Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3122022-12-26falseproperty 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.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03870621 2022-12-26 2023-12-31 03870621 2021-12-27 2022-12-25 03870621 2023-12-31 03870621 2022-12-25 03870621 2021-12-27 03870621 2 2022-12-26 2023-12-31 03870621 3 2022-12-26 2023-12-31 03870621 d:Director1 2022-12-26 2023-12-31 03870621 e:MotorVehicles 2022-12-26 2023-12-31 03870621 e:MotorVehicles 2023-12-31 03870621 e:MotorVehicles 2022-12-25 03870621 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-12-26 2023-12-31 03870621 e:FurnitureFittings 2022-12-26 2023-12-31 03870621 e:FurnitureFittings 2023-12-31 03870621 e:FurnitureFittings 2022-12-25 03870621 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-12-26 2023-12-31 03870621 e:OwnedOrFreeholdAssets 2022-12-26 2023-12-31 03870621 e:FreeholdInvestmentProperty 2023-12-31 03870621 e:FreeholdInvestmentProperty 2022-12-25 03870621 e:FreeholdInvestmentProperty 2 2022-12-26 2023-12-31 03870621 e:CurrentFinancialInstruments 2023-12-31 03870621 e:CurrentFinancialInstruments 2022-12-25 03870621 e:Non-currentFinancialInstruments 2023-12-31 03870621 e:Non-currentFinancialInstruments 2022-12-25 03870621 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03870621 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-25 03870621 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 03870621 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-25 03870621 e:ShareCapital 2023-12-31 03870621 e:ShareCapital 2022-12-25 03870621 e:ShareCapital 2021-12-27 03870621 e:InvestmentPropertiesRevaluationReserve 2022-12-26 2023-12-31 03870621 e:InvestmentPropertiesRevaluationReserve 2023-12-31 03870621 e:InvestmentPropertiesRevaluationReserve 2 2022-12-26 2023-12-31 03870621 e:InvestmentPropertiesRevaluationReserve 3 2022-12-26 2023-12-31 03870621 e:InvestmentPropertiesRevaluationReserve 2022-12-25 03870621 e:InvestmentPropertiesRevaluationReserve 2021-12-27 03870621 e:RetainedEarningsAccumulatedLosses 2022-12-26 2023-12-31 03870621 e:RetainedEarningsAccumulatedLosses 2023-12-31 03870621 e:RetainedEarningsAccumulatedLosses 2 2022-12-26 2023-12-31 03870621 e:RetainedEarningsAccumulatedLosses 3 2022-12-26 2023-12-31 03870621 e:RetainedEarningsAccumulatedLosses 2021-12-27 2022-12-25 03870621 e:RetainedEarningsAccumulatedLosses 2022-12-25 03870621 e:RetainedEarningsAccumulatedLosses 2021-12-27 03870621 d:FRS102 2022-12-26 2023-12-31 03870621 d:AuditExempt-NoAccountantsReport 2022-12-26 2023-12-31 03870621 d:FullAccounts 2022-12-26 2023-12-31 03870621 d:PrivateLimitedCompanyLtd 2022-12-26 2023-12-31 03870621 2 2022-12-26 2023-12-31 03870621 6 2022-12-26 2023-12-31 03870621 e:OtherDeferredTax 2023-12-31 03870621 e:OtherDeferredTax 2022-12-25 03870621 f:PoundSterling 2022-12-26 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 03870621






SHEPHERD FOODS HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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SHEPHERD FOODS HOLDINGS LIMITED
REGISTERED NUMBER:03870621

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
25 December
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,988
18,898

Investments
 6 
100,000
100,000

Investment property
 7 
12,622,981
13,247,981

  
12,737,969
13,366,879

Current assets
  

Debtors: amounts falling due within one year
 8 
48,051
140,698

Cash at bank and in hand
 9 
639,260
479,285

  
687,311
619,983

Creditors: amounts falling due within one year
 10 
(751,058)
(633,297)

Net current liabilities
  
 
 
(63,747)
 
 
(13,314)

Total assets less current liabilities
  
12,674,222
13,353,565

Creditors: amounts falling due after more than one year
 11 
(18,000)
(120,284)

Provisions for liabilities
  

Deferred tax
 12 
(2,092,390)
(2,248,640)

  
 
 
(2,092,390)
 
 
(2,248,640)

Net assets
  
10,563,832
10,984,641


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Investment property reserve
 13 
7,232,799
7,701,549

Profit and loss account
 13 
3,231,033
3,183,092

  
10,563,832
10,984,641


Page 1

 
SHEPHERD FOODS HOLDINGS LIMITED
REGISTERED NUMBER:03870621
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 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: 19 September 2024

Page 2

 
SHEPHERD FOODS HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£


At 27 December 2021
100,000
7,701,549
3,116,702
10,918,251



Profit for the period
-
-
66,390
66,390



At 26 December 2022
100,000
7,701,549
3,183,092
10,984,641



Loss for the year
-
-
(395,202)
(395,202)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(25,607)
(25,607)

Investment property revaluations
-
(625,000)
625,000
-

Deferred taxation movement on investment property revaluations
-
156,250
(156,250)
-


At 31 December 2023
100,000
7,232,799
3,231,033
10,563,832


Page 3

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises rental and service charge income, exclusive of Value Added Tax.
Accounting standards require that rental income from an operating lease should be recognised on a straight-line basis over the period of the lease, even if the payments are not made on such a basis.

 
2.3

Interest income

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

 
2.4

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.

Page 4

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.6

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 Company 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 Company. 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.

Page 5

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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:

Motor vehicles
-
20% straight line
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.

 
2.7

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 Statement of Comprehensive Income.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 6

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially
Page 7

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

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

2023
2022
£
£

Wages and salaries
159,865
169,021

Social security costs
21,897
18,072

Cost of defined contribution scheme
15,900
15,900

197,662
202,993


The average monthly number of employees, including directors, during the year was 2 (2022 -2).

Page 8

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 26 December 2022
19,550
1,245
20,795



At 31 December 2023

19,550
1,245
20,795



Depreciation


At 26 December 2022
652
1,245
1,897


Charge for the year on owned assets
3,910
-
3,910



At 31 December 2023

4,562
1,245
5,807



Net book value



At 31 December 2023
14,988
-
14,988



At 25 December 2022
18,898
-
18,898


6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 26 December 2022
100,000



At 31 December 2023
100,000




Page 9

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Investment property





Freehold investment property

£



Valuation


At 26 December 2022
13,247,981


Surplus on revaluation
(625,000)



At 31 December 2023
12,622,981

The 2023 valuations were made by directors, on an open market value for existing use basis.





8.


Debtors

31 December
25 December
2023
2022
£
£


Trade debtors
22,973
99,646

Other debtors
19,480
26,061

Prepayments and accrued income
5,598
14,991

48,051
140,698



9.


Cash and cash equivalents

31 December
25 December
2023
2022
£
£

Cash at bank and in hand
639,260
479,285

639,260
479,285


Page 10

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due within one year

31 December
25 December
2023
2022
£
£

Trade creditors
14,272
672

Amounts owed to group undertakings
496,070
478,183

Other taxation and social security
23,393
22,712

Other creditors
135,333
32,210

Accruals and deferred income
81,990
99,520

751,058
633,297



11.


Creditors: Amounts falling due after more than one year

31 December
25 December
2023
2022
£
£

Other creditors
18,000
120,284

18,000
120,284


Page 11

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Deferred taxation






2023


£






At beginning of year
(2,248,640)


Charged to profit or loss
156,250



At end of year
(2,092,390)

The provision for deferred taxation is made up as follows:

31 December
25 December
2023
2022
£
£


Revaluation of investment properties
(2,092,390)
(2,248,640)

(2,092,390)
(2,248,640)


13.


Reserves

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.

Page 12

 
SHEPHERD FOODS HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions

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 £Nil (2022: owed £13,233) by the company and the late Sir Richard Shepherd owed £8,446 (2022: £12,828) by the company. The loans are repayable on demand.
At the balance sheet date the company owed £31,433 (2022: £30,594) to a company under common control. The balance does not bear interest and is repayable on demand.

 
Page 13