Company registration number 01123744 (England and Wales)
FARTHINGHOE FINE WINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FARTHINGHOE FINE WINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
FARTHINGHOE FINE WINE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
22,107
Tangible assets
5
18,485
22,900
40,592
22,900
Current assets
Stocks
6
1,529,865
1,602,273
Debtors
7
4,772,456
3,994,724
Cash at bank and in hand
275,444
493,550
6,577,765
6,090,547
Creditors: amounts falling due within one year
8
(6,601,821)
(5,901,443)
Net current (liabilities)/assets
(24,056)
189,104
Net assets
16,536
212,004
Capital and reserves
Called up share capital
1,200
1,200
Profit and loss reserves
15,336
210,804
Total equity
16,536
212,004
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
Mr A Cox
Director
Company registration number 01123744 (England and Wales)
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Farthinghoe Fine Wine Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penrose House, 67 Hightown Road, Banbury, Oxfordshire, OX16 9BE.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The 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.
1.2
Going concern
The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following to uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates.
As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable in respect of sale of fine wines
when the title passes to the buyer. Revenue from customers for the sale of En Primeur wines is recognised
when the wine is made available to the customer. This may be up to two years after the amount is invoiced to
the customer, during which time it is held as deferred revenue. The cost of the wine is carried as a supplier
prepayment until the point that revenue is recognised, at which time it is transferred to cost of sales.
Commissions are recognised when the related service is provided.
As mentioned in note 10 to the accounts, revenue is deferred due to the En Primeur adjustment. As a result of deferring the revenue, £997,186 of profit achieved during the year has been deferred as shown by the note.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
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.
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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:
Development costs
Straight line over 10 years from software launch date
Intangible Assets
Straight line over 5 years
1.6
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:
Leasehold land and buildings
Over lease period
Fixtures and fittings
20% reducing balance
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 credited or charged to profit or loss.
1.7
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.
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.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 when the company has 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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
17
16
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
20,573
146,867
Deferred tax
Origination and reversal of timing differences
797
(1,901)
Total tax charge
21,370
144,966
4
Intangible fixed assets
Development costs
Intangible Assets
Total
£
£
£
Cost
At 1 January 2024
9,450
9,450
Additions
22,107
22,107
At 31 December 2024
22,107
9,450
31,557
Amortisation and impairment
At 1 January 2024 and 31 December 2024
9,450
9,450
Carrying amount
At 31 December 2024
22,107
22,107
At 31 December 2023
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
104,851
88,890
193,741
Additions
4,658
4,680
9,338
At 31 December 2024
109,509
93,570
203,079
Depreciation and impairment
At 1 January 2024
94,365
76,476
170,841
Depreciation charged in the year
10,645
3,108
13,753
At 31 December 2024
105,010
79,584
184,594
Carrying amount
At 31 December 2024
4,499
13,986
18,485
At 31 December 2023
10,486
12,414
22,900
6
Stocks
2024
2023
£
£
Stocks
1,529,865
1,602,273
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
690,330
661,757
Other debtors
4,079,112
3,329,156
4,769,442
3,990,913
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
3,014
3,811
Total debtors
4,772,456
3,994,724
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,517,534
1,460,468
Taxation and social security
68,083
208,808
Other creditors
5,016,204
4,232,167
6,601,821
5,901,443
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
En Primeur Wines
En Primeur involves the sale of wine prior to bottling. Around 2 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 are deferred until the wine is released and becomes available to the customer. Payments to suppliers are treated as prepayments and receipts from customers are treated as deferred income.
Analysis of impact on turnover
2024
2023
£
£
Turnover before En Primeur wines adjustment
8,494,336
8,875,699
Unfulfilled sales of En Primeur wines at the year end
(4,991,423)
(4,195,884)
Release of unfulfilled sales of En Primeur wines at the year start
4,195,884
5,273,094
Turnover after En Primeur wines adjustment
7,698,797
9,952,909
Analysis of impact on operating profit
2024
2023
£
£
Operating profit per accounts
70,316
593,604
Profit not recognised in respect of En Primeur adjustment
997,186
775,402
Profit/(loss) for the year without En Primeur adjustment
1,067,502
1,369,006
Analysis of En Primeur balance sheet items
2024
2023
£
£
En Primeur purchases included in goods invoiced not received
3,577,137
2,873,713
En Primeur sales included in deferred income
(4,991,423)
(4,195,884)
Net En Primeur balance
1,414,286
1,322,171
This means an additional £997,186 (2023: £775,402) of profit has been achieved this year but is deferred to comply with accounting standards.
FARTHINGHOE FINE WINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
324,000
28,800
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr A Cox -
2.25
14,140
75,449
275
(44,089)
45,775
14,140
75,449
275
(44,089)
45,775
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