Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-262021-12-262021-12-262020-12-28falseproperty investment and the provision of a neighbourhoodsupermarket service for the retail provision of groceries, provisions, fresh and frozen foods, wines, beers,spirits and confectionary within Central London at hours to suit the public.21falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03870621 2020-12-28 2021-12-26 03870621 2019-12-30 2020-12-27 03870621 2021-12-26 03870621 2020-12-27 03870621 2019-12-30 03870621 2 2020-12-28 2021-12-26 03870621 2 2019-12-30 2020-12-27 03870621 3 2020-12-28 2021-12-26 03870621 3 2019-12-30 2020-12-27 03870621 d:Director1 2020-12-28 2021-12-26 03870621 e:Buildings 2020-12-28 2021-12-26 03870621 e:Buildings e:ShortLeaseholdAssets 2020-12-28 2021-12-26 03870621 e:FurnitureFittings 2020-12-28 2021-12-26 03870621 e:FurnitureFittings 2021-12-26 03870621 e:FurnitureFittings 2020-12-27 03870621 e:FreeholdInvestmentProperty 2020-12-28 2021-12-26 03870621 e:FreeholdInvestmentProperty 2021-12-26 03870621 e:FreeholdInvestmentProperty 2020-12-27 03870621 e:FreeholdInvestmentProperty 2 2020-12-28 2021-12-26 03870621 e:CurrentFinancialInstruments 2021-12-26 03870621 e:CurrentFinancialInstruments 2020-12-27 03870621 e:Non-currentFinancialInstruments 2021-12-26 03870621 e:Non-currentFinancialInstruments 2020-12-27 03870621 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-26 03870621 e:CurrentFinancialInstruments e:WithinOneYear 2020-12-27 03870621 e:Non-currentFinancialInstruments e:AfterOneYear 2021-12-26 03870621 e:Non-currentFinancialInstruments e:AfterOneYear 2020-12-27 03870621 e:ShareCapital 2020-12-28 2021-12-26 03870621 e:ShareCapital 2021-12-26 03870621 e:ShareCapital 2019-12-30 2020-12-27 03870621 e:ShareCapital 2020-12-27 03870621 e:ShareCapital 2019-12-30 03870621 e:RevaluationReserve 2020-12-28 2021-12-26 03870621 e:InvestmentPropertiesRevaluationReserve 2020-12-28 2021-12-26 03870621 e:InvestmentPropertiesRevaluationReserve 2021-12-26 03870621 e:InvestmentPropertiesRevaluationReserve 2 2020-12-28 2021-12-26 03870621 e:InvestmentPropertiesRevaluationReserve 3 2020-12-28 2021-12-26 03870621 e:InvestmentPropertiesRevaluationReserve 2019-12-30 2020-12-27 03870621 e:InvestmentPropertiesRevaluationReserve 2020-12-27 03870621 e:InvestmentPropertiesRevaluationReserve 2019-12-30 03870621 e:InvestmentPropertiesRevaluationReserve 2 2019-12-30 2020-12-27 03870621 e:InvestmentPropertiesRevaluationReserve 3 2019-12-30 2020-12-27 03870621 e:RetainedEarningsAccumulatedLosses 2020-12-28 2021-12-26 03870621 e:RetainedEarningsAccumulatedLosses 2021-12-26 03870621 e:RetainedEarningsAccumulatedLosses 2 2020-12-28 2021-12-26 03870621 e:RetainedEarningsAccumulatedLosses 3 2020-12-28 2021-12-26 03870621 e:RetainedEarningsAccumulatedLosses 2019-12-30 2020-12-27 03870621 e:RetainedEarningsAccumulatedLosses 2020-12-27 03870621 e:RetainedEarningsAccumulatedLosses 2019-12-30 03870621 e:RetainedEarningsAccumulatedLosses 2 2019-12-30 2020-12-27 03870621 e:RetainedEarningsAccumulatedLosses 3 2019-12-30 2020-12-27 03870621 d:FRS102 2020-12-28 2021-12-26 03870621 d:AuditExempt-NoAccountantsReport 2020-12-28 2021-12-26 03870621 d:FullAccounts 2020-12-28 2021-12-26 03870621 d:PrivateLimitedCompanyLtd 2020-12-28 2021-12-26 03870621 e:Subsidiary1 2020-12-28 2021-12-26 03870621 e:Subsidiary1 1 2020-12-28 2021-12-26 03870621 d:Consolidated 2021-12-26 03870621 d:ConsolidatedGroupCompanyAccounts 2020-12-28 2021-12-26 03870621 2 2020-12-28 2021-12-26 03870621 5 2020-12-28 2021-12-26 03870621 6 2020-12-28 2021-12-26 03870621 e:ShareCapital 2 2020-12-28 2021-12-26 03870621 e:ShareCapital 3 2020-12-28 2021-12-26 03870621 e:ShareCapital 2 2019-12-30 2020-12-27 03870621 e:ShareCapital 3 2019-12-30 2020-12-27 03870621 e:AcceleratedTaxDepreciationDeferredTax 2021-12-26 03870621 e:AcceleratedTaxDepreciationDeferredTax 2020-12-27 03870621 e:TaxLossesCarry-forwardsDeferredTax 2021-12-26 03870621 e:TaxLossesCarry-forwardsDeferredTax 2020-12-27 iso4217:GBP xbrli:pure
Registered number: 03870621






SHEPHERD FOODS HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021










img031b.png

 
SHEPHERD FOODS HOLDINGS LIMITED
REGISTERED NUMBER:03870621

CONSOLIDATED BALANCE SHEET
AS AT 26 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 6 
1,483,472
1,303,107

Investment property
 8 
11,847,981
12,205,000

  
13,331,453
13,508,107

Current assets
  

Stocks
  
243,941
213,414

Debtors: amounts falling due after more than one year
 9 
-
3,641

Debtors: amounts falling due within one year
 9 
427,550
297,475

Cash at bank and in hand
 10 
485,501
463,091

  
1,156,992
977,621

Creditors: amounts falling due within one year
 11 
(1,821,079)
(1,346,370)

Net current liabilities
  
 
 
(664,087)
 
 
(368,749)

Total assets less current liabilities
  
12,667,366
13,139,358

Creditors: amounts falling due after more than one year
 12 
(120,284)
(99,644)

Provisions for liabilities
  

Deferred tax
 13 
(2,248,640)
(1,752,117)

  
 
 
(2,248,640)
 
 
(1,752,117)

Pension liability/asset
 15 
-
(653,924)

Net assets
  
10,298,442
10,633,673


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Revaluation reserve
 14 
580,671
446,240

Investment property reserve
 14 
6,581,721
7,393,639

Profit and loss account
 14 
3,036,050
2,693,794

  
10,298,442
10,633,673


Page 1

 
SHEPHERD FOODS HOLDINGS LIMITED
REGISTERED NUMBER:03870621
    
CONSOLIDATED 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 consolidated 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 HOLDINGS LIMITED
REGISTERED NUMBER:03870621

COMPANY BALANCE SHEET
AS AT 26 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 7 
100,000
100,000

Investment property
 8 
13,247,981
13,405,000

  
13,347,981
13,505,000

Current assets
  

Debtors: amounts falling due within one year
 9 
430,095
284,246

Cash at bank and in hand
 10 
267,615
227,810

  
697,710
512,056

Creditors: amounts falling due within one year
 11 
(758,516)
(727,119)

Net current liabilities
  
 
 
(60,806)
 
 
(215,063)

Total assets less current liabilities
  
13,287,175
13,289,937

  

Creditors: amounts falling due after more than one year
 12 
(120,284)
(99,644)

Provisions for liabilities
  

Deferred taxation
 13 
(2,248,640)
(1,736,153)

  
 
 
(2,248,640)
 
 
(1,736,153)

Net assets excluding pension liability/asset
  
10,918,251
11,454,140

Net assets
  
10,918,251
11,454,140


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Investment property reserve
 14 
7,701,549
8,379,036

Profit and loss account
 14 
3,116,702
2,975,104

  
10,918,251
11,454,140


Page 3

 
SHEPHERD FOODS HOLDINGS LIMITED
REGISTERED NUMBER:03870621
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 26 DECEMBER 2021

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 4

 
SHEPHERD FOODS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 26 DECEMBER 2021


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 31 December 2019
100,000
525,471
7,727,292
2,248,054
10,600,817


Comprehensive income for the period

Loss for the period
-
-
-
(20,862)
(20,862)

Actuarial gains on pension scheme
-
-
-
83,718
83,718
Total comprehensive income for the period
-
-
-
62,856
62,856

Dividends: Equity capital
-
-
-
(30,000)
(30,000)

Investment property revaluations
-
(79,231)
79,231
-
-

Investment property revaluation
-
-
(514,873)
514,873
-

Deferred tax movement on investment property revaluations
-
-
101,989
(101,989)
-


Total transactions with owners
-
(79,231)
(333,653)
382,884
(30,000)



At 28 December 2020
100,000
446,240
7,393,639
2,693,794
10,633,673


Comprehensive income for the year

Loss for the year
-
-
-
(321,701)
(321,701)
Total comprehensive income for the year
-
-
-
(321,701)
(321,701)

Dividends: Equity capital
-
-
-
(13,530)
(13,530)

Revaluation reserve movement
-
134,431
(134,431)
-
-

Investment property revaluations
-
-
(165,000)
165,000
-

Deferred tax movement on investment property revaluations
-
-
(512,487)
512,487
-


Total transactions with owners
-
134,431
(811,918)
663,957
(13,530)


At 26 December 2021
100,000
580,671
6,581,721
3,036,050
10,298,442


Page 5

 
SHEPHERD FOODS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 26 DECEMBER 2021


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 31 December 2019
100,000
8,791,920
2,871,583
11,763,503


Comprehensive income for the period

Loss for the period
-
-
(279,363)
(279,363)
Total comprehensive income for the period
-
-
(279,363)
(279,363)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(30,000)
(30,000)

Investment property revaluations
-
(514,873)
514,873
-

Deferred tax movement on investment property revaluations
-
101,989
(101,989)
-


Total transactions with owners
-
(412,884)
382,884
(30,000)



At 28 December 2020
100,000
8,379,036
2,975,104
11,454,140


Comprehensive income for the period

Loss for the year
-
-
(522,359)
(522,359)
Total comprehensive income for the year
-
-
(522,359)
(522,359)

Dividends: Equity capital
-
-
(13,530)
(13,530)

Investment property revaluations
-
(165,000)
165,000
-

Deferred tax movements on investment property revaluations
-
(512,487)
512,487
-


Total transactions with owners
-
(677,487)
663,957
(13,530)


At 26 December 2021
100,000
7,701,549
3,116,702
10,918,251


Page 6

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

1.


General information

Shepherd Foods Holdings Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 2-5 Duke of York Square, London, SW3 4LY.
The principal activities of the group are property investment and the provision of a neighbourhood supermarket service for the retail provision of groceries, provisions, fresh and frozen foods, wines, beers, spirits and confectionary 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.3

Going concern

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.

Page 7

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

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 Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 8

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 9

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.12

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group 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 Group. 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 either the straight line method or over the term of the lease.

Depreciation is provided on the following basis:

Freehold property
-
See note 2.12
S/Term Leasehold Property Improvements
-
Over the period of the lease
Fixtures & fittings
-
10%, 20% 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.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 10

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.14

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Statement of Comprehensive Income.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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 weighted average 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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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.

 
2.21

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of
Page 11

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)


2.21
Financial instruments (continued)

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 Consolidated 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.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


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).

Page 12

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

5.


Intangible assets

Group and Company







Goodwill

£



Cost


At 28 December 2020
(1,663,753)



At 26 December 2021

(1,663,753)



Amortisation


At 28 December 2020
(1,663,753)



At 26 December 2021

(1,663,753)



Net book value



At 26 December 2021
-



At 27 December 2020
-



Page 13

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

6.


Tangible fixed assets

Group








Freehold property
S/Term Leasehold Property
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 28 December 2020
1,200,000
56,585
322,678
1,579,263


Additions
-
-
6,328
6,328


Revaluations
200,000
-
-
200,000



At 26 December 2021

1,400,000
56,585
329,006
1,785,591



Depreciation


At 28 December 2020
-
54,397
221,759
276,156


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



At 26 December 2021

-
56,585
245,534
302,119



Net book value



At 26 December 2021
1,400,000
-
83,472
1,483,472



At 27 December 2020
1,200,000
2,188
100,919
1,303,107




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold
1,400,000
1,200,000

Short leasehold
-
2,188

1,400,000
1,202,188


Page 14

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

           6.Tangible fixed assets (continued)


Cost or valuation at 26 December 2021 is as follows:

Land and buildings
£


At cost
761,044
At valuation:

26 December 2021
695,541



1,456,585

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2021
2020
£
£

Group


Cost
761,044
761,044

Net book value
761,044
761,044

Page 15

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

           6.Tangible fixed assets (continued)


Company









Fixtures & fittings

£

Cost or valuation


At 28 December 2020
1,245



At 26 December 2021

1,245



Depreciation


At 28 December 2020
1,245



At 26 December 2021

1,245



Net book value



At 26 December 2021
-



At 27 December 2020
-






Page 16

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

7.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 28 December 2020
100,000



At 26 December 2021
100,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Shepherd Foods (London) Limited
United Kingdom
Ordinary
100%

The aggregate of the share capital and reserves as at 26 December 2021 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Shepherd Foods (London) Limited
(519,810)
200,657

Page 17

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

8.


Investment property

Group





Freehold investment property

£



Valuation


At 28 December 2020
12,205,000


Additions at cost
7,981


Deficit on revaluation
(365,000)



At 26 December 2021
11,847,981

The 2021 valuations were made by the directors, on an open market value for existing use basis.




Company








Freehold investment property

£



Valuation


At 28 December 2020
13,405,000


Additions at cost
7,981


Deficit on revaluation
(165,000)



At 26 December 2021
13,247,981

The 2021 valuations were made by the directors, on an open market value for existing use basis.

Page 18

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

9.


Debtors

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Due after more than one year

Other debtors
-
3,641
-
-

-
3,641
-
-


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Due within one year

Trade debtors
284,312
157,534
278,994
156,817

Other debtors
76,688
96,553
127,429
127,429

Prepayments and accrued income
66,550
43,388
23,672
-

427,550
297,475
430,095
284,246



10.


Cash and cash equivalents

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Cash at bank and in hand
485,501
463,091
267,615
227,810

485,501
463,091
267,615
227,810


Page 19

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Trade creditors
286,070
281,269
3,767
6,236

Amounts owed to group undertakings
-
-
582,800
505,095

Corporation tax
-
36,910
-
33,605

Other taxation and social security
66,775
64,168
34,706
28,446

Other creditors
1,283,657
771,045
39,701
49,942

Accruals and deferred income
184,577
192,978
97,542
103,795

1,821,079
1,346,370
758,516
727,119


The bank overdraft is secured by a composite cross guarantee between Shepherds Foods (London) Limited, Partridges of Sloane Street Limited, Partridges of Sloane Square Limited and C & J Carpets Limited. The company's bankers hold a mortgage debenture over all assets of the company.


12.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Other creditors
120,284
99,644
120,284
99,644

120,284
99,644
120,284
99,644



13.


Deferred taxation


Group



2021


£






At beginning of year
(1,752,117)


Charged to profit or loss
(496,523)



At end of year
(2,248,640)

Page 20

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021
 
13.Deferred taxation (continued)

Company


2021


£






At beginning of year
(1,736,153)


Charged to profit or loss
(512,487)



At end of year
(2,248,640)

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Accelerated capital allowances
-
(15,964)
-
-

Revaluation of investment properties
(2,248,640)
(1,736,153)
(2,248,640)
(1,736,153)

(2,248,640)
(1,752,117)
(2,248,640)
(1,736,153)


14.


Reserves

Revaluation reserve

This reserve records increases in the fair value of freehold land and buildings and decreases to the extent that such decrease relates to an increase on the same asset. Deferred tax on the revaluation is netted off here against gross revaluation.

Investment property revaluation reserve

This reserve records increases in the fair value of investment land and buildings and decreases to the extent that such decrease relates to an increase on the same asset. Deferred tax on the revaluation is netted off here against gross revaluation. The reserve is part of the profit and loss reserve but is the non-distributable element.

Profit & loss account

All reserves in respect of profit and loss are distributable reserves.


15.


Pension commitments

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 21

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

16.


Related party transactions

Dividends to Directors
The following directors were paid dividends during the period as outlined in the table below:


2021
£

Sir Richard Shepherd
-
J A W Shepherd
13,530
13,530

Group
During the year a sum of £96,082 (2020: £81,938) in respect of management charges were received from companies under common control. At the balance sheet date the group owed £1,277,738 (2020: £712,614) to a company under common control. The balance does not incur interest and is repayable on demand. 
Company
The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned.
During the year J.A.W Shepherd continued to occupy the flat at 14/15 Spring Street, a property owned by the company.  The consideration paid to the company remained at £Nil.
At the balance sheet date J.A.W Shepherd was owed £10,150 (
2020: £10,150) by the company and Sir Richard Shepherd was owed £2,936 (2020: owed £7,053) by the company.
At the balance sheet date the company was owed £127,429 (
2020: £127,429) by a company under common control. The balance does not bear interest and is repayable on demand.
At the balance sheet date the company owed £25,000 (2020: £24,511) to a company under common control. The balance does not bear interest and is repayable on demand.

Page 22