Three Choirs Vineyards Limited 01844521 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of vineyard proprietors, incorporating the production and sale of wine and ancillary products, accommodation and restaurant. Digita Accounts Production Advanced 6.30.9574.0 true true 01844521 2023-01-01 2023-12-31 01844521 2023-12-31 01844521 bus:OrdinaryShareClass1 2023-12-31 01844521 bus:Consolidated 2023-12-31 01844521 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01844521 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-12-31 01844521 core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01844521 core:CapitalRedemptionReserve 2023-12-31 01844521 core:RetainedEarningsAccumulatedLosses 2023-12-31 01844521 core:ShareCapital 2023-12-31 01844521 core:SharePremium 2023-12-31 01844521 core:CurrentFinancialInstruments 2023-12-31 01844521 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01844521 core:Non-currentFinancialInstruments 2023-12-31 01844521 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01844521 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 01844521 core:FurnitureFittingsToolsEquipment 2023-12-31 01844521 core:MotorVehicles 2023-12-31 01844521 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-12-31 01844521 core:OtherPropertyPlantEquipment 2023-12-31 01844521 bus:SmallEntities 2023-01-01 2023-12-31 01844521 bus:Audited 2023-01-01 2023-12-31 01844521 bus:FullAccounts 2023-01-01 2023-12-31 01844521 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01844521 bus:RegisteredOffice 2023-01-01 2023-12-31 01844521 bus:CompanySecretary1 2023-01-01 2023-12-31 01844521 bus:Director2 2023-01-01 2023-12-31 01844521 bus:Director4 2023-01-01 2023-12-31 01844521 bus:Director7 2023-01-01 2023-12-31 01844521 bus:Director8 2023-01-01 2023-12-31 01844521 bus:Director9 2023-01-01 2023-12-31 01844521 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01844521 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01844521 bus:Agent2 2023-01-01 2023-12-31 01844521 core:Buildings 2023-01-01 2023-12-31 01844521 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 01844521 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 01844521 core:LandBuildings 2023-01-01 2023-12-31 01844521 core:LeaseholdImprovements 2023-01-01 2023-12-31 01844521 core:MotorVehicles 2023-01-01 2023-12-31 01844521 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-01-01 2023-12-31 01844521 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01844521 core:VehiclesPlantMachinery 2023-01-01 2023-12-31 01844521 core:UKTax 2023-01-01 2023-12-31 01844521 countries:EnglandWales 2023-01-01 2023-12-31 01844521 2022-12-31 01844521 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 01844521 core:FurnitureFittingsToolsEquipment 2022-12-31 01844521 core:MotorVehicles 2022-12-31 01844521 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-12-31 01844521 core:OtherPropertyPlantEquipment 2022-12-31 01844521 2022-01-01 2022-12-31 01844521 2022-12-31 01844521 bus:OrdinaryShareClass1 2022-12-31 01844521 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01844521 core:CapitalRedemptionReserve 2022-12-31 01844521 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-12-31 01844521 core:ShareCapital 2022-12-31 01844521 core:SharePremium 2022-12-31 01844521 core:CurrentFinancialInstruments 2022-12-31 01844521 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01844521 core:Non-currentFinancialInstruments 2022-12-31 01844521 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01844521 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 01844521 core:FurnitureFittingsToolsEquipment 2022-12-31 01844521 core:MotorVehicles 2022-12-31 01844521 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-12-31 01844521 core:OtherPropertyPlantEquipment 2022-12-31 01844521 core:RestatedAmount 2022-12-31 01844521 core:UKTax 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01844521

Prepared for the registrar

Three Choirs Vineyards Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Three Choirs Vineyards Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Three Choirs Vineyards Limited

Company Information

Directors

M H Fowke

T R R Shaw

C Morley

M J Garfield

C R Priday

Company secretary

T R R Shaw

Registered office

Baldwins Farm
Newent
Gloucestershire
GL18 1LS

Bankers

Unity Trust Bank PLC
PO Box 7193
Planetary Road
Willenhall
WV1 9DG

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Three Choirs Vineyards Limited

(Registration number: 01844521)
Balance Sheet as at 31 December 2023

Note

2023
 £

(As restated)
2022
 £

Fixed assets

 

Tangible assets

5

939,506

626,472

Current assets

 

Stocks

737,299

600,140

Debtors

6

160,751

267,161

Cash at bank and in hand

 

703,524

888,904

 

1,601,574

1,756,205

Creditors: Amounts falling due within one year

7

(318,808)

(510,551)

Net current assets

 

1,282,766

1,245,654

Total assets less current liabilities

 

2,222,272

1,872,126

Creditors: Amounts falling due after more than one year

7

(127,279)

(1,589)

Deferred tax liabilities

4

(197,226)

(125,629)

Net assets

 

1,897,767

1,744,908

Capital and reserves

 

Called up share capital

10

55,000

55,000

Share premium reserve

955,693

955,693

Capital redemption reserve

18,500

18,500

Profit and loss account

868,574

715,715

Total equity

 

1,897,767

1,744,908

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................
C Morley
Director

   
     
 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Baldwins Farm
Newent
Gloucestershire
GL18 1LS

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' .

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Prior period errors

During the year, the directors reviewed their fixed asset register as part of the process of moving accounting software and identified some assets that had been treated incorrectly in the prior period.

The effect has been summarised below:

£

Profit and loss account

Increase in profit on disposal

43,044

Increase in profit for the financial period

43,044

Balance sheet

Increase in tangible fixed assets

43,044

Increase in net assets

43,044

Statement of changes in equity

Increase in profit and loss account

43,044

Increase in total equity

43,044

 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements and estimation uncertainty

Due to the nature of the business the valuation of wine stock requires certain estimates to be made to arrive at a cost per united. Other than this, these financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and it is probable that future economic benefits can be reliably measured.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long term growing crops

10% of cost per annum

Improvement to leasehold properties

Over the remaining term of the lease

Plant, machinery and vehicles

5%-33% of cost per annum

Fixtures, fittings and equipment

15%-33% of cost per annum

Moveable cabins

5% of cost per annum

Freehold land and building

2% of freehold building cost per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.


Biological assets
Biological assets are measured at cost less impairment. Cost includes direct costs together with direct costs and indirect overheads incurred in bringing growing vines to their state and condition at the end of the year. Fair value is not used to measure the carrying amount of biological assets as the directors consider that the information required to reliably estimate fair value is not available.

Trade creditors

Trade creditors 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 if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments (continued)

Impairment
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.





 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

3

Staff numbers

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

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

-

23,521

UK corporation tax adjustment to prior periods

4,343

(685)

4,343

22,836

Deferred taxation

Arising from origination and reversal of timing differences

71,597

29,503

Tax expense in the profit and loss account

75,940

52,339

 

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset and other timing differences

199,876

Losses and other deductions

(2,427)

Short term timing differences

(223)

197,226

2022

Liability
£

Fixed asset and other timing differences

125,629

 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

5

Tangible assets

Improvements to leasehold properties
 £

Long term growing crops
 £

Plant, machinery and vehicles
 £

Fixtures, fittings and equipment
 £

Moveable cabins
 £

Total
£

Cost

At 1 January 2023 (as restated)

139,968

169,894

1,182,295

504,841

297,725

2,294,723

Additions

52,562

3,815

355,738

46,038

-

458,153

Disposals

-

(169,894)

(101,961)

(166,221)

-

(438,076)

At 31 December 2023

192,530

3,815

1,436,072

384,658

297,725

2,314,800

Depreciation

At 1 January 2023 (as restated)

5,339

169,894

944,705

358,516

189,797

1,668,251

Charge for the year

18,941

383

58,264

52,645

14,886

145,119

Eliminated on disposal

-

(169,894)

(101,961)

(166,221)

-

(438,076)

At 31 December 2023

24,280

383

901,008

244,940

204,683

1,375,294

Carrying amount

At 31 December 2023

168,250

3,432

535,064

139,718

93,042

939,506

At 31 December 2022 (as restated)

134,629

-

237,590

146,325

107,928

626,472

The net carrying amount of tangible assets includes £273,356 (2022 - £112,667) in respect of assets held under finance leases and hire purchase contracts.

 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

6

Debtors

2023
 £

2022
 £

Trade debtors

150,000

239,687

Other debtors

6,892

15,201

Prepayments

3,859

12,273

 

160,751

267,161

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

26,870

11,709

Trade creditors

 

57,847

74,254

Social security and other taxes

 

-

49,589

Outstanding defined contribution pension costs

 

1,558

9,671

Other creditors

 

46,790

87,573

Accrued expenses

 

24,343

29,588

Corporation tax liability

-

23,521

Deferred income

 

161,400

224,646

 

318,808

510,551

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

127,279

1,589

 

Three Choirs Vineyards Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

26,870

11,709

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

127,279

1,589

 

9

Financial commitments, guarantees and contingencies

At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those assets of £2,124,062 (2022 - £2,234,065).

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

55,000

55,000

55,000

55,000

         
 

11

Audit report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company's Profit and Loss account or a copy of the Directors' Report. Accordingly, the Independent Auditors Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 April 2024 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.