Company Registration No. 02516334 (England and Wales)
POL ROGER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
POL ROGER LIMITED
COMPANY INFORMATION
Directors
H L M De Billy
L B M A d'Harcourt
J C O Simpson MW
T J Cookman
J R P Smailes
I Gautier
P Donnelly
(Appointed 1 January 2024)
Secretary
T J Cookman
Company number
02516334
Registered office
Shelton House
4 Coningsby Street
Hereford
Herefordshire
HR1 2DY
Auditor
Kendall Wadley LLP
Merevale House
27 Sansome Walk
Worcester
WR1 1NU
Business address
Shelton House
4 Coningsby Street
Hereford
Herefordshire
HR1 2DY
Bankers
National Westminster Bank Plc
12 Broad Street
Hereford
HR4 9AH
POL ROGER LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of total comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
POL ROGER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

Business Review

2023 saw a return to rather more normal trading; in the context of a challenging fine wine and spirts market in the latter part of the year. Turnover was only down 1% year on year at £21.4 million on case sales which showed a 9% reduction to 102,205 cases x 6 bottles. Profit before tax held up relatively well; with the final figure sitting at £1.48 million (down on the 2022 figure of £2.2 million but, significantly, still above the 2020 figure of £1.33 million).

 

We have continued to refine our agency strategy; with one further addition to the Portfolio (Sandrone, one of the great Barolo producers). This has meant further time to concentrate on our existing agency partners – where there has been significant work maintaining volumes whilst selling broader price increases into the Trade.

 

Principal Risks and Uncertainties

We continue, keenly, to monitor overheads, sales and marketing costs against budget. There have been some significant price increases across the Portfolio through the year and this continues to be a challenge as we look to the future.

 

At the same time, we have continued to work with Planet Mark, one of the leading sustainability consultancies, to measure our environmental and social impact as we create a roadmap to ensure that we become Net Zero in the next decade. Additionally, we continue to support sensible drinking through our active membership of the key trade bodies and our particular role in training a further generation of responsible drinkers through ongoing tastings and events through the University sector.

 

Performance Indicators

The Board continue to monitor the performance of the company against the following parameters:

On behalf of the board

J C O Simpson MW
Director
20 March 2024
POL ROGER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the year continued to be that of wine and spirit importers, merchants and distributors.
Results and dividends

The results for the year are set out on page 7.

During the year dividends of £950,000 (2022 £950,000) were paid to Pol Roger Et Cie S.A. the parent company of Pol Roger Limited, and £50,000 (2022 £50,000) were paid to J&G Grant.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

H L M De Billy
L B M A d'Harcourt
J C O Simpson MW
T J Cookman
J R P Smailes
I Gautier
P Donnelly
(Appointed 1 January 2024)
Auditor

In accordance with the company's articles, a resolution proposing that Kendall Wadley LLP be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J C O Simpson MW
Director
20 March 2024
POL ROGER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors are responsible for preparing 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 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
POL ROGER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF POL ROGER LIMITED
- 4 -
Opinion

We have audited the financial statements of Pol Roger Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 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 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 report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

POL ROGER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POL ROGER LIMITED
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

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:

- an understanding of the risk assessment process (including the assessment of the risk of fraud) adopted by the Board is obtained and their attitude to risk ascertained

- an assessment of the susceptibility to material mis-statement of the financial statements as a result of management over-ride or fraud is made

- it is ensured that the engagement team have, collectively, the appropriate competence, capabilities and skills to be involved in the assignment, are fully briefed and understand the risks specific to the company

- processes to test the outcomes of our assessment include, a review of Board minutes, analytical review, the relevance and accuracy of significant accounting estimates, substantive testing of significant transactions, work to identify unusual or unexpected accounting entries including the testing of journal entries, information disclosed in the financial statements is traced to supporting documentation. In all instances it is acknowledged that material mis-statements that arise from fraud may involve deliberate concealment or collusion and are, therefore, by their very nature harder to detect than those arising from error.

- an understanding of the legal and regulatory framework as applicable to the company is obtained together with knowledge of the procedures put in place by the company in order to comply with the same

- it is established if there have been any instances of non-compliance with applicable laws and regulations, where there are such breaches, a full understanding, including gathering of relevant documentation appertaining to the event is obtained and assessed

It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

POL ROGER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POL ROGER LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

David Farebrother BSc(Hons) BFP ACA
Senior Statutory Auditor
For and on behalf of Kendall Wadley LLP
20 March 2024
Chartered Accountants
Statutory Auditor
Merevale House
27 Sansome Walk
Worcester
WR1 1NU
POL ROGER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
21,403,069
21,619,464
Cost of sales
(15,270,039)
(14,804,614)
Gross profit
6,133,030
6,814,850
Distribution costs
(164,235)
(132,891)
Administrative expenses
(4,830,678)
(4,665,063)
Other operating income
346,097
176,129
Operating profit
4
1,484,214
2,193,025
Interest receivable and similar income
7
3,863
3,830
Interest payable and similar expenses
8
(10,021)
(5,207)
Profit before taxation
1,478,056
2,191,648
Tax on profit
9
(365,975)
(431,823)
Profit for the financial year
1,112,081
1,759,825

The profit and loss account has been prepared on the basis that all operations are continuing operations.

POL ROGER LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
11,984
27,964
Tangible assets
12
456,330
480,029
468,314
507,993
Current assets
Stocks
14
6,623,017
4,865,340
Debtors
15
4,032,754
3,052,259
Cash at bank and in hand
40,936
1,899,059
10,696,707
9,816,658
Creditors: amounts falling due within one year
16
(4,717,878)
(3,850,467)
Net current assets
5,978,829
5,966,191
Total assets less current liabilities
6,447,143
6,474,184
Creditors: amounts falling due after more than one year
17
-
0
(139,424)
Provisions for liabilities
Deferred tax liability
18
11,175
10,873
(11,175)
(10,873)
Net assets
6,435,968
6,323,887
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
6,434,968
6,322,887
Total equity
6,435,968
6,323,887
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
L B M A d'Harcourt
J C O Simpson MW
Director
Director
Company registration number 02516334 (England and Wales)
POL ROGER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,000
5,563,062
5,564,062
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,759,825
1,759,825
Dividends
10
-
(1,000,000)
(1,000,000)
Balance at 31 December 2022
1,000
6,322,887
6,323,887
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,112,081
1,112,081
Dividends
10
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
1,000
6,434,968
6,435,968
POL ROGER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(847,985)
(335,775)
Interest paid
(10,021)
(5,207)
Income taxes paid
(459,252)
(555,391)
Net cash outflow from operating activities
(1,317,258)
(896,373)
Investing activities
Purchase of tangible fixed assets
(18,048)
(10,872)
Proceeds on disposal of tangible fixed assets
14,315
125
Interest received
3,863
3,830
Net cash generated from/(used in) investing activities
130
(6,917)
Financing activities
Dividends paid
(1,000,000)
(1,000,000)
Net cash used in financing activities
(1,000,000)
(1,000,000)
Net decrease in cash and cash equivalents
(2,317,128)
(1,903,290)
Cash and cash equivalents at beginning of year
1,899,059
3,802,349
Cash and cash equivalents at end of year
(418,069)
1,899,059
Relating to:
Cash at bank and in hand
40,936
1,899,059
Bank overdrafts included in creditors payable within one year
(459,005)
-
0
POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Pol Roger Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shelton House, 4 Coningsby Street, Hereford, Herefordshire, HR1 2DY.

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.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Software
20% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings long leasehold
2% straight line
Leasehold property improvements
10% and 33.33% straight line
Computer equipment
33.33% straight line
Office, furniture & equipment
33.33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct acquisition costs of the product determined on a first in first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

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.

1.10
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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit and loss account.

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 trade and other payables, bank loans, loans from fellow group companies 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.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities as payment is due within one year or less.

Other financial liabilities

Derivatives and forward foreign exchange contracts are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in exchange rate (gains)/losses.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Derivatives

The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk. The company realises the asset and settles the liability simultaneously, accordingly the net amount arising upon being re-measured to fair value at each reporting end date is presented in the statement of financial position, gains or losses in this regard being taken to the profit and loss account.

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.

1.13
Taxation

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

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

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
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover
Sales of goods
21,403,069
21,619,464
POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 15 -
Turnover analysed by geographical market
2023
2022
£
£
UK sales
21,403,069
21,619,464
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains) (including those arising on financial instruments remeasured at fair value at the reporting end date)
128,186
(225,372)
Fees payable to the company's auditors for the audit of the company's financial statements
15,500
13,500
Depreciation of owned tangible fixed assets
39,745
37,853
Profit on disposal of tangible fixed assets
(12,313)
(125)
Amortisation of intangible assets
15,980
15,980
Operating lease charges
45,001
33,740

In addition to their audit fees, the auditors received £4,727 (2022 - £4,924) for corporation tax, accounts preparation and other services.

5
Employees

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

2023
2022
Number
Number
Directors
3
3
Sales And Marketing
12
11
Administration
7
8
22
22

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,877,594
2,036,566
Social security costs
241,164
256,024
Pension costs
191,345
173,734
2,310,103
2,466,324

 

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 16 -

The company also paid employee health insurance and permanent health insurance costs of £42,358 (2022 £45,416).

6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
660,078
756,340
Company pension contributions to defined contribution schemes
58,149
42,654
718,227
798,994

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
316,642
351,242
Company pension contributions to defined contribution schemes
10,000
4,000
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
3,863
3,806
Other interest income
-
0
24
Total income
3,863
3,830
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,863
3,806
POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,573
49
Other finance costs:
Other interest
1,448
5,158
10,021
5,207
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
352,642
416,362
Adjustments in respect of prior periods
13,031
18,377
Total current tax
365,673
434,739
Deferred tax
Origination and reversal of timing differences
302
64
Changes in tax rates
-
0
(2,980)
Total deferred tax
302
(2,916)
Total tax charge
365,975
431,823

The change in UK corporation tax rate from 19% to 25% enacted in the Finance Act 2021 for profits arising after 1 April 2023 led to the deferred tax asset and liability being revalued in 2022 based on these rates changes.

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,478,056
2,191,648
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
369,514
416,413
Tax effect of expenses that are not deductible in determining taxable profit
19,720
15,911
Permanent capital allowances in excess of depreciation
(31)
(620)
Depreciation on assets not qualifying for tax allowances
3,735
2,837
Adjustments to previous periods
(3,412)
262
Rate change on deferred tax
-
0
(2,980)
Tax at marginal rate from 19%
(23,551)
-
0
Taxation charge for the year
365,975
431,823
10
Dividends
2023
2022
£
£
Interim paid
1,000,000
1,000,000
11
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
84,653
79,900
164,553
Amortisation and impairment
At 1 January 2023
84,653
51,936
136,589
Amortisation charged for the year
-
0
15,980
15,980
At 31 December 2023
84,653
67,916
152,569
Carrying amount
At 31 December 2023
-
0
11,984
11,984
At 31 December 2022
-
0
27,964
27,964
POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
12
Tangible fixed assets
Land and buildings long leasehold
Leasehold property improvements
Computer equipment
Office, furniture & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
510,804
172,330
87,704
68,746
43,314
882,898
Additions
-
0
-
0
16,566
1,482
-
0
18,048
Disposals
-
0
-
0
(34,023)
(775)
(43,314)
(78,112)
At 31 December 2023
510,804
172,330
70,247
69,453
-
0
822,834
Depreciation and impairment
At 1 January 2023
82,583
141,965
71,538
63,469
43,314
402,869
Depreciation charged in the year
10,217
14,038
12,269
3,221
-
0
39,745
Eliminated in respect of disposals
-
0
-
0
(32,021)
(775)
(43,314)
(76,110)
At 31 December 2023
92,800
156,003
51,786
65,915
-
0
366,504
Carrying amount
At 31 December 2023
418,004
16,327
18,461
3,538
-
0
456,330
At 31 December 2022
428,221
30,365
16,166
5,277
-
0
480,029
13
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
113,183
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
10,222
-

 

14
Stocks
2023
2022
£
£
Finished goods and goods for resale
6,623,017
4,865,340
POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
15
Debtors
2023
2022
£
£
Trade debtors
3,819,074
2,782,922
Other debtors
12,345
16,569
Derivative financial instruments
-
113,183
Prepayments and accrued income
201,335
139,585
4,032,754
3,052,259

Trade debtors disclosed above are measured at amortised cost.

16
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
459,005
-
0
Trade creditors
748,786
1,947,180
Amounts owed to group undertakings
2,396,145
247,158
Corporation tax
118,089
211,668
Other taxation and social security
346,497
333,992
Derivative financial instruments
10,222
-
0
Other creditors
21,062
15,519
Accruals and deferred income
618,072
1,094,950
4,717,878
3,850,467
17
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts due to group undertakings
-
0
139,424

Of the above, the amount repayable by instalments in more than 5 years is £nil (2022 - £49,003).

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Capital allowances
11,175
16,498
Retirement benefit obligations
-
(5,625)
11,175
10,873
2023
Movements in the year:
£
Liability at 1 January 2023
10,873
Charge to profit or loss
302
Liability at 31 December 2023
11,175

Deferred tax liabilities are offset where the company has a legally enforceable right to do so. The amount of the net reversal of the deferred tax expected to occur next year is £6,904 (2022 - £6,182).

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
191,345
173,734

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in independently administered funds.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100,000
100,000
1,000
1,000
21
Financial commitments, guarantees and contingent liabilities

National Westminster Bank Plc holds a duty deferment bond of £22,000 (2022 - £22,000) in favour of the commissioners of Her Majesty's Revenue & Customs.

 

National Westminster Bank plc hold a debenture over all freehold and leasehold property as security for monies due to National Westminster Bank plc, the indebtedness at the balance sheet date was £459,005 (2022 - £nil).

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
22
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for property, vehicles and software. Leases for property are negotiated for an average term of 5 years, rentals for vehicles and software are negotiated for an average term of 3 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
83,668
75,130
Between two and five years
110,092
148,243
193,760
223,373
POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
23
Related party transactions
Transactions with related parties

During the year ended 31 December 2023 the company purchased stock totalling £8,959,268 (2022 £7,724,346) from its parent company Pol Roger Et Cie S.A.. The company also received sales income of £16,227 (2022 £3,131), marketing contributions of £156,388 (2022 £135,668) and sales credit notes of £88 (2022 £1,298) from Pol Roger Et Cie S.A. All of the transactions were carried out on an arm's length basis.

 

The company paid £161,967 to clear the outstanding balance on the £310,000 loan which was received from the parent Pol Roger Et Cie S.A. in 2014. Interest charged in the year amounted to £1,448 (2022 £4,721). The balance outstanding at 31 December 2023 amounted to £nil (2022 £160,519). The loan was repayable by instalments and carried interest at 2.75% per annum.

 

Other amounts due to Pol Roger Et Cie S.A. within one year are £2,398,100 (2022 £228,175). Amounts due from Pol Roger Et Cie S.A. are £1,955 (2022 £2,112).

 

During the year the company paid a dividend to Pol Roger Et Cie S.A. amounting to £950,000 (2022 £950,000) and to J&G Grant a dividend of £50,000 (2022 £50,000).

 

During the year there were sales of £190,151 (2022 £28,049) to, recharged disbursements of £98,345 (2022 £118,235) to, and purchases of £2,681,346 (2022 £3,075,221) from J&G Grant, a shareholder of Pol Roger Limited. At the year end £425,260 (2022 £903,190) was owed to J&G Grant and £72,811 (2022 £3,650) owed by J&G Grant.

24
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

An interest free loan to director Mr J.C.O. Simpson is included in other debtors of which £9,995 (2022 - £9,000) is receivable within 1 year and £nil (2022 - £nil) is receivable over 1 year.

POL ROGER LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
25
Cash absorbed by operations
2023
2022
£
£
Profit for the year after tax
1,112,081
1,759,825
Adjustments for:
Taxation charged
365,975
431,823
Finance costs
10,021
5,207
Investment income
(3,863)
(3,830)
Gain on disposal of tangible fixed assets
(12,313)
(125)
Amortisation and impairment of intangible assets
15,980
15,980
Depreciation and impairment of tangible fixed assets
39,745
37,853
Foreign exchange movement on derivatives
123,405
(142,331)
Movements in working capital:
Increase in stocks
(1,757,677)
(1,284,400)
(Increase)/decrease in debtors
(1,093,678)
268,564
Increase/(decrease) in creditors
352,339
(1,424,341)
Cash absorbed by operations
(847,985)
(335,775)
26
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,899,059
(1,858,123)
40,936
Bank overdrafts
-
0
(459,005)
(459,005)
1,899,059
(2,317,128)
(418,069)
27
Ultimate controlling party

The directors regard Pol Roger Et Cie S.A., a company registered in France and owning 95% of the issued share capital, to be the company's ultimate parent company.

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