Company registration number 14868561 (England and Wales)
COTERIE HOLDINGS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
COTERIE HOLDINGS UK LIMITED
COMPANY INFORMATION
Directors
C J Robinson
(Appointed 15 May 2023)
A J Eisner
(Appointed 14 June 2023)
L Feng
(Appointed 15 May 2023)
M P Saunders
(Appointed 1 January 2024)
E Sugai
(Appointed 15 May 2023)
Company number
14868561
Registered office
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
England
KT13 8AL
Auditor
Riches & Company
34 Anyards Road
Cobham
Surrey
KT11 2LA
COTERIE HOLDINGS UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Company statement of cash flows
19
Notes to the financial statements
20 - 43
COTERIE HOLDINGS UK LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the period ended 31 March 2024.

Principal activities

The business of Coterie Holdings UK Limited is that of a holding company for a group of companies trading wine and spirits, the provision of storage services to private clients and merchants, and the provision of lending services to customers using their wine stock as collateral.

 

Review of the business

Coterie Holdings UK Limited was incorporated on 15 May 2023 and this is the first year that consolidated group accounts have been produced. Group turnover in the period totalled £103.4m driven by the addition of Hallgarten & Novum Wines which was acquired in December 2023.

 

The group is financed by a £14.5m loan with HSBC and from loans with other related parties totalling £35.7m.

 

The group plans to grow through organic growth, acquisitions and collaboration between different businesses within the group to cater for all our customer needs.

 

Financial Performance

 

Group revenues for the year ended 31 March 2024 were £103.4m and Adjusted EBITDA was (£4.2m). Adjusted EBITDA is a key performance indicator of the group which the directors monitor on a monthly basis along with other KPIs below.

 

 

Period ended

31 March 2024

Revenue

£103.4m

Gross profit margin

18.4%

Adjusted EBITDA

(£4.2m)

 

Business Unit Review

 

The group comprises several wine related businesses covering private client sales, national distribution, wine storage, and lending against wine collections. The financial year covered a challenging period for the wine industry with the wine market showing a significant decline in pricing, and demand slowing particularly in the private client space.

 

Our private client business Lay & Wheeler faced strong headwinds and saw a sales decline of 7.9% on prior year. Conversely, our national distributor Hallgarten and Novum Wines delivered a strong performance. Revenue for the 15 months to 31 March 2024 was £74.3m compared to £60.9m in the year ended 31 December 2022, delivering operating profit of £2.0m versus £2.3m in the prior year, the decline driven by a change to the accounting period meaning that the most recent financial year included January to March in both 2023 and 2024, with this period of the year historically being loss-making.

 

Coterie Vaults opened its first purpose-built wine warehouse during the year, with the facility starting to be filled with the migration of Lay & Wheeler’s stock and client stock. Coterie Amphorae Company Limited, trading as Jera, continued to grow its loan book with a mix of private client collectors and commercial clients taking out loans with their wine stock used as collateral.

 

Summary

 

This period saw the group develop strong foundations with the opening of a bespoke wine storage warehouse along with the market launch of Jera, our wine lending platform. The acquisition of Hallgarten and Novum Wines was a key strategic move for the group with very encouraging early performance. Lay & Wheeler had a challenging year due to market conditions in the private client wine market.

COTERIE HOLDINGS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

The Board have conducted a risk review and identified the following principal risks:

 

Economic Risk

 

The group has a diverse customer base ranging from private individuals to large hospitality clients and multiple grocers. This diversification has provided some buffer against the economic headwinds that the UK has faced over recent times with an inflationary environment and interest rate hikes having negative impacts. We believe that the group is well balanced to be able to withstand these economic challenges.

 

Liquidity Risk

 

The group may face difficulty in managing working capital. The group monitors cash flows regularly and its main lender is with its parent company, with one 3rd party commercial mortgage facility with its bank. The group has a strong relationship with its bank and following a year of significant investment is expecting to improve its working capital position over time. The group’s parent company will remain supportive for the foreseeable future.

 

Credit Risk

 

A significant proportion of the group’s business is selling wines to hotels, bars and restaurants. Such businesses carry a high level of credit risk and the company has credit insurance to ensure the group is protected from significant bad debt and operates an effective credit screening and cash collection process.

 

Foreign Exchange Risk

 

Almost all products sold are purchased in a foreign currency which can impact the group’s profitability depending on movements in exchange rates. The group follows a policy seeking to protect the underlying profitability through entering into foreign exchange instruments to cover existing liabilities and a proportion of anticipated needs.

 

Interest Rate Risk

 

The group’s cost of debt may fluctuate with interest rates. The group is not currently exposed to fluctuating interest rates and does not believe any hedging is required at this time.

 

Regulation Risk

 

The sale of alcohol is strictly controlled through licensing and regulations. The group promotes awareness and best practice within its businesses and uses third party legal advice where necessary. Regulatory developments are routinely monitored to ensure potential changes are identified.

 

Counterfeit Wines

 

The group buys and stores wines for private clients, and supply wines to customers in hospitality and multiple grocers. To ensure that the provenance of the wines in our warehouse can be trusted we have invested in a state of the art authentication process where we perform physical condition checks on the wines as they arrive into our facility.

 

Environmental Risk

 

Fine wine production is subject to climate and seasonal pressures outside of the group’s control which impacts yields, pricing and demand. The business carefully monitors these environmental pressures during the growing season and works to ensure that the business is prepared for adverse impacts.

 

 

 

COTERIE HOLDINGS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -

On behalf of the board

C J Robinson
Director
21 March 2025
COTERIE HOLDINGS UK LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

The principal activity of the subsidiaries are as follows:
Hallgarten Wines Limited- importing, shipping and dealing in wines and ancillary.
Coterie Vaults Holdings Limited- letting and operating of owned or leased real estate.
Coterie Vaults Limited- provision of warehouse management services for a fine wine merchant following the transfer of the logistics division from a related party under mutual control on 18 August 2023.
Lay & Wheeler Limited- en primeur, in bond and fine wine sales.
Coterie Amphorae Company Limited- credit granting to collectors of fine wine.
Results and dividends

The results for the period are set out on page 11.

In Hallgarten Wines Limited ordinary dividends were paid amounting to £2,700,000. The directors do not recommend payment of a further dividend

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

C J Robinson
(Appointed 15 May 2023)
A J Eisner
(Appointed 14 June 2023)
L Feng
(Appointed 15 May 2023)
M P Saunders
(Appointed 1 January 2024)
E Sugai
(Appointed 15 May 2023)
Auditor

Riches & Company were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

2024
Energy consumption
kWh
Aggregate of energy consumption in the year
1,193,115
COTERIE HOLDINGS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
- Fuel consumed for owned transport
15.43
15.43
Scope 2 - indirect emissions
- Electricity purchased
185.44
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
57.95
Total gross emissions
258.82
Intensity ratio
Tonnes CO2e per employee
2.503
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

 

The two subsidiaries that are included in the note are Hallgarten Wines Limited and Coterie Vaults Limited.

 

Following the director's review, we have determined that our most significant emissions arise from purchased electricity at our premises within Scope 2 and distribution emissions and business mileage withing Scope 1 and Scope 3 activities. The group has used the 2024 UK Government Conversion Factors for Company Reporting and applied these factors to the measured quantities of energy.

 

Distribution of finished goods is carried out directly by the group and also contracted out to third parties. Energy consumption has been calculated in reference to average milage.

 

Business mileage is miles used over the full year,  multiplied using the Total Kg CO2e conversion rate for an average vehicle taken from the GHG conversion factors on GOV.UK website.

 

Purchased electricity have been taken from invoices and multiplied using the Total Kg CO2e conversion rate taken from the GHG conversion factors on GOV.UK website.

 

Hallgarten Wines Limited has now changed their financial year and as a result the current reporting period covers 15 months (1 January 2023 to 31 March 2024). Due to Hallgarten being acquired using a locked box mechanism with the locked dated being 31 December 2022, we deem it acceptable to include the full 15 months in the 2024 figures.

 

Merger accounting was used to consolidate the results of Coterie Vaults Limited as this was a group reconstruction. Therefore, included in the 2024 group energy figures are Coterie Vaults Limited’s figures for the financial year to 1 April 2024.

 

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of revenue.

COTERIE HOLDINGS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
Measures taken to improve energy efficiency

During the reporting year, Hallgarten have implemented several initiatives in an effort to further reduce its carbon emissions and footprint. These include:

 

During the reporting year, Coterie Vaults has implanted a sustainable source of electricity ( Photovoltaic Panels) to further reduce its carbon emissions and footprint. The amount of CO2 saved using these is 25.20 KWh. 23% of the total energy used since implementation in Oct 23 was using Solar panels.

 

 

 

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

COTERIE HOLDINGS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
On behalf of the board
C J Robinson
Director
21 March 2025
COTERIE HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COTERIE HOLDINGS UK LIMITED
- 8 -
Opinion

We have audited the financial statements of Coterie Holdings UK Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

COTERIE HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COTERIE HOLDINGS UK LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of our planning process:

· We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

· We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety and employment law.

· We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

· Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

COTERIE HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COTERIE HOLDINGS UK LIMITED
- 10 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

· Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

· Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

· Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and impairment of fixed assets.

· Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

· Testing key revenue lines, in particular cut-off, for evidence of management bias.

· Obtaining third-party confirmation of material bank balances.

· Reviewing other documentation for irregularities including fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance

with laws and regulations is from the events and transactions reflected in the financial statements, the less likely

we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than

the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example,

forgery or intentional misrepresentations, or through collusion

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our

auditor’s report.

 

Additionally, the auditor's responsibilities are to obtain sufficient appropriate audit evidence regarding the financial

information of the entities or business activities within the group to express an opinion on the group financial

statements. The auditor is responsible for the direction, supervision and performance of the group audit, and the

auditor remains solely responsible for the auditor's opinion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Bolton (Senior Statutory Auditor)
For and on behalf of Riches & Company, Statutory Auditor
Chartered Accountants
34 Anyards Road
Cobham
Surrey
KT11 2LA
21 March 2025
COTERIE HOLDINGS UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Period
ended
31 March
2024
Notes
£
Turnover
3
103,420,076
Cost of sales
(84,376,130)
Gross profit
19,043,946
Distribution costs
(7,045,426)
Administrative expenses
(17,136,266)
Other operating income
28,273
Operating loss
4
(5,109,473)
Interest receivable and similar income
8
32,135
Interest payable and similar expenses
9
(2,391,416)
Loss before taxation
(7,468,754)
Tax on loss
10
(403,014)
Loss for the financial period
(7,871,768)
(Loss)/profit for the financial period is attributable to:
- Owners of the parent company
(7,840,413)
- Non-controlling interests
(31,355)
(7,871,768)
EBITDA Calculation
Loss before taxation
(7,468,754)
Interest payable
2,391,416
Interest receivable
(32,135)
Amortisation
333,125
Depreciation
561,907
Loss on disposal of intangible assets
9,231
Loss on disposal of tangible assets
7,736
Adjusted EBITDA
(4,197,474)
COTERIE HOLDINGS UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
Period
ended
31 March
2024
£
Loss for the period
(7,871,768)
Other comprehensive income for the period
-
0
Total comprehensive income for the period
(7,871,768)
Total comprehensive income for the period is attributable to:
- Owners of the parent company
(7,840,413)
- Non-controlling interests
(31,355)
(7,871,768)
COTERIE HOLDINGS UK LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 13 -
2024
Notes
£
£
Fixed assets
Goodwill
11
5,066,523
Other intangible assets
11
558,124
Total intangible assets
5,624,647
Tangible assets
12
29,941,609
Investments
13
244,797
35,811,053
Current assets
Stocks
16
13,992,298
Debtors
17
35,738,553
Cash at bank and in hand
4,133,404
53,864,255
Creditors: amounts falling due within one year
18
(43,093,453)
Net current assets
10,770,802
Total assets less current liabilities
46,581,855
Creditors: amounts falling due after more than one year
19
(46,810,728)
Provisions for liabilities
Provisions
22
35,905
Deferred tax liability
23
1,414,746
(1,450,651)
Net liabilities
(1,679,524)
Capital and reserves
Called up share capital
26
6,000
Share premium account
2,349,900
Other reserves
4,728,366
Profit and loss reserves
(8,732,435)
Equity attributable to owners of the parent company
(1,648,169)
Non-controlling interests
(31,355)
Total equity
(1,679,524)
COTERIE HOLDINGS UK LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
C J Robinson
Director
Company registration number 14868561 (England and Wales)
COTERIE HOLDINGS UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 15 -
2024
Notes
£
£
Fixed assets
Tangible assets
12
6,173
Investments
13
64,731,167
64,737,340
Current assets
Debtors
17
6,375,402
Cash at bank and in hand
692,727
7,068,129
Creditors: amounts falling due within one year
18
(7,783,720)
Net current liabilities
(715,591)
Total assets less current liabilities
64,021,749
Creditors: amounts falling due after more than one year
19
(20,477,983)
Net assets
43,543,766
Capital and reserves
Called up share capital
26
6,000
Share premium account
59,994,002
Profit and loss reserves
(16,456,236)
Total equity
43,543,766

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
C J Robinson
Director
Company registration number 14868561 (England and Wales)
COTERIE HOLDINGS UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 16 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 15 May 2023
-
-
-
-
-
-
-
Period ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(7,840,413)
(7,840,413)
(31,355)
(7,871,768)
Issue of share capital
26
6,000
-
0
-
-
6,000
-
6,000
Dividends
-
-
-
(2,700,000)
(2,700,000)
-
(2,700,000)
Transfers
-
-
4,728,366
1,414,746
6,143,112
-
6,143,112
Other movements
-
2,349,900
-
393,232
2,743,132
-
2,743,132
Balance at 31 March 2024
6,000
2,349,900
4,728,366
(8,732,435)
(1,648,169)
(31,355)
(1,679,524)
COTERIE HOLDINGS UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 17 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 15 May 2023
-
-
-
-
Period ended 31 March 2024:
Profit and total comprehensive income
-
-
(16,456,236)
(16,456,236)
Issue of share capital
26
6,000
59,994,002
-
60,000,002
Balance at 31 March 2024
6,000
59,994,002
(16,456,236)
43,543,766
COTERIE HOLDINGS UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 18 -
2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
(13,685,561)
Interest paid
(2,374,780)
Income taxes paid
(595,653)
Net cash outflow from operating activities
(16,655,994)
Investing activities
Purchase of business
(17,462,920)
Purchase of intangible assets
(5,838,278)
Purchase of tangible fixed assets
(4,131,800)
Purchase of investments
(244,797)
Interest received
32,135
Net cash used in investing activities
(27,645,660)
Financing activities
Proceeds from issue of shares
6,000
Repayment of borrowings
35,726,636
Repayment of bank loans
14,500,000
Purchase of derivatives
58,921
Payment of finance leases obligations
843,501
Dividends paid to equity shareholders
(2,700,000)
Net cash generated from financing activities
48,435,058
Net increase in cash and cash equivalents
4,133,404
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
4,133,404
COTERIE HOLDINGS UK LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 19 -
2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
(6,592,608)
Interest paid
(479,915)
Net cash outflow from operating activities
(7,072,523)
Investing activities
Purchase of tangible fixed assets
(6,501)
Proceeds from disposal of subsidiaries
(77,631,170)
Proceeds from disposal of investments
(99,996)
Net cash used in investing activities
(77,737,667)
Financing activities
Proceeds from issue of shares
60,000,002
Repayment of borrowings
25,502,915
Net cash generated from financing activities
85,502,917
Net increase in cash and cash equivalents
692,727
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
692,727
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 20 -
1
Accounting policies
Company information

Coterie Holdings UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ground Floor, Egerton House, 68 Baker Street, Weybridge, Surrey, England, KT13 8AL.

 

The group consists of Coterie Holdings UK Limited and all of its subsidiaries.

1.1
Reporting period

This is the first set of accounts since incorporation on 15 May 2023 made up to 31 March 2024.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These group and company financial statements for the period ended 31 March 2024 are the first financial statements of Coterie Holdings UK Limited and the group prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the

acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs

directly attributable to the business combination. The excess of the cost of a business combination over the

fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The

cost of the combination includes the estimated amount of contingent consideration that is probable and can be

measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively

for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries,

joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities

recognised in a business combination accounted for using the purchase method and the amounts that can be

deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is

expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative

goodwill

 

Group reconstructions may be accounted for by using the merger accounting method provided that; (a) the

use of the merger accounting method is not prohibited by company law or other relevant legislation; (b)the

ultimate equity holders remain the same, and the rights of each equity holder, relative to the others, are

unchanged; and (c) no non-controlling interest in the net assets of the group is altered by the transfer.

 

With the merger accounting method the carrying values of the assets and liabilities of the parties to the

combination are not required to be adjusted to fair value, although appropriate adjustments shall be made to

achieve uniformity of accounting policies in the combining entities.

 

The results and cash flows of all the combining entities shall be brought into the financial statements of the

combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to

achieve uniformity of accounting policies. The comparative information shall be restated by including the total

comprehensive income for all the combining entities for the previous reporting period and their statement of

financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting

policies.

 

The difference, if any, between the nominal value of the shares issued plus the fair value of any other

consideration given, and the nominal value of the shares received in exchange shall be shown as a

movement on other reserves in the consolidated financial statements. Any existing balances on the share

premium account or capital redemption reserve of the new subsidiary shall be brought in by being shown as a

movement on other reserves. These movements shall be shown in the statement of changes in equity.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Coterie Holdings UK Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

Coterie Amphorae Company Limited, Coterie Holdings UK Limited and Hallgartern Wines Limited financial statements are made up to 31 March 2024. Coterie Vaults Limited, Coterie Vaults Holding Limited and Lay & Wheeler Limited financial statements are made up to 1 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight basis
Patents & licences
25% straight basis
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line basis
Leasehold improvements
5% straight line (or more if the lease term is less than 20 years)
Plant and equipment
25-50% straight line basis
Fixtures and fittings
3%-10%  straight line basis
Right of use assets
20% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is determined on a first in, first out basis and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition, less rebates and discounts.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 26 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 27 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 28 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock valuation

Stock is valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

 

En Primeur & wine lying abroad

En Primeur involves the sale and purchase of wine prior to bottling. Up to three years subsequent to the initial En Primeur offering the wine is released by the Chateau and is made available to the customer for delivery. Revenue and the corresponding gross profit is deferred until the wine is released and becomes available to the customer.

 

Payments to suppliers are treated as prepayments and receipts from customers treated as deferred income. In addition, an entry in the financial statement is made on initial agreement between the vineyard and the company for the purchase of En Primeur wine which is included in both debtors and creditors. Balances are recognized in debtors and creditors on the earliest of a purchase order being sent to the vineyard, an invoice being received by the company or payment being made. The cost is deferred until the wine is released, matching the recognition of the revenue.

 

Recoverability of intercompany balances

Due to current macro economic factors impacting business performance of other members of the group, there is uncertainty surrounding the recoverability of intercompany balances. Management regularly assess balances due between group entities and whether these are recoverable. Where it is considered that the future cash flows of these debts are less than the carrying amount in the individual company financial statements, appropriate provisions are made against these balances to reflect the recoverability of the asset

 

Valuation of investment property

During the year the investment property was valued by Allsop LLP Chartered Surveyors, using the direct comparison method of valuation. This method of valuation uses an open market value basis by reference to market evidence of transaction prices for similar properties. As a result market value is subject to judgement and estimation based on a number of factors such as property size and location.

 

Going Concern

In assessing going concern the directors prepare a cash flow forecast covering a 12 month period from the date of approval of the financial statements. In preparing these forecasts, the Company has considered the principal areas of uncertainty within the forecasts and the underlying assumptions, in particular those relating to market risks, cost management and working capital management. There are potentially significant sensitivities to this cash flow forecast given challenging trading conditions and factors outside the company control.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 29 -
3
Turnover and other revenue
2024
£
Turnover analysed by class of business
Sales of goods
101,786,911
Sales of services
1,633,165
103,420,076
2024
£
Turnover analysed by geographical market
United Kingdom
93,521,471
Rest of world
9,898,605
103,420,076
2024
£
Other revenue
Interest income
32,135
Commissions received
11,431
4
Operating loss
2024
£
Operating loss for the period is stated after charging:
Exchange losses
178,563
Depreciation of owned tangible fixed assets
561,907
Loss on disposal of tangible fixed assets
7,736
Amortisation of intangible assets
333,125
Loss on disposal of intangible assets
9,231
Operating lease charges
718,651
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
10,000
Audit of the financial statements of the company's subsidiaries
99,427
109,427
For other services
All other non-audit services
12,500
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
5
Auditor's remuneration
(Continued)
- 30 -

The non audit services include consolidating the group figures and drafting the group financial statements.

6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2024
Number
Number
129
7
60
-
Total
189
7

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
13,458,986
2,285,346
Social security costs
1,096,968
59,259
Pension costs
394,722
12,610
14,950,676
2,357,215
7
Directors' remuneration
2024
£
Remuneration for qualifying services
1,338,006
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
£
Remuneration for qualifying services
223,760
Company pension contributions to defined contribution schemes
114,628
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 31 -
8
Interest receivable and similar income
2024
£
Interest income
Other interest income
32,135
9
Interest payable and similar expenses
2024
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
50,861
Interest payable to related companies
633,871
684,732
Other finance costs:
Interest on finance leases and hire purchase contracts
1,210,133
Finance costs for financial instruments measured at fair value through profit or loss
16,636
Other interest
479,915
Total finance costs
2,391,416
10
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
395,383
Deferred tax
Origination and reversal of timing differences
7,631
Total tax charge
403,014
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 32 -

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2024
£
Loss before taxation
(7,468,754)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(1,867,189)
Tax effect of expenses that are not deductible in determining taxable profit
395,989
Tax effect of income not taxable in determining taxable profit
(1,516,802)
Unutilised tax losses carried forward
2,404,504
Effect of change in corporation tax rate
361
Permanent capital allowances in excess of depreciation
43,869
Depreciation on assets not qualifying for tax allowances
87,174
Deferred tax adjustments in respect of prior years
(3,231)
Tax at marginal rate
(677,110)
Chargeable gains/ (losses)
1,535,449
Taxation charge
403,014
11
Intangible fixed assets
Group
Goodwill
Software
Patents & licences
Total
£
£
£
£
Cost
At 15 May 2023
-
0
-
0
-
0
-
0
Additions - separately acquired
5,257,712
338,764
250,000
5,846,476
Additions - business combinations
-
0
128,724
-
0
128,724
Disposals
-
0
(27,700)
-
0
(27,700)
At 31 March 2024
5,257,712
439,788
250,000
5,947,500
Amortisation and impairment
At 15 May 2023
-
0
-
0
-
0
-
0
Amortisation charged for the period
191,189
120,537
21,399
333,125
Disposals
-
0
(10,272)
-
0
(10,272)
At 31 March 2024
191,189
110,265
21,399
322,853
Carrying amount
At 31 March 2024
5,066,523
329,523
228,601
5,624,647
The company had no intangible fixed assets at 31 March 2024.

 

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 33 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Right of use assets
Total
£
£
£
£
£
£
Cost
At 15 May 2023
-
0
-
0
-
0
-
0
-
0
-
0
Additions
1,661,911
-
0
73,205
1,458,770
969,659
4,163,545
Business combinations
19,976,718
94,436
123,012
42,362
-
0
20,236,528
Disposals
-
0
-
0
(134,935)
(16,552)
-
0
(151,487)
Revaluation
6,143,112
-
0
-
0
-
0
-
0
6,143,112
At 31 March 2024
27,781,741
94,436
61,282
1,484,580
969,659
30,391,698
Depreciation and impairment
At 15 May 2023
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
348,694
30,139
48,798
93,874
40,402
561,907
Eliminated in respect of disposals
-
0
-
0
(103,316)
(8,502)
-
0
(111,818)
At 31 March 2024
348,694
30,139
(54,518)
85,372
40,402
450,089
Carrying amount
At 31 March 2024
27,433,047
64,297
115,800
1,399,208
929,257
29,941,609
Company
Plant and equipment
£
Cost
At 15 May 2023
-
0
Additions
6,501
At 31 March 2024
6,501
Depreciation and impairment
At 15 May 2023
-
0
Depreciation charged in the period
328
At 31 March 2024
328
Carrying amount
At 31 March 2024
6,173
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 34 -

Included in freehold land and buildings are assets currently under construction of £433,047 which are not being depreciated. There were assets under construction brough forward of £19,976,718, additions during the period of £1,661,911, of which £21,205,582 has already been transferred to freehold land and buildings.

 

The freehold land and buildings is comprised of a warehouse at Unit 6 Blackacre Road, Great Blakenham, Ipswich. This property is owned by Coterie Vaults Holding Limited and is rented, in its entirety, to Coterie Vaults Limited who use it for the purposes of their trade. In the accounts of Coterie Vaults Holdings Limited this property is classified as an investment property. However, within these consolidated accounts, in accordance with FRS102 paragraph 16.4, the property has been reclassified as property, plant and equipment measured at fair value using the revaluation model.

 

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 September 2023 by Allsop LLP Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. This valuation has resulted in a £6,143,112 revaluation which is included in revaluation reserves.

 

13
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
14
-
0
64,631,171
Unlisted investments
144,801
-
0
Other investments
99,996
99,996
244,797
64,731,167
Movements in fixed asset investments
Group
Shares in
Other investments
Other investments
Total
£
£
£
£
Cost or valuation
At 15 May 2023
-
-
-
-
Additions
64,631,171
144,801
99,996
64,875,968
Valuation changes
(64,631,171)
-
-
(64,631,171)
At 31 March 2024
-
144,801
99,996
244,797
Carrying amount
At 31 March 2024
-
144,801
99,996
244,797
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 35 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Loans to
Other investments
Other investments
Total
£
£
£
£
£
Cost or valuation
At 15 May 2023
-
-
-
-
-
Additions
64,631,171
-
99,996
64,731,167
At 31 March 2024
64,631,171
-
99,996
-
64,731,167
Carrying amount
At 31 March 2024
64,631,171
-
99,996
-
64,731,167
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Coterie Amphorae Company Ltd
England
Ordinary
80.00
Lay & Wheeler Ltd
England
Ordinary
100.00
Coterie Vaults Holdings Ltd
England
Ordinary
100.00
Coterie Vaults Ltd
England
Ordinary
100.00
Hallgarten Wines Ltd
England
Ordinary
100.00
15
Financial instruments
Group
Company
2024
2024
£
£
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
7,341
-
16
Stocks
Group
Company
2024
2024
£
£
Finished goods and goods for resale
13,992,298
-
0
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 36 -
17
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
11,357,801
-
0
Corporation tax recoverable
69,099
-
0
Other debtors
6,177,569
5,899,226
Prepayments and accrued income
11,064,160
476,176
28,668,629
6,375,402
Deferred tax asset (note 23)
2,508
-
0
28,671,137
6,375,402
Amounts falling due after more than one year:
Trade debtors
4,814,354
-
0
Amount owed by related parties
933
-
0
Prepayments and accrued income
2,252,129
-
0
7,067,416
-
Total debtors
35,738,553
6,375,402

Included in other debtors are interest bearing and interest-free loans to related parties and third parties totalling £5,750,000. These loans have been fully repaid since the year end.

 

 

18
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Bank loans
20
725,000
-
0
Obligations under finance leases
21
181,300
-
0
Other borrowings
20
6,017,893
5,024,932
Trade creditors
12,316,731
127,067
Amounts owed to group undertakings
-
0
792,493
Corporation tax payable
(1,535,778)
-
0
Other taxation and social security
2,382,332
73,914
Derivative financial instruments
7,341
-
0
Deferred income
24
37,051
-
0
Other creditors
9,576,326
294
Accruals and deferred income
13,385,257
1,765,020
43,093,453
7,783,720
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
18
Creditors: amounts falling due within one year
(Continued)
- 37 -

Included in other creditors are interest bearing and interest-free loans to related parties and third parties totalling £9,353,724. These loans are disclosed in detail in the related party note 31.

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
20
13,775,000
-
0
Obligations under finance leases
21
693,761
-
0
Other borrowings
20
29,725,379
20,477,983
Deferred income
24
2,616,588
-
0
46,810,728
20,477,983
20
Loans and overdrafts
Group
Company
2024
2024
£
£
Bank loans
14,500,000
-
0
Other loans
35,743,272
25,502,915
50,243,272
25,502,915
Payable within one year
6,742,893
5,024,932
Payable after one year
43,500,379
20,477,983

As at the year end the company has outstanding fixed and floating charges held against their assets. These are disclosed in detail in the contingent liabilities note 28.

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
20
Loans and overdrafts
(Continued)
- 38 -

 

On 18 May 2022, Coterie Vaults Holdings Ltd entered into a facility agreement up to a maximum of £13,850,000 with HSBC at an interest rate of 4.75% and repayable by October 2023. The interest is subject to a guarantee by a related party through mutual control up to a maximum of £1,000,000. The agreement includes a fixed charge over specific fixed assets of the company. This was refinanced in the year in December 2023 where the company entered into a facility agreement up to a maximum of £14,500,000 at an interest rate of 7.5% and is repayable by December 2028.

 

On 29 March 2024 Coterie Amphorae Company Limited entered into a loan agreement with Jubilee Glory Investments Limited, domiciled in the British Virgin Islands. The loan amount was £10,000,000 with the interest rate of SONIA plus 2% and is due for repayment on 30 April 2027.

 

Coterie Holdings UK Limited have entered into 3 loan agreements with Coterie Ltd. This is the parent undertaking, domiciled in the Cayman Islands., On 31 August 2023 the first loan amount was £2,500,000 with the interest of 7% per annum and the repayment due on 31 December 2025. On 12 December 2023 the second loan amount was £17,523,000 with the interest of 7% per annum and the repayment due on 31 December 2028. On 1 March 2024 the third loan amount was £5,000,000 with the interest of 7% per annum and the repayment is due on 30 August 2024. All loans are unsecured and will be settled in cash.

 

 

21
Finance lease obligations
Group
Company
2024
2024
£
£
Future minimum lease payments due under finance leases:
Within one year
232,137
-
0
In two to five years
573,024
-
0
805,161
-
Less: future finance charges
69,900
-
0
875,061
-
0

Finance lease payments represent rentals payable by Lay & Wheeler Limited and Coterie Vaults Holding Limited for certain items of plant and machinery and motor vehicles.

Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of

the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements

have been entered into for contingent rental payments.

22
Provisions for liabilities
Group
Company
2024
2024
£
£
35,905
-
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
22
Provisions for liabilities
(Continued)
- 39 -
Movements on provisions:
Group
£
At 15 May 2023
16,670
Additional provisions in the year
19,235
At 31 March 2024
35,905

Provision is made by a subsidiary company for estimated dilapidations, including reinstatement costs, where there is an obligation to restore leased premises to their original condition upon vacating them under the terms of the lease.

23
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The

following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Assets
2024
2024
Group
£
£
Accelerated capital allowances
1,414,746
(12,967)
Other timing differences
-
15,475
1,414,746
2,508
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 15 May 2023
-
-
Charge to profit or loss
1,412,238
-
Liability at 31 March 2024
1,412,238
-

 

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 40 -
24
Deferred income
Group
Company
2024
2024
£
£
Other deferred income
2,653,639
-

Deferred income is included in the financial statements as follows:

Current liabilities
37,051
-
0
Non-current liabilities
2,616,588
-
0
2,653,639
-
25
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
394,722

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
6,000
6,000
27
Acquisition of a business

On 19 December 2023 the group acquired 100 percent of the issued capital of Hallgarten Wines Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Share capital
400,000
-
400,000
Retained earnings
11,973,457
-
11,973,457
Total identifiable net assets
12,373,457
-
12,373,457
Goodwill
5,089,463
Total consideration
17,462,920
COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
27
Acquisition of a business
(Continued)
- 41 -
The consideration was satisfied by:
£
Cash
17,462,920
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
74,284,031
Profit after tax
1,526,898

 

28
Contingent Liabilities

HSBC UK Bank Plc has security over of all of Coterie Holdings UK Limited’s assets under a debenture dated 6 December 2023. The security for the payment of the debt is leal mortgage over all freehold and leasehold land that they own, a first fixed charge over all present and future right, title and interest and a floating charge over all present and future assets except as effectively mortgage. Unlimited Multilateral Guarantee dated 06 December 2023 given by Coterie Vaults Holdings Limited, Coterie Vaults Limited, Coterie Holdings UK Limited, Lay & Wheeler Limited

A deed was created on 18 August 2023 between Fortwell Capital Limited as the Security Agent and Coterie Holdings UK Limited, Coterie Amphorae Company Limited and Coterie Limited as the Assignors. As continuing security for the payment of the Secured Liabilities, each Assignor with full title guarantee assigns the Security Agent all of its present and future rights and interest in:

  1. any Subordination Loan Agreed,

  2. the Subordinated Debt; and

  3. other security of any nature now or in the future held by any Assignor in respect of any Subordinated Loan Agreement and Subordinated Debt and all money now or at any time in the future due or owing to any Assignor under or in connection with them.

 

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 42 -
29
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2024
£
£
Within one year
2,414,990
-
Between two and five years
8,796,336
-
In over five years
29,090,000
-
40,301,326
-
30
Events after the reporting date

Subsequent to the period end, the directors of Hallgarten Wines Limited declared a dividend of £770,000 be paid to the ordinary shareholders. The amount was paid in full in April 2024.

On 13 May 2024 Coterie Amphorae Company Limited entered into a loan agreement with Coterie Holdings UK Limited. The loan amount was £10,000,000 with the interest rate of SONIA plus 2% and is due for repayment on 30 April 2027.

Subsequent to the period end Coterie Holdings UK Limited acquired Global Wine Solutions for an initial consideration of £2,000,000.

 

COTERIE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 43 -
31
Related party transactions

On 1 November 2022, Coterie Amphorae Company Limited issued a loan to fellow subsidiary Lay and Wheeler Limited, incorporated in the United Kingdom. The loan amount was £2,000,000 with an interest rate of 10% per annum, and is due for repayment on On 1 November 2025. The amounts outstanding are unsecured and will be settled in cash. During the period, interest receivable amounted to £118,610. The balance outstanding at year end amounted to £795,507.

 

On 17 April 2023, Coterie Amphorae Company Limited issued a loan to fellow subsidiary Coterie Vaults Holdings Limited, incorporated in the United Kingdom. The loan amount was £2,219,430 with an interest rate of 7% per annum, and is due for repayment on 17 April 2026. The amounts outstanding are unsecured and will be settled in cash. During the period, interest receivable amounted to £102,168. The balance outstanding at year end amounted to £1,799,445

 

On 15 October 2022, Coterie Amphorae Company Limited entered into a loan agreement with Coterie Limited, incorporated in the Cayman Islands. The loan amount was £3,000,000 with the interest rate of 3% per annum and is due for repayment on 31 October 2025. The amounts outstanding are unsecured and will be settled in cash. During the period, interest payable amounted to £85,397.The balance outstanding at year end amounted to £1,035,425.

 

On 29 March 2024, Coterie Amphorae Company Limited entered into a loan agreement with Jubilee Glory Investments Limited, domiciled in the British Virgin Islands. The loan amount was £10,000,000 with the interest rate of SONIA plus 2% and is due for repayment on 30 April 2027. The amounts outstanding are unsecured and will be settled in cash. During the period, interest payable amounted to £548,473. The balance outstanding at year end amounted to £9,247,396.

 

On 4 July 2022 Lay & Wheeler Limited entered into a loan agreement with Coterie Limited for the amount of £1,103,734. Following the groups reconstruction, the loan was novated on 31 October 2024 and it has been transferred from Coterie Limited to Coterie Holdings UK Limited, increasing the loan amount to £1,353,734. This is an interest free loan and it is due for repayment on 31 October 2026. This loan is not secured by collateral.

 

On 9 May 2023 Coterie Vaults Holdings Limited entered into a loan agreement with Coterie Limited for the amount of £8,000,000. Following the groups reconstruction, the loan was novated on 31 October 2024 and it has been transferred from Coterie Limited to Coterie Holdings UK Limited, with the loan amount remaining £8,000,000. The interest rate is 7% per annum and the loan is due for repayment on 31 October 2026. This loan is not secured by collateral.

32
Controlling party

The ultimate parent undertaking is Coterie Limited, a company domiciled in the Cayman Islands. Its

registered address is Vistra (Cayman) Limited, PO Box 31119, Grand Pavilion, Hibiscus Way, 802 West Bay

Road, Grand Cayman, KY1-1205 Cayman Islands.

 

The ultimate controlling party is Foster Chiang.

2024-03-312023-05-15falsefalseCCH SoftwareCCH Accounts Production 2024.300C J RobinsonA J EisnerL FengM P SaundersE Sugaifalse14868561bus:Consolidated2023-05-152024-03-31148685612023-05-152024-03-3114868561bus:Director12023-05-152024-03-3114868561bus:Director22023-05-152024-03-3114868561bus:Director32023-05-152024-03-3114868561bus:Director42023-05-152024-03-3114868561bus:Director52023-05-152024-03-3114868561bus:RegisteredOffice2023-05-152024-03-31148685612024-03-3114868561bus:Consolidated2024-03-3114868561core:Goodwillbus:Consolidated2024-03-3114868561core:OtherResidualIntangibleAssetsbus:Consolidated2024-03-3114868561core:ComputerSoftwarebus:Consolidated2024-03-3114868561core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2024-03-3114868561core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-3114868561core:LeaseholdImprovementsbus:Consolidated2024-03-3114868561core:PlantMachinerybus:Consolidated2024-03-3114868561core:FurnitureFittingsbus:Consolidated2024-03-3114868561core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-03-3114868561core:PlantMachinery2024-03-3114868561core:ShareCapitalbus:Consolidated2024-03-3114868561core:SharePremiumbus:Consolidated2024-03-3114868561core:OtherMiscellaneousReservebus:Consolidated2024-03-3114868561core:ShareCapital2024-03-3114868561core:SharePremium2024-03-3114868561core:RetainedEarningsAccumulatedLosses2024-03-3114868561core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3114868561core:Non-controllingInterestsbus:Consolidated2024-03-3114868561core:ShareCapitalbus:Consolidated2023-05-152024-03-3114868561core:SharePremiumbus:Consolidated2023-05-152024-03-3114868561core:ShareCapital2023-05-152024-03-3114868561core:SharePremium2023-05-152024-03-3114868561core:Goodwill2023-05-152024-03-3114868561core:IntangibleAssetsOtherThanGoodwill2023-05-152024-03-3114868561core:ComputerSoftware2023-05-152024-03-3114868561core:PatentsTrademarksLicencesConcessionsSimilar2023-05-152024-03-3114868561core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-152024-03-3114868561core:LeaseholdImprovements2023-05-152024-03-3114868561core:PlantMachinery2023-05-152024-03-3114868561core:FurnitureFittings2023-05-152024-03-3114868561core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-05-152024-03-3114868561core:UKTaxbus:Consolidated2023-05-152024-03-3114868561bus:Consolidated22023-05-152024-03-3114868561core:Goodwillbus:Consolidated2023-05-1414868561core:ComputerSoftwarebus:Consolidated2023-05-1414868561core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-05-1414868561bus:Consolidated2023-05-1414868561core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-05-152024-03-3114868561core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-05-152024-03-3114868561core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-05-152024-03-3114868561core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-05-152024-03-3114868561core:Goodwillbus:Consolidated2023-05-152024-03-3114868561core:ComputerSoftwarebus:Consolidated2023-05-152024-03-3114868561core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-05-152024-03-3114868561core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-05-1414868561core:LeaseholdImprovementsbus:Consolidated2023-05-1414868561core:PlantMachinerybus:Consolidated2023-05-1414868561core:FurnitureFittingsbus:Consolidated2023-05-1414868561core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-05-1414868561core:PlantMachinery2023-05-1414868561core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-05-152024-03-3114868561core:LeaseholdImprovementsbus:Consolidated2023-05-152024-03-3114868561core:PlantMachinerybus:Consolidated2023-05-152024-03-3114868561core:FurnitureFittingsbus:Consolidated2023-05-152024-03-3114868561core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-05-152024-03-3114868561core:UnlistedNon-exchangeTradedbus:Consolidated2024-03-3114868561core:UnlistedNon-exchangeTraded2024-03-3114868561core:Subsidiary12023-05-152024-03-3114868561core:Subsidiary22023-05-152024-03-3114868561core:Subsidiary32023-05-152024-03-3114868561core:Subsidiary42023-05-152024-03-3114868561core:Subsidiary52023-05-152024-03-3114868561core:Subsidiary112023-05-152024-03-3114868561core:Subsidiary212023-05-152024-03-3114868561core:Subsidiary312023-05-152024-03-3114868561core:Subsidiary412023-05-152024-03-3114868561core:Subsidiary512023-05-152024-03-3114868561core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3114868561core:Non-currentFinancialInstruments2024-03-3114868561core:CurrentFinancialInstruments2024-03-3114868561core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3114868561core:WithinOneYearbus:Consolidated2024-03-3114868561core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3114868561core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3114868561core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3114868561core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3114868561core:WithinOneYear2024-03-3114868561core:BetweenTwoFiveYearsbus:Consolidated2024-03-3114868561core:BetweenTwoFiveYears2024-03-3114868561bus:PrivateLimitedCompanyLtd2023-05-152024-03-3114868561bus:FRS1022023-05-152024-03-3114868561bus:Audited2023-05-152024-03-3114868561bus:ConsolidatedGroupCompanyAccounts2023-05-152024-03-3114868561bus:FullAccounts2023-05-152024-03-31xbrli:purexbrli:sharesiso4217:GBP