Company Registration No. 10950608 (England and Wales)
ARTFARM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ARTFARM LIMITED
COMPANY INFORMATION
Directors
E A Venters
J J Cornaby
Company number
10950608
Registered office
Stockwell House
13 High Street
Bruton
Somerset
BA10 0AB
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
ARTFARM LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
ARTFARM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business and future developments

 

Artfarm Limited is the main entity operating Artfarm Group’s UK operations, including established operations in Scotland (the Fife Hotel and the Invercauld Mews Pub in Braemar) and our restaurant, bar and retail operation in Somerset. 2023 was a successful year in the evolution of Artfarm, with remarkable growth in sales year-on-year and the opening of two new outlets: Fish Shop, a restaurant and fishmonger in Ballater, Scotland and Farm Shop in Mayfair, London. Artfarm aims to redefine what culturally-led development can achieve.

 

The Artfarm model is to find unique sites and locations with a history or story to tell. Artfarm then invites both leading Hauser & Wirth artists and local craftspeople and artisans to interpret those stories with commissions and site-specific installations. Artfarm believes that art has a unique power to inspire, and through this passion for art, coupled with a commitment to community, education, people and place, its ground-breaking hospitality offer can be defined.

 

In April 2023 the company opened Fish Shop in Scotland. Located in the heart of Ballater, Fish Shop restaurant and its adjoining fishmonger celebrate the heritage and traditions of fishing in Scotland, serving ethically sourced fish, as well as creel-caught and hand-dived crustacea. This modern and relaxed restaurant has a menu focused on shellfish and day boat fish, with the addition of select game, meat and vegetables from surrounding farms and estates. The fishmonger is open to the public and supplies fresh seafood to other notable venues, including our hotel in Braemar, the Fife Arms. The venue has received many favourable critic and press reviews, including being listed as one of The Michelin Inspectors’ Favourite New Restaurants and Condé Nast Traveller’s UK Best New Restaurant Awards.

 

In December 2023, the company opened Farm Shop in London. Bringing fresh and seasonal products to the heart of Mayfair, Farm Shop features the same award-winning products as our Somerset Farm Shop at Durslade Farm in Bruton, with meat and many ingredients coming from our estate. A hyper-seasonal wild food range can be found alongside a wide selection of cheese, wine and condiments, rubs and sauces made in our kitchen. From January 2024, customers can head downstairs for a taste of Farm Shop in our new wine bar, where they can enjoy cheese, charcuterie and daily specials made in our kitchen with a glass, carafe or bottle of classic or exploratory wine from around the world.

 

The Fife Arms continues to enjoy success, achieving occupancy of 73% (up from 2022’s 70%) and delivering sales up 16% year on year and positive EBITDA of £2m. The hotel continues to deliver high guest satisfaction and significant press and PR coverage including being in the Top 50 Boutique Hotels List and The Times’ ‘Best Places to Stay 2024’ list. The Sunday Times’ annual feature ‘The UK’s 100 Best Hotels’ named the hotel as one of the best countryside hotels in the UK.

 

In Somerset, Roth Bar and Grill closed at the end of 2023 for major refurbishment works. A stunning new restaurant and Roth Bar will open in 2024.

 

Given these developments - both current and future - and building on the existing portfolio, Artfarm believes it is uniquely placed to take advantage of what its customers clearly tell us is a truly inspiring proposition.

 

Results

 

Overall, Artfarm Limited sales increased by 12.3% to £17.3m. Strong underlying growth at The Fife Arms and new openings in 2023 at Fish Shop and Farm Shop, drove the increase. EBITDA for the company amounted to -£5.8m (2022 -£2.7m). The EBITDA for the year is considered by the directors to be satisfactory given that the company is currently in its development phase. The directors have received assurances from the parent company that it will continue to support the company and accordingly consider the year-end financial position to be satisfactory.

ARTFARM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

 

Credit risk

 

The directors do not consider the company to have significant credit risk. The company has implemented policies and arrangements with its clients to minimise the potential credit risk.

 

Liquidity risk

 

The company manages the liquidity position with the objective of maintaining the ability to fund commitments and repay liabilities in accordance with suppliers' payment terms. The company relies on the continuing support of its ultimate parent undertaking.

 

Interest rate risk

 

The company’s operating activities are currently funded through equity investments from the parent company and third-party loan financing. Accordingly, while the company is exposed to interest rate risk, this is mitigated by the short-term nature of the third-party loan financing and the parent company financing, which is equity in nature.

 

Cost of living

 

Interest rates, inflationary pressures and cost-of-living increases impacted the company in 2023 and will continue to do so in 2024. The board anticipates that inflationary pressures and interest rates should ease in 2024 and that the company will benefit from a mild economic recovery.

 

Key performance indicators

The directors consider the financial KPIs of the company are as follows:

 

2023
2022
Sales
£17.3
£15.4
EBIDTA
£(5.9)
£(2.7)
Gross assets
£25.3
£16.6
ARTFARM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Section 172(1) statement

Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 (‘S172 (1)’) when performing their duty to promote the success of the company. When making decisions, each director ensures that they act in the way that would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following matters:

 

Artfarm’s core values are Art, Community and Sustainability. The company’s long-term strategy is to develop sustainable and creative developments that weave together art, community, learning, people and place.

 

This is achieved by:

 

Monitoring of these by the directors and their executive team is undertaken on an ongoing basis to identify potential threats and to action strategic changes where necessary.

 

Artfarm is committed to providing a high level of service to guests, customers and neighbours. Regular feedback is requested and discussions take place to ensure expectations are not only met but exceeded. The following paragraphs summarise how the directors fulfil these duties:

 

Art

 

Art is at the heart of everything we do. We believe in its power to inspire and transform both individuals and communities. Not only does art inform the design of all our properties, but it also drives our community programmes. Each Artfarm property hosts a dynamic learning programme with a strong focus on art and craftsmanship. These range from Q&As and masterclasses to projects with local primary schools and community groups. The Fife Arms also supports an artist residency programme in Braemar whereby artists are invited to stay in the village and are provided with a studio, materials and accommodation over a period of time.

 

Community

 

Our commitment to community is unique in its depth and reach. Working in both rural and urban communities, the company hosts and engages with diverse audiences at our sites and beyond.

 

Alongside the creative learning programmes which are open to both guests and locals within a community, each of our sites are also at the forefront of specific local initiatives and events. In the past year this has included the construction of a public tennis court in Braemar, the curation and staging of the Braemar Literary Festival attended by her Majesty Queen Camilla, support of Street Smart – a charity raising funds for the homeless in London at Christmas and participation in the national farming celebration - Open Farm Sunday, showcasing the working farm at Durslade in Somerset.

 

 

ARTFARM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Community

 

Our commitment to community is unique in its depth and reach. Working in both rural and urban communities, the company hosts and engages with diverse audiences at our sites and beyond.

 

Alongside the creative learning programmes which are open to both guests and locals within a community, each of our sites are also at the forefront of specific local initiatives and events. In the past year this has included the construction of a public tennis court in Braemar, the curation and staging of the Braemar Literary Festival attended by her Majesty Queen Camilla, support of Street Smart – a charity raising funds for the homeless in London at Christmas and participation in the national farming celebration - Open Farm Sunday, showcasing the working farm at Durslade in Somerset.

 

Sustainability

 

We believe in economic, environmental and social sustainability. Our sites are constructed to protect the environment, invest in people and infrastructure, and support communities by sharing ways to connect both their heritage and future through art and community conservation.  Communities are engaged in curated events such The Braemar Literary Festival and the Festival of Fashion which features scheduled activities by local groups, whilst the Fife Arms also champions local suppliers and services to our guests such as fishing in the nearby lochs. We support annual community events including the Highland Games and Braemar Mountain Festival in Scotland and engage throughout the year with both children and parents at local schools whilst assisting with their fundraising initiatives.

 

We also recognise our responsibility to carry out all procurement activities in an environmentally and socially responsible manner, from encouraging healthy and sustainable food production and consumption by championing local suppliers who adhere to and share our values, to selecting suppliers and contractors who can illustrate their own commitment to minimising the negative environmental and social effects associated with the products and services they provide. At our farm at Durslade in Somerset, we breed grass-fed, outdoor-reared cows and sheep, which we then butcher and sell in our Farm Shops in Somerset and now Mayfair, as well as supplying our restaurants. Carcass balance is managed both through the menu at our restaurants and our ‘For Later’ frozen meals, while the Farm Shops also carry their own label products using ingredients from our Walled Garden at Roundhill, honey from our hives, tallow from our cows to make soap and kitchen waste in our Gin.  We make white, rose and sparkling rose wine from our grapes grown at Durslade Vineyard and grow vegetables and breed chickens in the garden at Manuela, Los Angeles.  Excess decorative pumpkins from our October Festival at Roth were turned into chutney.

 

Our People

 

Our People Team values are nurturing well-being, inspiring creativity and growth, and valuing individuals. We regard ourselves as an employer of choice and feel we have positively impacted the hospitality market.

 

We continue to support living standards across our estate and particularly in Scotland where we invest in property to support the local economy and provide considerable employment opportunities in rural areas.

 

On behalf of the board

J J Cornaby
Director
13 September 2024
ARTFARM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the operation of hotels, lichened bars, restaurants and other hospitality outlets.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

E A Venters
J J Cornaby
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Business relationships

The directors seek to promote strong mutually beneficial relationships with suppliers, customers and other stakeholders. Artfarm is committed to providing a high level of service to guests, customers and neighbours. Regular feedback is requested and discussions take place to ensure expectations are not only met but exceeded.

Auditor

HW Fisher LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

The company is not required to report on its emissions, energy consumption or energy efficiency activities due to this being reported within the financial statements of Artfarm Group Limited. These financial statements are available from the UK Registrar of Companies.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the information on and exposure to financial risk and future developments.

ARTFARM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J J Cornaby
Director
13 September 2024
ARTFARM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ARTFARM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARTFARM LIMITED
- 8 -
Opinion

We have audited the financial statements of Artfarm Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ARTFARM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARTFARM LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

 

 

ARTFARM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARTFARM LIMITED
- 10 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the company.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Russell Nathan (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
13 September 2024
ARTFARM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
17,314,081
15,416,651
Cost of sales
(11,545,077)
(9,068,184)
Gross profit
5,769,004
6,348,467
Administrative expenses
(13,890,530)
(9,698,564)
Other operating income
1,499,252
40,688
Operating loss
4
(6,622,274)
(3,309,409)
Interest receivable and similar income
8
1,298
-
0
Interest payable and similar expenses
9
(583)
-
0
Loss before taxation
(6,621,559)
(3,309,409)
Tax on loss
10
-
0
-
0
Loss for the financial year
(6,621,559)
(3,309,409)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ARTFARM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
212,654
129,841
Tangible assets
12
5,086,905
2,022,520
Investments
13
9,171,016
7,527,816
14,470,575
9,680,177
Current assets
Stocks
16
1,661,217
982,691
Debtors
17
8,353,086
5,238,331
Cash at bank and in hand
778,458
729,918
10,792,761
6,950,940
Creditors: amounts falling due within one year
18
(22,248,944)
(6,995,166)
Net current liabilities
(11,456,183)
(44,226)
Total assets less current liabilities
3,014,392
9,635,951
Capital and reserves
Called up share capital
21
7
7
Share premium account
31,960,814
31,960,814
Profit and loss reserves
(28,946,429)
(22,324,870)
Total equity
3,014,392
9,635,951
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
J J  Cornaby
Director
Company Registration No. 10950608
ARTFARM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1
-
0
(19,015,461)
(19,015,460)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(3,309,409)
(3,309,409)
Issue of share capital
21
6
31,960,814
-
31,960,820
Balance at 31 December 2022
7
31,960,814
(22,324,870)
9,635,951
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(6,621,559)
(6,621,559)
Balance at 31 December 2023
7
31,960,814
(28,946,429)
3,014,392
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Artfarm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stockwell House, 13 High Street, Bruton, Somerset, BA10 0AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, 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 or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

Artfarm Limited is a wholly owned subsidiary of Artfarm Group Limited and the results of Artfarm Limited are included in the consolidated financial statements of Artfarm Group Limited. These consolidated financial statements are available from the UK Registrar of Companies.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company has the financial support of the ultimate parent company for a period of at least twelve months from the date of the approval of these financial statements. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is derived from hotel and other hospitality operations, and arose wholly in the United Kingdom.

 

Hotel income is derived primarily from the rental of rooms and food and beverage sales. Turnover is all rendering of goods and services. Restaurant income represents the sale of food and drinks during the normal course of business. Shop income represents the sale of goods in the normal course of business.

 

Room hire and event fees are recognised on the date of the services are provided. The sale of food and drinks is recognised as revenue at the point of sale. The sale of goods is recognised as revenue when the significant risks and rewards of ownership of the goods have passed to the buyer.

 

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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

 

Trademarks
Three to ten years
1.5
Tangible fixed assets

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

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

Leasehold land and buildings
Five to twenty years
Plant and equipment
Three to ten years
Fixtures and fittings
Five to ten years
Computer equipment
Two to ten years
Motor vehicles
Five years
Office Equipment
Three to ten years

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 or loss.

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.

1.6
Fixed asset investments

Interests in subsidiaries 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.

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

ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

Interests in joint ventures are held at cost less impairments. Unsecured loan notes issued are held at amortised cost using the effective interest method. An entity is treated as a joint venture where the company is party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and amounts due to fellow group companies 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.

Estimated useful life of tangible fixed assets

The company, due to the nature of operations, invests heavily in leasehold improvements and other fixtures and fittings at operational locations. As a result of this, is is necessary to make estimations of the useful lives of the capitalised assets. The estimation of the useful life of the asset is made based on historic trends and judgements relating to the timing of purchase of replacements and refurbishments. This is reviewed internally on a regular basis.

Valuation of investments

Investments are held at the transaction price less impairment. The assessment of impairment requires judgements to be made, which include the assessment of the future performance of investments outside the control of the group. As at 31 December 2023, no impairments against investments had been recognised.

Recoverability of amounts due from group undertakings

At the year end the company was owed £4,819,338 (2022: £3,388,946) from fellow group companies. The directors assess the recoverability of these debts based on the actual and forecast financial results of the group companies and guarantees provided by other group companies. At the year end the directors consider the amounts owed by group undertakings to be recoverable.

3
Turnover and other revenue

All turnover is derived from hospitality, retail and related services.

2023
2022
£
£
Other significant revenue
Interest income
1,298
-
Grants received
-
34,404
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
17,314,081
15,416,651
4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(6,669)
35,759
Research and development costs
7,882
-
Government grants
-
(34,404)
Depreciation of owned tangible fixed assets
703,234
585,170
Loss on disposal of tangible fixed assets
5,949
12,824
Amortisation of intangible assets
34,106
16,897
Operating lease charges
2,197,337
352,145
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
37,310
37,500
For other services
Taxation compliance services
8,890
-
0
6
Employees

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

2023
2022
Number
Number
Operations
345
278
Support
44
-
Total
389
278

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
9,437,006
7,725,494
Social security costs
936,047
795,062
Pension costs
266,209
220,130
10,639,262
8,740,686
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,041,000
671,200
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
660,000
361,300
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,298
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Other interest
583
-
0
10
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(6,621,559)
(3,309,409)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(1,557,391)
(628,788)
Tax effect of expenses that are not deductible in determining taxable profit
17,895
13,181
Unutilised tax losses carried forward
-
0
513,581
Permanent capital allowances in excess of depreciation
176,937
102,019
Movement in deferred tax not recognised
1,362,559
7
Taxation charge for the year
-
-
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2023
164,136
Additions
116,919
At 31 December 2023
281,055
Amortisation and impairment
At 1 January 2023
34,295
Amortisation charged for the year
34,106
At 31 December 2023
68,401
Carrying amount
At 31 December 2023
212,654
At 31 December 2022
129,841
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Office Equipment
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
877,290
25,682
534,260
782,070
336,789
1,175,763
3,731,854
Additions
1,858,357
47,887
1,131,764
396,797
95,825
279,548
3,810,178
Disposals
-
0
-
0
-
0
(11,470)
(34,610)
(540)
(46,620)
At 31 December 2023
2,735,647
73,569
1,666,024
1,167,397
398,004
1,454,771
7,495,412
Depreciation and impairment
At 1 January 2023
74,338
25,682
245,349
360,942
148,587
854,436
1,709,334
Depreciation charged in the year
96,317
8,841
104,793
208,680
67,275
217,328
703,234
Eliminated in respect of disposals
-
0
-
0
-
0
(400)
(3,661)
-
0
(4,061)
At 31 December 2023
170,655
34,523
350,142
569,222
212,201
1,071,764
2,408,507
Carrying amount
At 31 December 2023
2,564,992
39,046
1,315,882
598,175
185,803
383,007
5,086,905
At 31 December 2022
802,952
-
0
288,911
421,128
188,202
321,327
2,022,520
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 24 -

In the financial statements for the year ended 31 December 2022, assets with a cost and depreciation of £537,689 were excluded from the fixed asset note. This balance has been included in tangible fixed assets for the year ended 31 December 2023. In addition to this, the directors have altered the classification of a number of items within the financial statements in order to better reflect their nature. This includes cost £563,015 and depreciation of £3,015 which has been reallocated from office equipment to freehold land and buildings.

13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
3,078,832
3,078,832
Investments in joint ventures
15
6,092,184
4,448,984
9,171,016
7,527,816
Movements in fixed asset investments
Investments in joint ventures
Investments in subsidary companies
Total
£
£
£
Cost or valuation
At 1 January 2023
4,617,983
3,078,832
7,696,815
Additions
1,643,200
-
1,643,200
At 31 December 2023
6,261,183
3,078,832
9,340,015
Impairment
At 1 January 2023 & 31 December 2023
168,999
-
168,999
At 31 December 2023
168,999
-
168,999
Carrying amount
At 31 December 2023
6,092,184
3,078,832
9,171,016
At 31 December 2022
6,092,184
3,078,832
9,171,016

On 4 June 2019, Artfarm Limited became the holder of £3,500,000 principal amount of unsecured Series A Loan Notes in Bretton Investment Partnership Limited, the joint venture in which the company acquired a 50% equity interest in during 2019. Interest at 3% per annum accrues on the principal amount and on each of the interest payment dates 30 June and 31 December, shall be capitalised and added to the outstanding principal amount of the loan to be repaid to the noteholders.

 

In 2021 the company elected to waive interest accruing on these Loan Notes until such time as the joint venture has a cashflow which can support the outflow. Accordingly an impairment of £168,999 was recognised in 2021 in respect of interest previously accrued and capitalised. Further amounts have been loaned to Breton Investment Partnership Limited, totalling £1,600,000. Interest has again been waived in 2023.

 

The company has two subsidary undertakings, London Artfarm Limited (LAL) and SAS Hospitality Limited (SAS). Both subsidiaries have the same registered office as the company. During the year, the company capitalised loans owed to it of £nil (2022: £2,464,558) and £nil (2022: £614,173) from LAL and SAS respectively.

ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
SAS Hospitality Limited
1
Dormant
Ordinary
100.00
London Artfarm Ltd
1
Restaurant operations
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Stockwell House, 13 Hugh Street, Bruton, Somerset, BA10 0AB
15
Joint ventures

Details of the company's joint ventures at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Bretton Investment Partnership Limited
Craven Lodge, 37 Victoria Evenut, Harrogate, HG1 5PX
Membership clubs
Ordinary
50.00
16
Stocks
2023
2022
£
£
as restated
Raw materials and consumables
132,605
12,777
Finished goods and goods for resale
1,528,612
969,914
1,661,217
982,691

In the financial statements for the year ended 31 December 2022, a raw materials and consumables of £12,777 was recognised as part of finished goods and goods for resale. This balance has been recognised in separately in the financial statements for the year ended 31 December 2023.

17
Debtors
2023
2022
Amounts falling due within one year:
£
£
as restated
Trade debtors
1,184,000
852,910
Amounts owed by group undertakings
4,819,338
3,388,946
Other debtors
423,519
710,070
Prepayments and accrued income
1,926,229
286,405
8,353,086
5,238,331
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Debtors
(Continued)
- 26 -

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

 

In the financial statements for the year ended 31 December 2022, the following balances were recognised under differing headings in the accounts. These have been adjusted as follows:

 

18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
as restated
Bank overdraft and overdrafts
19
-
0
286
Trade creditors
967,231
624,935
Amounts owed to group undertakings
17,862,496
2,240,339
Taxation and social security
355,515
917,986
Other creditors
767,927
846,511
Accruals and deferred income
2,295,775
2,365,109
22,248,944
6,995,166

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

 

Included within trade creditors is £nil (2022: £62,085) payable to Bretton Investment Partnership Limited, the joint venture undertaking.

 

In the financial statements for the year ended 31 December 2022, the following balances were recognised under differing headings in the accounts. These have been adjusted as follows:

 

19
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
-
0
286
Payable within one year
-
0
286
ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
266,209
220,130

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
7
7
7
7
22
Financial commitments, guarantees and contingent liabilities

As at 31 December 2023, there was a fixed charge in place relating to a cash deposit in place totalling £56,298 (2022: £nil), in favour of HSBC UK Bank Plc. This agreement also contains a negative pledge.

23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
406,990
65,833
Between two and five years
1,636,636
-
0
2,043,626
65,833
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
286,981
-
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

ARTFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Related party transactions
(Continued)
- 28 -
2023
2022
£
£
Debtors
101,464
631,472
Creditors
401,636
24,546
Expenses
1,087,923
352,145
Costs recharged
386,066
193,513
Income
1,500,000
-
3,477,089
1,201,676

The above transactions relate to non-wholly owned group companies.

 

During the year, the company owed £50,000 (2022 - was owed £450,218) to TG Acquisitions Limited, a company over which the ultimate parent has significant influence. This balance is interest free and repayable on demand.

 

The company has taken advantage of the exemption provided by Section 33.1A of FRS102 as regards the disclosure of transactions between wholly owned group companies.

26
Ultimate controlling party

The immediate parent company is Artfarm Group Limited, a company incorporated in England and Wales. The ultimate controlling parties are I Wirth and M Wirth Hauser.

 

The smallest group into which this entity is consolidated is Artfarm Group Limited, with the registered address of Stockwell House, 13 High Street, Bruton, Somerset, United Kingdom, BA10 0AB. Copies of the group financial statements can be obtained from the UK Registrar of Companies.

 

The largest group into which this entity is consolidated, and the ultimate parent entity, is Elidalbo AG, a company registered in Switzerland with a registered address of Bahnhofstrasse, 10 Zug, 6300, CH. The group financial statements are not publically available.

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