Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-05-052023-05-052023-12-312023-12-310Wholesale of wine, beer, spirits and other alcoholic beverages2023-05-05false2truetruefalse 14848662 2023-05-05 2023-12-31 14848662 2022-01-01 2023-05-04 14848662 2023-12-31 14848662 2023-05-04 14848662 c:Director1 2023-05-05 2023-12-31 14848662 c:Director1 2023-12-31 14848662 c:Director2 2023-05-05 2023-12-31 14848662 c:Director2 2023-12-31 14848662 c:RegisteredOffice 2023-05-05 2023-12-31 14848662 d:CurrentFinancialInstruments 2023-12-31 14848662 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14848662 d:ShareCapital 2023-05-05 2023-12-31 14848662 d:ShareCapital 2023-12-31 14848662 d:ShareCapital 2023-05-04 14848662 d:RetainedEarningsAccumulatedLosses 2023-05-05 2023-12-31 14848662 d:RetainedEarningsAccumulatedLosses 2023-12-31 14848662 d:RetainedEarningsAccumulatedLosses 2023-05-04 14848662 c:OrdinaryShareClass1 2023-05-05 2023-12-31 14848662 c:OrdinaryShareClass1 2023-12-31 14848662 c:FRS102 2023-05-05 2023-12-31 14848662 c:Audited 2023-05-05 2023-12-31 14848662 c:FullAccounts 2023-05-05 2023-12-31 14848662 c:PrivateLimitedCompanyLtd 2023-05-05 2023-12-31 14848662 c:SmallCompaniesRegimeForAccounts 2023-05-05 2023-12-31 14848662 e:PoundSterling 2023-05-05 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14848662










FOLEY FAMILY WINES UK LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE PERIOD ENDED
31 DECEMBER 2023
 






 



 






 
FOLEY FAMILY WINES UK LIMITED
 

COMPANY INFORMATION


Directors
Mr S Schiffer (appointed 5 May 2023)
Mr R Velazquez Jr (appointed 5 May 2023, resigned 1 October 2024)




Registered number
14848662



Registered office
Arcadia House Maritime Walk
Ocean Village

Southampton

Hampshire

SO14 3TL




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
FOLEY FAMILY WINES UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Statement of Changes in Equity
 
 
2
Notes to the Financial Statements
 
 
3 - 6


 
FOLEY FAMILY WINES UK LIMITED
REGISTERED NUMBER: 14848662

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
100

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(167,721)

Net current liabilities
  
 
 
(167,621)

Total assets less current liabilities
  
(167,621)

  

Net liabilities
  
(167,621)


Capital and reserves
  

Called up share capital 
 7 
100

Profit and loss account
 8 
(167,721)

  
(167,621)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S Schiffer
Director

Date: 7 January 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
FOLEY FAMILY WINES UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 5 May 2023
-
-
-



Loss for the period
-
(167,721)
(167,721)

Shares issued during the period
100
-
100


At 31 December 2023
100
(167,721)
(167,621)

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FOLEY FAMILY WINES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Foley Family Wines UK Limited is a private company, limited by shares and incorporated in England and Wales, registration number 14848662. The registered office is Arcadia House Maritime Walk, Ocean Village, Southampton, Hampshire, United Kingdom, SO14 3TL.
The Company was incorporated on 5 May 2023 and begun trading on that date. The financial statements cover the period from 5 May 2023 to 31 December 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Going concern

The Company was loss making in the period and is in a net liability position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business  as well as the Company’s business model.                                       
The company's parent undertaking has provided a letter of support confirming its intention to provide sufficient financial support to the Company to enable it to meet its liabilities as they fall due for at least 12 months from the date of signing the financial statements. On this basis the Directors consider it is appropriate to prepare the financial statements on a goingconcern basis.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
FOLEY FAMILY WINES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements.


4.


Employees

The Company has no employees.
 

Page 4

 
FOLEY FAMILY WINES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

2023
£


Called up share capital not paid
100



6.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
140,086

Accruals and deferred income
27,635

167,721


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


During the year the Company issued 100 ordinary shares at par value.


8.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


9.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


10.


Controlling party

The company's immediate parent company is Foley Family Wines, Inc., a company incorporated in the United States of America.
The ultimate controlling individual is William P. Foley II.
Page 5

 
FOLEY FAMILY WINES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 7 January 2025 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 6