| Wilkinson Vintners Limited |
| Strategic Report |
|
| The directors present their Strategic Report for the year ended 30 June 2025 |
|
| Business Review |
| The profit for the year before taxation amounted to £2,332,405 (2024 profit £1,245,311). The profit after taxation amounted to £1,735,654. |
|
| The directors consider this to be a good result in a difficult market. |
|
| Financial Performance Indicators |
| The Board monitors the activities and performance of the Company on a regular basis. The Board uses both financial and non-financial indicators based on budget versus actual and prior years to assess the performance of the Company. The financial indicators set out below were used during the year and will continue to be used by the Board to assess performance in future years. |
|
| The key performance indicators monitored by the Company are: |
| - Turnover |
| - Gross profit percentage |
| - Stock days |
| - Debtor days |
|
| Turnover reduced for the second year in succession but the underlying gross profit percentage has remained strong improving from 19% to over 20%. Stock days remained fairly consistent. Debtor days increased as did creditor days. |
|
| The results of the year reflect the effort all the staff have made to deliver good value to customers, providing excellent customer service and maintain a modest margin during difficult trading times. |
|
| Future Developments |
| The Directors remain confident about the future. They believe that the company is in a very good position to take advantage of opportunities that arise. |
|
| Principal Risks & Uncertainties |
| The directors are aware of the risks to the business related to general economic conditions. These risks are managed through regular reviews on their impact on the company. These seek to limit the effects on financial performance from adverse movements in price, liquidity and foreign exchange risks and the needs for working capital. |
|
| Currency risk |
| Risk that the value of financial instruments will fluctuate as a result of changes in market prices. The Company trades with a number of international customers and suppliers and is therefore subject to fluctuations in foreign exchange rates. |
|
| Credit risk |
| Risk that one party to a financial instrument will fail to discharge their obligation and cause the other party financial loss. The Company trades with recognised, credit worthy parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Company's exposure to bad debts has been minimal. |
|
| Liquidity risk |
| Risk that an entity will encounter difficulty in having funds to meet requirements associated with financial instruments. The Company manages this risk through forecasting the future cash flow requirements of the business and by maintaining a high level of bank balances. The Directors are satisfied that this is adequate for the Company's needs. |
|
| This report was approved by the board on 30 September 2025 and signed on its behalf. |
|
|
|
| P Wilkinson |
| Director |
|
|
| 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
| Other information |
| The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
| We have nothing to report in this regard. |
|
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the 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 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 |
|
| 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 obtained an understanding of laws and regulations that affect the group, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, health and safety. |
| ● |
We enquired of the shareholders, reviewed correspondence with HMRC and reviewed ' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. |
| ● |
We gained an understanding of the controls that the shareholders have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. |
| ● |
The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, misappropriation of cash and other assets, onerous lease provisions and compliance with debt covenants. |
| ● |
We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. |
| ● |
We enquired of the directors about actual and potential litigation and claims. |
| ● |
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. |
| ● |
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. |
|
| Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
|
| A further description of our responsibilities for the audit of the financial statements is available 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. |
|
|
| Paul Davis FCA |
| (Senior Statutory Auditor) |
Emperor's Gate |
| for and on behalf of |
114a Cromwell Road |
| Bright Grahame Murray |
Kensington |
| Chartered Accountants and Statutory Auditors |
London |
| 30 September 2025 |
SW7 4AG |
|
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Judgements and key sources of estimation uncertainty |
|
In the application of the company's accounting policies, the directors are required to make judgements about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
|
|
The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
|
|
Critical judgements |
|
The following judgements (apart form those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
|
|
The company holds significant stock of wine, some of which are subject to ageing and seasonal demand. Management assesses stock for impairment based on expected future sales, market trends, and the condition and age of stock. |
|
|
Judgement is required in estimating the net realisable value of stock, particularly for older vintages, discontinued lines, or wines with limited market appeal. A provision is made against stock where the estimated selling price is lower than cost or where items have not moved for a prolonged period. These estimates are sensitive to changes in consumer preferences, market conditions, and the performance of specific wine brands. Actual outcomes may differ from those estimated, which could impact future results. |
|
| 2 |
Analysis of turnover |
2025 |
|
2024 |
| £ |
£ |
|
|
Sale of wine |
14,081,051 |
|
16,079,002 |
|
|
|
|
|
|
|
|
|
|
An analysis of turnover by geographical region as not been disclosed as, in the opinion of the directors, such disclosure would be detrimental to the interests of the company. |
|
| 3 |
Operating profit |
2025 |
|
2024 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
47,511 |
|
47,508 |
|
Auditors' remuneration for audit services |
19,000 |
|
19,000 |
|
Key management personnel compensation (including directors' emoluments) |
|
680,000 |
|
780,000 |
|
Carrying amount of stock sold |
10,145,618 |
|
12,813,525 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Directors' emoluments |
2025 |
|
2024 |
| £ |
£ |
|
|
Emoluments |
680,000 |
|
780,000 |
|
Company contributions to money purchase schemes |
1,321 |
|
1,321 |
|
|
|
|
|
|
681,321 |
|
781,321 |
|
|
|
|
|
|
|
|
|
|
|
Highest paid director: |
|
Emoluments |
350,000 |
|
350,000 |
|
Company contributions to money purchase schemes |
1,321 |
|
1,321 |
|
|
|
|
|
|
351,321 |
|
351,321 |
|
|
|
|
|
|
|
|
|
|
|
Number of directors to whom retirement benefits accrued: |
2025 |
|
2024 |
| Number |
Number |
|
|
Defined contribution plans |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Staff costs |
2025 |
|
2024 |
| £ |
£ |
|
|
Wages and salaries |
1,113,500 |
|
1,211,000 |
|
Social security costs |
144,344 |
|
164,317 |
|
Other pension costs |
8,036 |
|
7,601 |
|
|
|
|
|
|
1,265,880 |
|
1,382,918 |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees during the year |
Number |
Number |
|
|
Administration |
3 |
|
3 |
|
Distribution |
5 |
|
5 |
|
|
|
|
|
|
8 |
|
8 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Interest payable |
2025 |
|
2024 |
| £ |
£ |
|
|
Other Interest charges |
- |
|
4,024 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
598,007 |
|
329,846 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
(1,256) |
|
(8,988) |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
596,751 |
|
320,858 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Profit on ordinary activities before tax |
2,332,405 |
|
1,245,311 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
25% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
583,101 |
|
311,328 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
4,467 |
|
8,079 |
|
Capital allowances for period in excess of depreciation |
10,439 |
|
10,439 |
|
|
Current tax charge for period |
598,007 |
|
329,846 |
|
|
|
|
|
|
|
|
|
| 8 |
Tangible fixed assets |
|
|
Freehold property |
|
Fixtures, fittings & equipment |
|
Motor vehicles |
|
Total |
|
|
At cost |
|
At cost |
|
At cost |
| £ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 July 2024 |
1,893,250 |
|
156,454 |
|
194,167 |
|
2,243,871 |
|
At 30 June 2025 |
1,893,250 |
|
156,454 |
|
194,167 |
|
2,243,871 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2024 |
797,297 |
|
156,454 |
|
184,421 |
|
1,138,172 |
|
Charge for the year |
37,765 |
|
- |
|
9,746 |
|
47,511 |
|
At 30 June 2025 |
835,062 |
|
156,454 |
|
194,167 |
|
1,185,683 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 June 2025 |
1,058,188 |
|
- |
|
- |
|
1,058,188 |
|
At 30 June 2024 |
1,095,953 |
|
- |
|
9,746 |
|
1,105,699 |
|
|
|
|
|
|
|
|
|
|
|
| 9 |
Investments |
| Other |
| investments |
| £ |
|
Cost |
|
At 1 July 2024 |
1,550,043 |
|
|
At 30 June 2025 |
1,550,043 |
|
| 10 |
Stocks |
2025 |
|
2024 |
| £ |
£ |
|
|
Finished goods and goods for resale |
4,204,049 |
|
4,320,310 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
1,310,728 |
|
1,290,783 |
|
Deferred tax asset (see note 13) |
|
|
|
|
5,372 |
|
4,116 |
|
Other debtors |
60,521 |
|
77,945 |
|
|
|
|
|
|
1,376,621 |
|
1,372,844 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
630,823 |
|
427,230 |
|
Corporation tax |
832,955 |
|
278,112 |
|
Other taxes and social security costs |
16,672 |
|
28,598 |
|
Other creditors |
303,656 |
|
447,028 |
|
Accruals and deferred income |
60,000 |
|
35,000 |
|
|
|
|
|
|
1,844,106 |
|
1,215,968 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Deferred taxation |
2025 |
|
2024 |
| £ |
£ |
|
|
Accelerated capital allowances |
(5,372) |
|
(4,116) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 July |
(4,116) |
|
4,872 |
|
Credited to the profit and loss account |
(1,256) |
|
(8,988) |
|
|
At 30 June |
(5,372) |
|
(4,116) |
|
|
|
|
|
|
|
|
|
|
|
| 14 |
Share capital |
Nominal |
|
2025 |
|
2025 |
|
2024 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
A Ordinary shares |
£1 each |
|
88,325 |
|
88,235 |
|
88,235 |
|
B Ordinary shares |
£1 each |
|
29,412 |
|
29,412 |
|
29,412 |
|
|
|
|
|
|
117,647 |
|
117,647 |
|
|
|
|
|
|
|
|
|
|
The holders of all A ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. Holders of B Ordinary shares are entitled to one vote for every £4 in nominal value and are not entitled to dividend payments. All ordinary shares rank equally with regard to the company's residual assets. |
|
|
| 15 |
Profit and loss account |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 July |
10,911,412 |
|
9,986,959 |
|
Profit for the financial year |
1,735,654 |
|
924,453 |
|
|
At 30 June |
12,647,066 |
|
10,911,412 |
|
|
|
|
|
|
|
|
|
|
| 16 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
P Wilkinson |
|
Directors current account |
1,588 |
|
- |
|
(327) |
|
1,261 |
|
|
P Bowker |
|
Directors current account |
(727) |
|
- |
|
- |
|
(727) |
|
|
F Wilkinson |
|
Directors current account |
30,773 |
|
1,519 |
|
- |
|
32,292 |
|
|
|
31,634 |
|
1,519 |
|
(327) |
|
32,826 |
|
|
|
|
|
|
|
|
|
|
All overdrawn directors account balances carry interest at rates approved by HMRC. At the date of signing these financial statements, all outstanding amounts have been repaid. |
|
| 17 |
Related party transactions |
|
|
The Wilkinson children's settlement is a shareholder in the company. Dividends paid to this Trust are retained within the company for distribution in accordance with the Trust deed. The amount due to the Trust at 30 June 2025 was £278,226 (2024 £422,387) |
|
|
| 18 |
Controlling party |
|
|
Patrick Wilkinson controls the company by virtue of a controlling interest of the share capital. |
|
|
| 19 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
|
| 20 |
Legal form of entity and country of incorporation |
|
|
Wilkinson Vintners Limited is a private company limited by shares and incorporated in England. |
|
|
| 21 |
Principal place of business |
|
|
The address of the company's principal place of business is: |
|
|
38 Chagford Street |
|
London |
|
NW1 6EB |