Company registration number 01118364 (England and Wales)
JOHN DAVY (VINTNER) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JOHN DAVY (VINTNER) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JOHN DAVY (VINTNER) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
2 April 2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,269,807
1,042,626
Investments
5
7,176
7,176
1,276,983
1,049,802
Current assets
Debtors
6
630,233
613,027
Cash at bank and in hand
54,333
90,581
684,566
703,608
Creditors: amounts falling due within one year
7
(987,982)
(972,402)
Net current liabilities
(303,416)
(268,794)
Net assets
973,567
781,008
Capital and reserves
Called up share capital
8
172
172
Share premium account
269,910
269,910
Profit and loss reserves
703,485
510,926
Total equity
973,567
781,008

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
J. S. V. Davy
Director
Company registration number 01118364 (England and Wales)
JOHN DAVY (VINTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

John Davy (Vintner) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 161 - 165 Greenwich High Road, Greenwich, London, SE10 8JA.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is dependent on the continued financial support of its parent company, Mullins & Westley Limited. This company have undertaken to support the company for the next twelve months and the forseeable future. The directors have therefore prepared these financial statements on a going concern basis.

1.3
Turnover
Turnover represents amounts receivable for rent, dividends and interest.
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash at bank and in hand

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.

JOHN DAVY (VINTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (continued)
- 3 -
1.7
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.

1.8
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

JOHN DAVY (VINTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
4
Investment property
2024
£
Fair value
At 3 April 2023
1,042,626
Revaluations
227,181
At 31 March 2024
1,269,807
JOHN DAVY (VINTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Fixed asset investments
2024
2023
£
£
Investments
7,176
7,176
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 3 April 2023 & 31 March 2024
1
7,175
7,176
Carrying amount
At 31 March 2024
1
7,175
7,176
At 2 April 2023
1
7,175
7,176
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
628,392
609,478
Other debtors
1,841
3,549
630,233
613,027
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
712,733
693,632
Other creditors
275,249
278,770
987,982
972,402
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
17,250 ordinary shares of 1p each
172
172
9
Parent company

The ultimate parent company is Mullins and Westley (1997) Limited which is incorporated in England and Wales.

JOHN DAVY (VINTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Keith Grover
Statutory Auditor:
HB Accountants
Date of audit report:
21 August 2024
2024-03-312023-04-03false21 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedJ. S. V. DavyT. R. Langley-HuntS. DavyA. C. Davyfalsefalse011183642023-04-032024-03-31011183642024-03-31011183642023-04-0201118364core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3101118364core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-0201118364core:CurrentFinancialInstruments2024-03-3101118364core:CurrentFinancialInstruments2023-04-0201118364core:ShareCapital2024-03-3101118364core:ShareCapital2023-04-0201118364core:SharePremium2024-03-3101118364core:SharePremium2023-04-0201118364core:RetainedEarningsAccumulatedLosses2024-03-3101118364core:RetainedEarningsAccumulatedLosses2023-04-0201118364bus:Director12023-04-032024-03-31011183642022-04-042023-04-02011183642023-04-0201118364core:WithinOneYear2024-03-3101118364core:WithinOneYear2023-04-0201118364bus:PrivateLimitedCompanyLtd2023-04-032024-03-3101118364bus:SmallCompaniesRegimeForAccounts2023-04-032024-03-3101118364bus:FRS1022023-04-032024-03-3101118364bus:Audited2023-04-032024-03-3101118364bus:Director22023-04-032024-03-3101118364bus:Director32023-04-032024-03-3101118364bus:Director42023-04-032024-03-3101118364bus:FullAccounts2023-04-032024-03-31xbrli:purexbrli:sharesiso4217:GBP