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REGISTERED NUMBER: 11695822 (England and Wales)












Polgoon Vineyard Ltd

Unaudited Financial Statements

for the Year Ended 29th February 2024






Polgoon Vineyard Ltd (Registered number: 11695822)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Polgoon Vineyard Ltd

Company Information
for the Year Ended 29th February 2024







DIRECTORS: J P Coulson
Mrs K M Coulson





REGISTERED OFFICE: Polgoon Farmhouse
Polgoon Farm
Rosehill
Penzance
Cornwall
TR20 8TE





REGISTERED NUMBER: 11695822 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Polgoon Vineyard Ltd (Registered number: 11695822)

Statement of Financial Position
29th February 2024

29.2.24 28.2.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 171,905 210,477
171,905 210,477

CURRENT ASSETS
Stocks 340,547 316,664
Debtors 6 28,373 40,735
Cash in hand 659 -
369,579 357,399
CREDITORS
Amounts falling due within one year 7 (554,229 ) (493,788 )
NET CURRENT LIABILITIES (184,650 ) (136,389 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,745

)

74,088

CREDITORS
Amounts falling due after more than one
year

8

(36,488

)

(87,481

)
NET LIABILITIES (49,233 ) (13,393 )

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings (49,235 ) (13,395 )
SHAREHOLDERS' FUNDS (49,233 ) (13,393 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 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.

Polgoon Vineyard Ltd (Registered number: 11695822)

Statement of Financial Position - continued
29th February 2024


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 20th September 2024 and were signed on its behalf by:




J P Coulson - Director



Mrs K M Coulson - Director


Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Polgoon Vineyard Ltd 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. The financial statements cover a single entity.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements have been rounded to the nearest Pound.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, was amortised in full in its first year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.


Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets including trade, other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts, discounted at a market rate of interest.

(ii) Financial liabilities

Basic financial liabilities including trade, other payables, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest.

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

Going concern
At the year end the company had net current liabilities and net liabilities and is reliant on the continued support of the directors. The financial statements have been prepared on the going concern basis and the directors believe this is appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 21 ) .

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2023
and 29th February 2024 2
AMORTISATION
At 1st March 2023
and 29th February 2024 2
NET BOOK VALUE
At 29th February 2024 -
At 28th February 2023 -

5. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1st March 2023 79,353 - 204,230
Additions 9,966 2,375 10,829
Disposals - - -
At 29th February 2024 89,319 2,375 215,059
DEPRECIATION
At 1st March 2023 12,422 - 79,095
Charge for year 7,233 86 42,132
Eliminated on disposal - - -
At 29th February 2024 19,655 86 121,227
NET BOOK VALUE
At 29th February 2024 69,664 2,289 93,832
At 28th February 2023 66,931 - 125,135

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st March 2023 32,205 3,348 319,136
Additions - 582 23,752
Disposals (18,250 ) - (18,250 )
At 29th February 2024 13,955 3,930 324,638
DEPRECIATION
At 1st March 2023 14,964 2,178 108,659
Charge for year 1,878 1,033 52,362
Eliminated on disposal (8,288 ) - (8,288 )
At 29th February 2024 8,554 3,211 152,733
NET BOOK VALUE
At 29th February 2024 5,401 719 171,905
At 28th February 2023 17,241 1,170 210,477

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st March 2023
and 29th February 2024 123,327 18,250 141,577
DEPRECIATION
At 1st March 2023 40,519 5,138 45,657
Charge for year 24,979 527 25,506
At 29th February 2024 65,498 5,665 71,163
NET BOOK VALUE
At 29th February 2024 57,829 12,585 70,414
At 28th February 2023 82,808 13,112 95,920

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 27,472 38,125
Other debtors - 750
Prepayments and accrued income 901 1,860
28,373 40,735

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 60,100 101,973
Other loans 209,649 202,771
Hire purchase contracts (see note 9) 32,653 35,117
Trade creditors 63,207 56,943
Social security and other taxes 17,525 14,195
VAT 48,612 51,723
Other creditors 2,232 1,722
Directors' current accounts 103,404 14,214
Accrued expenses 16,847 15,130
554,229 493,788

Included within other loans is a balance of £191,703 (2023: £197,703). As there is no formal agreement for this loan, it has been treated as falling due within one year. However it is the intention that this loan will be repaid as cash flow allows.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 2-5 years 13,333 41,304
Other loans - 2-5 years 9,631 -
Hire purchase contracts (see note 9) 13,524 46,177
36,488 87,481

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Gross obligations repayable:
Within one year 34,690 39,338
Between one and five years 13,814 48,504
48,504 87,842

Finance charges repayable:
Within one year 2,037 4,221
Between one and five years 290 2,327
2,327 6,548

Net obligations repayable:
Within one year 32,653 35,117
Between one and five years 13,524 46,177
46,177 81,294

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 2,006 2,006
Between one and five years 4,346 6,352
6,352 8,358

10. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdrafts 50,100 59,528

The bank overdraft is secured by fixed and floating charges covering all the property and undertaking of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
2 Ordinary 1 2 2

Polgoon Vineyard Ltd (Registered number: 11695822)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the company paid rent for the use of premises and land owned by the directors totalling £27,600 (2023: £27,600).