Registered number: 03829460
Bancroft Wines Limited
Directors' Report and Financial Statements
For the 18 months ended 30 September 2017
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Bancroft Wines Limited
Company Information
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N McAndrew (resigned 2 November 2017)
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S Harper (appointed 12 December 2016)
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J D Worsley (appointed 25 January 2018)
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B S Davis (appointed 4 June 2018)
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Statutory Auditor & Chartered Accountants
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Bancroft Wines Limited
Contents
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Directors' Responsibilities Statement
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Independent Auditors' Report
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Statement of Income and Retained Earnings
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Notes to the Financial Statements
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Bancroft Wines Limited
Directors' Report
For the 18 months Ended 30 September 2017
The directors present their report and the financial statements for the 18 months ended 30 September 2017.
The principal activity of the company is the import, wholesale and retail of fine wine.
The 18 month period to 30th September 2017 has been a difficult one for the company. Revenue has held up well on a pro rata basis with the prior year and margins improved despite strong headwinds from the currency impact and general economic impact of Brexit. Operating costs have increased in part through one-off costs but also through planned investment in new staff to support the growth of the business that has only started to flow through after this period. Following the end of the period we have appointed a new Chief Executive Officer and also a Buying Director, both are strong industry leaders and have led a thorough review and restructure of the business. We have brought on new producers to strengthen our customer offering and continue the great work that has seen a significant increase in the acquisition of new customers. Our shareholder continues to support our growth plans and has invested a further £500,000 in share capital in May 2018 to strengthen the balance sheet position.
The material items that impacted the results for the period were:
£'000
Termination costs for managing director 128
Employment tribunal successful defence costs 100
Investment in new sales staff and Sales & Marketing director 220
Investment in back office staff 70
Revaluation of FX contracts 177
Trading since the period end has been much improved in the 6 months to 31st March 2018 with revenue growth of 22% over the comparable period last year and the directors forecasting a break even performance for the year.
During the period to 30th September 2017 there were a number of significant events that incurred considerable expense in time and money. A push into the growing organic wine industry was made through the acquisition of Mason and Mason Wines Limited acquiring new customers, product and expertise. A number of senior sales staff left the business including the long serving Managing Director which involved significant management time to resolve, reorganise and replace. A time-consuming employment tribunal also drained the management team of time and some focus during the period.
The new financial year has got off to a much brighter start with the financial performance considerably improved and the new senior management team are positioning the business for growth. The company is more focused and energised for the future with the product portfolio benefitting from new suppliers such as Delicato and Franco Conterno.
The directors who served during the 18 months were:
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N McAndrew (resigned 2 November 2017)
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S Harper (appointed 12 December 2016)
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Page 1
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Bancroft Wines Limited
Directors' Report (continued)
For the 18 months Ended 30 September 2017
Disclosure of information to auditors
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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'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's auditors are aware of that information.
Under section 487(2) of the Companies Act 2006, Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 25 June 2018 and signed on its behalf.
Page 2
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Bancroft Wines Limited
Directors' Responsibilities Statement
For the 18 months Ended 30 September 2017
The directors are responsible for preparing the Directors' Report and the 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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Page 3
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Bancroft Wines Limited
Independent Auditors' Report to the Shareholders of Bancroft Wines Limited
We have audited the financial statements of Bancroft Wines Limited for the 18 months ended 30 September 2017, set out on pages 6 to 20. The relevant financial reporting framework that has been applied in their preparation is applicable law and the 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'.
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 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.
Respective responsibilities of Directors and Auditors
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As explained more fully in the Directors' Responsibilities Statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's Ethical Standards for Auditors.
Scope of the audit of the financial statements
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An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
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In our opinion the financial statements:
∙give a true and fair view of the state of the company's affairs as at 30 September 2017 and of its loss for the 18 months 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.
Opinion on other matter prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit
∙the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with those financial statements and;
∙the Director's Report has been prepared in accordance with applicable legal requirements.
Page 4
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Bancroft Wines Limited
Independent Auditors' Report to the Shareholders of Bancroft Wines Limited (continued)
Matters on which we are required to report by exception
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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; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.
Peter Manser FCA DChA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
Canterbury
25 June 2018
Page 5
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Bancroft Wines Limited
Statement of Income and Retained Earnings
For the 18 months Ended 30 September 2017
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18 months ended
30 September
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Impairment of intercompany loan
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Interest receivable and similar income
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Interest payable and expenses
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Retained earnings at the beginning of the 18 months
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(Loss)/profit for the 18 months
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Retained earnings at the end of the 18 months
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The notes on pages 8 to 20 form part of these financial statements.
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Page 6
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Bancroft Wines Limited
Registered number: 03829460
Balance Sheet
As at 30 September 2017
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Debtors due after more than 1 year
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Debtors due within 1 year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2018.
The notes on pages 8 to 20 form part of these financial statements.
Page 7
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
Bancroft Wines Limited is a limited liability company incorporated in England and Wales.
The company's registered office is Woolyard, 54 Bermondsey Street, London, SE1 3UD.
The company's registered number is 03829460.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is Pound Sterling.
The company's financial statements are presented to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Revenue is recognised from the normal activities of the business to the extent that the company obtains a right to consideration in exchange for the performance of those activities, exclusive of value added tax.
Sales of goods
Revenue from the sale of goods is recognised once the sales have been made and the goods dispatched.
En primeur
Revenue in respect of sales made "en primeur" is recognised when the title passes to the customer upon delivery. The amounts received on account of En Primeur sales where delivery has not been made are shown in trade creditors and the amounts paid on account of related purchases are shown in trade debtors.
Private reserve transaction
Revenue in respect of purchases or sales on behalf of private clients for reserve accounts is recognised on a commission basis at rates agreed with clients.
Where the company has any commercial interest in private reserves which are sold to third parties, revenue is recognised on the full value of the sale and the cost to the company is recognised in cost of sales.
Page 8
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
2.Accounting policies (continued)
After making enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. As referenced in the directors report, the shareholder of the company continues to support the growth plans of the company and on this basis, the directors considers it appropriate to prepare the financial statements on a going concern basis.
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Exemption from preparing consolidated financial statements
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The company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life, which is five years.
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.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 the Statement of Income and Retained Earnings.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Page 9
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
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 outbasis.
At each balance sheet 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.
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.
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Cash and cash equivalents
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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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on
Page 10
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
2.Accounting policies (continued)
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Financial instruments (continued)
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a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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.
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Foreign currency translation
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Transactions and balances
Foreign currency transactions are translated into functional currency using 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 the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
Finance costs are charged to the Statement of Income and Retained Earnings 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.
Page 11
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
2.Accounting policies (continued)
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Income and Retained Earnings over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to Statement of Income and Retained Earnings over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the Statement of Income and Retained Earnings is charged with fair value of goods and services received.
The company has taken advantage of the exemption available in FRS102 from recognising any share based payments issued prior to 1 April 2015.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
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Current and deferred taxation
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The tax expense for the 18 months comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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 balance sheet date.
Page 12
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following are the company’s key sources of estimation uncertainty:
Going concern
In the judgement of the directors it is appropriate to prepare the financial statements in accordance with the going concern basis of accounting. See note 2.3 for further details.
Goodwill
The company has recognised goodwill arising from business combinations with a carrying value of £97,339 at the reporting date (see note 5). On acquisition the company determines a reliable estimate of the useful life of goodwill based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash flows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill.
Fair value measurement of financial instruments
When the fair value of financial assets and liabilities cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques. The inputs to these techniques are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. The judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. See note 9 for further details.
Taxation
Provision has been made in the financial statements for a deferred tax asset amounting to £286,000 (2016 - £286,000) at the reporting date (see note 11). This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.
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The average number of employees, including directors, during the year was 23 (2016 - 23).
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Page 13
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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The above goodwill has been recognised following the transfer of trade and assets from a subsidiary undertaking. This goodwill is being amortised over a period of five years.
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Charge for the 18 months on owned assets
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Page 14
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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Investments in Subsidiary
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Page 15
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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Due after more than one year
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Prepayments and accrued income
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Prepayments and accrued income
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Derivative financial instruments
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Creditors: Amounts falling due within one year
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Taxation and social security
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Proceeds of factored debts
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Accruals and deferred income
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Derivative financial instruments
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The company's invoice discounting facility is secured by a fixed and floating charge over the assets of the company registered to Barclays Bank plc.
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Page 16
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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Financial assets measured at fair value through profit or loss
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Financial liabilities measured at fair value through profit or loss
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The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency trade creditors. At 30 September 2017, the outstanding contracts all mature within 3 months (March 2016: 9 months) of the year end. The company is committed to buy US$297,500, €901,900, AUD15,000 and NZD115,000 and pay fixed sterling amounts (March 2016: US$400,000 and €1,740,000).
The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for sterling against the Euro, US Dollar, Australian Dollar and New Zealand Dollar. The fair value of the forward-foreign currency contracts is included as a financial liability at £39,595 (March 2016: financial asset £137,076).
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Page 17
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Allotted, called up and fully paid
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600,000 Ordinary shares of £1 each
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Page 18
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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The company operates an Enterprise Management Incentive (EMI) share options scheme for employees who receive part of their remuneration in the form of share-based payments transactions.
The fair value at the date of grant was determined independently and was considered to be equal to the nominal value of the company's shares.
The directors have assessed the vesting criteria for these options and at this time none of the options issued are expected to be exercised within their term. As a result, no adjustments have been made to the financial statements in respect of these share options.
At the balance sheet date the company had issued options to subscribe for a total of 97,500 ordinary shares in the company at a price of £5.31. The options are exercisable on certain predefined events and carry no performance condition.
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Outstanding at the beginning of the year
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Commitments under operating leases
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At 30 September 2017 the company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Related party transactions
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All related party transactions conducted by company during the year were done so under normal market conditions.
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Page 19
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Bancroft Wines Limited
Notes to the Financial Statements
For the 18 months Ended 30 September 2017
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Post balance sheet events
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On 31 May 2018, a further 500,000 £1 ordinary shares have been issued and allotted by the company.
The ultimate controlling party is P C De Haan, the chairman of the company.
18.Subsidiary undertakings
The following were subsidiary undertakings of the company:
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Mason & Mason Wines Limited
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Wholesale and retail of wine
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Page 20
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