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Registered number: 01606091










STOCKFORD LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
STOCKFORD LIMITED
 

COMPANY INFORMATION


Directors
Sir P C Michael CBE 
P J Michael 




Company secretary
M V Morris FCCA



Registered number
01606091



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

RG19 6AB





 
STOCKFORD LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10 - 11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 43


 
STOCKFORD LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their strategic report for Stockford Limited (the Company) and its subsidiaries (the Group) for the year ended 31 December 2023.

Business review
 
The Company and its subsidiaries operate as a diverse trading group.
The Group's activities span technology, viticulture, hotels and digital entertainment.
The Directors consider the state of the Group's trading and financial affairs for the year to be satisfactory and believe that it is ideally positioned to take advantage of future trading and investment opportunities as they arise.  The trading results reflect the continued investments into the Group's activities, the benefit of which will accrue in the longer term.
The Directors continue to pay close attention to the effect of the current economic climate on the Group and the risks it faces are detailed below.

Principal risks and uncertainties
 
The risks arising from the Group's financial instruments are currency risk, liquidity risk, interest rate risk and credit risk.  The Directors across the Group's companies review and agree policies for managing each of these risks and these policies have remained unchanged from previous years.
Foreign currency risk
The Group's principal foreign currency exposure arises from trading operations in overseas companies.  Group policy permits, but does not demand, that these exposures may be hedged in order to fix the cost in sterling. 
Liquidity risk
The Group manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.  The Group has sufficient liquid resources to meet the operating needs to its business.
Interest rate risk
Certain group companies use loans to finance their growth and development.  Some of these loans are hedged through interest rate swaps whilst others are charged interest at fixed or floating rates.  Overall at a group level, this mixed strategy is monitored on an ongoing basis and is considered appropriate for managing exposure to interest rate risk.
The Group's cash assets are held in floating rate deposit accounts.  A small number of trade debtors and creditors within certain subsidiaries can attract interest, usually at base rate plus a margin.
Interest rates have had no material impact on the Company's status as a going concern.
Credit risk
The Group's principal financial assets are cash, trade debtors and short term highly liquid investments. To manage trade debtor credit risk the directors within individual subsidiaries 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. 
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. 

Page 1

 
STOCKFORD LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key performance indicators
 
Management use a range of performance measures to monitor and manage the business.  The performance measures are split into financial and non-financial key performance indicators as set out below:
Profit ratios: Gross profit margin, net profit margin, return on investment, return on capital employed
Liquidity ratios: Current ratio, working capital on total assets
Capital ratios: Total assets/total liabilities, gearing, interest cover
Non-financial: Customer service levels, staff turnover, average customer spend, customer complaints volumes.

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors work to promote the success of the Group for the benefit of its members as a whole with regard to its stakeholders and to the matters set out in Section 172 of the Companies Act 2006.
The Directors constantly review the Group's operating results as a whole and for individual business units. Whilst some responsibilities are delegated to local management the Directors are actively involved with reviewing and monitoring the operations of the Group as well as setting overall strategies for the Group and for the different business units of the Group, both in the UK and the US. 
All significant decisions taken by the Directors consider the impact on each stakeholder group and the Directors confirm that throughout the year they have acted in good faith to promote the success of the Group for the benefit of the members as a whole. 


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



Sir P C Michael CBE
Director

Date: 19 August 2024

Page 2

 
STOCKFORD LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £3,458,000 (2022:  £4,216,000 ).

Total comprehensive income for the year was £1,313,000 (2022: £11,541,000).
During the current or prior year no dividends were declared.

Directors

The directors who served during the year were:

Sir P C Michael CBE 
P J Michael 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Directors will continue the active development of the Company's investment portfolio and other related activities.

Engagement with employees

The Group actively engages with employees when taking strategic and operational decisions. 

Page 3

 
STOCKFORD LIMITED
 

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

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as the parent company's energy consumption in the United Kingdom for the year is 40,000kWh or lower and none of the individual subsidiaries are within scope of the disclosure requirements.

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 and the Group'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 and the Group's auditor is aware of that information.

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.
 





Sir P C Michael CBE
Director

Date: 19 August 2024

Page 4

 
STOCKFORD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STOCKFORD LIMITED
 

Opinion


We have audited the financial statements of Stockford Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
STOCKFORD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STOCKFORD LIMITED (CONTINUED)


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.


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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
STOCKFORD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STOCKFORD 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 Group 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 non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 management and those charged with governance around actual and potential litigation and claims;  
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations; 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 
Performing audit work to address the risk of irregularities due to 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 reviewing accounting estimates for evidence of 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

 
STOCKFORD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STOCKFORD 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
RG19 6AB

22 August 2024
Page 8

 
STOCKFORD LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
42,800
36,593

Cost of sales
  
(12,598)
(10,050)

Gross profit
  
30,202
26,543

Administrative expenses
  
(26,206)
(22,664)

Other operating income
 5 
918
1,054

Fair value movements
  
(140)
564

Operating profit
 6 
4,774
5,497

Income from fixed assets investments
  
28
486

Disposal of subsidiary
  
2,140
-

Amounts written off investments
  
(1,418)
-

Interest receivable and similar income
 11 
835
282

Interest payable and similar expenses
 12 
(1,375)
(1,013)

Profit before taxation
  
4,984
5,252

Tax on profit
 13 
(1,526)
(1,036)

Profit for the financial year
  
3,458
4,216

  

Currency translation differences
  
(2,099)
7,325

Minority interest share profit/(loss)
  
(46)
-

Other comprehensive income for the year
  
(2,145)
7,325

Total comprehensive income for the year
  
1,313
11,541

Profit for the year attributable to:
  

Non-controlling interests
  
(46)
-

Owners of the parent Company
  
3,504
4,216

  
3,458
4,216

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(46)
-

Owners of the parent Company
  
1,359
11,541

  
1,313
11,541

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 43 form part of these financial statements.

Page 9

 
STOCKFORD LIMITED
REGISTERED NUMBER: 01606091

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 15 
21
21

Tangible assets
 16 
80,350
84,282

Investments
 18 
19,703
16,605

  
100,074
100,908

Current assets
  

Stocks
 19 
17,224
17,049

Debtors: amounts falling due after more than one year
 20 
2,802
2,802

Debtors: amounts falling due within one year
 20 
6,202
9,668

Current asset investments
 21 
3,424
4,162

Cash at bank and in hand
 22 
11,848
8,431

  
41,500
42,112

Creditors: amounts falling due within one year
 23 
(38,195)
(39,387)

Net current assets
  
 
 
3,305
 
 
2,725

Total assets less current liabilities
  
103,379
103,633

Creditors: amounts falling due after more than one year
 24 
(19,438)
(21,018)

Provisions for liabilities
  

Deferred taxation
 27 
(5,396)
(5,429)

  
 
 
(5,396)
 
 
(5,429)

Net assets
  
78,545
77,186


Capital and reserves
  

Called up share capital 
 28 
25,968
25,968

Profit and loss account
 29 
56,515
55,110

Equity attributable to owners of the parent Company
  
82,483
81,078

Non-controlling interests
  
(3,938)
(3,892)

  
78,545
77,186


Page 10

 
STOCKFORD LIMITED
REGISTERED NUMBER: 01606091

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




Sir P C Michael CBE
Director

Date: 19 August 2024

The notes on pages 17 to 43 form part of these financial statements.

Page 11

 
STOCKFORD LIMITED
REGISTERED NUMBER: 01606091

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 16 
6,404
6,776

Investments
 18 
13,353
8,361

  
19,757
15,137

Current assets
  

Debtors: amounts falling due after more than one year
 20 
2,802
2,802

Debtors: amounts falling due within one year
 20 
42,612
46,153

Cash at bank and in hand
 22 
2,884
2,032

  
48,298
50,987

Creditors: amounts falling due within one year
 23 
(25,047)
(22,523)

Net current assets
  
 
 
23,251
 
 
28,464

Total assets less current liabilities
  
43,008
43,601

  

Creditors: amounts falling due after more than one year
 24 
(19,410)
(20,992)

  

Net assets
  
23,598
22,609


Capital and reserves
  

Called up share capital 
 28 
1,000
1,000

Profit and loss account carried forward
  
22,598
21,609

  
23,598
22,609


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


Sir P C Michael CBE
Director

Date: 19 August 2024

The notes on pages 17 to 43 form part of these financial statements.

Page 12

 
STOCKFORD LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£000
£000
£000
£000
£000

At 1 January 2023
25,968
55,110
81,078
(3,892)
77,186



Profit for the year
-
3,504
3,504
-
3,504

Currency translation differences
-
(2,099)
(2,099)
-
(2,099)

Minority interest profit share
-
-
-
(46)
(46)


At 31 December 2023
25,968
56,515
82,483
(3,938)
78,545


The notes on pages 17 to 43 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2022


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£000
£000
£000
£000
£000

At 1 December 2021
25,175
43,569
68,744
(3,892)
64,852



Profit for the year
-
4,216
4,216
-
4,216

Currency translation differences
-
7,325
7,325
-
7,325

Shares issued during the year
793
-
793
-
793


At 31 December 2022
25,968
55,110
81,078
(3,892)
77,186


The notes on pages 17 to 43 form part of these financial statements.

Page 13

 
STOCKFORD LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 January 2023
1,000
21,609
22,609



Profit for the year
-
989
989


At 31 December 2023
1,000
22,598
23,598


The notes on pages 17 to 43 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 December 2021
1,000
22,694
23,694



Loss for the year
-
(1,085)
(1,085)


At 31 December 2022
1,000
21,609
22,609


The notes on pages 17 to 43 form part of these financial statements.

Page 14

 
STOCKFORD LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£000
£000

Cash flows from operating activities

Profit for the financial year
3,458
4,216

Adjustments for:

Depreciation of tangible assets
2,751
2,505

Impairments of fixed assets
2,023
1,317

Loss on disposal of tangible assets
7
256

Interest paid
1,375
1,013

Interest received
(835)
(282)

Taxation charge
1,526
1,036

(Increase) in stocks
(516)
(1,879)

Decrease in debtors
214
116

(Decrease)/increase in creditors
(622)
1,810

Net fair value losses/(gains) recognised in P&L
140
(564)

Corporation tax (paid)
(1,400)
(1,066)

Disposal of subsidiary
2,140
-

Net cash generated from operating activities

10,261
8,478


Cash flows from investing activities

Purchase of tangible fixed assets
(1,847)
(3,720)

Purchase of unlisted and other investments
(1,364)
(3,233)

Sale of unlisted and other investments
502
898

Purchase of short-term unlisted investments
(738)
(201)

Interest received
580
282

New loans to associates
(250)
(1,475)

Net cash from investing activities

(3,117)
(7,449)

Cash flows from financing activities

Issue of non-equity shares
-
793

New secured loans
-
21,461

Repayment of loans
(1,589)
(19,822)

Other new loans
358
-

Shares treated as debt - redeemed
(800)
(1,100)

Interest paid
(1,375)
(1,013)

Net cash used in financing activities
(3,406)
319

Net increase in cash and cash equivalents
3,738
1,348
Page 15

 
STOCKFORD LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£000
£000



Cash and cash equivalents at beginning of year
8,431
6,778

Foreign exchange gains and losses
(321)
305

Cash and cash equivalents at the end of year
11,848
8,431


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,848
8,431

11,848
8,431


Page 16

 
STOCKFORD LIMITED
 

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

1.


General information

Stockford Limited (the Company) is a Company incorporated in England and Wales under the Companies Act. The address of the Company's principal place of business is Buckingham House, West Street, Newbury, Berkshire, RG14 1BE.
The principal activities of the Company and the nature of the Group's operations are set out in the strategic report on page 1. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The balance sheet is prepared as at 31 December 2023 and the statement of comprehensive income presents the results for the 12 months ended 31 December 2023. 
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

 
2.3

Going concern

The Group, at an individual subsidiary level, has prepared cash flow forecasts which show that the Group has sufficient cash and other liquid resources to meet its short term liabilities as they fall due. In preparing these forecasts the Group makes various assumptions which include the assumption that during the period of the cash flow forecasts the directors will not redeem any of the preference shares they hold or demand repayment of the short term loan accounts owed to them at the balance sheet date, unless there is sufficient cash available to facilitate repayment. 
In conclusion the directors consider that the Group 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 17

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Revenue

The turnover 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. Turnover can be split into the followings areas:
Sale of accommodation:
Turnover 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 turnover is deferred accordingly.
 
Sale of food, beverages, leisure and sundry goods:
Turnover 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.
Sale of memberships: 
Membership income is recognised on the basis of the amounts receivable for the year.
Post Barn sales:
Turnover in relation to the provision of events services and rental of 'The Post' is recognised on delivery of the service. Where a customer pays in advance of their event that turnover is deferred accordingly.

 
2.5

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.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 18

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
0-20% straight line
Plant and machinery
-
15-100% straight line
Motor vehicles
-
20-25% straight line
Fixtures, fittings and equipment
-
15-33% straight line
Biological assets
-
5-10% straight line
Other fixed assets
-
0-33% 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.

Land and buildings include a portfolio of freehold land and buildings utilised within the Group's hotel business. 
It has and continues to be the Group's policy to continually refurbish and maintain the freehold property to ensure the buildings are maintained to the highest standards. An annual review in respect of freehold property continues to be carried out by the Group with any permanent diminution in value being charged to the profit and loss as it arises.
The depreciation policy reflects the expected benefits of such assets and provides consistency with the depreciation methods used by other entities within the same industry. 
Other fixed assets include, in part, assets under construction. Assets under construction do not begin to be depreciated until they come into use. Once the assets under construction come into use they are transferred to the relevant categories and commence being depreciated as applicable. 
Biological assets represent the grape vines at the vineyard.

 
2.6

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 asset (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 cash flows (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.

Page 19

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.9

Associates

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. Where the Group's share of losses exceeds the carrying value of the investment the Group ceases to equity account for the associates. Associates are held at historical cost when the Group ceases to equity account for an associate.

Page 20

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

Page 21

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.13

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.14

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.

 
2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

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.

Page 22

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)

  
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future period. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date. 

 
2.18

Operating leases: the Group 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.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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
Page 23

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)


2.20
Financial instruments (continued)

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.

 
2.21

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.22

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.23

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.24

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 24

 
STOCKFORD LIMITED
 

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

2.Accounting policies (continued)

 
2.25

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:
Deferred tax assets are recognised only to the extent that it is probably that future taxable profits will be available against which the temporary differences can be utilised. Recognition, therefore, involves judgments regarding the prudence forecasting of future taxable profits of the business. 
The provision policy for impairment of trade and other receivables of the Group is based on the evaluation of the collectability, aged analysis and management’s judgments. A considerable amount of judgment is required in assessing the ultimate realisation of these receivables. 
Determining whether leases entered into by the group are operating or finance leases. These decisions depend on an assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by the lease basis. 
The Group applies judgment in identifying the significant non-recurring items of income and expenses that are recognised as exceptional to help provide an indication of the Group’s underlying business performance. 
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into accounts residual value, where appropriate. The actual lives of the assets and residual value are assessed annually. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programs are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal value. 

Page 25

 
STOCKFORD LIMITED
 

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

4.


Turnover

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


2023
2022
£000
£000

Winery and viticulture
23,222
20,536

Hotels
19,578
16,057

42,800
36,593


Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
19,578
16,057

Rest of the world
23,222
20,536

42,800
36,593



5.


Other operating income

2023
2022
£000
£000

Other operating income
458
46

Government grants receivable
-
16

Insurance claims receivable
460
992

918
1,054



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Exchange differences
680
(660)

Other operating lease rentals
48
51

Page 26

 
STOCKFORD LIMITED
 

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

7.


Auditor's remuneration

2023
2022
£000
£000

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
72
66

Fees payable to the Company's auditor and its associates in respect of:

Audit of subsidaries of the group
42
43

Other services relating to taxation
24
25


8.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000


Wages and salaries
13,398
11,482
407
521

Social security costs
1,076
963
84
96

Cost of defined contribution scheme
511
501
-
-

14,985
12,946
491
617


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Operational
435
417
-
-



Sales and marketing
26
17
-
-



Management and administration
54
41
1
3

515
475
1
3

Page 27

 
STOCKFORD LIMITED
 

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

9.


Directors' remuneration

2023
2022
£000
£000



Parent Company Directors' emoluments
20
19

Company contributions to defined contribution pension schemes
3
3

23
22

A Director, P Michael, is employed and remunerated by a group Company in respect of his services to the Stockford Group as a whole. Directors emoluments comprise benefits in kind received by the Directors in respect of their services to the Company in the year ended 31 December 2023.


10.


Income from investments

2023
2022
£000
£000

Income from fixed asset investments
-
432



Dividends received from unlisted investments
28
54



11.


Interest receivable

2023
2022
£000
£000


Other interest receivable
835
282


12.


Interest payable and similar expenses

2023
2022
£000
£000


Other loan interest payable
370
382

Bank interest payable
1,005
631

1,375
1,013

Page 28

 
STOCKFORD LIMITED
 

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

13.


Taxation


2023
2022
£000
£000

Foreign tax


Foreign tax on income for the year
1,484
901

Total current tax
1,484
901

Deferred tax


Origination and reversal of timing differences
42
135

Total deferred tax
42
135


Taxation on profit on ordinary activities
1,526
1,036

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
4,984
5,252


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,172
998

Effects of:


Non-tax deductible amortisation of goodwill and impairment
238
164

Non-taxable income
(20)
(142)

Unrelieved tax losses carried forward
215
212

Effects of differences in overseas tax rate
(79)
(196)

Total tax charge for the year
1,526
1,036


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £989 thousand (2022 - loss £1,085 thousand).

Page 29

 
STOCKFORD LIMITED
 

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

15.


Intangible assets

Group 





Trademarks
Goodwill
Total

£000
£000
£000



Cost


At 1 January 2023
48
12,232
12,280


Disposals
-
(1,486)
(1,486)



At 31 December 2023

48
10,746
10,794



Amortisation


At 1 January 2023
27
12,232
12,259


On disposals
-
(1,486)
(1,486)



At 31 December 2023

27
10,746
10,773



Net book value



At 31 December 2023
21
-
21



At 31 December 2022
21
-
21



Page 30

 
STOCKFORD LIMITED
 

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

16.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Biological assets

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
73,968
8,019
591
1,996
36,764


Additions
152
287
68
109
1,139


Disposals
(89)
(77)
-
(500)
-


Transfers between classes
(92)
(314)
-
406
-


Exchange adjustments
(2,027)
-
(35)
-
(1,950)



At 31 December 2023

71,912
7,915
624
2,011
35,953



Depreciation


At 1 January 2023
18,445
314
439
1,274
18,122


Charge for the year
595
246
28
487
1,120


Disposals
(84)
(77)
-
(500)
-


Impairment charge
-
484
-
-
-


Exchange adjustments
(766)
-
(23)
-
(809)



At 31 December 2023

18,190
967
444
1,261
18,433



Net book value



At 31 December 2023
53,722
6,948
180
750
17,520



At 31 December 2022
55,523
7,705
151
722
18,642
Page 31

 
STOCKFORD LIMITED
 

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

           16.Tangible fixed assets (continued)


Other fixed assets
Total

£000
£000



Cost or valuation


At 1 January 2023
6,552
127,890


Additions
92
1,847


Disposals
(29)
(695)


Transfers between classes
-
-


Exchange adjustments
(349)
(4,361)



At 31 December 2023

6,266
124,681



Depreciation


At 1 January 2023
5,012
43,606


Charge for the year
275
2,751


Disposals
(27)
(688)


Impairment charge
-
484


Exchange adjustments
(224)
(1,822)



At 31 December 2023

5,036
44,331



Net book value



At 31 December 2023
1,230
80,350



At 31 December 2022
1,540
84,283

The net book value of freehold property is further analysed as follows:
Freehold land and buildings: £20,655,000 (2022: £14,679,000). 
Vineyard property: £33,059,000 (2022: £40,844,000). 
Included within freehold property is land of £19,087,000 (2022: £19,765,000) which is not depreciated. 
Biological assets represent the vines at the Group's vineyards.  

Page 32

 
STOCKFORD LIMITED
 

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

           16.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Computer equipment
Total

£000
£000
£000
£000

Cost or valuation


At 1 January 2023
199
6,582
3
6,784


Additions
-
112
-
112



At 31 December 2023

199
6,694
3
6,896



Depreciation


At 1 January 2023
-
5
3
8


Impairment charge
-
484
-
484



At 31 December 2023

-
489
3
492



Net book value



At 31 December 2023
199
6,205
-
6,404



At 31 December 2022
199
6,577
-
6,776

Freehold property includes land at cost of £199,000 which is not depreciated.






17.


Analysis of net debt





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£000

£000

£000

£000

Cash at bank and in hand

8,431

3,417

-

11,848

Debt due after 1 year

(20,992)

442

1,140

(19,410)

Debt due within 1 year

(30,949)

(341)

-

(31,290)


(43,510)
3,518
1,140
(38,852)

Page 33

 
STOCKFORD LIMITED
 

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

18.


Fixed asset investments

Group





Investments in subsidiary companies
Investments in associates
Listed investments
Unlisted investments
Other fixed asset investments
Total

£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
192
4,028
205
16,968
2,876
24,269


Additions
-
3,772
-
1,364
-
5,136


Disposals
-
-
-
(362)
-
(362)


Revaluations
-
-
66
(206)
-
(140)



At 31 December 2023

192
7,800
271
17,764
2,876
28,903



Impairment


At 1 January 2023
192
1,160
-
3,434
2,876
7,662


Charge for the period
-
121
-
1,418
-
1,539



At 31 December 2023

192
1,281
-
4,852
2,876
9,201



Net book value



At 31 December 2023
-
6,519
271
12,912
-
19,702



At 31 December 2022
-
2,868
205
13,534
-
16,607

Details of the principal subsidiaries and associates for Company and Group as at 31 December 2023 are included in this note.

Page 34

 
STOCKFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies
Investments in associates
Listed investments
Unlisted investments
Other fixed asset investments
Total

£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
10,661
4,050
134
5,869
2,876
23,590


Additions
-
3,772
-
1,257
-
5,029


Disposals
(1)
-
-
-
-
(1)


Revaluations
-
-
85
-
-
85



At 31 December 2023

10,660
7,822
219
7,126
2,876
28,703



Impairment


At 1 January 2023
7,736
1,183
-
3,434
2,876
15,229


Charge for the period
-
121
-
-
-
121



At 31 December 2023

7,736
1,304
-
3,434
2,876
15,350



Net book value



At 31 December 2023
2,924
6,518
219
3,692
-
13,353



At 31 December 2022
2,925
2,868
134
2,435
-
8,362

Page 35

 
STOCKFORD LIMITED
 

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Eogrande 2017 Limited (F)
Ordinary shares and preference shares
75.5%
Donnington Valley Group Limited (A)
Ordinary shares
100%
Barns Hotel Bedford Limited (A)
Ordinary shares
100%
Deanwood Park Limited (C)
Ordinary shares
100%
The Vineyard at Stockcross Limited (A)
Ordinary shares
100%
Stockford Circle Holdings Limited (F)
Ordinary shares
100%
Foley Lodge Limited (B)
Ordinary shares
100%
Knights Valley Limited (D)
Ordinary shares
100%
Knights Valley Hotels Limited (B)
Ordinary shares
100%
KV Hotels Limited (F)
Ordinary shares
100%
Peter Michael Winery Inc. (E)
Ordinary shares
100%
Stockford US Inc. (F)
Ordinary shares
100%
Highcross Group Limited (F)
Ordinary shares
100%
Admatica Limited (F)
Ordinary shares
85%

All the above subsidiaries have the same year end as Stockford Limited and are included in the consolidation. The undertaking listed above include all those which materially affect the figures shown in the consolidated financial statements. 
The above percentage is the shareholding being held through:
(A) KV Hotels Limited
(B) The Vineyard at Stockcross Limited
(C) Donnington Valley Group Limited
(D) Highcross Group Limited
(E) Stockford US Inc.
(F) Stockford Limited

Page 36

 
STOCKFORD LIMITED
 

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

Associates


The following were associates of the Company:


Name

Class of shares

Holding

Compleat Software Limited
Ordinary shares
34.3%
Formic Limited
Ordinary shares
25%
TRFU Machines 2023 Limited
Ordinary shares
26%


19.


Stocks

Group
Group
2023
2022
£000
£000

Work in progress (goods to be sold)
15,932
15,708

Finished goods and goods for resale
1,292
1,341

17,224
17,049


The carrying value of stocks are stated net of impairment losses totaling £Nil (2022 - £Nil). Impairment losses totaling  £220,000 (2022 - £707,000) were recognised in profit and loss.

Page 37

 
STOCKFORD LIMITED
 

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

20.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Due after more than one year

Other debtors
2,802
2,802
2,802
2,802


Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Due within one year

Trade debtors
838
822
-
-

Amounts owed by group undertakings
-
-
39,771
39,670

Amounts owed by joint ventures and associated undertakings
251
3,643
251
3,643

Other debtors
3,509
3,583
2,577
2,829

Prepayments and accrued income
1,286
1,218
13
11

Tax recoverable
318
402
-
-

6,202
9,668
42,612
46,153



21.


Current asset investments

Group
Group
2023
2022
£000
£000

Unlisted investments (liquid)
3,424
4,162

3,424
4,162


A fair value loss of £206,000 (2022: £940,000 gain) was made during the period when revaluing unlisted liquid investments to market value at 31 December 2023.


22.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Cash at bank and in hand
11,848
8,431
2,884
2,032

11,848
8,431
2,884
2,032


Page 38

 
STOCKFORD LIMITED
 

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

23.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Bank loans
462
469
-
-

Other loans
11,722
11,364
-
-

Trade creditors
1,321
1,316
81
104

Amounts owed to group undertakings
-
-
5,756
3,160

Other taxation and social security
730
639
15
16

Other creditors
962
2,312
906
116

Accruals and deferred income
4,798
4,287
89
127

Share capital treated as debt
18,200
19,000
18,200
19,000

38,195
39,387
25,047
22,523


Included in other loans is a loan from a Director to a group Company amounting to £6,521,000 (2022: £6,521,000). The loan has no fixed repayment schedule and currently no interest is due on amounts outstanding.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
The redeemable preference shares represent £18,200,000 (2022: £19,000,000) fully paid 5% non-cumulative redeemable preference shares. The shares are redeemable at £1 per share by the Company at any time at the option of the holder of the shares, upon 1 month's written notice to the Company. The holders of the redeemable preference shares are entitled to a non-cumulative preferred dividend at the rate of 5% per annum at the discretion of the Company.
Bank loans of the Group are secured by various fixed and floating charges over the assets of the Group.
Included in other loans is a loan from a third party amounting to £5,201,000 (2022: £4,845,000) which is owed by a subsidiary of the Group. This loan is secured by a legal charge between the subsidiary and the loan provider. No cross guarantees have been provided in respect of this loan by the Parent Company. Interest on the loan is 5.5% per annum fixed rate.


24.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Bank loans
19,410
20,992
-
-

Amounts owed to group undertakings
-
-
19,410
20,992

Accruals and deferred income
28
26
-
-


Details of security provided for long term creditors can be found in note 25.

Page 39

 
STOCKFORD LIMITED
 

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

25.


Loans


Group
Group
2023
2022
£000
£000

Amounts falling due within one year

Bank loans
462
469

Other loans
11,722
11,364


12,184
11,833

Amounts falling due 1-2 years

Bank loans
487
490


487
490

Amounts falling due 2-5 years

Bank loans
1,609
1,629


1,609
1,629

Amounts falling due after more than 5 years

Bank loans
17,314
18,873

17,314
18,873

31,594
32,825


A bank loan of £19,872,000 (2022: £21,461,000) is owed by a subsidiary of the Group. Repayments are due quarterly until 2032 at which point the remaining principal balance is due in full. The loan attracts interest at 4.83% and is secured over certain freehold property of a subsidiary.

Page 40

 
STOCKFORD LIMITED
 

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

26.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£000
£000
£000
£000

Financial assets

Financial assets that are equity instruments measured at cost less impairment
12,912
13,534
3,692
2,435

Financial assets that are debt instruments measured at amortised cost
16,446
16,479
45,483
48,174

Financial assets measured at fair value
3,695
4,367
219
134

33,053
34,380
49,394
50,743


Financial liabilities

Financial liabilities measured at amortised cost
56,903
59,766
44,442
43,499


Financial assets that are equity instruments measured at cost less impairment comprise unlisted investments.


Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, other debtors and accrued income and amounts owed by related parties. 


Financial assets measured at fair value comprise listed investments and current asset investments where market value can be readily determined.


Financial liabilities measured at amortised cost comprise bank loans and overdrafts, other loans, trade creditors, other creditors, accruals, amounts owed to related parties and redeemable preference shares.


27.


Deferred taxation


Group



2023
2022


£000

£000






At beginning of year
(5,428)
(5,175)


Charged to profit or loss
17
(230)


Foreign exchange
15
(24)



At end of year
(5,396)
(5,429)

Page 41

 
STOCKFORD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
27.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£000
£000

Accelerated capital allowances
(242)
(199)

Tax losses carried forward
64
64

Short term timing differences
(5,219)
(5,293)

(5,397)
(5,428)

Deferred taxes are the result of timing differences between financial statements and income tax reporting of assets and liabilities, principally related to differing depreciation methods, stock costing differences, vineyard development cost basis adjustment, soil and water conservation expenditure, and differences in the timing of deductions for certain accrued expenses. 


28.


Share capital

2023
2022
£000
£000
Shares classified as equity

Allotted, called up and fully paid



100 (2022 - 100) Ordinary A shares of £1.00- each
-
-
999,900 (2022 - 999,900) Ordinary B shares of £1.00- each
1,000
1,000
31,711 (2022 - 31,711) Preferred class A stock of $1,000.00- each
24,968
24,968

25,968

25,968

2023
2022
£000
£000
Shares classified as debt

Allotted, called up and fully paid



18,200,000 (2022 - 19,000,000) Redeemable preference shares of £1.00- each
18,200
19,000



29.


Reserves

Profit and loss account

The profit and loss reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Page 42

 
STOCKFORD LIMITED
 

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

30.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £511,000 (2022: £501,000). Contributions totalling £Nil (2022: £1,000) were payable to the fund at the balance sheet date and are included in creditors.


31.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£000
£000

Not later than 1 year
70
113

Later than 1 year and not later than 5 years
141
188

Later than 5 years
3
29

214
330

32.Other financial commitments

At the balance sheet date the Group was committed to make further investments of £922,000 (2022: £1,306,000) into various unlisted investments. 


33.


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.
At 31 December 2023, Sir P C Michael was owed £7,308,000 (2022: £6,603,000) by the Group. The loans have no fixed repayment schedule and currently no interest is due on amounts outstanding.  
At 31 December 2023, P Michael was owed £119,000 (2022: £57,000) by the Group. The loan has no fixed repayment schedule and currently no interest is due on amounts outstanding.
At 31 December 2023 the Group was owed £2,802,000 (2022: £2,802,000) by The Stockford Trust. Interest is payable at 1% above Bank of England base rate but had been waived for the period to 31 December 2023. The beneficiaries of the trust includes members of the Michael family.


34.


Controlling party

Stockford Limited is the largest and smallest group for which group accounts are prepared. 
The Directors consider that the Company has no individual controlling party.  

Page 43