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Company No: 08975476 (England and Wales)

STRAWBERRY FIELDS FARM SHOP LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

STRAWBERRY FIELDS FARM SHOP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

STRAWBERRY FIELDS FARM SHOP LIMITED

BALANCE SHEET

As at 31 March 2024
STRAWBERRY FIELDS FARM SHOP LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,135,037 2,915,883
3,135,037 2,915,883
Current assets
Stocks 436,239 385,157
Debtors 4 753,453 502,353
Cash at bank and in hand 716,080 489,757
1,905,772 1,377,267
Creditors: amounts falling due within one year 5 ( 1,370,279) ( 1,012,548)
Net current assets 535,493 364,719
Total assets less current liabilities 3,670,530 3,280,602
Creditors: amounts falling due after more than one year 6 ( 1,176,540) ( 1,292,245)
Provision for liabilities ( 417,605) ( 344,200)
Net assets 2,076,385 1,644,157
Capital and reserves
Called-up share capital 7 150 150
Profit and loss account 2,076,235 1,644,007
Total shareholder's funds 2,076,385 1,644,157

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Strawberry Fields Farm Shop Limited (registered number: 08975476) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

A R J Mounce
Director
STRAWBERRY FIELDS FARM SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
STRAWBERRY FIELDS FARM SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Strawberry Fields Farm Shop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lifton Farm Shop, Lifton, PL16 0DE, United Kingdom.

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

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

Change in accounting estimate

Depreciation rates on land and buildings and plant and machinery have been adjusted this year due to a revision in the expected useful life of the assets. The depreciation charge in the current year has increased as a result.

Turnover

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

Employee benefits

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

Taxation

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

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

Tangible fixed assets

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

Land and buildings 5 - 25 % reducing balance
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

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

Leases

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

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

Impairment of assets

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

Stocks

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

Financial instruments

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

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

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

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

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

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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

Other basic financial liabilities are measured at amortised cost.

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

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

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

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

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 143 133

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 2,225,136 2,573,463 112,690 4,911,289
Additions 517,677 166,451 184,213 868,341
Disposals ( 80,000) 0 ( 26,836) ( 106,836)
At 31 March 2024 2,662,813 2,739,914 270,067 5,672,794
Accumulated depreciation
At 01 April 2023 368,372 1,585,497 41,537 1,995,406
Charge for the financial year 256,892 267,398 39,146 563,436
Disposals 0 0 ( 21,085) ( 21,085)
At 31 March 2024 625,264 1,852,895 59,598 2,537,757
Net book value
At 31 March 2024 2,037,549 887,019 210,469 3,135,037
At 31 March 2023 1,856,764 987,966 71,153 2,915,883

4. Debtors

2024 2023
£ £
Trade debtors 11,893 9,437
Prepayments and accrued income 211,889 173,834
Other debtors 529,671 319,082
753,453 502,353

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 145,238) 155,154 167,813
Trade creditors 579,514 382,382
Amounts owed to Group undertakings 100 100
Amounts owed to directors 50 1,767
Accruals and deferred income 271,175 207,439
Taxation and social security 203,756 147,925
Obligations under finance leases and hire purchase contracts 23,434 14,020
Other creditors 137,096 91,102
1,370,279 1,012,548

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

2024 2023
£ £
Bank loans (secured £ 1,141,460) 1,161,463 1,292,245
Obligations under finance leases and hire purchase contracts 15,077 0
1,176,540 1,292,245

HSBC hold a fixed and floating charge over the assets of the company.

Finance lease liabilities are secured over the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 531,611 736,937

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
150 Ordinary shares of £ 1.00 each 150 150

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £302,500 (2023 - £811).

9. Ultimate controlling party

Parent Company:

Strawberry Fields Holdings Limited
Lifton Farm Shop, Strawberry Fields, Lifton, PL16 0DE, United Kingdom