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Registration number: 10527628

Pinglestone Estate Limited

Abridged Financial Statements

for the Year Ended 31 December 2023

 

Pinglestone Estate Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 7

 

Pinglestone Estate Limited

Company Information

Chairman

Paul-Francois Vranken

Directors

Clement Pierlot

Julien Lonneux

Registered office

128 Buckingham Palace Road
London
SW1W 9SA

Auditors

Carbon Accountancy Limited
Chartered Accountants and Registered Auditors
80-83 Long Lane
London
EC1A 9ET

 

Pinglestone Estate Limited

(Registration number: 10527628)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,839,392

4,385,232

Current assets

 

Stocks

5

2,128,329

1,491,099

Debtors

343,172

246,928

Cash at bank and in hand

 

60,060

66,974

 

2,531,561

1,805,001

Creditors: Amounts falling due within one year

(3,769,924)

(2,713,249)

Net current liabilities

 

(1,238,363)

(908,248)

Total assets less current liabilities

 

3,601,029

3,476,984

Accruals and deferred income

 

(109,950)

(39,592)

Net assets

 

3,491,079

3,437,392

Capital and reserves

 

Called up share capital

6

3,500,000

3,500,000

Retained earnings

(8,921)

(62,608)

Shareholders' funds

 

3,491,079

3,437,392

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................
Clement Pierlot
Director

 

Pinglestone Estate Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
128 Buckingham Palace Road
London
SW1W 9SA

These financial statements were authorised for issue by the Board on 10 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The company has claimed exemption from the requirement to prepare a cashflow statement on the grounds that its parent undertaking prepares consolidated financial statements which are made publicly available.

Going concern

The company continues to invest in production of stocks which take a significant time to mature into saleable condition. As a result the company has accumulated trading losses and has a net working capital deficiency at the balance sheet date. The company has received confirmation from its parent company, that loan monies advanced to it will not be withdrawn at the detriment of other creditors and that further working capital funding will be provided as required.

The Directors accordingly conclude it appropriate to continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover for trade sales is recognised at the point of dispatch and retail sales at the point of customer purchase.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Pinglestone Estate Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised in the profit and loss account over the same period as the costs for which the grants are intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not depreciated

Plant and equipment

10 % on straight line basis

Vineyard trellis and fencing

5% on straight line basis

Biological assets

4% on straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pinglestone Estate Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks of consumables and packing materials, are consistently valued at the lower of cost and net realisable value.

Work in progress comprises sparkling wine in various stages of production. The initial valuation allocates the actual costs incurred in bringing the harvest to tank with additional costs incurred in bringing the wine through the further stages of production added on an actual cost basis, as incurred.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Pinglestone Estate Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,987,027

1,676,456

965,001

4,628,484

Additions

190,089

282,259

94,088

566,436

At 31 December 2023

2,177,116

1,958,715

1,059,089

5,194,920

Depreciation

At 1 January 2023

-

29,832

213,420

243,252

Charge for the year

-

37,619

74,657

112,276

At 31 December 2023

-

67,451

288,077

355,528

Carrying amount

At 31 December 2023

2,177,116

1,891,264

771,012

4,839,392

At 31 December 2022

1,987,027

1,646,624

751,581

4,385,232

Included within the net book value of land and buildings above is £2,177,116 (2022 - £1,987,027) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

728,472

1,074,496

Work in progress

1,399,857

416,603

2,128,329

1,491,099

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

3,500,000

3,500,000

3,500,000

3,500,000

       
 

Pinglestone Estate Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

7

Related party transactions

Under FRS 102, details are not given in respect of transactions entered into between two or more members of the group to which the company belongs as all subsidiaries are wholly owned by the parent undertaking Compagnie Vranken SAS.
 

8

Parent and ultimate parent undertaking

The most senior parent entity producing publicly available financial statements is Compagnie Vranken SAS. These financial statements are available upon request from Chateau des Castaignes, 51270 Montmort-Lucy, Reims.

 

9

Events after the financial period

On 18 September 2024, the company issued 15,995 ordinary £1 shares to a third party investor for £1.88 per share. This transaction resulted in the ownership of the company by immediate parent undertaking Compagnie Vranken SAS reducing to 99.55%.

10

Auditor information

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 March 2025 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

.........................................