Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31Vineyard22023-04-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12353492 2023-04-01 2024-03-31 12353492 2022-04-01 2023-03-31 12353492 2024-03-31 12353492 2023-03-31 12353492 c:Director1 2023-04-01 2024-03-31 12353492 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 12353492 d:Buildings d:ShortLeaseholdAssets 2024-03-31 12353492 d:Buildings d:ShortLeaseholdAssets 2023-03-31 12353492 d:PlantMachinery 2023-04-01 2024-03-31 12353492 d:PlantMachinery 2024-03-31 12353492 d:PlantMachinery 2023-03-31 12353492 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12353492 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 12353492 d:OtherPropertyPlantEquipment 2024-03-31 12353492 d:OtherPropertyPlantEquipment 2023-03-31 12353492 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12353492 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12353492 d:CurrentFinancialInstruments 2024-03-31 12353492 d:CurrentFinancialInstruments 2023-03-31 12353492 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12353492 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12353492 d:ShareCapital 2024-03-31 12353492 d:ShareCapital 2023-03-31 12353492 d:RetainedEarningsAccumulatedLosses 2024-03-31 12353492 d:RetainedEarningsAccumulatedLosses 2023-03-31 12353492 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 12353492 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 12353492 c:FRS102 2023-04-01 2024-03-31 12353492 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12353492 c:FullAccounts 2023-04-01 2024-03-31 12353492 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12353492 2 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 12353492






GREAT WHEATLEY FARM LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










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GREAT WHEATLEY FARM LIMITED
REGISTERED NUMBER:12353492

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
645,081
323,339

  
645,081
323,339

Current assets
  

Stocks
  
36,582
9,400

Debtors: amounts falling due within one year
 5 
25,893
38,888

Cash at bank and in hand
 6 
19,815
11,307

  
82,290
59,595

Creditors: amounts falling due within one year
 7 
(952,338)
(492,331)

Net current liabilities
  
 
 
(870,048)
 
 
(432,736)

Total assets less current liabilities
  
(224,967)
(109,397)

Provisions for liabilities
  

Deferred tax
  
-
(9,433)

  
 
 
-
 
 
(9,433)

Net liabilities
  
(224,967)
(118,830)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(225,067)
(118,930)

  
(224,967)
(118,830)


Page 1

 
GREAT WHEATLEY FARM LIMITED
REGISTERED NUMBER:12353492
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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: 




A J Dean
Director

Date: 29 January 2025

Page 2

 
GREAT WHEATLEY FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Great Wheatley Farm Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 25 Upper Brook Street, London, W1K 7QD.
The principal activity of the company is that of a vineyard.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis despite the net liabilities due to the continued support provided by the directors.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
GREAT WHEATLEY FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GREAT WHEATLEY FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Short-term leasehold property
-
5%
straight line
Plant and machinery
-
25%
reducing balance
Biological assets - vines
-
5%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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 5

 
GREAT WHEATLEY FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.14

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Page 6

 
GREAT WHEATLEY FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Biological assets - vines
Total

£
£
£
£



Cost or valuation


At 1 April 2023
231,122
31,010
94,555
356,687


Additions
332,719
4,545
-
337,264



At 31 March 2024

563,841
35,555
94,555
693,951



Depreciation


At 1 April 2023
10,545
13,386
9,417
33,348


Charge for the year on owned assets
6,104
4,690
4,728
15,522



At 31 March 2024

16,649
18,076
14,145
48,870



Net book value



At 31 March 2024
547,192
17,479
80,410
645,081



At 31 March 2023
220,577
17,624
85,138
323,339


5.


Debtors

2024
2023
£
£


Other debtors
24,553
38,888

Prepayments and accrued income
1,340
-

25,893
38,888


Page 7

 
GREAT WHEATLEY FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
19,815
11,307

19,815
11,307



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
80,613
46,753

Other creditors
868,564
442,417

Accruals and deferred income
3,161
3,161

952,338
492,331



8.


Deferred taxation




2024


£






At beginning of year
(9,433)


Charged to profit or loss
9,433



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(9,433)

-
(9,433)


9.


Related party transactions

At the balance sheet date the company owed £837,878 (2023: £nil) to a company under common control. Interest was payable at 3% and amounted to £18,616 (2023: £nil).
At the balance sheet date the company owed £30,686 (2023: £442,417) to companies under common control in respect of interest free loans repayabe on demand.

 
Page 8