Vinewood Limited 01759450 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is rental operations Digita Accounts Production Advanced 6.30.9574.0 true true Class 1 Class 2 Class 3 true true 01759450 2023-09-01 2024-08-31 01759450 2024-08-31 01759450 bus:OrdinaryShareClass1 2024-08-31 01759450 bus:Consolidated 2024-08-31 01759450 2 2024-08-31 01759450 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 01759450 core:OtherMiscellaneousReserve 2024-08-31 01759450 core:RetainedEarningsAccumulatedLosses 2024-08-31 01759450 core:ShareCapital 2024-08-31 01759450 core:CurrentFinancialInstruments 2024-08-31 01759450 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 01759450 core:DeferredTaxation 2024-08-31 01759450 bus:FRS102 2023-09-01 2024-08-31 01759450 bus:Audited 2023-09-01 2024-08-31 01759450 bus:FullAccounts 2023-09-01 2024-08-31 01759450 bus:RegisteredOffice 2023-09-01 2024-08-31 01759450 bus:Director2 2023-09-01 2024-08-31 01759450 bus:Director5 2023-09-01 2024-08-31 01759450 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 01759450 bus:Consolidated 2023-09-01 2024-08-31 01759450 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 01759450 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-01 2024-08-31 01759450 core:FurtherSpecificReserve2ComponentTotalEquity 2023-09-01 2024-08-31 01759450 core:OtherMiscellaneousReserve 2023-09-01 2024-08-31 01759450 core:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 01759450 core:ShareCapital 2023-09-01 2024-08-31 01759450 core:ReportableOperatingSegment1 2023-09-01 2024-08-31 01759450 core:ReportableOperatingSegment2 2023-09-01 2024-08-31 01759450 core:ReportableOperatingSegment3 2023-09-01 2024-08-31 01759450 core:DeferredTaxation 2023-09-01 2024-08-31 01759450 core:UKTax 2023-09-01 2024-08-31 01759450 1 2023-09-01 2024-08-31 01759450 countries:EnglandWales 2023-09-01 2024-08-31 01759450 2023-08-31 01759450 core:OtherMiscellaneousReserve 2023-08-31 01759450 core:RetainedEarningsAccumulatedLosses 2023-08-31 01759450 core:ShareCapital 2023-08-31 01759450 core:DeferredTaxation 2023-08-31 01759450 2022-09-01 2023-08-31 01759450 2023-08-31 01759450 bus:OrdinaryShareClass1 2023-08-31 01759450 2 2023-08-31 01759450 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 01759450 core:CurrentFinancialInstruments 2023-08-31 01759450 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01759450 core:OtherMiscellaneousReserve 2022-09-01 2023-08-31 01759450 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 01759450 core:ShareCapital 2022-09-01 2023-08-31 01759450 core:UKTax 2022-09-01 2023-08-31 01759450 2022-08-31 01759450 core:OtherMiscellaneousReserve 2022-08-31 01759450 core:RetainedEarningsAccumulatedLosses 2022-08-31 01759450 core:ShareCapital 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01759450

Vinewood Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

Vinewood Limited

Contents

Directors' Report

1

Independent Auditor's Report

2 to 4

Profit and Loss Account

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 13

 

Vinewood Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

C J Hall

A K Martin

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Vinewood Limited

Independent Auditor's Report to the Members of Vinewood Limited

Opinion

We have audited the financial statements of Vinewood Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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:

give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its loss 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 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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Vinewood Limited

Independent Auditor's Report to the Members of Vinewood Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 [set out on page ], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the validity of purchases, expenses and balances due to group undertakings and the misappropriation of transactions through management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, and taxation legislation.

We then performed audit procedures after consideration of the above risks which included the following:

 

Vinewood Limited

Independent Auditor's Report to the Members of Vinewood Limited

reviewing the purchases and expenses by documenting the basis and controls used to calculate the recharges to gain assurance over the validity and accuracy of the shared expenses;

substantive group balances audit testing and performing a review of inter-company recharges for reasonableness;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC and the company’s legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor's report.

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.

......................................
Andrew Padgett BFP, ACA, FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

29 August 2025

 

Vinewood Limited

Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

3

3,050,440

2,733,370

Gross profit

 

3,050,440

2,733,370

Administrative expenses

 

(32,914)

(21,595)

Operating profit

3,017,526

2,711,775

Loss on financial assets at fair value through profit and loss

 

(2,000,000)

-

Interest payable and similar expenses

4

(1,011,045)

(892,584)

Profit before tax

 

6,481

1,819,191

Tax on profit

7

(357,774)

(450,530)

(Loss)/profit for the financial year

 

(351,293)

1,368,661

 

Vinewood Limited

(Registration number: 01759450)
Balance Sheet as at 31 August 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Investment property

8

 

28,250,000

 

30,250,000

Current assets

   

 

Debtors

9

184,985

 

17,651

 

Creditors: Amounts falling due within one year

10

(16,178,976)

 

(17,586,349)

 

Net current liabilities

   

(15,993,991)

 

(17,568,698)

Total assets less current liabilities

   

12,256,009

 

12,681,302

Provisions for liabilities

11

 

(1,023,000)

 

(1,097,000)

Net assets

   

11,233,009

 

11,584,302

Capital and reserves

   

 

Called up share capital

2,000,000

 

2,000,000

 

Non-distributable reserves

13

(1,200,537)

 

799,463

 

Retained earnings

13

10,433,546

 

8,784,839

 

Shareholders' funds

   

11,233,009

 

11,584,302

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
C J Hall
Director

 

Vinewood Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 September 2023

2,000,000

799,463

8,784,839

11,584,302

Loss for the year

-

-

(351,293)

(351,293)

Revaluations

-

(2,000,000)

2,000,000

-

At 31 August 2024

2,000,000

(1,200,537)

10,433,546

11,233,009


 

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 September 2022

2,000,000

799,463

7,416,178

10,215,641

Profit for the year

-

-

1,368,661

1,368,661

At 31 August 2023

2,000,000

799,463

8,784,839

11,584,302

 

Vinewood Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

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

The company's principle activity is rental operations.

The address of its registered office is:
Thorpe Underwood Hall
Great Ouseburn
York
YO26 9SZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33.1A from disclosing transactions and balances with fellow group undertakings that are wholly owned.

The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

The company has taken advantage of the exemption under Companies Act 2006 Section 415 from disclosing Financial Instruments.

Going concern

The financial statements have been prepared on a going concern basis which assumes that ongoing financial support will be provided by the other companies within the group and accordingly do not take account of adjustments, if any, which may be necessary if the company is unable to continue as a going concern. The company has received written confirmation from group companies that there will not be a call for repayment in whole or in part of the outstanding balances if it would be prejudicial to the company continuing as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of assets to group companies in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The Company recognises revenue when (a) the company retains no continuing involvement or control over the services provided; (b) the amount of revenue can be measured reliably; (c) it is probable that future economic benefits will flow to the entity.

 

Vinewood Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Tax

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

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Share capital

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

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

Vinewood Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

3,050,440

2,733,370

4

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

1,011,045

892,584

5

Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

2

2

2

2

6

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

8,767

7,900


 

The company has taken the exemption from disclosing remuneration receivable by auditors for other services as this information is disclosed within the group accounts.

7

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

431,821

372,238

UK corporation tax adjustment to prior periods

(47)

292

431,774

372,530

Deferred taxation

Arising from origination and reversal of timing differences

(74,000)

78,000

Tax expense in the profit and loss account

357,774

450,530

 

Vinewood Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

6,481

1,819,191

Corporation tax at standard rate

1,620

454,798

Decrease from effect of different UK tax rates on some earnings

-

(5,144)

Effect of expense not deductible in determining taxable profit (tax loss)

356,201

584

Effect of tax losses

431,821

340,438

Tax decrease arising from group relief

(431,821)

(340,438)

Tax (decrease)/increase from other tax effects

(47)

292

Total tax charge

357,774

450,530

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

1,023,000

1,023,000

2023

Liability
£

Accelerated capital allowances

1,097,000

1,097,000

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(16,855) (2023 - £(20,520)).

 

Vinewood Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

8

Investment properties

2024
£

At 1 September 2023

30,250,000

Fair value adjustments

(2,000,000)

At 31 August 2024

28,250,000

The company's investment properties were revalued in 2024 at £28,250,000. This was all done by an independent valuer Eddisons Taylors Chartered Surveyors, RICS.

The valuations were undertaken in accordance with the current edition of the RICS Valuation - professional Standards issued by the Royal Institution of Chartered Surveyors (RICS) - the "red book", and having regards to the requirements of FRS 102. As the property forms part of a larger College campus the property could not be sold on the open market except as an overall sale of the whole campus.

Due to the above and the specialised nature of the buildings the Depreciated Replacement Cost has been adopted in assessing the Fair Value in accordance with Valuation Statement 1 and Guidance note 6 of the RICS Red book.

Had this class of asset been measured on a historical cost basis, their carrying amount would have been £33,691,912 (2023 - £33,691,912).

The investment property has been built on land owned by Foxlow limited, the ultimate parent undertaking, and is subject to a ground rent lease of £12,440 (2023 - £11,150) per annum.



9

Debtors

2024
£

2023
£

Amounts owed by group undertakings

28,423

10,770

Other debtors

7,747

6,881

Corporation tax asset

148,815

-

184,985

17,651

10

Creditors

2024
£

2023
£

Due within one year

Amounts due to related parties

16,165,976

17,539,061

Accruals

13,000

13,000

Corporation tax liability

-

34,288

16,178,976

17,586,349

 

Vinewood Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

11

Provisions for liabilities

Deferred tax
£

Total
£

At 1 September 2023

1,097,000

1,097,000

Increase (decrease) in existing provisions

(74,000)

(74,000)

At 31 August 2024

1,023,000

1,023,000

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,000,000

2,000,000

2,000,000

2,000,000

       

13

Reserves

Share capital

Represents the nominal value of issued shares.

Retained earnings

Includes all current and prior periods distributable profits and losses unless otherwise stated.

Non-distributable reserves

Represents the surplus/(deficit) on the revaluation of investment properties and change in fair value of other current financial assets. These reserves are non-distributable and are net of tax.

14

Parent and ultimate parent undertaking



 The company's immediate parent is Care & Recreation Holdings Limited, incorporated in England and Wales. The registered address of Care & Recreational Holdings Limited is Thorpe Underwood Hall, Great Ouseburn, York, YO26 9SZ.

 The ultimate parent is Foxlow Limited, incorporated in the British Virgin Islands.

 The most senior parent entity producing publicly available financial statements is Care & Recreation Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 The ultimate controlling party is The Acme Settlement.