COMPANY REGISTRATION NUMBER:
10853216
Filleted Unaudited Financial Statements |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Vine Management 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 Management 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 Management Limited, as a body, in accordance with the terms of our engagement letter dated 4 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Vine Management 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 Management Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Vine Management 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 Management Limited. You consider that Vine Management 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 Management 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
Current assets
Debtors |
4 |
1,116,874 |
609,578 |
Cash at bank and in hand |
345,510 |
237,469 |
|
------------ |
--------- |
|
1,462,384 |
847,047 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
1,464,014 |
848,109 |
|
------------ |
--------- |
Net current liabilities |
1,630 |
1,062 |
|
------- |
------- |
Total assets less current liabilities |
(
1,630) |
(
1,062) |
|
------- |
------- |
Net liabilities |
(
1,630) |
(
1,062) |
|
------- |
------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
1,730) |
(
1,162) |
|
------- |
------- |
Shareholders deficit |
(
1,630) |
(
1,062) |
|
------- |
------- |
|
|
|
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
.
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:
10853216
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
At the year end date, the Statement of Financial Position reflects a small net liability position. Despite this, the financial statements have been prepared on a going concern basis, which basis assumes, as is believed to be the case, that the company will be in a position to continue in operation for the foreseeable future and meet all liabilities as they fall due. No adjustment has therefore been made to reflect any change from the going concern basis of accounting, which accords with the view of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for management services rendered, stated net of discounts and of Value Added Tax.
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.
4.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
135,136 |
104,489 |
Other debtors |
981,738 |
505,089 |
|
------------ |
--------- |
|
1,116,874 |
609,578 |
|
------------ |
--------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
5,108 |
102 |
Social security and other taxes |
76,906 |
47,007 |
Other creditors |
1,382,000 |
801,000 |
|
------------ |
--------- |
|
1,464,014 |
848,109 |
|
------------ |
--------- |
|
|
|
6.
Related party transactions
During the year the company has received management fees of £741,221 from Vine (West Bromwich) Ltd, a company under the control of the directors and shareholders of Vine Management Ltd. In addition the company has received management fees of £443,587 from Bredbury Hall Ltd, a company with two directors in common with Vine Management Ltd. The company has incurred management fees of £1,277,689 to Vine Hotels Ltd, a company with common directors and shareholders to Vine Management Ltd. Included within "other debtors" at note 5 above, are loan balances in respect of related party companies which result from advances made during the year and in respect of which loan balances there are no formal repayment terms and interest is not being charged. The loan debtor balances as at the year end date are as follows: Vine Old Rectory Ltd £ 90,000 Dolphin Hotel (Hampshire) Ltd £ 90,000 Venice Regal Sheffield Ltd £ 310,000 Vine Charlecote Ltd £ 285,000 Cresta Court Hotel Holdings Ltd £ 165,000 Sheffield Park Hotel Ltd £ 41,311