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COMPANY REGISTRATION NUMBER: 13578194
Vine (West Bromwich) Limited
Filleted Unaudited Financial Statements
31 March 2024
Vine (West Bromwich) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Vine (West Bromwich) Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Vine (West Bromwich) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vine (West Bromwich) Limited for the year ended 31 March 2024, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Vine (West Bromwich) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Vine (West Bromwich) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vine (West Bromwich) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Vine (West Bromwich) 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 Vine (West Bromwich) Limited. You consider that Vine (West Bromwich) 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 Vine (West Bromwich) 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.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
3 December 2024
Vine (West Bromwich) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
4,391
5,055
Current assets
Debtors
7
435,426
335,885
Cash at bank and in hand
208,229
179,062
---------
---------
643,655
514,947
Creditors: amounts falling due within one year
8
647,946
519,902
---------
---------
Net current liabilities
4,291
4,955
-------
-------
Total assets less current liabilities
100
100
----
----
Net assets
100
100
----
----
Capital and reserves
Called up share capital
100
100
----
----
Shareholders funds
100
100
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Vine (West Bromwich) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr G Davies
Director
Company registration number: 13578194
Vine (West Bromwich) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Director of Finance, Mosborough Hall Hotel, High Street, Mosborough, Sheffield, S10 5EA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the supply of accomodation, food, drinks and related goods at the company's hotel site, stated net of discounts and of Value Added Tax. Revenue from the sale of the above items is recognised when the significant risks and rewards of ownership of the goods have transferred to the customer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Government grants
Income from Government grants are in respect of the Small Business Grant Fund.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
6,084
6,084
Additions
920
920
----
-------
-------
At 31 March 2024
920
6,084
7,004
----
-------
-------
Depreciation
At 1 April 2023
1,029
1,029
Charge for the year
63
1,521
1,584
----
-------
-------
At 31 March 2024
63
2,550
2,613
----
-------
-------
Carrying amount
At 31 March 2024
857
3,534
4,391
----
-------
-------
At 31 March 2023
5,055
5,055
----
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
188,453
2,450
Other debtors
246,973
333,435
---------
---------
435,426
335,885
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
54,242
150,467
Social security and other taxes
29,896
10,390
Other creditors
563,808
359,045
---------
---------
647,946
519,902
---------
---------
9. Related party transactions
During the period Vine (West Bromwich) Ltd paid management charges totalling £741,221 (2023 £482,280) to Vine Management Limited, a company with common directors and shareholders. A loan account exists as between this company and Sheffield Park Hotel Ltd, being a company with common directors and an element of common control. As a result of advances made during the year, Sheffield Park Hotel Ltd is indebted to Vine (West Bromwich) Limited at the year end date and in relation to this loan, in the sum of £187,780. There are no formal terms for repayment of this loan and interest is not being charged.