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REGISTERED NUMBER: 13179690 (England and Wales)












S FARMS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024






S FARMS LIMITED (REGISTERED NUMBER: 13179690)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Energy and Carbon Report forming part of the Report of the
Directors

7

Report of the Independent Auditors 9

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Company Cash Flow Statement 18

Notes to the Cash Flow Statements 19

Notes to the Consolidated Financial Statements 21


S FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTORS: G Read
V Read
Miss C I A Read
Miss P J G Read
Miss F A Read



REGISTERED OFFICE: Station Farm
Station Road
Sibsey
Boston
PE22 0SE



REGISTERED NUMBER: 13179690 (England and Wales)



SENIOR STATUTORY AUDITOR: Nicola Michelle Lenton FCCA



AUDITORS: Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 5 APRIL 2024


The directors present their strategic report of the company and the group for the year ended 05 April 2024.
The principal activities of the group in the period under review were those of farming and the processing, marketing and distribution of vegetables.

REVIEW OF BUSINESS
S Farms Limited owns the entire share capital of Staples Brothers Limited and Staples (Vegetables) Limited as the parent company.

Turnover for the group for the year was £171m (2023 £144m). Group profit for the period, before tax, was £17.6m (2023 £4m).

S Farms Limited received Dividends in the year from Staples Brothers Limited of £8,502,567 (2023 £1,308,087) and from Staples (Vegetables) Limited of £700,525 (2023 £1,010,758).

The group is committed to developing and investing in the latest equipment and technologies to improve efficiency and productivity. Total capital spend in the year on plant, machinery and vehicles amounted to £10.2m (2023 £5.5m).

Key performance indicators are measured and reported within the financial statements for the subsidiary companies.

OUTLOOK
The directors believe that the group balance sheet provides a strong capital base for further sustainable growth alongside long--term security.

The UK Budget, delivered in October 2024, will have an impact on the group's future employment costs due to the rise in Employers National Insurance Contributions from April 2025. At the same time, further significant uplifts in the National Living Wage and National Minimum Wage rates will see employment costs increasing. The group are budgeting for these rises for 2025-26.

PRINCIPAL RISKS AND UNCERTAINTIES
The nature of the industry in which the group operates means that climate unpredictability will always provide uncertainties in produce yield, quality and ultimately price achieved. The group manages this risk by implementing procedures to minimise uncertainty through extensive research, crop planning, management and investment. The group also works with a network of vegetable suppliers worldwide to ensure constant availability and options.

There is a risk of the loss of key customer accounts. The group manages its key accounts to ensure that there is not a dependency upon one particular customer or product. The subsidiary companies have an excellent reputation and dialogue with their customers and this relationship also seeks to minimise any significant pricing fluctuations.

The group is at risk of currency fluctuations. The subsidiary companies manage this risk by monitoring exchange rates and planning ahead for material foreign currency requirements.

The group has to continually budget for any labour cost increases as a result of UK Government policy and regular rises in the National Living Wage and National Minimum Wage.

The group is at risk of rising borrowing costs with the interest rate increases currently being applied by the Bank of England.


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 5 APRIL 2024

SECTION 172(1) STATEMENT
Section 172 of the Companies Act 2006 requires the directors of the parent company and the subsidiary companies to act in a way they consider, in good faith, would be most likely to promote the success of the companies for the benefit of their members as a whole and, in doing so, and have regard to:
- the likely consequences of any decision long-term;
- the interest of the employees;
- the need to foster business relationships with suppliers, customers and others;
- the impact of operations on the community and the environment;
- the desire for maintaining a reputation for high standards of business conduct, and
- the need to act fairly as between members of the companies.

Promoting the groups success for its members and long term strategy
The group is managed by the directors, Vernon Read and George Read.

Strategic decisions are based on long-term objectives. The long term strategy is investment in the very latest technology and equipment and the directors are proud to have created a unique integrated production system delivering the highest efficiency and lowest risk in the industry. The directors always look to the future in pioneering product development, meeting customer needs through consumer and market insight.

The directors are minded to always act in good faith to promote the success of the group and to act fairly in respect of (and for the benefit of) the shareholders of the companies.

Employees
The directors recognise that management and employees are core to the success of the business. The directors ensure that decision making incorporates ideas and opinions from the workforce. The group places significant importance on the health, safety and wellbeing of employees. The group encourages diversity within its workforce.

Our customers and suppliers
The directors and senior management team of the subsidiary companies oversee the relationships with key suppliers and customers.

The customers are predominantly major UK supermarkets. Key to these relationships is quality of product, service and availability to meet demand throughout the year. The subsidiary companies always seek to be transparent and fair with suppliers and build loyal and stable working relationships. There are many businesses, both locally and nationally, that have had a mutually beneficial working relationship with the subsidiary companies for more than 30 years.

Our community and environment
The group is based in Lincolnshire with additional farms on the Isle of Wight. The subsidiary companies have supported many local and community projects in recent years and is a significant employer within the local area.
.
The group has a policy for sustainable food and farming as evidenced through its membership of many environmental and ethical assurance schemes.

The subsidiary companies are supplied with site electricity, via an anaerobic digester plant at both the Wrangle and Sibsey processing sites. The plant is run on out of specification vegetables and maize silage.The subsidiary companies are self-sufficient in generating their own electricity.

Staples (Vegetables) Limited offers a cycle to work scheme for employees.

High standards of business conduct
The directors operate the group in a responsible manner, with regard to maintaining high standards of business conduct, reputation and governance that would be expected given the size of the group.


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 5 APRIL 2024

FINANCIAL INSTRUMENTS, RISKS AND THEIR MANAGEMENT
The business's principal financial instruments comprise trade debtors, bank current account, bank invoice financing, trade creditors and finance agreements. The main purpose of these instruments is to finance the operations of the group.
Trade debtors are managed for credit and cash flow risk by policies in place to determine credit limits offered to customers and a daily monitoring of amounts outstanding for age and limits. Trade debtors included in the balance sheet are net of allowances for bad or doubtful debts.
Trade creditors liquidity risk is managed by ensuring there are sufficient funds available to meet amounts falling due.

The business uses finance agreements to fund large fixed asset acquisitions. The liquidity risk in respect of these agreements is managed by ensuring that there are sufficient funds available to meet the repayments when due.
The directors consider that adequate finance is in place to take advantage of any business opportunities that may arise and consider that the group is in a strong position with regard to market share.

MODERN SLAVERY AND HUMAN TRAFFICKING
The group is committed to driving out evidence of modern-day slavery and human trafficking from the industry and will ensure that industry leading targets are set, achieved and maintained.
Only by utilising a combined approach, can the industry stamp out modern day slavery. The directors, management team and employees of the subsidiary companies are fully supportive of the Modern Slavery Act 2015 and will ensure they maintain this approach to achieve the target of 100% compliance.
The group's full statement on modern slavery and human trafficking is available on its website: www.staplesvegetables.co.uk

FUTURE DEVELOPMENTS
The group will continue with its successful on-going strategy of investment in the most innovative and leading-edge farming techniques and machinery, and structure and systemise all aspects of the vegetable processing cycle to enure that it always meets its primary commitment to the customer - produce of the highest possible quality, freshness, availability and value.

ON BEHALF OF THE BOARD:





Director


12 February 2025

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 5 APRIL 2024


The directors present their report with the financial statements of the company and the group for the year ended 5 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a Parent Company to Staples Brothers Limited and Staples (Vegetables) Limited.

DIVIDENDS
An interim dividend of £243.67 per share was paid on the Ordinary B £1 shares on 25 March 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 5 April 2024 will be £ 7,999,686 .

DIRECTORS
The directors shown below have held office during the whole of the period from 6 April 2023 to the date of this report.

G Read
V Read

Other changes in directors holding office are as follows:

Miss C I A Read - appointed 20 April 2023
Miss P J G Read - appointed 20 April 2023
Miss F A Read - appointed 20 April 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in
the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 5 APRIL 2024


AUDITORS
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



V Read - Director


12 February 2025

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

ENERGY AND CARBON REPORT
FORMING PART OF THE REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 5 APRIL 2024



The following report covers the group, including the subsidiary companies, Staples Brothers Limited and Staples (Vegetables) Limited.

SECR Energy Use and Carbon Emissions Disclosure
S Farms Limited hereby disclose their energy use and greenhouse gas emissions for which they are responsible in line with SECR requirements. This is the first year of SECR reporting and is aligned with the financial year to 05 April 2024.

Energy Source Consumption(kW
h)
CO2
Emissions(Tonnes)
% of Total
kWhConsumption
Scope
Gas (LPG) 538,327 48 1% 1
Gas Oil 214,356 60 0.3% 1
Own Transport (Diesel) 24,474,366 7,868 37% 1
Farm Operations (Red Diesel) 30,028,948 9,625 45% 1
Electricity 2,354,043 487 4% 2
3rd Party Transport 9,384,858 3,008 14% 3
Waste 8,500 2 0.01% 3
Water 67,155 14 0.1% 3
Fertiliser - De-Minimis
Business Travel - De-Minimis
Grand Totals 67,143,552 21,112 100%

Methodology
The Green House Gas (GHG) Reporting Protocol - Corporate Standard has been followed to allow easy comparison with equivalent organisational reporting. Carbon emissions are therefore reported as Scope 1, 2 and 3 emissions. The report has also used the 2024 UK Government's Conversion Factors for Company Reporting.

Benchmarking and Intensity Metrics
This being the first year of reporting there are no feasible comparisons to be made. Future reports will use 2024 as the baseline year.

The group has chosen to utilise an intensity metric that will support comparison to the baseline emissions in future years and will hopefully also seek to measure its emissions against their peers. The group also use the Manufacture 2030 program as a means of comparison and improvements.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per GB Pounds turnover, the recommended ratio for the sector.

Energy Efficiency Actions
In the periods covered by this report, S Farms Limited has implemented a number of technologies to reduce energy consumption and carbon emissions, from LED lighting to CHP's burning sustainable fuel sources. Whilst the benefit of these sustainable fuel sources cannot be included in this report, they obviously reduce the overall amount of fossil fuels consumed by the business.

There is significant pressure within the Food sector, and its supply chain to reduce carbon emissions, this downward pressure is forcing the group to continue to reduce their energy and carbon emissions in order to meet the targets set by their customers.

The major Supermarkets, along with many of their supply chain partners, including S Farms Limited subscribe to the Manufacture 2030 program as a means to record Scope 3 emissions and compare themselves with their peer group with the ultimate aim of decarbonising the supply chain. This is an industry wide focus setting out to achieve the broad goals agreed by this program by 2030.

At this stage formal science-based targets have not been set by the group, although this report can be used as the baseline for comparison against others, and a measure of the efficacy of their own plans. Therefore, the information in this report can now be used to assist in defining the actions required to meet the targets.

The group are expecting to deliver year on year reductions as various element of their current plans are implemented.


Organisational Background
S Farms Limited is the Parent Company to Staples (Vegetables) Limited and Staples Brothers Limited, who are a multi-sited farmer specialising in growing sustainable crops of Brassicas, Potatoes, Alliums, Cucurbits and Cereals.


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

ENERGY AND CARBON REPORT
FORMING PART OF THE REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 5 APRIL 2024

S Farms Limited meets two of the qualifying conditions within the financial year ending 05 April 2024, and is therefore within the scope of the legislation and is required to submit energy and carbon emissions within their Annual Report as part of the annual filing obligations.

The group has made significant investments in energy generation, 2 farms have Anaerobic Digestion (AD) plants (producing gas and electricity) and 1 farm has Solar PVs installed. The outputs are as follows -
Sycamore Farm - 339kW Solar PV
Marsh Farm - 5mW AD plant
Station Farm - 2mW AD plant

The ADs and CHPs produce electricity and heat which is used in the production processes, general facilities, and staff accommodation.

Where electricity is imported from the grid it is purchased from 100% green energy providers.

SECR energy and carbon footprint summary

As shown in the table above, the GHG emissions for S Farms Limited, calculated for 2023-24, totalled 21,112 tCO2e, which was equivalent to 0.000135 tonnes CO2e emitted per GBP turnover.

Intensity ratio

The emissions intensity for S Farms Limited was calculated and reported in terms of the ratio of total GHG emissions per GB Pounds per turnover. In 2024, the GHG emission intensity was 0.0000135 tCO2e per GBP turnover.

2023-24 Intensity Ratio

Total Consumption kWh 67,143,552
Co2e (Tonnes) 21,112
Sales Turnover £157m
Intensity Ratio (Carbon/£Sale) 0.000135


SECR summary information for Annual Report

The above data summarises the Streamlined Energy and Carbon Reporting (SECR) disclosure in line with the requirements for a "large" unquoted company, as per The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Methodology
The report includes the group's greenhouse gas (GHG) inventory to cover all material sources of emissions for which S Farms Limited was responsible for in the UK for the 2023-2024 financial year.

The methodology applied was the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition, 2015). The reporting boundary for emission sources was determined using the operational control approach. All emissions sources required under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 were included. This estimate covers all of the group's UK-located operations that are consolidated in these financial statements and the sites used to conduct these operations. Raw data was provided in the form of non-half-hourly meter readings for the sites and consolidated energy consumption data for the remaining sources.

Statement of Directors' Responsibility and Approval

The Directors acknowledge their responsibility for arranging the preparation of the SECR Report, for selecting appropriate reporting policies, for making appropriate judgements and estimates, for presenting the information fairly and in accordance with SECR guidelines and for maintaining records from which to prepare the report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORMING PART OF THE REPORT OF THE DIRECTORS
S FARMS LIMITED


Opinion
We have audited the financial statements of S Farms Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 5 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 5 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORMING PART OF THE REPORT OF THE DIRECTORS
S FARMS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have enquired of those charged with governance around actual and potential litigation and claims.
We have reviewed financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.
We have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.
We have audited the risk of management override of controls including the review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.




Nicola Michelle Lenton FCCA (Senior Statutory Auditor)
for and on behalf of Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

12 February 2025

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 170,856,716 144,473,698

Cost of sales (128,553,499 ) (117,237,360 )
GROSS PROFIT 42,303,217 27,236,338

Distribution costs (13,233,586 ) (13,322,905 )
Administrative expenses (12,044,768 ) (10,013,101 )
17,024,863 3,900,332

Other operating income 375,965 386,196
Gain/loss on revaluation of assets 339,542 (111,165 )
OPERATING PROFIT 3 17,740,370 4,175,363

Income from fixed asset investments 79,732 39,753
Interest receivable and similar income 195,031 5,342
18,015,133 4,220,458

Interest payable and similar expenses 4 (403,739 ) (308,645 )
PROFIT BEFORE TAXATION 17,611,394 3,911,813

Tax on profit 5 (2,960,478 ) (801,966 )
PROFIT FOR THE FINANCIAL YEAR 14,650,916 3,109,847
Profit attributable to:
Owners of the parent 14,650,916 3,109,847

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 14,650,916 3,109,847


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

14,650,916

3,109,847

Total comprehensive income attributable to:
Owners of the parent 14,650,916 3,109,847

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

CONSOLIDATED BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 800 -
Tangible assets 9 56,866,735 52,421,856
Investments 10 3,345,539 2,946,944
60,213,074 55,368,800

CURRENT ASSETS
Stocks 11 14,218,349 12,192,564
Debtors 12 26,756,179 20,230,711
Cash at bank and in hand 3,014,866 578,826
43,989,394 33,002,101
CREDITORS
Amounts falling due within one year 13 31,379,986 23,324,388
NET CURRENT ASSETS 12,609,408 9,677,713
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,822,482

65,046,513

CREDITORS
Amounts falling due after more than one year 14 (1,902,047 ) (2,561,700 )

PROVISIONS FOR LIABILITIES 19 (6,693,633 ) (4,909,241 )
NET ASSETS 64,226,802 57,575,572

CAPITAL AND RESERVES
Called up share capital 20 95,294 95,294
Fair value reserve 21 254,090 (111,165 )
Retained earnings 21 63,877,418 57,591,443
SHAREHOLDERS' FUNDS 64,226,802 57,575,572

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





V Read - Director


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

COMPANY BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 636,526 -
Investments 10 3,409,305 3,010,710
4,045,831 3,010,710

CURRENT ASSETS
Debtors 12 75,318 44,533
Cash at bank 318,581 6,643
393,899 51,176
CREDITORS
Amounts falling due within one year 13 105,437 22,987
NET CURRENT ASSETS 288,462 28,189
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,334,293

3,038,899

CAPITAL AND RESERVES
Called up share capital 20 95,294 95,294
Fair value reserve 21 254,090 (111,165 )
Retained earnings 21 3,984,909 3,054,770
SHAREHOLDERS' FUNDS 4,334,293 3,038,899

Company's profit for the financial year 9,295,080 2,239,754

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





V Read - Director


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 6 April 2022 101,294 55,910,158 - 56,011,452

Changes in equity
Issue of share capital (6,000 ) - - (6,000 )
Dividends - (1,539,727 ) - (1,539,727 )
Total comprehensive income - 3,221,012 (111,165 ) 3,109,847
Balance at 5 April 2023 95,294 57,591,443 (111,165 ) 57,575,572

Changes in equity
Dividends - (7,999,686 ) - (7,999,686 )
Total comprehensive income - 14,285,661 365,255 14,650,916
Balance at 5 April 2024 95,294 63,877,418 254,090 64,226,802

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 6 April 2022 101,294 2,243,578 - 2,344,872

Changes in equity
Issue of share capital (6,000 ) - - (6,000 )
Dividends - (1,539,727 ) - (1,539,727 )
Total comprehensive income - 2,350,919 (111,165 ) 2,239,754
Balance at 5 April 2023 95,294 3,054,770 (111,165 ) 3,038,899

Changes in equity
Dividends - (7,999,686 ) - (7,999,686 )
Total comprehensive income - 8,929,825 365,255 9,295,080
Balance at 5 April 2024 95,294 3,984,909 254,090 4,334,293

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 19,463,174 12,028,411
Interest paid (303,360 ) (232,401 )
Interest element of hire purchase payments paid (100,379 ) (76,244 )
Tax paid (938,549 ) (1,528,249 )
Net cash from operating activities 18,120,886 10,191,517

Cash flows from investing activities
Purchase of intangible fixed assets (1,000 ) -
Purchase of tangible fixed assets (8,168,104 ) (3,103,774 )
Purchase of fixed asset investments - (1,001,000 )
Sale of tangible fixed assets 563,984 245,271
Interest received 195,031 (94 )
Dividends received 1 5,959
Other investment income - (523 )
Net cash from investing activities (7,410,088 ) (3,854,161 )

Cash flows from financing activities
Capital repayments in year (3,961,263 ) (4,471,986 )
Amount introduced by directors 8,628,165 2,798,727
Amount withdrawn by directors (9,887,435 ) (1,527,636 )
Share issue - (6,000 )
Equity dividends paid (7,999,686 ) (1,539,727 )
Net cash from financing activities (13,220,219 ) (4,746,622 )

(Decrease)/increase in cash and cash equivalents (2,509,421 ) 1,590,734
Cash and cash equivalents at beginning of year 2 (3,784,749 ) (5,375,483 )

Cash and cash equivalents at end of year 2 (6,294,170 ) (3,784,749 )

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (252,426 ) (15,783 )
Interest paid (2,846 ) -
Net cash from operating activities (255,272 ) (15,783 )

Cash flows from investing activities
Purchase of tangible fixed assets (636,526 ) -
Purchase of fixed asset investments - (1,000,999 )
Interest received 643 (5,436 )
Dividends received 9,203,093 2,324,804
Other investment income - (523 )
Net cash from investing activities 8,567,210 1,317,846

Cash flows from financing activities
Amount introduced by directors 8,628,122 1,539,728
Amount withdrawn by directors (8,628,436 ) (1,526,001 )
Share issue - (6,000 )
Equity dividends paid (7,999,686 ) (1,539,727 )
Net cash from financing activities (8,000,000 ) (1,532,000 )

Increase/(decrease) in cash and cash equivalents 311,938 (229,937 )
Cash and cash equivalents at beginning of year 2 6,643 236,580

Cash and cash equivalents at end of year 2 318,581 6,643

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CASH FLOW STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Group
2024 2023
£    £   
Profit before taxation 17,611,394 3,911,813
Depreciation charges 6,614,394 6,654,521
Loss on disposal of fixed assets 102,308 54,371
(Gain)/loss on revaluation of fixed assets (339,542 ) 111,165
Investment management costs 20,679 -
Finance costs 403,739 308,645
Finance income (274,763 ) (45,095 )
24,138,209 10,995,420
(Increase)/decrease in stocks (2,025,785 ) 318,871
Increase in trade and other debtors (6,197,801 ) (20,775 )
Increase in trade and other creditors 3,548,551 734,895
Cash generated from operations 19,463,174 12,028,411

Company
2024 2023
£    £   
Profit before taxation 9,295,202 2,239,754
(Gain)/loss on revaluation of fixed assets (339,542 ) 111,165
Investment management costs 20,679 -
Finance costs 2,846 -
Finance income (9,283,467 ) (2,358,598 )
(304,282 ) (7,679 )
Increase in trade and other debtors (30,785 ) (12,004 )
Increase in trade and other creditors 82,641 3,900
Cash generated from operations (252,426 ) (15,783 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Group Company
Year ended 5 April 2024
5.4.24 6.4.23 5.4.24 6.4.23
£    £    £    £   
Cash and cash equivalents 3,014,866 578,826 318,581 6,643
Bank overdrafts (9,309,036 ) (4,363,575 ) - -
(6,294,170 ) (3,784,749 ) 318,581 6,643
Year ended 5 April 2023
5.4.23 6.4.22 5.4.23 6.4.22
£    £    £    £   
Cash and cash equivalents 578,826 1,067,900 6,643 236,580
Bank overdrafts (4,363,575 ) (6,443,383 ) - -
(3,784,749 ) (5,375,483 ) 6,643 236,580


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CASH FLOW STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Group
Other
non-cash
At 6.4.23 Cash flow changes At 5.4.24
£    £    £    £   
Net cash
Cash at bank
and in hand 578,826 2,436,040 3,014,866
Bank overdrafts (4,363,575 ) (4,945,461 ) (9,309,036 )
(3,784,749 ) (2,509,421 ) (6,294,170 )
Debt
Finance leases (4,964,647 ) 3,961,263 (3,557,261 ) (4,560,645 )
(4,964,647 ) 3,961,263 (3,557,261 ) (4,560,645 )
Total (8,749,396 ) 1,451,842 (3,557,261 ) (10,854,815 )
Company
At 6.4.23 Cash flow At 5.4.24
£    £    £   
Net cash
Cash at bank 6,643 311,938 318,581
6,643 311,938 318,581
Total 6,643 311,938 318,581

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 12.5% on reducing balance, 5% on reducing balance and Nil
Farm / tenants fixtures - 25% on reducing balance and 10% on reducing balance
Plant and equipment, etc. - 35% on reducing balance, 20% on reducing balance, 12.5% on reducing balance and Straight line over 10 years
Motor vehicles and trailers - 25% on reducing balance
Tractors, trailers and vehicles
-
30% on reducing balance, 25% on reducing balance and 20% on reducing balance
Office equipment - 25% on reducing balance, 20% on reducing balance and 12.5% on reducing balance

Stocks and valuation
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

The valuation of Staples Brothers Ltd stock and tenantright was carried out by independent valuers Martin Wright Surveyors Limited, The Orchard Rooms, Frith Bank, Boston and is in accordance with FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


1. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme The Staples 1993 Pension Fund, and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

Grants and contributions
Grants receivable in respect of tangible fixed assets are treated as deferred income which is credited to the profit and loss account over the estimated economic lives of the related assets. Grants receivable in respect of profit and loss expenditure are credited to the expenditure heading concerned in the year of receipt.

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 41,733,639 36,462,833
Social security costs 3,744,044 3,438,440
Other pension costs 16,667 -
45,494,350 39,901,273

The average number of employees during the year was as follows:
2024 2023

Processing and distribution 1,204 1,169
Sales and marketing 4 4
Office administration 42 38
1,250 1,211

The average number of employees by undertakings that were proportionately consolidated during the year was 1,250 (2023 - 1,211 ) .

2024 2023
£    £   
Directors' remuneration 1,255,282 480,000

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 605,641 240,000

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


3. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 128,622 71,854
Depreciation - owned assets 6,614,194 6,654,521
Loss on disposal of fixed assets 102,308 54,371
Development costs amortisation 200 -
Auditors' remuneration 24,400 22,600

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 201,753 157,305
Hire purchase interest 65,127 37,312
Corporation tax interest 607 963
Loan interest 35,873 36,821
Hire purchase 100,379 76,244
403,739 308,645

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 2,794,981 177,411
Under / (Overprovision) in
previous year - (6,844 )
R&D tax claim (1,618,895 ) -
Total current tax 1,176,086 170,567

Deferred tax 1,784,392 631,399
Tax on profit 2,960,478 801,966

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 7,999,686 1,539,727

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


8. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
Additions 1,000
At 5 April 2024 1,000
AMORTISATION
Amortisation for year 200
At 5 April 2024 200
NET BOOK VALUE
At 5 April 2024 800

9. TANGIBLE FIXED ASSETS

Group
Farm / Plant and
Freehold tenants equipment,
property fixtures etc.
£    £    £   
COST
At 6 April 2023 32,084,704 2,157,571 60,480,715
Additions 1,301,288 239,285 8,041,257
Disposals - - (835,023 )
At 5 April 2024 33,385,992 2,396,856 67,686,949
DEPRECIATION
At 6 April 2023 9,358,984 1,349,330 40,782,945
Charge for year 1,016,930 122,842 3,326,032
Eliminated on disposal - - (314,715 )
At 5 April 2024 10,375,914 1,472,172 43,794,262
NET BOOK VALUE
At 5 April 2024 23,010,078 924,684 23,892,687
At 5 April 2023 22,725,720 808,241 19,697,770

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Motor Tractors,
vehicles trailers
and and Office
trailers vehicles equipment Totals
£    £    £    £   
COST
At 6 April 2023 238,500 23,123,767 1,727,193 119,812,450
Additions - 1,506,301 637,234 11,725,365
Disposals - (742,689 ) - (1,577,712 )
At 5 April 2024 238,500 23,887,379 2,364,427 129,960,103
DEPRECIATION
At 6 April 2023 233,973 14,391,745 1,273,617 67,390,594
Charge for year 1,132 2,109,615 37,643 6,614,194
Eliminated on disposal - (596,705 ) - (911,420 )
At 5 April 2024 235,105 15,904,655 1,311,260 73,093,368
NET BOOK VALUE
At 5 April 2024 3,395 7,982,724 1,053,167 56,866,735
At 5 April 2023 4,527 8,732,022 453,576 52,421,856

Included on cost of land and buildings is freehold land of £4,599,220 (2023: £3,962,694) which is not depreciated.

The net book value of tangible fixed assets includes assets held under finance leases or hire purchase contracts amounting to £8,367,631 (2023: £8,073,223).

Company
Freehold
property
£   
COST
Additions 636,526
At 5 April 2024 636,526
NET BOOK VALUE
At 5 April 2024 636,526

Included in cost of land and buildings is freehold land of £ 636,526 which is not depreciated.

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


10. FIXED ASSET INVESTMENTS

Group
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 6 April 2023 2,946,704 240 2,946,944
Share of profit/(loss) 2,830 - 2,830
Revaluations 344,576 - 344,576
Dividends received 51,189 - 51,189
At 5 April 2024 3,345,299 240 3,345,539
NET BOOK VALUE
At 5 April 2024 3,345,299 240 3,345,539
At 5 April 2023 2,946,704 240 2,946,944

Cost or valuation at 5 April 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2022 17,116 240 17,356
Valuation in 2023 (71,413 ) - (71,413 )
Valuation in 2024 398,596 - 398,596
Cost 3,001,000 - 3,001,000
3,345,299 240 3,345,539
Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 6 April 2023 64,007 2,946,703 3,010,710
Share of profit/(loss) - 2,830 2,830
Revaluations - 344,576 344,576
Dividends received - 51,189 51,189
At 5 April 2024 64,007 3,345,298 3,409,305
NET BOOK VALUE
At 5 April 2024 64,007 3,345,298 3,409,305
At 5 April 2023 64,007 2,946,703 3,010,710

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


10. FIXED ASSET INVESTMENTS - continued

Company

Cost or valuation at 5 April 2024 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2022 - 17,116 17,116
Valuation in 2023 - (71,413 ) (71,413 )
Valuation in 2024 - 398,595 398,595
Cost 64,007 3,001,000 3,065,007
64,007 3,345,298 3,409,305

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Staples (Vegetables) Limited
Registered office: Marsh Farm, Sea Lane, Wrange, Boston, Lincolnshire, PE22 PHE
Nature of business: Processing, marketing and distribution of vegetable
%
Class of shares: holding
A 100.00
2024 2023
£    £   
Aggregate capital and reserves 17,150,652 14,579,471
Profit for the year 3,271,706 1,103,035

Staples Brothers Limited
Registered office: Station Farm, Station Road, Sibsey, Boston, Lincolnshire, PE22 0SE
Nature of business: Farming
%
Class of shares: holding
A 100.00
2024 2023
£    £   
Aggregate capital and reserves 42,805,864 40,021,209
Profit for the year 11,287,222 2,085,903


11. STOCKS

Group
2024 2023
£    £   
Produce 13,188,091 11,004,186
Containers and fuel 1,030,258 1,188,378
14,218,349 12,192,564

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 21,824,978 16,206,317 - -
Amounts owed by participating interests - - 47,234 44,142
Other debtors 1,136,000 652,237 28,084 -
Corporation tax 1,639,270 1,311,647 - -
Directors' current accounts 44 - - -
VAT 1,240,991 1,322,440 - 391
Prepayments and accrued income 914,896 738,070 - -
26,756,179 20,230,711 75,318 44,533

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 9,309,036 4,363,575 - -
Hire purchase contracts (see note 16) 2,958,271 2,749,702 - -
Trade creditors 16,558,753 12,434,171 - -
Corporation Tax 565,204 - 122 -
Social security and other taxes 670,704 686,891 28,082 -
VAT - - 57,820 -
Other creditors 1,490 1,490 - -
VAT 57,820 - - -
Directors' current accounts 20,995 1,280,265 13,773 14,087
Accruals and deferred income 1,190,631 1,755,452 5,640 8,900
Deferred government grants 47,082 52,842 - -
31,379,986 23,324,388 105,437 22,987

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 1,602,374 2,214,945
Deferred government grants 299,673 346,755
1,902,047 2,561,700

15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 9,309,036 4,363,575

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 3,081,838 2,846,015
Between one and five years 1,655,952 2,264,345
4,737,790 5,110,360

Finance charges repayable:
Within one year 123,567 96,313
Between one and five years 53,578 49,400
177,145 145,713

Net obligations repayable:
Within one year 2,958,271 2,749,702
Between one and five years 1,602,374 2,214,945
4,560,645 4,964,647

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 9,309,036 4,363,575
Hire purchase contracts 4,560,645 4,964,647
13,869,681 9,328,222

The bank overdraft is secured by an unlimited guarantee and is repayable on demand. Details of other bank security held is detailed in note 22, Contingent Liabilities. The hire purchase contracts are secured on the asset concerned.

18. FINANCIAL INSTRUMENTS

Financial assets and liabilities - forward contracts

On occasion the company enters into foreign currency contracts to mitigate the exchange risk for certain transactions. At 5 April 2024, there were no outstanding contracts.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 6,693,633 4,909,241

S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 6 April 2023 4,909,241
Charge to Income Statement during year 1,784,392
Balance at 5 April 2024 6,693,633

Deferred tax has been calculated at 25%.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
32,830 Ordinary B £1 32,830 32,830
60,002 Ordinary £1 60,002 60,002
2,462 Ordinary A £1 2,462 2,462
95,294 95,294

The 6,000 Preference shares were cancelled on 19 April 2022 and 21 April 2022.

21. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 6 April 2023 57,591,443 (111,165 ) 57,480,278
Profit for the year 14,650,916 14,650,916
Dividends (7,999,686 ) (7,999,686 )
Unrealised investment gain (365,255 ) 365,255 -
At 5 April 2024 63,877,418 254,090 64,131,508

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 6 April 2023 3,054,770 (111,165 ) 2,943,605
Profit for the year 9,295,080 9,295,080
Dividends (7,999,686 ) (7,999,686 )
Unrealised investment gain (365,255 ) 365,255 -
At 5 April 2024 3,984,909 254,090 4,238,999


S FARMS LIMITED (REGISTERED NUMBER: 13179690)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


22. CONTINGENT LIABILITIES

On 26 February 2021 HSBC UK Bank plc registered a debenture as security for the payment and discharge of all debt owed to the bank in form of a fixed charge and a floating charge over all the property or undertaking of Staples (Vegetables) Ltd.

On 8 March 2021 HSBC Invoice Finance (UK) registered a fixed charge in non-vesting debtors and floating charge covering all property or undertaking of Staples (Vegetables) Ltd.

On 18 March 2021 HSBC UK Bank plc registered a legal assignment of rights at Companies House as security for all present and future debts, money and other liabilities of Staples (Vegetables) Ltd.

On 08 January 2024 HSBC UK Bank plc registered a legal assignment of rights at Companies House as security for all present and future debt, money and other liabilities of Staples (Vegetables) Ltd

On 26 February 2021 HSBC UK Bank plc registered a debenture as security for the payment and discharge of all debt owed to the bank in the form of a fixed charge and a floating charge over all the property or undertaking of Staples Brothers Ltd.

23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 6,950,886 935,249

24. RELATED PARTY DISCLOSURES

During the year the company has also traded with other companies in which the directors hold an individual controlling share interest, as follows:-

Produce purchased from:
2024 2023
£    £   

G-VEG Limited (controlled by G Read) 6,439,930 4,282,128
VER Limited (controlled by V Read) 5,803,929 5,167,599
G & P Read Limited (controlled by G Read) 405,647 398,474

Recharges from:-
2024 2023
£    £   
G-VEG Limited (controlled by G Read) 3,136,990 2,364,133
VER Limited (controlled by V Read) 2,866,554 2,765,951
G & P Read Limited (controlled by G Read) 322,197 321,530

Amounts owed to the group at the year end as follows:
2024 2023
£    £   
G-VEG Limited (controlled by G Read) (183,360 ) 101,328
VER Limited (controlled by V Read) (546,292 ) (114,211 )

Included within creditors are loans from the following related parties:
The loans are repayable on demand. 2024 2023
£ £
Due within one year:
Vernon Read 7,819 7,976
George Read 13,132 1,272,289