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Registration number: 09906517

Cervine Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 December 2023

image-name
 

Cervine Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Cervine Limited

Company Information

Director

Mr W Croxford

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cervine Limited
for the Year Ended 30 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cervine Limited for the year ended 30 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cervine Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Cervine Limited and state those matters that we have agreed to state to the Board of Directors of Cervine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cervine Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cervine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cervine Limited. You consider that Cervine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cervine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

19 September 2024

 

Cervine Limited

(Registration number: 09906517)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

136,517

134,307

Current assets

 

Debtors

5

39,717

210

Cash at bank and in hand

 

5,193

6,796

 

44,910

7,006

Creditors: Amounts falling due within one year

6

(172,855)

(104,527)

Net current liabilities

 

(127,945)

(97,521)

Total assets less current liabilities

 

8,572

36,786

Creditors: Amounts falling due after more than one year

6

(19,286)

(24,396)

Provisions for liabilities

(16,872)

(15,049)

Net liabilities

 

(27,586)

(2,659)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(27,587)

(2,660)

Shareholders' deficit

 

(27,586)

(2,659)

For the financial year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2024
 

 

Cervine Limited

(Registration number: 09906517)
Balance Sheet as at 30 December 2023

.........................................
Mr W Croxford
Director

 

Cervine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 09906517.

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the director on 19 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

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.

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 specific criteria have been met for each of the company's activities.

Tax

Current tax represents the amount of tax payable or receivable in respect of taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Cervine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

7% on cost

Motor vehicles

12% on cost

Computer equipment

20% on cost

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

Cervine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

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.

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Cervine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 31 December 2022

125,899

17,739

143,638

Additions

13,478

-

13,478

At 30 December 2023

139,377

17,739

157,116

Depreciation

At 31 December 2022

4,483

4,848

9,331

Charge for the year

9,334

1,934

11,268

At 30 December 2023

13,817

6,782

20,599

Carrying amount

At 30 December 2023

125,560

10,957

136,517

At 30 December 2022

121,416

12,891

134,307

5

Debtors

Current

2023
£

2022
£

Prepayments

601

210

Other debtors

39,116

-

 

39,717

210

 

Cervine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

14,924

9,960

Trade creditors

 

1,680

-

Accruals and deferred income

 

1,115

1,061

Director's loan account

 

96,778

60,735

PAYE and NIC creditor

 

20,793

18,683

VAT creditor

 

34,800

11,146

Corporation tax creditor

 

2,765

2,942

 

172,855

104,527

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

19,286

24,396

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,286

24,396

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,960

9,960

Bank overdrafts

4,964

-

14,924

9,960

 

Cervine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

8

Related party transactions

Summary of transactions with other related parties


Croxford Wine Estates Limited

A company under common control.

During the year, the Company invoiced Croxford Wine Estates Limited £49,770 (2022: £Nil) for the provision of equipment hire. The Company incurred costs of £5,167 (2022: £Nil) from Croxford Wine Estates Limited. At the balance sheet date, the amount due from Croxford Wine Estates Limited in respect of intercompany loans was £34,258 (2022: £Nil). Transactions with the company took place at market rates.

 

Croxford Farming

A business controlled by relatives of the director.

During the year, the Company incurred storage charges of £4,934 (2022: £1,158) from Croxford Farming. Storage is charged in line with market rates.