1.
General Information
Highbrook Vineyard Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11839652
. The registered office is Hammingden Place Hammingden Lane, Ardingly, Haywards Heath, West Sussex, RH17 6SR.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
In the directors' opinion, and to the best of their knowledge, the continued unsettled economic conditions and increases in interest rates will not have a material adverse impact on the company's ability to continue as a going concern.
The company has financial resources available which the directors believe will enable the company to manage its business risks successfully.
The directors have a reasonable expectation that the company has adequate resources, to meet its obligations for a period of at least 12 months from the date of approval of the financial statements, and to continue in operational existence for the foreseeable future. The shareholders have confirmed their continued financial support for the business. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3.
Significant judgements and estimations
The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements:
Impairment of Trade Debtors
The company trades with customers on a variety of credit terms. Some debts due may not be paid through the default of a small number of customers. The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The total amount of trade debtors is £NIL (2024: £NIL).
Useful Lives of Tangible and Intangible Fixed Assets
Long-lived assets comprising primarily of fixtures and fittings, plant and machinery and motor vehicles represent a significant portion of total assets. The annual depreciation and amortisation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation and amortisation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £119,785 (2024: £122,202).
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Highbrook Vineyard Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Computer Equipment |
|
2.6.
Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value . In the case of finished goods and work in progress, cost is defined as the aggregate cost of raw material, direct labour and the attributable proportion of direct production overheads based on a normal level of capacity. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.
At the end of each reporting period, stocks and work in progress are assessed for impairment. If an item (or group of items) is impaired, that item is measured at it selling price less costs to complete and sell, and an impairment loss is recognised.
2.7.
Financial Instruments
Share Capital of the Company
Ordinary Share Capital
The ordinary share capital of the company is presented as equity.
Cash and cash equivalents
Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value.
Other financial assets
Other financial assets including trade debtors for goods or services sold to customers on short-term credit, are initially measured at the undiscounted amount of cash receivable from that customer, which is normally the invoice price, and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment.
Loans and borrowings
All loans and borrowings, both assets and liabilities are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date.
Other financial liabilities
Trade creditors are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
2.8.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Highbrook Vineyard Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
4.
Tangible Assets
| Plant & Machinery | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2024 |
|
|
|
| Additions |
|
|
|
| As at 31 March 2025 |
|
|
|
| Depreciation | |||
| As at 1 April 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 March 2025 |
|
|
|
| Net Book Value | |||
| As at 31 March 2025 |
|
|
|
| As at 1 April 2024 |
|
|
|
5.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Work in progress |
|
|
|
Highbrook Vineyard Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
6.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Corporation tax recoverable assets |
|
|
|
| VAT |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Directors' loan accounts |
|
|
|
| Amounts owed to related parties | - |
|
|
|
|
|
||
9.
Reserves
| Profit and Loss Account | |
|---|---|
| £ | |
| As at 1 April 2024 |
|
| Loss for the year and total comprehensive income |
( |
| As at 31 March 2025 |
( |
10.
Related Party Transactions
|
Amounts owed by (to) directors and related undertakings:
|
Opening balance
£
|
Advances
£
|
Repayments
£
|
Interest, Fees & Commissions
£
|
Closing balance
£
|
|
NANDV Estates LLP
|
(627,052)
|
-
|
627,052
|
-
|
-
|
|
N Williams - Director/Shareholder
|
(42,500)
|
(313,526)
|
-
|
-
|
(356,026
|
|
V Williams - Director/Shareholder
|
(42,500)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
(313,526)
|
-
|
-
|
(356,026)
|
|
(712,052)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
(627,052)
|
627,052
|
-
|
(712,052)
|
NANDV Estates LLP is a related party as it is ultimately controlled by N & V Williams.
All of the above amounts are payable on demand, and are unsecured and interest free.
11.
Ultimate Controlling Party
The company's ultimate controlling parties are Nigel and Veronica Williams by virtue of their ownership of 70% of the issued share capital in the company.