24 |
4,348,853 |
3,225,816 |
Cash and cash equivalents at end of year | 24 | 790,541 | 4,348,853 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Freixenet Copestick Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05465686 and registered office address is 2100 First Avenue, Newbury Business Park, London Road, Newbury, Berkshire, RG14 2PZ. |
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Going concern |
Despite the net current liabilities position of the UK group, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Group has prepared financial forecasts to 31 December 2025. These forecasts indicate that the Group has sufficient funding and resources available to enable it to meet its operating expenditures through to at least 31 December 2025. In addition, the Group has written confirmation from Henkell International GmbH of their willingness to provide financial support were required and will not request repayment of the intercompany balance owed at the year end for at least 12 months from the approval of these financial statements and thus, they continue to adopt the going concern basis of accounting in preparing them. |
Basis of consolidation |
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
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. |
The following are the key sources of estimation certainty: |
Valuation of goodwill |
Management use forecasts, budgets and economic factors to determine the value and useful economic life of the goodwill. Management do not consider that any indicators of impairment have arisen during the period or to the date of the signing of the fiancial statements that would suggest that the value of goodwill required impairment. |
Recoverability of investments |
In line with accounting policies, the company assesses its subsidiaries for impairment at each reporting date. The assessment of the value of each investment requires estimates in respect of expected future cash flows. The key estimate is future earning growth. Following their review, management have determined that no impairment is necessary. |
Recoverability of intercompany balances |
Estimates are made relating to the recoverability of receivable balances to reflect unrecoverable amounts based on management's knowledge of the business and expectations of growth in future earnings. Management assess that no provision is necessary against the intercompany balances at the reporting date. |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
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. |
The Group bases its estimate of retrospective rebates on historical agreements, taking into consideration the type of customer, the type of transaction and the specifics of each agreement. |
Goodwill |
Goodwill on business acquisitions represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
Purchased goodwill and goodwill arising from business acquisitions are measured at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their useful lives. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
Intangible assets |
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. |
Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. |
Amortisation is calculated so as to write off the coast of an asset, less its estimated residual value, over the useful life of that asset as follows: |
Goodwill | - 10% Straight line |
Trademarks & Licenses | - 10% Straight line |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and building freehold | - Land nil, buildings over 50 years straight line |
Leasehold property improvements | - 10% Straight line |
Plant & Machinery | - 33% Straight line |
Fixtures & Fittings | - 15% Straight line |
Motor Vehicles | - 25% Straight line |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Investments in associates |
In the consolidated balance sheet associates are accounted for using the equity method. Associates are initially recognised at cost less transaction costs and are subsequently adjusted to reflect the Company's share of the profit of loss, other comprehensive income or equity and any dividends received reduce the carrying value of the investment. If there are any indicators of impairment, impairment reviews are conducted on the investment in associate as a whole, including any goodwill and the carrying value adjusted accordingly if considered appropriate. |
Investments in subsidiaries |
Investments in subsidiaries are initially recorded at cost and subsequently stated at cost less accumulated impairment losses. |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. |
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rates at the date of transaction. Monetary assets and liabilities dominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
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. |
3. | Turnover |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 133,625,717 | 129,814,989 |
Europe | 7,032,932 | 6,947,440 |
140,658,649 | 136,762,429 |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries | 9,680,938 | 10,187,005 |
Social security costs | 993,576 | 950,370 |
Other pension costs | 508,264 | 439,785 |
11,182,778 | 11,577,160 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
4. | Employees and directors - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales | 35 | 30 |
Marketing | 25 | 17 |
Logistics | 24 | 14 |
Finance and administration | 60 | 50 |
The average number of employees by undertakings that were proportionately consolidated during the year was 73 (2022 - 94 ) . |
5. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Directors remuneration | 1,024,324 | 931,483 |
The highest paid director received remuneration of £541,870 (2022: £470,691) |
6. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Bank interest | 1,382,340 | 633,307 |
Loan interest | 28,900 | - |
Interest payable | 7,897 | 20,243 |
1,419,137 | 653,550 |
7. | Loss before taxation |
The loss is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 83,178 | 65,851 |
Depreciation - owned assets | 291,547 | 197,111 |
Loss on disposal of fixed assets | 5,897 | - |
Goodwill amortisation | 2,700,936 | 2,820,820 |
Patents and licences amortisation | 21,885 | 21,885 |
Development costs amortisation | 4,590 | 11,922 |
Computer software amortisation | 15,425 | 534 |
Auditors' remuneration | 70,000 | 53,725 |
Auditors' remuneration - |
non-audit services | 12,500 | 1,950 |
Foreign exchange differences | 124,608 | (116,650 | ) |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
8. | Taxation |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 167,590 | 342,031 |
Corporation tax refund | - | (576,903 | ) |
Total current tax | 167,590 | (234,872 | ) |
Deferred tax | 279,323 | 98,982 |
Tax on loss | 446,913 | (135,890 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | (1,250,466 | ) | (494,374 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(312,617 |
) |
(93,931 |
) |
Effects of: |
Expenses not deductible for tax purposes | (92,574 | ) | 26,690 |
Depreciation in excess of capital allowances | 493,996 | - |
Other timing differences | 78,785 | 409,272 |
Movement in deferred tax | 279,323 | 98,982 |
Tax impact of prior year adjustment | - | (576,903 | ) |
Total tax charge/(credit) | 446,913 | (135,890 | ) |
9. | Individual income statement |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
10. | Intangible fixed assets |
Group |
Patents and | Development | Computer |
Goodwill | licences | costs | software | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2023 | 27,962,252 | 218,853 | 35,765 | 130,440 | 28,347,310 |
Additions | 500,000 | - | - | 30,000 | 530,000 |
At 31 December 2023 | 28,462,252 | 218,853 | 35,765 | 160,440 | 28,877,310 |
Amortisation |
At 1 January 2023 | 10,233,940 | 110,850 | 31,175 | 9,533 | 10,385,498 |
Amortisation for year | 2,700,936 | 21,885 | 4,590 | 15,425 | 2,742,836 |
At 31 December 2023 | 12,934,876 | 132,735 | 35,765 | 24,958 | 13,128,334 |
Net book value |
At 31 December 2023 | 15,527,376 | 86,118 | - | 135,482 | 15,748,976 |
At 31 December 2022 | 17,728,312 | 108,003 | 4,590 | 120,907 | 17,961,812 |
Company |
Patents and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 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 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
11. | Tangible fixed assets |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Cost |
At 1 January 2023 | 2,444,833 | 578,498 | 1,043,901 |
Additions | 835,997 | 3,470 | 351,375 |
Disposals | - | - | - |
At 31 December 2023 | 3,280,830 | 581,968 | 1,395,276 |
Depreciation |
At 1 January 2023 | 13,322 | 167,203 | 124,815 |
Charge for year | 14,969 | 57,801 | 78,985 |
Eliminated on disposal | - | - | - |
At 31 December 2023 | 28,291 | 225,004 | 203,800 |
Net book value |
At 31 December 2023 | 3,252,539 | 356,964 | 1,191,476 |
At 31 December 2022 | 2,431,511 | 411,295 | 919,086 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 | 566,859 | 185,930 | 141,175 | 4,961,196 |
Additions | 188,863 | - | 15,921 | 1,395,626 |
Disposals | - | (10,886 | ) | - | (10,886 | ) |
At 31 December 2023 | 755,722 | 175,044 | 157,096 | 6,345,936 |
Depreciation |
At 1 January 2023 | 133,514 | 85,035 | 95,957 | 619,846 |
Charge for year | 80,770 | 29,881 | 29,141 | 291,547 |
Eliminated on disposal | - | (4,989 | ) | - | (4,989 | ) |
At 31 December 2023 | 214,284 | 109,927 | 125,098 | 906,404 |
Net book value |
At 31 December 2023 | 541,438 | 65,117 | 31,998 | 5,439,532 |
At 31 December 2022 | 433,345 | 100,895 | 45,218 | 4,341,350 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
11. | Tangible fixed assets - continued |
Company |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
12. | Fixed asset investments |
Group |
Interest in |
associate |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 | 8,450,820 |
Net book value |
At 31 December 2023 | 8,450,820 |
At 31 December 2022 | 8,450,820 |
Company |
Shares in |
group | Interest in |
undertakings | associate | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 | 8,450,820 | 18,725,577 |
Additions | 500,000 |
At 31 December 2023 | 19,225,577 |
Net book value |
At 31 December 2023 | 19,225,577 |
At 31 December 2022 | 18,725,577 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
12. | Fixed asset investments - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 2 Riverside, Tramway Road, Banbury, Oxfordshire, OX16 5TU. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2100 First Avenue London Road, Newbury Business Park, Newbury, England, RG14 2PZ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Bolney Wine Estate Foxhole Lane, Bolney, Haywards Heath, West Sussex, England, RH17 5NB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Bolney Wine Estate Foxhole Lane, Bolney, Haywards Heath, West Sussex, RH17 5NB |
Nature of business: |
% |
Class of shares: | holding |
Associated company |
Registered office: Rue Sainte Pétronille, 33190 GIRONDE SUR DROPT, FRANCE |
Nature of business: |
% |
Class of shares: | holding |
The results of the associated company are not consolidated in these financial statements as Freixenet Copestick Limited does not have dominant control over the company. |
13. | Stocks |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 16,414,763 | 17,881,400 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
14. | Debtors |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 40,163,649 | 35,111,989 |
Amounts owed by group undertakings | 155,342 | 34,112 |
Other debtors | 5,687 | 62,654 |
Tax | 1,435,450 | 1,076,650 |
VAT | 3,052,248 | 2,178,575 |
Prepayments and accrued income | 439,389 | 598,420 |
45,251,765 | 39,062,400 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 45,251,765 | 39,062,400 |
15. | Creditors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 10,453 | 32,685 |
Trade creditors | 14,704,273 | 16,248,061 |
Amounts owed to group undertakings | 49,629,437 | 46,003,577 |
Social security and other taxes | 366,603 | 414,627 |
Other creditors | 113,872 | 119,817 |
Accruals and deferred income | 5,017,115 | 5,544,733 |
69,841,753 | 68,363,500 |
16. | Creditors: amounts falling due after more than one year |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 17) | - | 10,435 |
17. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 10,453 | 32,685 |
Between one and five years | - | 10,435 |
10,453 | 43,120 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
17. | Leasing agreements - continued |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 509,004 | 509,627 |
Between one and five years | 1,913,483 | 1,924,416 |
In more than five years | 766,212 | 1,423,687 |
3,188,699 | 3,857,730 |
Company |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
18. | Provisions for liabilities |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 418,663 | 139,340 | 132,872 | 139,340 |
Group |
Deferred tax |
£ |
Balance at 1 January 2023 | 139,340 |
Charge to Income Statement during year | 279,323 |
Balance at 31 December 2023 | 418,663 |
Company |
Deferred tax |
£ |
Balance at 1 January 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 December 2023 |
19. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A shares | £1 | 1,060 | 1,060 |
Ordinary B shares | £1 | 1,060 | 1,060 |
2,120 | 2,120 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
20. | Reserves |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | (179,365 | ) | 23,710,605 | 23,531,240 |
Deficit for the year | (1,697,379 | ) | (1,697,379 | ) |
At 31 December 2023 | (1,876,744 | ) | 23,710,605 | 21,833,861 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 28,998,287 |
Profit for the year |
At 31 December 2023 | 30,068,786 |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
21. | Related party disclosures |
During the year the group undertook transactions with related parties and other companies within the group as follows: |
Sales to related party |
Purchases from related party |
Amounts owed by related party |
Amounts owed to related party |
£ |
£ |
£ |
£ |
Henkell & Co. Sektkellerei KG | -89,139 | 247,973 | - | 6,846,949 |
Henkell Freixenet Polska Sp. z o.o | - | 27,484 | - | 2,255 |
Dr. August Oetker KG | - | - | - | 29,201,052 |
Mionetto S.p.A. | - | 8,400,065 | - | 3,159,263 |
Törley Pezsgopincészet Kft. | - | 409,283 | - | 76 |
Freixenet Shanghai International Trading Co. |
- |
- |
- |
- |
Freixenet, S.A. | 5,674 | 38,829,474 | 182,266 | 7,850,630 |
Freixenet Gratien S.A.S | - | 14,559,903 | - | 1,865,013 |
Freixenet Sonoma Caves, Inc. | - | 20,293 | - | - |
Freixenet Mionetto USA Inc.sdsd | 17,952 | - | - | - |
Freixenet Gratien S.A.Scr | 106,934 | - | 17,032 | - |
Yvon Mau, S.A. | 91,027 | 298,699 | 2,093 | 277,688 |
Yvon Mau Grands Crus S.A.S | - | 23,378 | - | 15,896 |
Henkell International GmbH | - | 661,517 | - | 411,825 |
Budenheim Iberica SLU | - | - | - | - |
Segura Viudas, S.A.U | 51,821 | 538 | - | - |
i heart WINES GmbH | 32,046 | - | - | - |
JWG Johannib. Weinvertrieb KG | - | - | - | - |
Champagne Alfred Gratien S.A | - | 26,141 | - | 1,209 |
Hubert J.E.s.r.o | - | - | - | - |
Vierte Oetker Beteiligungsgesellschaft KG |
- |
1,333,763 |
- |
- |
Henkell Freixenet Nordic AB | 31,416 | - | 31,416 | - |
Segura Viudas S.A.U. | - | - | 51,821 | - |
Freixenet De Mexico SA De CV | 309 | - | - | - |
UAB Henkell Freixenet Lietuva | 3,200 | - | - | - |
Henkell Freixenet Australia | - | 11,291 | - | - |
Levins Solicitors | - | 600 | - | - |
22. | Ultimate controlling party |
The ultimate controlling party is Geschwister Oetker Beteiligungen KG. |
The largest and smallest group in which the results of the company are consolidated is that headed by Geschwister Oetker Beteiligungen KG, incorporated in Germany. The consolidated accounts of this company are available to the public and may be obtained from Friedhofstr.70, D-33659 Bielefeld. No other group accounts include the results of the company. |
Freixenet Copestick Limited (Registered number: 05465686) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
23. | Reconciliation of loss before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Loss before taxation | (1,250,466 | ) | (494,374 | ) |
Depreciation charges | 3,034,383 | 3,052,272 |
Loss on disposal of fixed assets | 5,897 | - |
Finance costs | 1,419,137 | 653,550 |
3,208,951 | 3,211,448 |
Decrease/(increase) in stocks | 1,466,637 | (7,997,105 | ) |
(Increase)/decrease in trade and other debtors | (5,830,565 | ) | 4,173,515 |
Increase in trade and other creditors | 1,500,485 | 13,084,939 |
Cash generated from operations | 345,508 | 12,472,797 |
24. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 790,541 | 4,348,853 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 4,348,853 | 3,225,816 |
25. | Analysis of changes in net funds |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,348,853 | (3,558,312 | ) | 790,541 |
4,348,853 | (3,558,312 | ) | 790,541 |
Debt |
Finance leases | (43,120 | ) | 32,667 | (10,453 | ) |
(43,120 | ) | 32,667 | (10,453 | ) |
Total | 4,305,733 | (3,525,645 | ) | 780,088 |