Silverfin false false 30/06/2024 01/07/2023 30/06/2024 G J Morgan 01/07/2019 C E Watson 15/02/2006 H A Watson 17/08/2022 J B Watson 15/02/2006 16 September 2024 The principal activity of the Company during the financial year was manufacturing food, food retail outlets and restaurants. 05710308 2024-06-30 05710308 bus:Director1 2024-06-30 05710308 bus:Director2 2024-06-30 05710308 bus:Director3 2024-06-30 05710308 bus:Director4 2024-06-30 05710308 2023-06-30 05710308 core:CurrentFinancialInstruments 2024-06-30 05710308 core:CurrentFinancialInstruments 2023-06-30 05710308 core:Non-currentFinancialInstruments 2024-06-30 05710308 core:Non-currentFinancialInstruments 2023-06-30 05710308 core:ShareCapital 2024-06-30 05710308 core:ShareCapital 2023-06-30 05710308 core:CapitalRedemptionReserve 2024-06-30 05710308 core:CapitalRedemptionReserve 2023-06-30 05710308 core:RetainedEarningsAccumulatedLosses 2024-06-30 05710308 core:RetainedEarningsAccumulatedLosses 2023-06-30 05710308 core:Goodwill 2023-06-30 05710308 core:Goodwill 2024-06-30 05710308 core:LandBuildings 2023-06-30 05710308 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 05710308 core:Vehicles 2023-06-30 05710308 core:OfficeEquipment 2023-06-30 05710308 core:LandBuildings 2024-06-30 05710308 core:ConstructionInProgressAssetsUnderConstruction 2024-06-30 05710308 core:Vehicles 2024-06-30 05710308 core:OfficeEquipment 2024-06-30 05710308 bus:OrdinaryShareClass1 2024-06-30 05710308 2023-07-01 2024-06-30 05710308 bus:FilletedAccounts 2023-07-01 2024-06-30 05710308 bus:SmallEntities 2023-07-01 2024-06-30 05710308 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05710308 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05710308 bus:Director1 2023-07-01 2024-06-30 05710308 bus:Director2 2023-07-01 2024-06-30 05710308 bus:Director3 2023-07-01 2024-06-30 05710308 bus:Director4 2023-07-01 2024-06-30 05710308 core:Goodwill core:TopRangeValue 2023-07-01 2024-06-30 05710308 core:Vehicles 2023-07-01 2024-06-30 05710308 core:OfficeEquipment core:BottomRangeValue 2023-07-01 2024-06-30 05710308 core:OfficeEquipment core:TopRangeValue 2023-07-01 2024-06-30 05710308 2022-07-01 2023-06-30 05710308 core:Goodwill 2023-07-01 2024-06-30 05710308 core:LandBuildings 2023-07-01 2024-06-30 05710308 core:ConstructionInProgressAssetsUnderConstruction 2023-07-01 2024-06-30 05710308 core:OfficeEquipment 2023-07-01 2024-06-30 05710308 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 05710308 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 05710308 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 05710308 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05710308 (England and Wales)

BEN'S FARM SHOP LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

BEN'S FARM SHOP LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

BEN'S FARM SHOP LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
BEN'S FARM SHOP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS G J Morgan
C E Watson
H A Watson
J B Watson
SECRETARY C E Watson
REGISTERED OFFICE Head Office
Hole Farm
Buckfastleigh
TQ11 0LA
United Kingdom
COMPANY NUMBER 05710308 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
BEN'S FARM SHOP LIMITED

BALANCE SHEET

As at 30 June 2024
BEN'S FARM SHOP LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 22,550
Tangible assets 4 684,069 446,123
684,069 468,673
Current assets
Stocks 658,267 702,572
Debtors 5 96,050 68,045
Cash at bank and in hand 1,697,010 1,454,256
2,451,327 2,224,873
Creditors: amounts falling due within one year 6 ( 979,109) ( 901,904)
Net current assets 1,472,218 1,322,969
Total assets less current liabilities 2,156,287 1,791,642
Creditors: amounts falling due after more than one year 7 ( 48,343) 0
Provision for liabilities ( 69,800) ( 51,500)
Net assets 2,038,144 1,740,142
Capital and reserves
Called-up share capital 8 544 544
Capital redemption reserve 278,556 278,556
Profit and loss account 1,759,044 1,461,042
Total shareholders' funds 2,038,144 1,740,142

For the financial year ending 30 June 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 Ben's Farm Shop Limited (registered number: 05710308) were approved and authorised for issue by the Board of Directors on 16 September 2024. They were signed on its behalf by:

J B Watson
Director
C E Watson
Director
BEN'S FARM SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
BEN'S FARM SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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

General information and basis of accounting

Ben's Farm Shop Limited (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 Head Office, Hole Farm, Buckfastleigh, TQ11 0LA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

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

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Assets under construction not depreciated
Vehicles 25 % reducing balance
Office equipment 2 - 10 years straight line

Leasehold property is depreciated straight line over the life of the lease. Freehold land is not depreciated.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet 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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 84 92

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 50,000 50,000
Disposals ( 50,000) ( 50,000)
At 30 June 2024 0 0
Accumulated amortisation
At 01 July 2023 27,450 27,450
Charge for the financial year 3,250 3,250
Disposals ( 30,700) ( 30,700)
At 30 June 2024 0 0
Net book value
At 30 June 2024 0 0
At 30 June 2023 22,550 22,550

4. Tangible assets

Land and buildings Assets under construc-
tion
Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 July 2023 219,141 112,757 37,585 738,364 1,107,847
Additions 103,713 142,629 0 131,796 378,138
Disposals 0 0 0 ( 93,949) ( 93,949)
At 30 June 2024 322,854 255,386 37,585 776,211 1,392,036
Accumulated depreciation
At 01 July 2023 109,358 0 31,134 521,232 661,724
Charge for the financial year 19,500 0 3,200 88,354 111,054
Disposals 0 0 0 ( 64,811) ( 64,811)
At 30 June 2024 128,858 0 34,334 544,775 707,967
Net book value
At 30 June 2024 193,996 255,386 3,251 231,436 684,069
At 30 June 2023 109,783 112,757 6,451 217,132 446,123

5. Debtors

2024 2023
£ £
Trade debtors 28,913 308
Other debtors 67,137 67,737
96,050 68,045

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 592,006 543,318
Corporation tax 116,227 79,277
Other taxation and social security 48,557 64,155
Obligations under finance leases and hire purchase contracts (secured) 14,875 0
Other creditors 207,444 215,154
979,109 901,904

The loan is secured against the asset to which it relates.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 48,343 0

The loan is secured against the asset to which it relates.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
544 Ordinary shares of £ 1.00 each 544 544

9. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £270,500 (2023- £325,000).