2023-01-012023-12-312023-12-31false13097513KERNOW WINE 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KERNOW WINE LTD

Registered Number
13097513
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

KERNOW WINE LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CROOKES, Derek Keith
CROOKES, Natasha Louise

Registered Address

Middle Cadwin Farm
Lanivet
Bodmin
PL30 5JN

Registered Number

13097513 (England and Wales)
KERNOW WINE LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets491,793113,262
91,793113,262
Current assets
Stocks556,20032,450
Debtors-1,233
Cash at bank and on hand7,404675
63,60434,358
Creditors amounts falling due within one year6(207,603)(59,327)
Net current assets (liabilities)(143,999)(24,969)
Total assets less current liabilities(52,206)88,293
Creditors amounts falling due after one year7(107,500)(108,662)
Net assets(159,706)(20,369)
Capital and reserves
Called up share capital100100
Profit and loss account(159,806)(20,469)
Shareholders' funds(159,706)(20,369)
The financial statements were approved and authorised for issue by the Board of Directors on 6 August 2024, and are signed on its behalf by:
CROOKES, Derek Keith
Director
Registered Company No. 13097513
KERNOW WINE LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-6
Plant and machinery20-
Fixtures and fittings20-
Vehicles10-
Office Equipment20-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year89
3.Intangible assets
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 2359,18918,36048,9054,592131,046
Additions-2791,5071,5733,359
At 31 December 2359,18918,63950,4126,165134,405
Depreciation and impairment
At 01 January 239,7623,6722,9881,36217,784
Charge for year9,8651,90611,8561,20124,828
At 31 December 2319,6275,57814,8442,56342,612
Net book value
At 31 December 2339,56213,06135,5683,60291,793
At 31 December 2249,42714,68845,9173,230113,262
5.Stocks

2023

2022

££
Other stocks56,20032,450
Total56,20032,450
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables13,103-
Bank borrowings and overdrafts19,087-
Taxation and social security6,862798
Finance lease and HP contracts15,178-
Other creditors149,57148,389
Accrued liabilities and deferred income3,80210,140
Total207,60359,327
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts71,23090,067
Other creditors36,27018,595
Total107,500108,662
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts36,27018,594