Caseware UK (AP4) 2023.0.135 2023.0.135 false92023-01-01No description of principal activity10truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03611673 2023-01-01 2023-12-31 03611673 2022-01-01 2022-12-31 03611673 2023-12-31 03611673 2022-12-31 03611673 c:Director1 2023-01-01 2023-12-31 03611673 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03611673 d:Buildings d:ShortLeaseholdAssets 2023-12-31 03611673 d:Buildings d:ShortLeaseholdAssets 2022-12-31 03611673 d:PlantMachinery 2023-01-01 2023-12-31 03611673 d:PlantMachinery 2023-12-31 03611673 d:PlantMachinery 2022-12-31 03611673 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03611673 d:MotorVehicles 2023-01-01 2023-12-31 03611673 d:FurnitureFittings 2023-01-01 2023-12-31 03611673 d:FurnitureFittings 2023-12-31 03611673 d:FurnitureFittings 2022-12-31 03611673 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03611673 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03611673 d:CurrentFinancialInstruments 2023-12-31 03611673 d:CurrentFinancialInstruments 2022-12-31 03611673 d:Non-currentFinancialInstruments 2023-12-31 03611673 d:Non-currentFinancialInstruments 2022-12-31 03611673 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03611673 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03611673 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03611673 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03611673 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 03611673 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 03611673 d:ShareCapital 2023-12-31 03611673 d:ShareCapital 2022-12-31 03611673 d:CapitalRedemptionReserve 2023-12-31 03611673 d:CapitalRedemptionReserve 2022-12-31 03611673 d:RetainedEarningsAccumulatedLosses 2023-12-31 03611673 d:RetainedEarningsAccumulatedLosses 2022-12-31 03611673 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03611673 c:OrdinaryShareClass1 2023-12-31 03611673 c:OrdinaryShareClass1 2022-12-31 03611673 c:OrdinaryShareClass3 2023-01-01 2023-12-31 03611673 c:OrdinaryShareClass3 2023-12-31 03611673 c:OrdinaryShareClass3 2022-12-31 03611673 c:FRS102 2023-01-01 2023-12-31 03611673 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03611673 c:FullAccounts 2023-01-01 2023-12-31 03611673 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03611673 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03611673










Bordeaux Wine Investments Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Bordeaux Wine Investments Limited
Registered number: 03611673

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,196
4,070

  
4,196
4,070

Current assets
  

Stocks
 5 
988,231
962,270

Debtors: amounts falling due after more than one year
 6 
999,490
1,786,961

Debtors: amounts falling due within one year
 6 
3,247,919
3,095,111

Cash at bank and in hand
 7 
110,868
160,207

  
5,346,508
6,004,549

Creditors: amounts falling due within one year
 8 
(3,589,777)
(3,074,946)

Net current assets
  
 
 
1,756,731
 
 
2,929,603

Total assets less current liabilities
  
1,760,927
2,933,673

Creditors: amounts falling due after more than one year
 9 
(1,113,776)
(2,196,386)

  

Net assets
  
647,151
737,287


Capital and reserves
  

Called up share capital 
 11 
50,100
50,100

Capital redemption reserve
  
1,000
1,000

Profit and loss account
  
596,051
686,187

  
647,151
737,287


Page 1

 
Bordeaux Wine Investments Limited
Registered number: 03611673

Balance Sheet (continued)
As at 31 December 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.

A D Lench
Director


The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

1.


General information

Bordeaux Wine Investments Limited is a limited liability company incorporated in England with the registration number 03611673. The address of the registered office is 2 The Mews, 16 Holly Bush Lane, Sevenoaks, Kent, TN13 3TH.

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 Section 1A of 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 management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Trade sales
Revenue is recognised in respect of trade sales once the sales have been made and the goods have been delivered.
En Primeur Sales
Revenue and costs in respect of en primeur sales are recognised in the company's statement of comprehensive income when the complete order is available at the company's storage facility.
Amounts received and paid in advance for the above transactions are included in debtors and creditors as appropriate until the above criteria have been satisfied.

Page 3

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.3

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold improvements
-
33%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Furniture, fittings and equipment
-
25%
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.

 
2.4

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.

 
2.5

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.

 
2.6

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.

Page 4

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 5

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.8

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.

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is sterling.

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 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'.

Page 6

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

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

 
2.11

Interest income

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

 
2.12

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.

 
2.13

Borrowing costs

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

 
2.14

Taxation

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 operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 9).

Page 7

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Furniture, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
19,669
34,081
114,431
168,181


Additions
-
-
2,236
2,236



At 31 December 2023

19,669
34,081
116,667
170,417



Depreciation


At 1 January 2023
19,669
34,081
110,361
164,111


Charge for the year on owned assets
-
-
2,110
2,110



At 31 December 2023

19,669
34,081
112,471
166,221



Net book value



At 31 December 2023
-
-
4,196
4,196



At 31 December 2022
-
-
4,070
4,070

Page 8

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
988,231
962,270

988,231
962,270



6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts paid in advance
999,490
1,786,961

999,490
1,786,961


2023
2022
£
£

Due within one year

Trade debtors
281,238
148,607

Other debtors
716,597
1,011,360

Prepayments and accrued income
11,414
15,643

Amount paid in advance
2,238,670
1,919,501

3,247,919
3,095,111



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
110,868
160,207

110,868
160,207


Page 9

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
138,889
166,667

Amounts received in advance
2,492,132
1,928,449

Trade creditors
879,418
554,769

Corporation tax
-
36,076

Other taxation and social security
28,054
17,090

Other creditors
20,680
28,944

Accruals and deferred income
30,604
342,951

3,589,777
3,074,946



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
138,889

Amounts received in advance
1,113,776
2,057,497

1,113,776
2,196,386


The bank loans disclosed in notes 9 and 10 are secured by way of a fixed and floating charge over the company’s assets.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
138,889
166,667


138,889
166,667

Amounts falling due 1-2 years

Bank loans
-
138,889


-
138,889



138,889
305,556


Page 10

 
Bordeaux Wine Investments Limited
 

 
Notes to the Financial Statements
For the period ended 31 December 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary A shares of £1.00 each
50,000
50,000
100 (2022 - 100) Ordinary C shares of £1.00 each
100
100

50,100

50,100


The non-voting Ordinary C shares rank pari passu with Ordinary A shares with regard to entitlement to dividend except that the director may at any time resolve to declare different dividends in relation to each class of share and may also resolve to declare a dividend on one class of share and not on the other class provided that any dividends proposed on Ordinary C shares may only be paid with the approval of Mr A Lench.  The Ordinary C shares have no rights with regards to the assets and liabilities of the company on liquidation.



12.


Related party transactions

The company has taken advantage of the exemption from disclosing related party transactions that have been concluded under normal market conditions provided by section 1AC.35 of FRS 102.
During the period, the company occupied business premises owned by A D Lench. No rent was charged for this occupation.


13.


Controlling party

A D Lench controls the company by virtue of his controlling interest in the share capital of the company.

Page 11