Company registration number 02266231 (England and Wales)
YARDE FARM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
YARDE FARM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 13
YARDE FARM LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
5
41,720
41,720
Tangible assets
6
1,639,345
1,611,549
Right of use assets
7
24,514
30,902
Investments
8
1
1
1,705,580
1,684,172
Current assets
Stocks
10
371,382
387,450
Debtors
11
893,456
761,445
Cash at bank and in hand
441,214
111,748
1,706,052
1,260,643
Creditors: amounts falling due within one year
12
(614,284)
(583,181)
Net current assets
1,091,768
677,462
Total assets less current liabilities
2,797,348
2,361,634
Creditors: amounts falling due after more than one year
13
(18,180)
(27,088)
Provisions for liabilities
Deferred tax liability
14
103,600
82,240
(103,600)
(82,240)
Net assets
2,675,568
2,252,306
Capital and reserves
Called up share capital
15
505
505
Share premium account
149,500
149,500
Profit and loss reserves
2,525,563
2,102,301
Total equity
2,675,568
2,252,306

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

YARDE FARM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2023 and are signed on its behalf by:
Mr A M Selley
Director
Company Registration No. 02266231
YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Yarde Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is 814 Leigh Road, Slough, Berkshire, SL1 4BD. The principal place of business is The Creamery, 16 Barn Close, Plympton, Devon, PL7 5HQ.

1.1
Accounting convention

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Accounting Standards in conformity with the requirements of the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 101, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the company. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Bid Corp Limited, the company's ultimate parent company. These consolidated financial statements are prepared in accordance with International Financial Reporting Standards and are publicly available on the Group's website (www.bidcorpgroup.com).

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts during the year in respect of the manufacture and sale of ice cream products, less credit for returns.

 

Revenue is recognised when the company satisfies performance obligations and transfers control of goods (usually on dispatch of the goods) to its customers, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, the costs incurred or to be incurred in respect of the transaction can be measured reliably and there is no unfulfilled performance obligation that could affect the customer's acceptance of the goods.

 

The company manufactures and distributes ice cream products to both wholesalers and retail customers. The products are often sold with retrospective volume rebates based on the contracts in place with the customers. Accumulated experience is used to estimate and provide for the discounts. The volume discounts can be estimated with a reasonable level of certainty, and as such the company's contracts do not involve significant judgement.

 

A retrospective rebate liability is recognised and included in trade creditors for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are not made with extended credit terms, which is consistent with market practice.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is stated at cost less accumulated accumulated impairment losses.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
Depreciated over their useful life to their residual value.
Plant and machinery
Between 10% and 33% per annum on a straight-line basis
Fixtures, fittings & equipment
Depreciated straight-line over 4 to 7 years
Motor vehicles
20% per annum on a straight-line-basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Freehold land is not depreciated.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost, which is calculated using the weighted average method, comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.12
Leases

The company has adopted IFRS 16 Leases under which all leases are brought onto the company's balance sheet, with a right-of-use asset and an associated lease liability recognised.

 

At the commencement date of the lease the right-of-use asset is measured at cost, which is equal to the amount of the initial measurement of the lease liability plus payments made less incentives received before the commencement date of the lease.

 

The lease liability is initially measured at the present value of future lease payments. The present value of unpaid lease payments is the total lease payments unpaid, discounted at the company's incremental borrowing rate.

 

The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses, adjusted for any remeasurement of the lease liability arising from a reassessment of the lease term, revision to lease break assumptions or revision to in-substance fixed lease repayments.

 

The depreciation and impairment accounting policies applied to the right-of-use assets are consistent with those applied to the respective tangible asset categories with depreciation charged on a straight-line basis over the lease term.

 

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and adjusted to reflect any reassessment of the lease term. The interest expense is recognised in the profit and loss account.

 

The company has elected to account for short term leases expiring within 12 months using the practical expedients contained in IFRS 16 Leases. Instead of recognising a right-of-use asset and a lease liability, the lease payments in relation to such leases are recognised as an expense in Profit and Loss on a straight-line basis over the lease term.

 

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 8 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Overiders payable

Determining the amount of Marketing creditors, overriders, or retrospective discounts, payable to customers at each accounting date requires an estimation of the amounts payable based upon the level of sales and the terms of the discounts with each customer. The actual amounts of such discounts are generally not known with certainty until after the financial statements have been approved.

 

The amount of such discounts included in Creditors falling due within one year amounted to £160,299 (2022: £141,371).

3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Research and development costs
20
72
Government grants
52
52
Fees payable to the company's auditor for the audit of the company's financial statements
7,800
6,400
Depreciation of owned tangible fixed assets
308,543
283,660
Operating lease charges
5,301
16,498
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
3
3
Production
17
14
Sales
4
4
Administration
6
6
Total
30
27

The directors were also directors of the intermediate parent companies. Details regarding emoluments are disclosed in the financial statements of those companies and those emoluments are borne by those companies. The directors do not believe that it is practicable to apportion these amounts between the services as director of the company and services as director of the fellow group undertakings. Accordingly, no charges for directors’ services have been made to the company.

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
41,720
Amortisation and impairment
At 1 July 2022 and 30 June 2023
-
0
Carrying amount
At 30 June 2023 and 30 June 2022
41,720
6
Tangible fixed assets
Land and buildings freehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2022
768,961
-
0
2,326,123
44,345
24,118
3,163,547
Additions
8,657
18,799
246,956
51,143
4,000
329,555
At 30 June 2023
777,618
18,799
2,573,079
95,488
28,118
3,493,102
Depreciation and impairment
At 1 July 2022
20,796
-
0
1,474,089
43,833
13,280
1,551,998
Depreciation charged in the year
3,342
1,880
285,092
5,771
5,674
301,759
At 30 June 2023
24,138
1,880
1,759,181
49,604
18,954
1,853,757
Carrying amount
At 30 June 2023
753,480
16,919
813,898
45,884
9,164
1,639,345
At 30 June 2022
748,165
-
0
852,034
512
10,838
1,611,549

No depreciation is provided on freehold buildings as in the opinion of the directors the residual value is at least equal to the carrying value.

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
7
Right-of-use assets
Leasehold property
£
Cost
At 1 July 2022
46,250
Revaluation
(9,246)
At 30 June 2023
37,004
Depreciation and impairment
At 1 July 2022
15,348
Depreciation charged in the year
6,784
Revaluation
(9,642)
At 30 June 2023
12,490
Carrying amount
At 30 June 2023
24,514
At 30 June 2022
30,902

Leasehold property above represents a right-of-use asset on the lease of a property occupied by the company (formerly occupied by Beanice Limited).

8
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
9
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2022 & 30 June 2023
1
Carrying amount
At 30 June 2023 and 30 June 2022
1
9
Subsidiaries

These financial statements are separate company financial statements for Yarde Farm Limited.

Details of the company's subsidiaries at 30 June 2023 are as follows:

YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
Subsidiaries
(Continued)
- 11 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Beanice Limited
England and Wales
Dormant
Ordinary
100.00

The investment in the subsidiary company is stated at cost less impairment.

10
Stocks
2023
2022
£
£
Raw materials and consumables
167,511
156,450
Finished goods and goods for resale
203,871
231,000
371,382
387,450
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
127,630
84,411
Corporation tax recoverable
164,424
146,964
Amounts owed by group undertakings
507,309
363,245
Other debtors
43,306
83,230
Prepayments and accrued income
50,787
83,595
893,456
761,445

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Lease obligations
7,016
5,929
Trade creditors
372,448
448,101
Amounts owed to group undertakings
36,124
13,787
Taxation and social security
23,171
19,694
Other creditors
3,209
2,792
Accruals and deferred income
172,316
92,878
614,284
583,181
YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
18,180
27,088
14
Deferred taxation

The analysis of the deferred tax balance is as follows:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
103,600
82,240
2023
Movements in the year:
£
Liability at 1 July 2022
82,240
Charge to profit or loss
21,360
Liability at 30 June 2023
103,600

 

 

The deferred tax liability of £103,600 (2022: £82,240) above relates to accelerated capital allowances that are expected to mature within the foreseeable future.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
505
505
505
505
16
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Sean Murphy
Statutory Auditor:
Darnells Audit Limited
17
Related party transactions
Transactions with related parties
YARDE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
17
Related party transactions
(Continued)
- 13 -

The company has taken advantage of the exemption under FRS101 from disclosing intra-group transactions where each party to the transaction is wholly-owned by the group.

18
Ultimate controlling party

The immediate parent company is Bidcorp Manufacturing Limited, a company incorporated in England & Wales. The ultimate parent company of Bidcorp Manufacturing Limited is Bid Corporation Limited, a company incorporated in South Africa, whose registered office is 2nd Floor North Wing, 90 Rivonia Road, Sandton, Johannesburg, 2196, South Africa.

 

The smallest group in which the results of the company are consolidated is headed by Bidcorp Foodservice International Limited. The largest group in which the results of the company are consolidated is headed by Bid Corporation Limited. Copies of the consolidated financial statements of Bid Corporation Limited can be obtained from the Group's website (www.bidcorpgroup.com).

2023-06-302022-07-01false06 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr A M SelleyMs A BroganMr S D Bender022662312022-07-012023-06-30022662312023-06-3002266231core:Goodwill2023-06-3002266231core:Goodwill2022-06-3002266231core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-3002266231core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-06-3002266231core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3002266231core:LeaseholdImprovements2023-06-3002266231core:PlantMachinery2023-06-3002266231core:FurnitureFittings2023-06-3002266231core:MotorVehicles2023-06-3002266231core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-3002266231core:LeaseholdImprovements2022-06-3002266231core:PlantMachinery2022-06-3002266231core:FurnitureFittings2022-06-3002266231core:MotorVehicles2022-06-30022662312022-06-3002266231core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002266231core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3002266231core:ShareCapital2023-06-3002266231core:ShareCapital2022-06-3002266231core:SharePremium2023-06-3002266231core:SharePremium2022-06-3002266231core:RetainedEarningsAccumulatedLosses2023-06-3002266231core:RetainedEarningsAccumulatedLosses2022-06-3002266231bus:Director12022-07-012023-06-3002266231core:Goodwill2022-07-012023-06-3002266231core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-012023-06-3002266231core:PlantMachinery2022-07-012023-06-3002266231core:FurnitureFittings2022-07-012023-06-3002266231core:MotorVehicles2022-07-012023-06-30022662312021-07-012022-06-3002266231core:Goodwill2022-06-3002266231core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-3002266231core:LeaseholdImprovements2022-06-3002266231core:PlantMachinery2022-06-3002266231core:FurnitureFittings2022-06-3002266231core:MotorVehicles2022-06-3002266231core:LeaseholdImprovements2022-07-012023-06-3002266231core:Non-currentFinancialInstruments2023-06-3002266231core:Non-currentFinancialInstruments2022-06-3002266231core:Subsidiary12022-07-012023-06-3002266231core:CurrentFinancialInstruments2023-06-3002266231core:CurrentFinancialInstruments2022-06-3002266231bus:PrivateLimitedCompanyLtd2022-07-012023-06-3002266231bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3002266231bus:FRS1022022-07-012023-06-3002266231bus:Audited2022-07-012023-06-3002266231bus:Director22022-07-012023-06-3002266231bus:Director32022-07-012023-06-3002266231bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP