2023-01-012023-12-302023-12-30false10357778Sally Farms Limited2024-09-1701470iso4217:GBPxbrli:pure103577782023-01-01103577782023-12-30103577782023-01-012023-12-30103577782022-01-01103577782022-12-31103577782022-01-012022-12-3110357778bus:SmallEntities2023-01-012023-12-3010357778bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3010357778bus:FullAccounts2023-01-012023-12-3010357778bus:PrivateLimitedCompanyLtd2023-01-012023-12-3010357778core:WithinOneYear2023-12-3010357778core:AfterOneYear2023-12-3010357778core:WithinOneYear2022-12-3110357778core:AfterOneYear2022-12-3110357778core:ShareCapital2023-12-3010357778core:SharePremium2023-12-3010357778core:RevaluationReserve2023-12-3010357778core:OtherReservesSubtotal2023-12-3010357778core:RetainedEarningsAccumulatedLosses2023-12-3010357778core:ShareCapital2022-12-3110357778core:SharePremium2022-12-3110357778core:RevaluationReserve2022-12-3110357778core:OtherReservesSubtotal2022-12-3110357778core:RetainedEarningsAccumulatedLosses2022-12-3110357778core:LandBuildings2023-12-3010357778core:PlantMachinery2023-12-3010357778core:Vehicles2023-12-3010357778core:FurnitureFittings2023-12-3010357778core:OfficeEquipment2023-12-3010357778core:NetGoodwill2023-12-3010357778core:IntangibleAssetsOtherThanGoodwill2023-12-3010357778core:ListedExchangeTraded2023-12-3010357778core:UnlistedNon-exchangeTraded2023-12-3010357778core:LandBuildings2022-12-3110357778core:PlantMachinery2022-12-3110357778core:Vehicles2022-12-3110357778core:FurnitureFittings2022-12-3110357778core:OfficeEquipment2022-12-3110357778core:NetGoodwill2022-12-3110357778core:IntangibleAssetsOtherThanGoodwill2022-12-3110357778core:ListedExchangeTraded2022-12-3110357778core:UnlistedNon-exchangeTraded2022-12-3110357778core:LandBuildings2023-01-012023-12-3010357778core:PlantMachinery2023-01-012023-12-3010357778core:Vehicles2023-01-012023-12-3010357778core:FurnitureFittings2023-01-012023-12-3010357778core:OfficeEquipment2023-01-012023-12-3010357778core:NetGoodwill2023-01-012023-12-3010357778core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3010357778core:ListedExchangeTraded2023-01-012023-12-3010357778core:UnlistedNon-exchangeTraded2023-01-012023-12-3010357778core:MoreThanFiveYears2023-01-012023-12-3010357778core:Non-currentFinancialInstruments2023-12-3010357778core:Non-currentFinancialInstruments2022-12-3110357778dpl:CostSales2023-01-012023-12-3010357778dpl:DistributionCosts2023-01-012023-12-3010357778core:LandBuildings2023-01-012023-12-3010357778core:PlantMachinery2023-01-012023-12-3010357778core:Vehicles2023-01-012023-12-3010357778core:FurnitureFittings2023-01-012023-12-3010357778core:OfficeEquipment2023-01-012023-12-3010357778dpl:AdministrativeExpenses2023-01-012023-12-3010357778core:NetGoodwill2023-01-012023-12-3010357778core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3010357778dpl:GroupUndertakings2023-01-012023-12-3010357778dpl:ParticipatingInterests2023-01-012023-12-3010357778dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3010357778core:ListedExchangeTraded2023-01-012023-12-3010357778dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3010357778core:UnlistedNon-exchangeTraded2023-01-012023-12-3010357778dpl:CostSales2022-01-012022-12-3110357778dpl:DistributionCosts2022-01-012022-12-3110357778core:LandBuildings2022-01-012022-12-3110357778core:PlantMachinery2022-01-012022-12-3110357778core:Vehicles2022-01-012022-12-3110357778core:FurnitureFittings2022-01-012022-12-3110357778core:OfficeEquipment2022-01-012022-12-3110357778dpl:AdministrativeExpenses2022-01-012022-12-3110357778core:NetGoodwill2022-01-012022-12-3110357778core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110357778dpl:GroupUndertakings2022-01-012022-12-3110357778dpl:ParticipatingInterests2022-01-012022-12-3110357778dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3110357778core:ListedExchangeTraded2022-01-012022-12-3110357778dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3110357778core:UnlistedNon-exchangeTraded2022-01-012022-12-3110357778core:NetGoodwill2023-12-3010357778core:IntangibleAssetsOtherThanGoodwill2023-12-3010357778core:LandBuildings2023-12-3010357778core:PlantMachinery2023-12-3010357778core:Vehicles2023-12-3010357778core:FurnitureFittings2023-12-3010357778core:OfficeEquipment2023-12-3010357778core:AfterOneYear2023-12-3010357778core:WithinOneYear2023-12-3010357778core:ListedExchangeTraded2023-12-3010357778core:UnlistedNon-exchangeTraded2023-12-3010357778core:ShareCapital2023-12-3010357778core:SharePremium2023-12-3010357778core:RevaluationReserve2023-12-3010357778core:OtherReservesSubtotal2023-12-3010357778core:RetainedEarningsAccumulatedLosses2023-12-3010357778core:NetGoodwill2022-12-3110357778core:IntangibleAssetsOtherThanGoodwill2022-12-3110357778core:LandBuildings2022-12-3110357778core:PlantMachinery2022-12-3110357778core:Vehicles2022-12-3110357778core:FurnitureFittings2022-12-3110357778core:OfficeEquipment2022-12-3110357778core:AfterOneYear2022-12-3110357778core:WithinOneYear2022-12-3110357778core:ListedExchangeTraded2022-12-3110357778core:UnlistedNon-exchangeTraded2022-12-3110357778core:ShareCapital2022-12-3110357778core:SharePremium2022-12-3110357778core:RevaluationReserve2022-12-3110357778core:OtherReservesSubtotal2022-12-3110357778core:RetainedEarningsAccumulatedLosses2022-12-3110357778core:NetGoodwill2022-01-0110357778core:IntangibleAssetsOtherThanGoodwill2022-01-0110357778core:LandBuildings2022-01-0110357778core:PlantMachinery2022-01-0110357778core:Vehicles2022-01-0110357778core:FurnitureFittings2022-01-0110357778core:OfficeEquipment2022-01-0110357778core:AfterOneYear2022-01-0110357778core:WithinOneYear2022-01-0110357778core:ListedExchangeTraded2022-01-0110357778core:UnlistedNon-exchangeTraded2022-01-0110357778core:ShareCapital2022-01-0110357778core:SharePremium2022-01-0110357778core:RevaluationReserve2022-01-0110357778core:OtherReservesSubtotal2022-01-0110357778core:RetainedEarningsAccumulatedLosses2022-01-0110357778core:AfterOneYear2023-01-012023-12-3010357778core:WithinOneYear2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:CostValuation2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3010357778core:Non-currentFinancialInstrumentscore:CostValuation2023-12-3010357778core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-12-3010357778core:Non-currentFinancialInstrumentscore:CostValuation2022-12-3110357778core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-12-3110357778core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-12-3110357778core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-12-3110357778core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-12-3110357778core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-12-3110357778core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-12-3110357778core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-12-3110357778core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-12-3110357778bus:Director12023-01-012023-12-3010357778bus:Director22023-01-012023-12-3010357778core:FurnitureFittingsToolsEquipment2022-12-3110357778core:FurnitureFittingsToolsEquipment2023-01-012023-12-3010357778core:FurnitureFittingsToolsEquipment2023-12-3010357778core:RevaluationReserve2023-01-012023-12-30

Sally Farms Limited

Registered Number
10357778
(England and Wales)

Unaudited Financial Statements for the Period ended
30 December 2023

Sally Farms Limited
Company Information
for the period from 1 January 2023 to 30 December 2023

Directors

Dr Leon Roger Furlong
Paul Reginald Smith

Registered Address

York House Thornfield Business Park
Standard Way Business Park
Northallerton
DL6 2XQ

Registered Number

10357778 (England and Wales)
Sally Farms Limited
Statement of Financial Position
30 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets49,362,9466,104,026
Investment property62,315,0011,401,995
11,677,9477,506,021
Current assets
Stocks7166,864155,992
Debtors8545,135621,915
Cash at bank and on hand200200
712,199778,107
Creditors amounts falling due within one year9(6,844,969)(5,761,797)
Net current assets (liabilities)(6,132,770)(4,983,690)
Total assets less current liabilities5,545,1772,522,331
Creditors amounts falling due after one year10(3,389,409)(3,389,782)
Net assets2,155,768(867,451)
Capital and reserves
Called up share capital100100
Revaluation reserve2,692,520-
Profit and loss account(536,852)(867,551)
Shareholders' funds122,155,768(867,451)
The financial statements were approved and authorised for issue by the Board of Directors on 17 September 2024, and are signed on its behalf by:
Dr Leon Roger Furlong
Director
Registered Company No. 10357778
Sally Farms Limited
Notes to the Financial Statements
for the period ended 30 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Other 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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery-20
Fixtures and fittings10-
Vehicles25-
Office Equipment25-
Investment property
Investment property is carried at fair value determined annually by external valuers 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 profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
2.Average number of employees

20232022
Average number of employees during the year66
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 2346,47446,474
At 30 December 2346,47446,474
Amortisation and impairment
At 01 January 2346,47446,474
At 30 December 2346,47446,474
Net book value
At 30 December 23--
At 31 December 22--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 January 234,215,5582,387,78831,2507,5774,6106,646,783
Additions1,105,55841,260-15,675-1,162,493
Revaluations2,677,020----2,677,020
Disposals(441,940)----(441,940)
At 30 December 237,556,1962,429,04831,25023,2524,61010,044,356
Depreciation and impairment
At 01 January 2351,967477,74310,5541,0701,423542,757
Charge for year9,013121,4525,1742,218796138,653
At 30 December 2360,980599,19515,7283,2882,219681,410
Net book value
At 30 December 237,495,2161,829,85315,52219,9642,3919,362,946
At 31 December 224,163,5911,910,04520,6966,5073,1876,104,026
Within Land and Buildings there is no depreciation on the land of Broomfield Farm. There is also no depreciation on the land at Thornton Manor Farm.
5.Revaluation of property, plant and equipment
Land and investment properties were revalued in the year by George F White. A revaluation surplus of £3,590,026 has been recognised accordingly. If the Investment Properties had not been included at valuation they would have been included under the historical cost as follows 2023 £1,401,994 (2022: £1,401,944)
6.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. These values are adjusted if necessary for any difference in the nature, location and condition of the specific asset.

£
Fair value at 01 January 231,401,995
Fair value adjustments913,006
At 30 December 232,315,001
7.Stocks

2023

2022

££
Other stocks166,864155,992
Total166,864155,992
8.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables139,77083,330
Other debtors317,067373,371
Prepayments and accrued income37,032158,667
Deferred tax asset, debtors51,2666,547
Total545,135621,915
9.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,118,125332,207
Bank borrowings and overdrafts296,649369,916
Other creditors5,419,3725,044,670
Accrued liabilities and deferred income10,82315,004
Total6,844,9695,761,797
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured by fixed and floating charges over the company's assets.
10.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts3,389,4093,389,782
Total3,389,4093,389,782
Bank borrowing are secured by fixed and floating charges over the company's assets. Included in the bank loans falling due after more than one year are amounts payable after more than five years of £2,427,390 (2022: £2,672,935).
11.Other commitments
The total amount of guarantees not included in the balance sheet is £3,389,547 (2022: £3,516,800). Lloyds Bank PLC hold fixed and floating charges in respect of the company's assets. The security relates to cross company guarantee against bank loans obtained by Oakdale Farms Ltd amounting to £3,389,547 (2022: £3,516,800).
12.Revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the investment properties were revalued, less any deferred tax provision. The reserve is non-distributable funds.

£
Revaluations of plant, property and equipment3,590,026
Deferred Tax on Revaluations(897,506)
At 30 December 232,692,520
13.Related party transactions
The Company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with related parties which are on an arms length basis.