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Registered number: SC465361










EAST COAST VINERS (HOLDINGS) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

COMPANY INFORMATION


Directors
JI Forbes 
G A Forbes 




Registered number
SC465361



Registered office
Broadwood
Drumlithie

Stonehaven

AB39 3XA




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
EAST COAST VINERS (HOLDINGS) LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 38


 
EAST COAST VINERS (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

INTRODUCTION
 
The directors present the group strategic report for the year ended 30 June 2024.

BUSINESS REVIEW
 
The trading of the individual companies is of a highly diversified nature and is underpinned by its diversification into renewables in the last few years. Opportunities are constantly being evaluated to determine the most appropriate areas for future investment. 
The group has good working relationships with its bankers and is confident that it can take advantage of any opportunities that arise.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Global supply chain shortages and the volatility of prices have continued to make it a challenging year. We believe that the knowledge and experience of our senior management ensured that we have the flexibility to adapt to this environment. 
The company continues to develop and train out its in-house health & safety systems throughout the group. These systems are above and beyond industry standards and will help to eliminate as far as practical the risks of working.
 

FINANCIAL KEY PERFORMANCE INDICATORS
 
Due to the diverse nature of the group, it is not possible to easily summarise the KPIs used to measure its performance as these are assessed at individual company level.

OTHER KEY PERFORMANCE INDICATORS
 
Staff turnover continues to be low due to the continuing focus on staff morale, training, and their wellbeing.

Directors' statement of compliance with duty to promote the success of the Group
 
The directors are responsible under section 172 of the Companies Act to promote the success of the Group for the benefit of its members as a whole and in doing so have regard for the needs of wider society and stakeholders. The directors consider their current key stakeholder to be the bank.


This report was approved by the board on 27 March 2025 and signed on its behalf.



JI Forbes
Director

Page 1

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Page 2

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Results and dividends

The profit for the year, after taxation, amounted to £3,939,530 (2023 - £1,817,480).

No dividends were paid during the current or previous year and no final dividend is recommended by the directors.

Directors

The directors who served during the year were:

JI Forbes 
G A Forbes 

Future developments

There are no material changes planned or expected for any of the Group companies.

Research and development activities

The Group is currently undertaking research and development to improve control and automation systems as well as enhancements to feed strategies.

Engagement with suppliers, customers and others

Maintaining regular and open contact with senior management of key suppliers and customers is a priority of the board to ensure effective communication as a foundation of strong business relationships, ensuring that contracts are commercial but fair and that suppliers and customers are satisfied with the company's conduct.

Page 3

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

The UK Government’s Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019. The table below represents East Coast Viners Group energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 30 June 2024.

Around 70% of the energy usage is supplied by our own windturbines. The remainder of our electric usage is supplied by renewable wind energy sources. In the year ended 30 June 2024 we exported 12,506 MWh of electricity to the grid (2023 - 11,456 MWh).

Our biomass plant is used to dry our grain on site for processing within the mill. After the year end our new grain dryer was in operation for the 2023 harvest. The grain dryer is far more efficient in use of biomass which has resulted in a significant reduction in the use of kerosene.
We are continuing to invest in our haulage fleet which continues to improve the miles per gallon achieved.
We have invested in the replacement of the majority of our diesel forklift fleet with electric forklifts. We are also currently investigating improving our electric car infrastructure to allow staff to increase their use of electric cars.

Emissions in tCO2e

2024
2023
Scope 1

Biomass pellets

31,052

32,906
 
Kerosene

830,616

969,322
 
Natural gas

200,734

196,992
 
Transport

1,095,900

1,047,618
 

2,158,302

2,246,838
 
Scope 2

Electricity

880,677

835,932
 

3,038,979

3,082,770
 

Intensity Ratio

2024
2023
CO2 tonnes per tonnage manufactured

29

33
 
Tonnes manufactured

105,374

92,557
 
CO2 per tonnage distributed

17

17
 
Tonnes hauled

65,949

61,876
 
CO2 per kilometre of distribution

1

1
 
Fleet kilometres

790,850

759,986
 

Page 4

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Total energy consumption in KWh

2024
2023
Scope 1

Biomass pellets

2,743,489

3,062,596
 
Kerosene

3,365,956

3,928,255
 
Natural gas

782,616

766,735
 
Transport

4,349,342

4,230,843
 

11,241,403

11,988,429
 
Scope 2

Electricity

4,252,938

4,036,876
 

15,494,341

16,025,305
 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 





JI Forbes
Director

Page 5

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS (HOLDINGS) LIMITED
 

Qualified Opinion


We have audited the financial statements of East Coast Viners (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


Except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, in our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for qualified opinion


The parent Company's associate, Dundee Cold Stores Limited, has not been accounted for within the consolidated financial statements using the equity method as required by the current United Kingdom Accounting Standards.  
As we have not been provided with sufficient financial information for the associate, we are unable to determine what additional disclosure and adjustments are necessary in the consolidated financial statements of the Group.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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.


Page 6

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS (HOLDINGS) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS (HOLDINGS) LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group financial statements.


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. 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. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EAST COAST VINERS (HOLDINGS) LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

28 March 2025
Page 9

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

  

Turnover
 4 
71,242,339
74,975,206

Cost of sales
  
(64,952,356)
(69,855,085)

GROSS PROFIT
  
6,289,983
5,120,121

Administrative expenses
  
(2,209,941)
(1,947,672)

Other operating income
 5 
563,869
419,487

OPERATING PROFIT
 6 
4,643,911
3,591,936

Income from fixed assets investments
  
500,000
-

Interest receivable and similar income
 11 
8,366
2,948

Interest payable and similar expenses
 12 
(770,387)
(730,480)

PROFIT BEFORE TAXATION
  
4,381,890
2,864,404

Tax on profit
 13 
(442,360)
(1,046,924)

PROFIT FOR THE FINANCIAL YEAR
  
3,939,530
1,817,480

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
3,939,530
1,817,480

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
3,939,530
1,817,480

  
3,939,530
1,817,480

The notes on pages 18 to 38 form part of these financial statements.

Page 10

 
EAST COAST VINERS (HOLDINGS) LIMITED
REGISTERED NUMBER: SC465361

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 15 
22,886,746
22,179,755

Investments
 16 
50
10,326

Investment property
 17 
799,218
434,298

  
23,686,014
22,624,379

CURRENT ASSETS
  

Stocks
 18 
9,040,252
8,801,731

Debtors: amounts falling due within one year
 19 
17,059,129
17,448,418

Cash at bank and in hand
 20 
2,476,977
383,546

  
28,576,358
26,633,695

Creditors: amounts falling due within one year
 21 
(14,470,577)
(13,767,998)

NET CURRENT ASSETS
  
 
 
14,105,781
 
 
12,865,697

TOTAL ASSETS LESS CURRENT LIABILITIES
  
37,791,795
35,490,076

Creditors: amounts falling due after more than one year
 22 
(6,496,563)
(8,427,191)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 25 
(2,555,284)
(2,262,467)

  
 
 
(2,555,284)
 
 
(2,262,467)

NET ASSETS EXCLUDING PENSION ASSET
  
28,739,948
24,800,418

NET ASSETS
  
28,739,948
24,800,418


CAPITAL AND RESERVES
  

Called up share capital 
 26 
303
303

Profit and loss account
 27 
28,739,645
24,800,115

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
28,739,948
24,800,418

  
28,739,948
24,800,418


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




JI Forbes
G A Forbes
Director
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 
EAST COAST VINERS (HOLDINGS) LIMITED
REGISTERED NUMBER: SC465361

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 16 
153
153

Investment Property
 17 
799,218
434,298

  
799,371
434,451

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 19 
10,388,778
9,865,420

Cash at bank and in hand
 20 
1,017,053
52,041

  
11,405,831
9,917,461

Creditors: amounts falling due within one year
 21 
(6,191,198)
(4,849,676)

NET CURRENT ASSETS
  
 
 
5,214,633
 
 
5,067,785

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,014,004
5,502,236

  

  

NET ASSETS
  
6,014,004
5,502,236


CAPITAL AND RESERVES
  

Called up share capital 
 26 
303
303

Profit and loss account brought forward
  
5,501,933
5,491,653

Profit for the year
  
511,768
10,280

Profit and loss account carried forward
  
6,013,701
5,501,933

  
6,014,004
5,502,236


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.


JI Forbes
G A Forbes
Director
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
303
22,982,635
22,982,938


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,817,480
1,817,480



At 1 July 2023
303
24,800,115
24,800,418


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
3,939,530
3,939,530


AT 30 JUNE 2024
303
28,739,645
28,739,948


The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
303
5,491,653
5,491,956


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
10,280
10,280



At 1 July 2023
303
5,501,933
5,502,236


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
511,768
511,768


AT 30 JUNE 2024
303
6,013,701
6,014,004


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
3,939,530
1,817,480

ADJUSTMENTS FOR:

Depreciation of tangible assets
1,478,421
1,172,978

Loss on disposal of tangible assets
(23,951)
(29,691)

Government grants
(98,263)
(72,848)

Interest paid
770,387
730,480

Interest received
(508,366)
(2,948)

Taxation charge
442,360
1,046,924

(Increase) in stocks
(238,521)
(932,514)

Decrease in debtors
419,097
1,490,116

Decrease/(increase) in amounts owed by participating ints
16,188
(17,469)

Increase in creditors
1,324,334
78,813

Increase in amounts owed to participating ints
1,250,000
-

Net fair value losses recognised in P&L
10,276
10,277

Corporation tax (paid)
(588,682)
(1,319,919)

NET CASH GENERATED FROM OPERATING ACTIVITIES

8,192,810
3,971,679
Page 15

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£




CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(2,446,069)
(7,164,539)

Sale of tangible fixed assets
284,608
574,575

Purchase of investment properties
(364,920)
-

Purchase of unlisted investments
-
(20,553)

Government grants received
98,263
72,848

Interest received
8,366
2,948

HP interest paid
(53,821)
(27,201)

Dividends received
500,000
-

NET CASH FROM INVESTING ACTIVITIES

(1,973,573)
(6,561,922)

CASH FLOWS FROM FINANCING ACTIVITIES

New secured loans
-
4,250,000

Repayment of loans
(2,142,939)
(1,087,836)

Repayment of/new finance leases
(188,477)
327,039

Shares treated as debt - issued
(646,261)
-

Interest paid
(716,566)
(703,279)

NET CASH USED IN FINANCING ACTIVITIES
(3,694,243)
2,785,924

INCREASE IN CASH AND CASH EQUIVALENTS
2,524,994
195,681

Cash and cash equivalents at beginning of year
(796,201)
(991,882)

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,728,793
(796,201)


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
2,476,977
383,546

Bank overdrafts
(748,184)
(1,179,747)

1,728,793
(796,201)


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
New finance leases
At 30 June 2024
£

£

£

£

Cash at bank and in hand

383,546

2,093,431

-

2,476,977

Bank overdrafts

(1,179,747)

431,563

-

(748,184)

Debt due after 1 year

(7,851,747)

1,857,270

-

(5,994,477)

Debt due within 1 year

(1,710,794)

1,097,712

-

(613,082)

Finance leases

(1,060,405)

484,961

(296,484)

(871,928)


(11,419,147)
5,964,937
(296,484)
(5,750,694)

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

East Coast Viners (Holdings) Limited is a private company, limited by shares, incorporated in Scotland. with the registration number SC465361. The Company's registered office is at Broadwood, Drumlithie, Stonehaven, Aberdeenshire, AB39 3XA.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

Page 18

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 19

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

REVENUE

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

Sale of goods

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

INTEREST INCOME

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

Page 20

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

FINANCE COSTS

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

 
2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

PENSIONS

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

CURRENT AND DEFERRED TAXATION

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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


Page 21

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

TANGIBLE FIXED ASSETS

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

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

Depreciation is provided on the following basis:

Plant and machinery
-
5% - 20% straight line or 7.5% -12.5% reducing balance
Motor vehicles
-
15% - 20% straight line or 25% reducing balance
Office equipment
-
7.5% - 33.3% straight line

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

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

No depreciation has been charged on heritable property since transition to FRS102 as the directors are of the opinion that the residual value is no materially lower than the net book value. 

 
2.13

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investment in unlisted and trade investments are measured at cost less accumulated impairment.

Page 22

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

ASSOCIATES AND JOINT VENTURES

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.16

STOCKS

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

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

 
2.17

DEBTORS

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

 
2.18

CASH AND CASH EQUIVALENTS

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

CREDITORS

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

Page 23

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.20

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 24

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.21
FINANCIAL INSTRUMENTS (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

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

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Judgement is used to assess whther there has been any impairment in the value of stock, debtors and fixed assets in the year.
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and the residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as futures market conditions, the remaining life of the asset and projected disposal values. 

Page 25

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Agricultural products and services
67,979,792
72,849,809

Electricity generation and related subsidies
3,083,962
1,959,493

Heat generation and related subisidies
178,585
165,904

71,242,339
74,975,206


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
320,944
193,657

Net rents receivable
63,140
38,573

Wayleaves
9,970
1,844

Basic Payment Scheme income
98,263
72,848

Woodland Grant income
-
600

Contract work
62,552
108,965

Property rent
9,000
3,000

563,869
419,487



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(316)
3,280

Other operating lease rentals
22,256
12,056

Page 26

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Group's financial statements
42,450
35,500

Fees payable to the Company's auditors and their associates in respect of:

All other services
52,725
35,600


8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,238,844
3,080,140

Social security costs
366,802
339,416

Cost of defined contribution scheme
123,593
157,529

3,729,239
3,577,085


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
4
4
2
2



Full time and part time staff
77
77
-
-

81
81
2
2

Page 27

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
290,886
278,840

Group contributions to defined contribution pension schemes
40,174
56,152

331,060
334,992


During the year retirement benefits were accruing to 3 group directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £114,375 (2023 - £100,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £53,510).


10.


INCOME FROM INVESTMENTS

2024
2023
£
£




Dividends received from unlisted investments
500,000
-



11.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
8,366
2,948


12.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
715,088
700,304

Finance leases and hire purchase contracts
53,821
27,201

Other interest payable
1,478
2,975

770,387
730,480

Page 28

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
172,306
564,784

Adjustments in respect of previous periods
(22,763)
1,039


Deferred tax


Origination and reversal of timing differences
292,817
481,101


442,360
1,046,924

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
4,381,890
2,864,404


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
1,116,069
716,101

Effects of:


Capital allowances for year in excess of depreciation
(288,041)
(544,236)

Adjustments to tax charge in respect of prior periods
(22,763)
1,039

Short-term timing difference leading to an increase (decrease) in taxation
292,817
481,101

Non-taxable income
-
(150)

Book profit on chargeable assets
(5,988)
(7,423)

Dividends from UK companies
(125,000)
-

Unrelieved tax losses carried forward
(524,734)
524,734

Marginal relief
-
(105)

Change in tax rate during the period
-
(124,137)

Total tax charge for the year
442,360
1,046,924


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The only factors expected to affect tax charges are those imposed by HMRC.


14.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £511,768 (2023 - £10,280).

Page 29

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


TANGIBLE FIXED ASSETS

Group






Heritable property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
10,979,295
16,196,340
2,252,848
245,568
29,674,051


Additions
-
1,283,473
1,019,919
142,677
2,446,069


Disposals
-
(273,954)
(386,976)
-
(660,930)



At 30 June 2024

10,979,295
17,205,859
2,885,791
388,245
31,459,190



Depreciation


At 1 July 2023
-
6,598,016
842,021
54,259
7,494,296


Charge for the year on owned assets
-
1,046,362
170,412
51,699
1,268,473


Charge for the year on financed assets
-
69,258
140,690
-
209,948


Disposals
-
(127,827)
(272,446)
-
(400,273)



At 30 June 2024

-
7,585,809
880,677
105,958
8,572,444



Net book value



At 30 June 2024
10,979,295
9,620,050
2,005,114
282,287
22,886,746



At 30 June 2023
10,979,295
9,598,324
1,410,827
191,309
22,179,755




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
10,979,295
10,979,295


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
484,809
1,100,604

Motor vehicles
1,188,816
996,390

1,673,625
2,096,994

Page 30

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


FIXED ASSET INVESTMENTS

Group





Investments in associates
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 July 2023
50
10,276
10,326


Amounts written off
-
(10,276)
(10,276)



At 30 June 2024
50
-
50




Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 July 2023
103
50
153



At 30 June 2024
103
50
153





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

East Coast Viners Grain (Drumlithie) Limited
Ordinary
100%
East Coast Viners (Peas & Beans) Limited
Ordinary
100%
East Coast Viners Renewables Limited
Ordinary
100%
East Coast Arable Systems Limited
Ordinary
100%


ASSOCIATE


The following was an associate of the Company:


Name

Class of shares

Holding

Dundee Cold Store Limited
Ordinary
50%

Page 31

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


INVESTMENT PROPERTY

Group and Company


Freehold investment property

£



Valuation


At 1 July 2023
434,298


Additions at cost
364,920



At 30 June 2024
799,218

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
799,218
434,298


18.


STOCKS

Group
Group
2024
2023
£
£

Raw materials and consumables
7,436,084
7,064,730

Work in progress (goods to be sold)
381,372
351,514

Finished goods and goods for resale
1,222,796
1,385,487

9,040,252
8,801,731


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 32

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
13,081,130
13,885,776
-
-

Amounts owed by group undertakings
-
-
10,292,625
9,525,125

Amounts owed by joint ventures and associated undertakings
1,281
17,469
-
-

Other debtors
3,721,990
3,185,385
96,153
340,295

Prepayments and accrued income
254,728
359,788
-
-

17,059,129
17,448,418
10,388,778
9,865,420



20.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,476,977
383,546
1,017,053
52,041

Less: bank overdrafts
(748,184)
(1,179,747)
-
-

1,728,793
(796,201)
1,017,053
52,041



21.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
748,184
1,179,747
-
-

Bank loans
488,638
774,307
-
-

Trade creditors
9,216,296
7,844,248
-
19,573

Amounts owed to group undertakings
-
-
4,181,912
3,399,100

Amounts owed to other participating interests
1,750,000
500,000
1,750,000
500,000

Other taxation and social security
349,099
768,904
7,287
6,129

Obligations under finance lease and hire purchase contracts
369,842
484,961
-
-

Other creditors
1,504,000
1,547,633
250,549
278,063

Accruals and deferred income
44,518
21,937
1,450
550

Share capital treated as debt
-
646,261
-
646,261

14,470,577
13,767,998
6,191,198
4,849,676


Page 33

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


CREDITORS: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
5,994,477
7,851,747

Net obligations under finance leases and hire purchase contracts
502,086
575,444

6,496,563
8,427,191


The bank loans are secured in favour of Barclays Bank plc who hold a floating charge over the whole of the assets of the Group. There is also a cross corporate governance guarantee through out the group and associated entities.
Obligations under finance lease and hire purchase contracts are secured against the relevant tangible fixed assets.


23.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
488,638
774,307

Amounts falling due 1-2 years

Bank loans
529,362
815,731

Amounts falling due 2-5 years

Bank loans
1,587,544
835,173

Amounts falling due after more than 5 years

Bank loans
3,877,571
6,200,843

6,483,115
8,626,054


There are two bank loans within East Coast Viners Grain (Drumlithie) Limited. The first loan for the original sum of £1,837,000 is repayable in 8 equal annual instalments and a final balancing payment in the year to June 2029. Interest is charged at a variable market rate. The second loan for the original sum of £1,700,000 is now repayable in full in the year to June 2031. Interest is charged at a fixed market rate.
The bank loan within East Coast Viners Renewables Limited for the original sum of £2,881,434 repayable by 20 quarterly instalments, was to be repaid in full during the year to 30 June 2026, however has been repaid in full during the year. Interest has been charged at a variable market rate.
The bank loan within East Coast Arable Systems Limited for the original sum of £4,250,000 is repayable in equal monthly instalments and in full in the year to June 2033. Interest is charged at a fixed market rate.

Page 34

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
369,842
484,961

Between 1-5 years
502,086
575,444

871,928
1,060,405

Obligations under finance leases and hire purchase contracts are secured against the relevant tangible fixed assets.

Page 35

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(2,262,467)


Charged to profit or loss
(292,817)



At end of year
(2,555,284)







The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(2,555,284)
(2,262,467)


26.


SHARE CAPITAL

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



303 (2023 - 303) Ordinary shares of £1.00 each
303
303

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



Nil (2023 - 646,261) Preference shares of £1.00 each
-
646,261



27.


RESERVES

Profit and loss account

The profit and loss account is a distributable reserve which includes all current and prior year retained profits or losses.

Page 36

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

28.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £123,593 (2023 - £157,529). Contributions totalling £11,528 (2023 - £12,163) were payable to the fund at the reporting date and are included in creditors


29.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
259,501
197,693

Later than 1 year and not later than 5 years
552,124
554,779

811,625
752,472


30.


TRANSACTIONS WITH DIRECTORS

All director loans are repayable on demand. 
Director loan 1 is subject to interest, charged and paid on the oustanding balance at the HMRC official rate, on a monthly basis. Director loans 2 and 3 have no interest charges applied.

Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1

58,076

8,633

-
 
66,709
 
Director 2

167,802

74,720

(380,155)
 
(137,633)
 
Director 3

88,058

74,720

(132,373)
 
30,405
 

Page 37

 
EAST COAST VINERS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

31.


RELATED PARTY TRANSACTIONS

The directors consider themselves to be the only key management personnel and remuneration is disclosed per note 9.


2024 Sales
2024 Purchases
2023 Sales
2023 Purchases
£
£
£
£

Transactions with related parties
Entities with control, joint control or significant influence over the Group
7,925,203
8,531,670
9,197,036
9,769,226
Entities over which the Group has control, joint control or significant influence
1,946
-
8,371
-

2024 Advances
2024 Repayments
2023 Advances
2023 Repayments
£
£
£
£
Key management personnel

307,513

512,528

1,567,121
 
-
 

2024
2023
£
£

Amounts owed by related parties


Entities with control, joint control or significant influence over the Group
7,225,006
6,285,612

Entities over which the Group has control, joint control or significant influence
-
92

Key management personnel
97,114
319,099

Other related parties
-
-

Amounts owed to related parties


Entities with control, joint control or significant influence over the Group
764,238
605,130

Entities over which the Group has control, joint control or significant influence
1,761,630
552,674

Key management personnel
218,450
230,257

Other related parties
32,099
47,806


32.


AUDIT EXEMPTION OF SUBSIDIARY COMPANIES

The subsidiary companies East Coast Arable Systems Limited (Company number SC465481) is exempt from the requirements of the Companies Act 2006 related to the audit of its individual accounts by virtue of s479A of the Companies Act 2006.


Page 38