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Registered number: 02233431










THE VINEYARD AT STOCKCROSS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023



 
THE VINEYARD AT STOCKCROSS LIMITED
 

COMPANY INFORMATION


Directors
A G McKenzie 
M V Morris 
B Wilkinson 




Registered number
02233431



Registered office
Buckingham House
West Street

Newbury

Berkshire

RG14 1BE




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
THE VINEYARD AT STOCKCROSS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 24


 
THE VINEYARD AT STOCKCROSS LIMITED
 

STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

BUSINESS REVIEW
The Company is a five star luxury boutique hotel providing a high end wine and food offering which is primarily focused on the weekend leisure guest and midweek business travellers.
The business also operates an exclusive wine agent, importing and selling wines from small bespoke wineries located in California.
Turnover for the year increased resulting in a reduced trading loss of £964,800 (2022: £927,115). 
FINANCIAL KEY PERFORMANCE INDICATORS
The directors actively monitor a number of key performance indicators as follows:
Turnover - Increase of 13.2% on prior year
Gross profit margin - A decrease of 4.6% on prior year at 70.5%
EBITDA - loss of £849,086 in 2023 and loss of £547,462 in 2022
The directors also monitor a number of hotel related KPIs in respect of, but not limited to, average room rate and occupancy.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The company uses various financial instruments including cash, loans and items such as trade debtors and trade creditors that arise directly from its operations. The purpose of these financial instruments is to raise finance for the company’s operations.
The risks arising from the company’s financial instruments are currency risk, liquidity risk, interest rate risk and credit risk. The directors review and agree policies for managing each of these risks and these policies have remained unchanged from previous years.

Currency risk
 
The principal trading currency of the company is sterling. Certain purchases are made in US dollars and to minimise foreign exchange risk, the company operates a US bank account and prices the sale based on the US cost of purchase.

Liquidity risk
 
The company manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. 

Page 1

 
THE VINEYARD AT STOCKCROSS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Credit risk
 
The company’s principal financial assets are cash and trade debtors. To manage trade debtor credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
The company manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Inflation
Whilst UK inflation poses a problem to all businesses the Company seeks to mitigate this somewhat by increasing sales prices in line with inflationary cost increases, however there is a risk that a point is reached where the market will no longer withstand price increases without a determinantal impact on other metrics such as occupancy rates. Management are satisfied that they have sufficient processes in place to mitigate this risk as far as possible.
Energy price risk
The recent energy price increases which were at record highs as a direct result of the Ukraine conflict have now reduced to pre-war levels. In view of this, and to mitigate the risk of any short term energy price fluctuations, the company have taken the decision to contract into a fixed priced agreement through to October 2026. 


This report was approved by the board and signed on its behalf.





A G McKenzie
Director

Date: 20 August 2024

Page 2

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the period ended 31 December 2023.

Principal activity

The principal activity of the Company is a five star luxury boutique hotel providing a high end wine and food offering which is primarily focused on the weekend leisure guest and midweek business travellers.

Directors

The Directors who served during the period were:

A G McKenzie 
M V Morris 
B Wilkinson 

Directors' responsibilities statement

The Directors are responsible for preparing the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the period, after taxation, amounted to £964,800 (2022 - loss £927,115).

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 3

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A G McKenzie
Director

Date: 20 August 2024

Page 4

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED
 

Opinion


We have audited the financial statements of The Vineyard at Stockcross Limited (the 'Company') for the period ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its loss for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED (CONTINUED)


Opinion 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 Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED (CONTINUED)


Auditor's 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 Auditor's 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.


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 noncompliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.


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 Auditor's report.


Page 7

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VINEYARD AT STOCKCROSS LIMITED (CONTINUED)


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 2006Our 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 Auditor's 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.





Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

21 August 2024
Page 8

 
THE VINEYARD AT STOCKCROSS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
5,921,497
5,230,899

Cost of sales
  
(1,881,848)
(1,407,067)

Gross profit
  
4,039,649
3,823,832

Administrative expenses
  
(5,449,455)
(4,960,721)

Other operating income
 5 
445,006
320,097

Operating loss
 6 
(964,800)
(816,792)

Interest payable and similar expenses
 10 
-
(110,323)

Loss before tax
  
(964,800)
(927,115)

Loss for the financial period
  
(964,800)
(927,115)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
THE VINEYARD AT STOCKCROSS LIMITED
REGISTERED NUMBER: 02233431

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
6,771,839
6,817,823

  
6,771,839
6,817,823

Current assets
  

Stocks
 14 
1,161,687
1,226,257

Debtors: amounts falling due within one year
 15 
430,522
510,779

Cash at bank and in hand
 16 
74,948
39,994

  
1,667,157
1,777,030

Creditors: amounts falling due within one year
 17 
(30,298,966)
(29,490,023)

Net current liabilities
  
 
 
(28,631,809)
 
 
(27,712,993)

Total assets less current liabilities
  
(21,859,970)
(20,895,170)

  

Net liabilities
  
(21,859,970)
(20,895,170)


Capital and reserves
  

Called up share capital 
 19 
2,867,895
2,867,895

Share premium account
 20 
20,587
20,587

Profit and loss account
 20 
(24,748,452)
(23,783,652)

  
(21,859,970)
(20,895,170)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A G McKenzie
Director

Date: 20 August 2024

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
THE VINEYARD AT STOCKCROSS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
2,867,895
20,587
(23,783,652)
(20,895,170)



Loss for the period
-
-
(964,800)
(964,800)


At 31 December 2023
2,867,895
20,587
(24,748,452)
(21,859,970)


The notes on pages 12 to 24 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 December 2021
2,867,895
20,587
(22,856,537)
(19,968,055)



Loss for the year
-
-
(927,115)
(927,115)


At 31 December 2022
2,867,895
20,587
(23,783,652)
(20,895,170)


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The Vineyard at Stockcross Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of the Company’s principal place of business is The Vineyard Hotel, Stockcross, Newbury, Berkshire, RG20 8JU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Stockford Limited as at 31 December 2023 and these financial statements may be obtained from Buckingham House, West Street, Newbury, Berkshire, England, RG14 1BE.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The financial statements contain information about The Vineyard at Stockcross Limited as an individual entity and do not contain consolidated financial information as the parent of the Group. The Company and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Stockford Limited, a company registered in England and Wales.

 
2.4

Going concern

The parent company Stockford Limited has agreed to provide support and has confirmed to the Company that it will make available sufficient financial resources as required to enable the Company to meet its short term liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In conclusion the directors consider that the Company will have adequate cash and other liquid resources to meet its commitments, and therefore the financial statements are appropriately prepared on a going concern basis.

Page 12

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

The revenue shown in the Statement of Income and Retained Earnings represents the value of goods and services provided during the year, stated net of discounts and value added tax. Revenue can be split into two main areas:
Sale of accommodation:
Revenue in relation to the provision of accommodation is recognised over the period of stay in the hotel. Where a customer pays in advance of their stay that revenue is deferred accordingly.
Sale of food, beverages, leisure and other goods:
Revenue in relation to the provision of food, drink and other goods is recognised at the point the sale of the items is made to the customer.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, straight-line method.

The estimated useful lives range as follows:

Freehold property
-
0% Straight line
Plant and machinery
-
10-50% Straight line
Motor vehicles
-
25% Straight line
Fixtures and fittings
-
20% Straight line
Assets under construction
-
0% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The condition and upkeep of the freehold property is carried out on a continuous basis by the company with any payments being charged to the profit and loss account as it arises. This depreciation policy reflects the expected benefits of such assets and provides consistency with the depreciation methods used by other entities within the same industry. 
In accordance with GAAP (Generally Accepted Accounting Practice), the assets under construction do not begin to be depreciated until they come into use. Once assets under construction come into use they are transferred to the relevant categories and commence being depreciated if applicable. 

Page 13

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. 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 profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 14

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Government grants

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.17

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the assets (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cashflows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historic experience and other factors that are considered to be applicable. Due to the inherent subjectivity in making such judgements, estimates and assumptions, the actual results and outcomes may differ.  The estimates and underlying assumptions are reviewed on an ongoing basis. 
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Determining residual values and useful economic lives of tangible fixed assets 
The company depreciates tangible fixed assets over their useful economic lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of the assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management determining the residual values for property, plant and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already in the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Page 16

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Provision of rooms
1,961,304
1,912,898

Sale of food and beverages
2,516,244
2,193,280

Provision of spa and leisure services
259,559
234,269

Other hotel income
514,601
256,740

Cellars
669,789
633,712

5,921,497
5,230,899


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
445,006
314,097

Government grants receivable
-
6,000

445,006
320,097


Other operating income relates to management fees charged to to its subsidiary Knights Valley Hotels Limited and fellow subsidiary Donnington Valley Group Limited.


6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
114,914
269,330

Defined contribution pension costs
165,652
200,493


7.


Auditor's remuneration

During the period, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
9,810
9,340

Page 17

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,925,892
2,406,530

Social security costs
227,475
217,518

Cost of defined contribution scheme
165,652
200,493

3,319,019
2,824,541


The average monthly number of employees, including the Directors, during the period was as follows:


        2023
        2022
            No.
            No.







Management and administration staff
16
9



Sales and marketing staff
5
5



Operational staff
101
91

122
105


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
289,670
277,347

Company contributions to defined contribution pension schemes
17,091
17,091

306,761
294,438


During the period retirement benefits were accruing to 2 Directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £122,158 (2022 - £122,158).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £12,216 (2022 - £12,216).


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
110,323

Page 18

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£


Total current tax
-
-

Factors affecting tax charge for the period/year

The tax assessed for the period/year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Loss on ordinary activities before tax
(964,800)
(927,115)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(226,921)
(68,343)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12
11,851

Capital allowances for period/year in excess of depreciation
19,828
(705)

Deferred tax not recognised
207,081
57,197

Total tax charge for the period/year
-
-


Factors that may affect future tax charges

The Company has carried forward trading losses of £8,146,040 (2022: £7,507,861), no deferred tax asset has been recognised in respect of these losses due to uncertainty over future trading profits against which to offset these losses.

Page 19

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
12,190,791
216,768
12,500
438,483
12,858,542


Additions
870
28,470
-
39,590
68,930



At 31 December 2023

12,191,661
245,238
12,500
478,073
12,927,472



Depreciation


At 1 January 2023
5,669,327
113,942
3,542
253,908
6,040,719


Charge for the period
-
29,380
2,500
83,034
114,914



At 31 December 2023

5,669,327
143,322
6,042
336,942
6,155,633



Net book value



At 31 December 2023
6,522,334
101,916
6,458
141,131
6,771,839



At 31 December 2022
6,521,464
102,826
8,958
184,575
6,817,823

Freehold property includes freehold land of £103,500 which is not depreciated.

Page 20

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
192,308



At 31 December 2023

192,308



Impairment


At 1 January 2023
192,308



At 31 December 2023

192,308



Net book value



At 31 December 2023
-



At 31 December 2022
-


14.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,161,687
1,226,257


Page 21

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£
£


Trade debtors
336,501
401,058

Amounts owed by group undertakings
15,760
37,024

Other debtors
579
900

Prepayments and accrued income
77,682
71,797

430,522
510,779



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
74,948
39,994



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
335,526
313,045

Amounts owed to group undertakings
28,766,075
28,094,451

Other taxation and social security
618,283
532,229

Other creditors
40,522
29,574

Accruals and deferred income
538,560
520,724

30,298,966
29,490,023


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 

Page 22

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

18.


Financial instruments

2023
2022
£
£

Financial assets


Cash at bank and in hand
74,948
39,994

Financial assets that are debt instruments measured at amortised cost
430,522
510,779

505,470
550,773


Financial liabilities


Financial liabilities measured at amortised cost
29,680,683
28,957,794


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed to group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and other creditors. 




19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,867,895 (2022 - 2,867,895) Ordinary shares of £1.00 each
2,867,895
2,867,895



20.


Reserves

Profit and loss account

Includes all current and prior year retained losses.


21.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted £165,652 (2022: £200,493). 


22.


Related party transactions

The Company is exempt from disclosing related party transactions with other 100% owned members of the Group headed by Stockford Limited by virtue of FRS 102 section 33.1A.

Page 23

 
THE VINEYARD AT STOCKCROSS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

23.


Controlling party

The Company considers Stockford Limited, a company incorporated in England and Wales, to be its ultimate parent company throughout the current and previous years. Stockford Limited is the parent of both the largest and smallest groups in which the results of the company are consolidated. The Company’s results are included in the consolidated financial statements of Stockford Limited. Copies of the group financial statements for Stockford Limited are available from its registered office: Buckingham House, West Street, Newbury, Berkshire, England, RG14 1BE


Page 24