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COMPANY REGISTRATION NUMBER: 12715188
Vine Charlecote Ltd
Filleted Unaudited Financial Statements
31 March 2024
Vine Charlecote Ltd
Financial Statements
Year ended 31 March 2024
Contents
Pages
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 8
Vine Charlecote Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Vine Charlecote Ltd
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 Charlecote Ltd 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 Charlecote Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Vine Charlecote Ltd 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 Charlecote Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Vine Charlecote Ltd 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 Charlecote Ltd. You consider that Vine Charlecote Ltd 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 Charlecote Ltd. 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 Charlecote Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
14,964
23,875
Current assets
Stocks
14,995
11,531
Debtors
7
231,130
160,762
Cash at bank and in hand
148,437
107,604
---------
---------
394,562
279,897
Creditors: amounts falling due within one year
8
902,838
772,729
---------
---------
Net current liabilities
508,276
492,832
---------
---------
Total assets less current liabilities
( 493,312)
( 468,957)
---------
---------
Net liabilities
( 493,312)
( 468,957)
---------
---------
Vine Charlecote Ltd
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 493,313)
( 468,958)
---------
---------
Shareholders deficit
( 493,312)
( 468,957)
---------
---------
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:
Mr G Davies
Director
Company registration number: 12715188
Vine Charlecote Ltd
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. 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 associated companies controlled by two of the directors of Vine Charlecote Ltd. These companies have indicated their ongoing support in terms of these loan accounts and, on that basis, the directors of Vine Charlecote Ltd believes it 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 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 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
-
33% straight line
Equipment
-
20% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Government grants
Income from Government grants are in respect of the Small Business Grant Fund, the Kickstart scheme and the Cornavirus Job Retention Scheme.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 53 (2023: 54 ).
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
22,343
21,843
44,186
Additions
666
666
--------
--------
--------
At 31 March 2024
23,009
21,843
44,852
--------
--------
--------
Depreciation
At 1 April 2023
3,956
16,355
20,311
Charge for the year
4,713
4,864
9,577
--------
--------
--------
At 31 March 2024
8,669
21,219
29,888
--------
--------
--------
Carrying amount
At 31 March 2024
14,340
624
14,964
--------
--------
--------
At 31 March 2023
18,387
5,488
23,875
--------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Equipment
£
At 31 March 2024
----
At 31 March 2023
2,226
-------
7. Debtors
2024
2023
£
£
Trade debtors
66,930
7,683
Other debtors
164,200
153,079
---------
---------
231,130
160,762
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
280,554
293,122
Social security and other taxes
35,288
19,678
Other creditors
586,996
459,929
---------
---------
902,838
772,729
---------
---------
Obligations under finance leases and hire purchase contracts of £nil (2023 £1,953) are secured on the assets concerned.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
395,200
Later than 1 year and not later than 5 years
1,607,427
1,661,437
Later than 5 years
8,448,067
8,932,899
-------------
-------------
10,055,494
10,989,536
-------------
-------------
A side agreement has been executed in relation to the above lease commitment which provides for a concessionary rent agreement until 24 March 2025, this reflected in the above lease commitment quantum which incorporates an element of assumption in relation to the trading performance of the company during this concessionary period. On maturity of the concession, and subject to any further agreed variation, the original lease terms will then apply going forward.
10. Related party transactions
A loan exists between Vine Hotels Limited and Vine Charlecote Limited. At the balance sheet date, Vine Hotels Limited was indebted £69,808 to Vine Charlecote Limited, in this respect, in the sum of £69,808 (2023 £69,808). There are no formal terms for repayments and interest is not being charged. Vine Hotels Limited is a company under the control of the shareholders of Vine Hotels (CP) Limited, the parent company of Vine Charlecote Limited. A loan exists between Sheffield Park Hotels Limited and Vine Charlecote Limited. At the balance sheet date, Vine Charlecote Limited was indebted to Sheffield Park Hotels Limited, in this respect, in the sum of £85,000 (2023 £85,000). Sheffield Park Hotels Limited is a company under the control of the shareholders of Vine Hotels (CP) Limited, the parent company of Vine Charlecote Limited. There are no formal terms for repayments and interest is not being charged. A loan exists between Vine Management Limited and Vine Charlecote Limited. At the balance sheet date, Vine Charlecote Limited was indebted to Vine Management Limited, in this respect, in the sum of £285,000 (2023 £165,000). Vine Management Limited is a company under the control of the shareholders of Vine Hotels (CP) Limited, the parent company of Vine Charlecote Limited. There are no formal terms for repayments and interest is not being charged. A further loan exists between Dolphin Hotel (Hampshire) Limited and Vine Charlecote Limited. At the balance sheet date, Dolphin Hotel (Hampshire) Limited was indebted to Vine Charlecote Limited, in this respect, in the sum of £70,000 (2023 £70,000). Dolphin Hotel (Hampshire) Limited Limited is a company under the control of one of the shareholders of Vine Hotels (CP) Limited, the parent company of Vine Charlecote Limited. There are no formal terms for repayments and interest is not being charged. A further loan exists between Harrop Hotels Limited and Vine Charlecote Limited. At the balance sheet date, Harrop Hotels Limited was owed £10,000 (2023 £10,000) by Vine Charlecote Limited. Harrop Hotels Limited is a company under the control of one of the shareholders of Vine Hotels (CP) Limited, the parent company of Vine Charlecote Limited. There are no formal terms for repayments and interest is not being charged.