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Company No: 14751058 (England and Wales)

POWDERHAM FARM SHOP & BISTRO LTD

Unaudited Financial Statements
For the financial period from 23 March 2023 to 28 February 2024
Pages for filing with the registrar

POWDERHAM FARM SHOP & BISTRO LTD

Unaudited Financial Statements

For the financial period from 23 March 2023 to 28 February 2024

Contents

POWDERHAM FARM SHOP & BISTRO LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2024
POWDERHAM FARM SHOP & BISTRO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2024
Note 28.02.2024
£
Fixed assets
Intangible assets 3 20,000
Tangible assets 4 180,527
200,527
Current assets
Stocks 62,500
Debtors 5 33,082
Cash at bank and in hand 136,971
232,553
Creditors: amounts falling due within one year 6 ( 113,942)
Net current assets 118,611
Total assets less current liabilities 319,138
Creditors: amounts falling due after more than one year 7 ( 212,214)
Provision for liabilities ( 32,121)
Net assets 74,803
Capital and reserves
Called-up share capital 8 100
Profit and loss account 74,703
Total shareholder's funds 74,803

For the financial period ending 28 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Powderham Farm Shop & Bistro Ltd (registered number: 14751058) were approved and authorised for issue by the Board of Directors on 12 August 2024. They were signed on its behalf by:

Chris Wright
Director
POWDERHAM FARM SHOP & BISTRO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 March 2023 to 28 February 2024
POWDERHAM FARM SHOP & BISTRO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 March 2023 to 28 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Powderham Farm Shop & Bistro Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Orchards Allercombe, Rockbeare, Exeter, EX5 2HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length is less than 12 months due to being the first period since incorporation and to bring yearend in line with group companies.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
23.03.2023 to
28.02.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 24

3. Intangible assets

Goodwill Total
£ £
Cost
At 23 March 2023 0 0
Additions 30,000 30,000
At 28 February 2024 30,000 30,000
Accumulated amortisation
At 23 March 2023 0 0
Charge for the financial period 10,000 10,000
At 28 February 2024 10,000 10,000
Net book value
At 28 February 2024 20,000 20,000

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 23 March 2023 0 0 0 0 0 0
Additions 11,100 142,798 20,000 30,500 1,041 205,439
Disposals 0 ( 300) 0 0 0 ( 300)
At 28 February 2024 11,100 142,498 20,000 30,500 1,041 205,139
Accumulated depreciation
At 23 March 2023 0 0 0 0 0 0
Charge for the financial period 370 17,803 2,500 3,812 152 24,637
Disposals 0 ( 25) 0 0 0 ( 25)
At 28 February 2024 370 17,778 2,500 3,812 152 24,612
Net book value
At 28 February 2024 10,730 124,720 17,500 26,688 889 180,527

5. Debtors

28.02.2024
£
Trade debtors 22,478
Amounts owed by Parent undertakings 5,100
Prepayments 5,504
33,082

6. Creditors: amounts falling due within one year

28.02.2024
£
Bank loans (secured) 24,000
Trade creditors 51,005
Accruals 7,885
Taxation and social security 29,755
Other creditors 1,297
113,942

Bank loans are secured by a fixed and floating charge over the assets of the business.

7. Creditors: amounts falling due after more than one year

28.02.2024
£
Bank loans (secured) 142,666
Amounts owed to Group undertakings 69,548
212,214

Bank loans are secured by a fixed and floating charge over the assets of the business.

8. Called-up share capital

28.02.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

28.02.2024
£
within one year 57,300
between one and five years 229,200
after five years 544,350
830,850

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

28.02.2024
£
Unpaid contributions due to the fund (inc. in other creditors) 1,297