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2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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12712292
2023-04-01
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12712292
2024-03-31
12712292
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12712292
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12712292
2023-03-31
12712292
2022-03-31
12712292
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12712292
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12712292
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12712292
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12712292
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12712292
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12712292
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12712292
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12712292
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12712292
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2023-03-31
12712292
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12712292
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2023-03-31
12712292
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12712292
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2023-03-31
12712292
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2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
12712292
Filleted Unaudited Financial Statements |
|
Year ended 31 March 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 7 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Vine Old Rectory 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 Old Rectory 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 Old Rectory Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Vine Old Rectory 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 Old Rectory Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Vine Old Rectory 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 loss of Vine Old Rectory Limited. You consider that Vine Old Rectory 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 Old Rectory 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
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
30,534 |
44,101 |
|
|
|
|
Current assets
Stocks |
3,434 |
1,800 |
Debtors |
6 |
21,348 |
21,805 |
Cash at bank and in hand |
10,455 |
22,065 |
|
-------- |
-------- |
|
35,237 |
45,670 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
323,449 |
275,608 |
|
--------- |
--------- |
Net current liabilities |
288,212 |
229,938 |
|
--------- |
--------- |
Total assets less current liabilities |
(
257,678) |
(
185,837) |
|
--------- |
--------- |
Net liabilities |
(
257,678) |
(
185,837) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
4 |
4 |
Profit and loss account |
(
257,682) |
(
185,841) |
|
--------- |
--------- |
Shareholders deficit |
(
257,678) |
(
185,837) |
|
--------- |
--------- |
|
|
|
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
.
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:
Company registration number:
12712292
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, S20 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.
Going concern
The statement of financial position at the year end date reflects both a net current liability and an overall net liability position, this as a consequence of the pre-trading expenditure incurred and the limitations in activities in the hospitality sector as a result of the global coronavirus pandemic, which circumstances, given the timing of the establishment of the business, continue to have an impact on the company financial performance, if as against a background of significantly improving revenue and gross profit returns. The financial statements have been prepared on a going concern basis. This basis assumes that the company will be able to service its debts as they fall due. The principal creditors at the period end date are loans repayable to related parties controlled by two of the directors of Vine Old Rectory Ltd. These related parties have indicated their ongoing support in terms of this loan funding and, on that basis, the directors of Vine Old Rectory Ltd believe it remains appropriate to continue to adopt the going concern basis of accounting. No adjustments have therefore been made to recognise a position where the going concern basis would not remain appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
|
Fixtures and fittings |
- |
Between 20.00% and 33.00% Straight Line
|
|
Equipment |
- |
Between 20.00% and 33.00% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
3
).
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 and 31 March 2024 |
33,388 |
19,224 |
52,612 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 April 2023 |
7,642 |
869 |
8,511 |
Charge for the year |
8,664 |
4,903 |
13,567 |
|
-------- |
-------- |
-------- |
At 31 March 2024 |
16,306 |
5,772 |
22,078 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 March 2024 |
17,082 |
13,452 |
30,534 |
|
-------- |
-------- |
-------- |
At 31 March 2023 |
25,746 |
18,355 |
44,101 |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
838 |
44 |
Other debtors |
20,510 |
21,761 |
|
-------- |
-------- |
|
21,348 |
21,805 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
40,522 |
64,759 |
Other creditors |
282,927 |
210,849 |
|
--------- |
--------- |
|
323,449 |
275,608 |
|
--------- |
--------- |
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
5,000 |
5,000 |
Later than 1 year and not later than 5 years |
20,000 |
20,000 |
Later than 5 years |
85,000 |
90,000 |
|
--------- |
--------- |
|
110,000 |
115,000 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
A loan exists between Vine Hotels Limited and
Vine Old Rectory Limited
. At the balance sheet date, Vine Old Rectory Limited
was indebted to Vine Hotels Limited, in this respect, in the sum of £60,452 (2023 £57,952). A loan exists between Vine Management Limited and Vine Old Rectory Limited
. At the balance sheet date, Vine Old Rectory Limited
was indebted to Vine Management Limited, in this respect, in the sum of £90,000 (2023 £65,000). A loan exists between Venice Regal Sheffield Limited and Vine Old Rectory Limited
. At the balance sheet date, Vine Old Rectory Limited
was indebted to Venice Regal Sheffield Limited, in this respect, in the sum of £20,000 (2023 £20,000). All of the above related party entities are companies under the control of the shareholders of Vine Old Rectory Limited
. There are no formal terms for repayment and interest is not being charged on the loans.