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REGISTERED NUMBER: 06034344 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Somerby Vineyards Limited

Somerby Vineyards Limited (Registered number: 06034344)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Somerby Vineyards Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W Hobson
Mrs L Hobson





SECRETARY: Mrs L Hobson





REGISTERED OFFICE: 28 Dudley Street
Grimsby
N E Lincolnshire
DN31 2AB





REGISTERED NUMBER: 06034344 (England and Wales)

Somerby Vineyards Limited (Registered number: 06034344)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 94,439 105,503

CURRENT ASSETS
Stocks 36,104 63,252
Debtors 5 860 10,033
Cash at bank 10,674 3,125
47,638 76,410
CREDITORS
Amounts falling due within one year 6 1,174,688 1,142,767
NET CURRENT LIABILITIES (1,127,050 ) (1,066,357 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,032,611

)

(960,854

)

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings 8 (1,033,611 ) (961,854 )
SHAREHOLDERS' FUNDS (1,032,611 ) (960,854 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2024 and were signed on its behalf by:





W Hobson - Director


Somerby Vineyards Limited (Registered number: 06034344)

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

1. STATUTORY INFORMATION

Somerby Vineyards Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Somerby Vineyards Limited (Registered number: 06034344)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 66,135 152,268 82,622 28,405 329,430
Disposals - (13,898 ) (970 ) - (14,868 )
At 31 December 2023 66,135 138,370 81,652 28,405 314,562
DEPRECIATION
At 1 January 2023 - 134,409 79,310 10,208 223,927
Charge for year - 4,449 828 4,549 9,826
Eliminated on disposal - (12,703 ) (927 ) - (13,630 )
At 31 December 2023 - 126,155 79,211 14,757 220,123
NET BOOK VALUE
At 31 December 2023 66,135 12,215 2,441 13,648 94,439
At 31 December 2022 66,135 17,859 3,312 18,197 105,503

The 12.5 acres of previously acquired "barren land" is now fully drained and planted with crops to produce grapes for the next 50-70 years. The directors valuation of this land is in the region of £250,000 being 12.5 acres at £ 20,000 per acre.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 76 5,428
VAT - 2,021
Prepayments 784 2,584
860 10,033

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors - 11,310
VAT 420 -
Directors' loan accounts 1,172,908 1,130,192
Accrued expenses 1,360 1,265
1,174,688 1,142,767

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

Somerby Vineyards Limited (Registered number: 06034344)

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

8. RESERVES
Retained
earnings
£   

At 1 January 2023 (961,854 )
Deficit for the year (71,757 )
At 31 December 2023 (1,033,611 )

9. CONTINGENT LIABILITIES

As far as the directors are aware they have not entered into any contracts which would give rise to a contingent liability.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the 31st December 2023 the directors are owed £1,172,908 by the company, these amounts being shown as directors loan accounts in the creditors due within one year note to the accounts.

11. GOING CONCERN

The business is heavily supported by directors loans to the amount of £1,172,908 at the balance sheet date. Further monies are available to fund the business and grapes have now started to be harvested. Therefore the directors do not consider there to be a going concern issue.