Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-262021-12-262020-12-2847falseproviding a neighbourhood supermarketservice for the retail provision of groceries, provisions, fresh and frozen foods, wines, beers, spirits andconfectionery within Central London at hours to suit the public.43truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00942649 2020-12-28 2021-12-26 00942649 2019-12-30 2020-12-27 00942649 2021-12-26 00942649 2020-12-27 00942649 2019-12-30 00942649 c:Director1 2020-12-28 2021-12-26 00942649 d:Buildings d:ShortLeaseholdAssets 2020-12-28 2021-12-26 00942649 d:Buildings d:ShortLeaseholdAssets 2021-12-26 00942649 d:Buildings d:ShortLeaseholdAssets 2020-12-27 00942649 d:FurnitureFittings 2020-12-28 2021-12-26 00942649 d:FurnitureFittings 2021-12-26 00942649 d:FurnitureFittings 2020-12-27 00942649 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-12-28 2021-12-26 00942649 d:OwnedOrFreeholdAssets 2020-12-28 2021-12-26 00942649 d:CurrentFinancialInstruments 2021-12-26 00942649 d:CurrentFinancialInstruments 2020-12-27 00942649 d:Non-currentFinancialInstruments 2021-12-26 00942649 d:Non-currentFinancialInstruments 2020-12-27 00942649 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-26 00942649 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-27 00942649 d:ShareCapital 2021-12-26 00942649 d:ShareCapital 2020-12-27 00942649 d:RetainedEarningsAccumulatedLosses 2021-12-26 00942649 d:RetainedEarningsAccumulatedLosses 2020-12-27 00942649 c:FRS102 2020-12-28 2021-12-26 00942649 c:AuditExempt-NoAccountantsReport 2020-12-28 2021-12-26 00942649 c:FullAccounts 2020-12-28 2021-12-26 00942649 c:PrivateLimitedCompanyLtd 2020-12-28 2021-12-26 00942649 d:AcceleratedTaxDepreciationDeferredTax 2021-12-26 00942649 d:AcceleratedTaxDepreciationDeferredTax 2020-12-27 iso4217:GBP xbrli:pure
Registered number: 00942649






SHEPHERD FOODS (LONDON) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021










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SHEPHERD FOODS (LONDON) LIMITED
REGISTERED NUMBER:00942649

BALANCE SHEET
AS AT 26 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 5 
83,471
103,106

  
83,471
103,106

Current assets
  

Stocks
 6 
243,941
213,414

Debtors: amounts falling due after more than one year
 7 
-
3,641

Debtors: amounts falling due within one year
 7 
707,684
645,750

Cash at bank and in hand
 8 
217,887
235,282

  
1,169,512
1,098,087

Creditors: amounts falling due within one year
 9 
(1,772,793)
(1,251,772)

Net current liabilities
  
 
 
(603,281)
 
 
(153,685)

Total assets less current liabilities
  
(519,810)
(50,579)

Provisions for liabilities
  

Deferred tax
 10 
-
(15,964)

  
 
 
-
 
 
(15,964)

Pension liability/asset
 11 
-
(653,924)

Net liabilities
  
(519,810)
(720,467)


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
(619,810)
(820,467)

  
(519,810)
(720,467)

Page 1

 
SHEPHERD FOODS (LONDON) LIMITED
REGISTERED NUMBER:00942649
    
BALANCE SHEET (CONTINUED)
AS AT 26 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
J A W Shepherd
Director

Date: 11 August 2022

Page 2

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

1.


General information

Shepherd Foods (London) Limited as a private company limited by shares, incorporated in England and Wales. Its registered office address is 2 - 5 Duke of York Square, London, SW3 4LY.
The principal activity of the company continued to be that of providing a neighbourhood supermarket service for the retail provision of groceries, provisions, fresh and frozen foods, wines, beers, spirits and confectionery within Central London at hours to suit the public.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Despite the company's net liabilities and losses made in the period the directors believe the going concern concept has been correctly applied due to the ongoing support given by the parent company. In assessing the going concern basis, the directors have considered a period in excess of 12 months from the date of signature of the directors report.
The Directors are of the opinion that the company will not be significantly affected by the pandemic caused by the Coronavirus (Covid-19) and believe that the company is a going concern. Accordingly, the Financial Statements have been prepared on that basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

 
2.9

Tangible fixed assets

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.

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:

Leasehold Property Improvements
-
Over the period of the lease
Fixtures & fittings
-
10% and 33.33% Straight Line

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 profit or loss.

Page 5

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

Stocks

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 out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

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.

 
2.13

Creditors

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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 Comprehensive Income.

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 a net basis or to realise the asset and settle the liability simultaneously.

Page 6

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Employees

The average monthly number of employees, including directors, during the year was 43 (2020 - 47).


5.


Tangible fixed assets







Leasehold Property Improve-ments
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 28 December 2020
56,585
321,432
378,017


Additions
-
6,328
6,328



At 26 December 2021

56,585
327,760
384,345



Depreciation


At 28 December 2020
54,397
220,514
274,911


Charge for the year on owned assets
2,188
23,775
25,963



At 26 December 2021

56,585
244,289
300,874



Net book value



At 26 December 2021
-
83,471
83,471



At 27 December 2020
2,188
100,918
103,106


6.


Stocks

2021
2020
£
£

Finished goods and goods for resale
243,941
213,414

243,941
213,414


Page 7

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

7.


Debtors

2021
2020
£
£

Due after more than one year

Other debtors
-
3,641

-
3,641


2021
2020
£
£

Due within one year

Trade debtors
5,318
716

Amounts owed by group undertakings
582,800
505,095

Other debtors
76,688
96,551

Prepayments and accrued income
42,878
43,388

707,684
645,750



8.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
217,887
235,282

217,887
235,282



9.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
282,304
275,033

Corporation tax
-
3,305

Other taxation and social security
32,068
35,722

Other creditors
1,371,386
848,530

Accruals and deferred income
87,035
89,182

1,772,793
1,251,772


Page 8

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

9.Creditors: Amounts falling due within one year (continued)

The company is part of a composite cross guarantee between this company, Partridges of Sloane Square Limited, Partridges of Sloane Street Limited and C & J Carpets Limited which secures the bank overdrafts of these companies. The company's bankers hold a mortgage debenture over all assets of the company.


10.


Deferred taxation






2021
2020


£

£






At beginning of year
(15,964)
(12,257)


Charged to profit or loss
15,964
(3,707)



At end of year
-
(15,964)

The deferred taxation balance is made up as follows:

2021
2020
£
£


Accelerated capital allowances
-
(15,964)

-
(15,964)


11.


Pension commitments

Defined contribution pension scheme
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,640 (2020: £36,049) . Contributions totalling £9,264 (2020: £6,292) were payable to the fund at the balance sheet date and are included in creditors.
Defined benefit pension scheme
The Company is a participating employer in a defined benefit pension scheme that is operated by an associated company, the principal employer. The assets of the scheme are held separately from those of
the companies.
On 3 March 2020, the principal employer instructed the Trustees of the scheme to commence the winding up of the Scheme, and in February 2021 the benefits of all members, except for one, were bought out of
the Scheme. On 19 February 2022 the remaining member of the scheme passed away, and the Principal Employer and Trustee has confirmed that the Scheme will now be fully wound up.

Page 9

 
SHEPHERD FOODS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

12.


Related party transactions

Loans to directors
The table below states the amounts owed to the company by directors and their close family at the balance sheet date, no interest is payable on these loans.


2021
£

J A W Shepherd
311
M Shepherd (Spouse of J A W Shepherd)
5,000
5,311

At the balance sheet date the company owed £1,355,168 (2020: £840,043) to companies under common control.  The balance does not incur interest and is repayable on demand.
The company has taken advantage of the exemption provided by FRS 102 from disclosing transactions with members of the same group that are wholly owned.


13.


Controlling party

The ultimate parent company is Shepherd Foods Holdings Limited which owns 100% of the share capital in Shepherd Foods (London) Limited. 
The smallest and largest group into which the results of this company are consolidated is Shepherd Foods Holdings Limited, copies of the consolidated accounts are available from Companies House.

 
Page 10