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REGISTERED NUMBER: 04034942 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

NEW GENERATION WINES LIMITED

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEW GENERATION WINES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: A Record MBE
J A Booth
H G Young
R E M Boote
J R Furze
J McKenna
E Gerber
V Lewis
M C Kent
D Steenkamp



SECRETARY: J R Furze



REGISTERED OFFICE: 14 Kennington Road
LONDON
SE1 7BL



REGISTERED NUMBER: 04034942 (England and Wales)



SENIOR STATUTORY AUDITOR: John Sheather BSc FCA



AUDITORS: McCabe Ford Williams
Chartered Accountants and Statutory Auditors
Charlton House
Dour Street
DOVER
Kent
CT16 1BL

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 233,319 268,004
Tangible assets 5 7,596 10,415
Investments 6 25,350 24,540
266,265 302,959

CURRENT ASSETS
Stocks 7 1,502,122 1,775,518
Debtors 8 1,267,668 1,411,517
Cash at bank 59,443 39,025
2,829,233 3,226,060
CREDITORS
Amounts falling due within one year 9 1,160,022 1,670,251
NET CURRENT ASSETS 1,669,211 1,555,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,935,476

1,858,768

CREDITORS
Amounts falling due after more than one
year

10

-

(23,316

)

PROVISIONS FOR LIABILITIES 13 (1,829 ) (2,519 )
NET ASSETS 1,933,647 1,832,933

CAPITAL AND RESERVES
Called up share capital 14 850,537 850,319
Share premium 23,472 15,624
Share-based payment reserve 156,480 124,755
Retained earnings 903,158 842,235
SHAREHOLDERS' FUNDS 1,933,647 1,832,933

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 30 October 2024 and were signed on its behalf by:





J A Booth - Director


NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

New Generation Wines 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
Useful life of goodwill - the directors have considered the length of the useful lives of the goodwill as described in the following notes and consider the values chosen to be appropriate.

Turnover
Turnover represents net invoiced sales of goods, disbursements and commissions received, excluding value added tax.

Goodwill
Goodwill relates to the amounts paid and associated costs incurred in connection with the acquisition of three businesses as follows. The first acquisition was in September 2010 and the goodwill is being amortised evenly over its estimated useful life of twenty years. The second acquisition was in December 2015 and the amortisation period is 15 years. The third acquisition was in 2022 and the amortisation period is 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 5% on cost
Office equipment - 20% to 33.3% on cost

Investments in subsidiaries
Investments in and loans to subsidiaries, associate undertakings and joint ventures are recognised at cost less any provision for impairment.

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.


NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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 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.

Hire purchase and leasing commitments
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Profit and Loss account over the vesting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 670,610
AMORTISATION
At 1 August 2023 402,606
Charge for year 34,685
At 31 July 2024 437,291
NET BOOK VALUE
At 31 July 2024 233,319
At 31 July 2023 268,004

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 August 2023 2,699 78,094 80,793
Additions - 1,852 1,852
At 31 July 2024 2,699 79,946 82,645
DEPRECIATION
At 1 August 2023 405 69,973 70,378
Charge for year 135 4,536 4,671
At 31 July 2024 540 74,509 75,049
NET BOOK VALUE
At 31 July 2024 2,159 5,437 7,596
At 31 July 2023 2,294 8,121 10,415

6. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Participating interests 1 1
Loans to undertakings in which the company
has a participating interest

25,349

24,539
25,350 24,540

Additional information is as follows:
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 392,225 1 392,226
PROVISIONS
At 1 August 2023
and 31 July 2024 392,225 - 392,225
NET BOOK VALUE
At 31 July 2024 - 1 1
At 31 July 2023 - 1 1

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

6. FIXED ASSET INVESTMENTS - continued
Loans to
joint
ventures
£   
At 1 August 2023 24,539
New in year 810
At 31 July 2024 25,349

7. STOCKS
2024 2023
£    £   
Stocks 1,502,122 1,775,518

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,179,618 1,296,218
Prepayments and other debtors 88,050 115,299
1,267,668 1,411,517

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 95,410 269,366
Trade creditors 661,249 938,637
Tax 76,455 80,419
Social security and other taxes 159,322 169,451
Accrued expenses 167,586 212,378
1,160,022 1,670,251

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 23,316

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 43,206 50,981
Between one and five years 44,027 95,754
87,233 146,735

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 73,393 185,611
Bank loans 22,017 107,071
95,410 292,682

The bank overdraft and bank loan are secured by fixed and floating charges over the company and all property and assets.

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,829 2,519

Deferred
tax
£   
Balance at 1 August 2023 2,519
Accelerated capital allowances (690 )
Balance at 31 July 2024 1,829

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
13,037 Ordinary £1 13,037 12,819
837,500 B £1 837,500 837,500
850,537 850,319

The following shares were issued during the year:

218 Ordinary shares of £1 for cash of £ 8,066

The 218 Ordinary shares were issued under the share-based option scheme detailed in note 15.

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Sheather BSc FCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

NEW GENERATION WINES LIMITED (REGISTERED NUMBER: 04034942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

16. SHARE-BASED PAYMENT TRANSACTIONS

In 2021 the company entered into an equity-settled share-based payment arrangement with certain directors under an Enterprise Management Incentive Scheme. The vesting period of the scheme is 3 years from 11 March 2021.

The company has followed FRS102 and accounted for the award of share options by recording the expense of £31,725 (2023-£52,160) in the profit and loss account and making a corresponding credit to the share-based payment reserve.


Weighted
average


exercise price

)

Number
2024
Outstanding at 1 August 202337218
Granted during the year37-
Exercised during the year37218
Outstanding at 31 July 202437-

The Black-Scholes option pricing model was used to value the equity-settled share-based payment awards as it was considered that this approach would result in a materially accurate estimate of the fair value of the options granted.

Equity-settled2021

Option pricing model usedBlack-Scholes
Weighted average share price at grant date (£)275
Exercise price (£)37
Weighted average contractual life (years)10
Expected volatility10%
Expected dividend growth rate0%
Risk-free interest rate0.57%