Company registration number 08725585 (England and Wales)
SIMPSONS WINE ESTATE LIMITED
Unaudited Financial Statements
For The Year Ended 29 February 2024
Pages For Filing With Registrar
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Simpsons Wine Estate Limited For The Year Ended 29 February 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simpsons Wine Estate Limited for the year ended 29 February 2024 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Simpsons Wine Estate Limited, as a body, in accordance with the terms of our engagement letter dated 24 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Simpsons Wine Estate Limited and state those matters that we have agreed to state to the board of directors of Simpsons Wine Estate 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 Simpsons Wine Estate Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Simpsons Wine Estate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Simpsons Wine Estate Limited. You consider that Simpsons Wine Estate 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 financial statements of Simpsons Wine Estate 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 financial statements.
Chavereys Limited
26 November 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Balance Sheet
As At 29 February 2024
- 2 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,471
2,471
Tangible assets
4
4,391,737
4,284,770
Investments
5
951
1,354
4,395,159
4,288,595
Current assets
Stocks
1,292,105
1,113,738
Debtors
6
319,132
111,770
Cash at bank and in hand
124,396
45,026
1,735,633
1,270,534
Creditors: amounts falling due within one year
7
(4,329,794)
(4,271,990)
Net current liabilities
(2,594,161)
(3,001,456)
Total assets less current liabilities
1,800,998
1,287,139
Creditors: amounts falling due after more than one year
8
(23,714)
Provisions for liabilities
(115,315)
(14,095)
Net assets
1,685,683
1,249,330
Capital and reserves
Called up share capital
930,100
930,100
Profit and loss reserves
755,583
319,230
Total equity
1,685,683
1,249,330
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Balance Sheet (Continued)
As At 29 February 2024
- 3 -
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
C W Simpson
Mrs R E Simpson
Director
Director
Company registration number 08725585 (England and Wales)
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Notes To The Financial Statements
For The Year Ended 29 February 2024
- 4 -
1
Accounting policies
Company information
Simpsons Wine Estate Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor 17a, Curzon Street, London, England, W1J 5HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Basic Payment entitlements
10 years straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Office equipment
10-20% redeucing balance
Motor vehicles
25% reducing balance
Vineyards
5% straight line
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 29 February 2024
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 29 February 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 29 February 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
17
3
Intangible fixed assets
Basic Payment entitlements
£
Cost
At 1 March 2023 and 29 February 2024
2,471
Amortisation and impairment
At 1 March 2023 and 29 February 2024
Carrying amount
At 29 February 2024
2,471
At 28 February 2023
2,471
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 29 February 2024
- 8 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Vineyards
Total
£
£
£
£
£
£
Cost
At 1 March 2023
3,271,894
1,392,372
9,752
9,350
694,142
5,377,510
Additions
72,412
237,225
4,625
9,173
3,613
327,048
Disposals
(18,426)
(18,426)
At 29 February 2024
3,344,306
1,611,171
14,377
18,523
697,755
5,686,132
Depreciation and impairment
At 1 March 2023
262,349
671,572
2,693
8,310
147,816
1,092,740
Depreciation charged in the year
49,230
129,300
1,969
678
34,867
216,044
Eliminated in respect of disposals
(14,389)
(14,389)
At 29 February 2024
311,579
786,483
4,662
8,988
182,683
1,294,395
Carrying amount
At 29 February 2024
3,032,727
824,688
9,715
9,535
515,072
4,391,737
At 28 February 2023
3,009,545
720,800
7,059
1,040
546,326
4,284,770
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
951
1,354
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
1,354
Disposals
(403)
At 29 February 2024
951
Carrying amount
At 29 February 2024
951
At 28 February 2023
1,354
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 29 February 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
303,205
91,616
Other debtors
4,811
17,068
Prepayments and accrued income
11,116
3,086
319,132
111,770
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
12,323
Other borrowings
241,718
281,025
Trade creditors
372,411
205,633
Taxation and social security
13,329
9,268
Other creditors
3,693,057
3,685,391
Accruals and deferred income
9,279
78,350
4,329,794
4,271,990
Other borrowings are secured against trading stock.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
23,714
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
208,300
110,796
Tax losses
(92,985)
(96,701)
115,315
14,095
Simpsons Wine Estate Limited
SIMPSONS WINE ESTATE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 29 February 2024
9
Deferred taxation
(Continued)
- 10 -
2024
Movements in the year:
£
Liability at 1 March 2023
14,095
Charge to profit or loss
101,220
Liability at 29 February 2024
115,315
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,953
6,473
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,953 (2023 - £6,473). £245 was due at the year end (2023: £238).
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