Company registration number 00917409 (England and Wales)
SYKES HOUSE FARM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SYKES HOUSE FARM LIMITED
COMPANY INFORMATION
Directors
M P Smith
R C Smith
R L Hirst
Secretary
M J Smith
Company number
00917409
Registered office
Crown Chambers
Princes Street
HARROGATE
HG1 1NJ
Auditor
Lithgow Perkins LLP
Crown Chambers
Princes Street
HARROGATE
HG1 1NJ
SYKES HOUSE FARM LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 20
SYKES HOUSE FARM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

We aim to present a balanced review of the development and performance of the business during the year, and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face.

 

The profit for the year, after taxation, is £523,560 (2023 £815,958). Total ordinary dividends of £580,000 (2023 £620,000) were paid during the year. Shareholders' funds decreased by £56,440. We feel that the results for the year and the financial position at the year end are satisfactory.

 

Principal risks and uncertainties

The principal risks and uncertainties facing the company are competitive risks. As for many businesses of our size and in our sector the business environment in which we operate continues to be challenging. The directors believe their hands on approach means the company is well placed to manage its business risks successfully and accordingly continue to adopt the going concern basis in preparing the annual report and accounts.

Key performance indicators

We consider the Company's key financial performance indicators during the year were as follows:

 

            2024     2023    

            £'000     £'000

 

Turnover            12,053    12,153

Gross profit         4,011     3,902    

Gross profit %         33.3%     32.1%    

 

 

The company's principal financial instruments are trade debtors and trade creditors that arise directly from its operations.

Future development

We are aware that any plans for future development may be subject to unforeseen events outside of our control. However, we will continue to be flexible and respond to market conditions and opportunities as they arise. Energy price increases in 2024 have become challenging and we are taking steps to mitigate these increases. In the coming year the company aims to grow sales by volume increases aided by some new products.

On behalf of the board

R C Smith
Director
26 February 2025
SYKES HOUSE FARM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of catering butchers.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £580,000. 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:

M P Smith
R C Smith
R L Hirst
Auditor

The auditor, Lithgow Perkins LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 principal risks and uncertainties, key performance indicators and future developments.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R C Smith
Director
26 February 2025
SYKES HOUSE FARM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

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.

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.

SYKES HOUSE FARM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYKES HOUSE FARM LIMITED
- 4 -
Opinion

We have audited the financial statements of Sykes House Farm Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows 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 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:

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:

SYKES HOUSE FARM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYKES HOUSE FARM LIMITED (CONTINUED)
- 5 -
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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which 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.

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

SYKES HOUSE FARM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYKES HOUSE FARM LIMITED (CONTINUED)
- 6 -

Our procedures for detecting irregularities, including fraud, include the following:

 

As part of the discussion on fraud, we identified the following areas as having potential for fraud to occur;

 

 

 

We designed and executed procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. These procedures, together with the extent to which they are capable of detecting irregularities, including fraud, are detailed below;

 

 

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with the laws and regulations throughout the audit.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements. There are inherent limits in the audit procedures performed, not least due to the following;

 

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.

SYKES HOUSE FARM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYKES HOUSE FARM LIMITED (CONTINUED)
- 7 -
Michael Briggs BA FCA (Senior Statutory Auditor)
For and on behalf of Lithgow Perkins LLP, Statutory Auditor
Chartered Accountants
Crown Chambers
Princes Street
HARROGATE
HG1 1NJ
13 March 2025
SYKES HOUSE FARM LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
4
12,052,762
12,153,201
Cost of sales
(8,041,909)
(8,250,312)
Gross profit
4,010,853
3,902,889
Distribution costs
(3,301,687)
(2,846,829)
Administrative expenses
(103,224)
(107,984)
Other operating income
4,050
6,807
Operating profit
3
609,992
954,883
Unrealised gain on current asset investment
77,621
41,120
Profit before taxation
687,613
996,003
Tax on profit
7
(164,053)
(180,045)
Profit for the financial year
523,560
815,958
Retained earnings brought forward
3,539,330
3,343,372
Dividends
8
(580,000)
(620,000)
Retained earnings carried forward
3,482,890
3,539,330

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

SYKES HOUSE FARM LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,952,835
1,783,868
Current assets
Stocks
10
586,775
457,243
Debtors
11
1,049,173
988,381
Investments
12
879,779
682,158
Cash at bank and in hand
745,454
1,338,295
3,261,181
3,466,077
Creditors: amounts falling due within one year
13
(1,435,126)
(1,519,615)
Net current assets
1,826,055
1,946,462
Total assets less current liabilities
3,778,890
3,730,330
Provisions for liabilities
Deferred tax liability
14
295,000
190,000
(295,000)
(190,000)
Net assets
3,483,890
3,540,330
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
18
3,482,890
3,539,330
Total equity
3,483,890
3,540,330

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
R C Smith
Director
Company registration number 00917409 (England and Wales)
SYKES HOUSE FARM LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
652,106
1,211,642
Income taxes paid
(81,553)
(182,045)
Net cash inflow from operating activities
570,553
1,029,597
Investing activities
Purchase of tangible fixed assets
(465,894)
(505,803)
Proceeds on disposal of tangible fixed assets
2,500
900
(Other investments) and (loans made)/loans repaid
(120,000)
(120,000)
Net cash used in investing activities
(583,394)
(624,903)
Financing activities
Dividends paid
(580,000)
(620,000)
Net cash used in financing activities
(580,000)
(620,000)
Net decrease in cash and cash equivalents
(592,841)
(215,306)
Cash and cash equivalents at beginning of year
1,338,295
1,553,601
Cash and cash equivalents at end of year
745,454
1,338,295
SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

Sykes House Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crown Chambers, Princes Street, HARROGATE, HG1 1NJ.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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

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

Freehold land
not depreciated
Leasehold property
10% straight line
Fixtures and fittings
5% - 20% reducing balance
Motor vehicles
25% reducing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.6
Stocks

Stocks are stated at the lower of the purchased cost and net realisable value.

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.

1.7
Current asset investments

Current asset investments are listed investments and are measured at fair value

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
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.

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.

 

1.12
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
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.

SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
-
0
(36)
Government grants
(53)
(1,888)
Fees payable to the company's auditor for the audit of the company's financial statements
8,370
6,750
Depreciation of owned tangible fixed assets
253,397
201,794
Loss on disposal of tangible fixed assets
41,030
11,091
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
12,052,762
12,153,201

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5
Employees

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

2024
2023
Number
Number
Production staff
43
38
Distribution staff
17
18
Administrative staff
16
16
Total
76
72

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,784,971
1,652,593
Social security costs
161,893
147,603
Pension costs
174,788
169,059
2,121,652
1,969,255
SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
60,000
32,500
Company pension contributions to defined contribution schemes
64,000
58,667
124,000
91,167

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
111,500
134,000
Adjustments in respect of prior periods
(52,447)
45
Total current tax
59,053
134,045
Deferred tax
Origination and reversal of timing differences
105,000
46,000
Total tax charge
164,053
180,045

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

2024
2023
£
£
Profit before taxation
687,613
996,003
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
171,903
204,141
Tax effect of expenses that are not deductible in determining taxable profit
13,358
6,737
Gains not taxable
(19,405)
(8,428)
Permanent capital allowances in excess of depreciation
50,644
(22,450)
Under/(over) provided in prior years
(52,447)
45
Taxation charge for the year
164,053
180,045
SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
8
Dividends
2024
2023
£
£
Interim paid
580,000
620,000
9
Tangible fixed assets
Freehold land
Leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
665,804
304,141
1,244,712
749,659
2,964,316
Additions
-
0
-
0
422,297
43,597
465,894
Disposals
-
0
-
0
(62,406)
(51,743)
(114,149)
At 30 June 2024
665,804
304,141
1,604,603
741,513
3,316,061
Depreciation and impairment
At 1 July 2023
18,669
300,092
427,629
434,058
1,180,448
Depreciation charged in the year
-
0
1,011
164,455
87,931
253,397
Eliminated in respect of disposals
-
0
-
0
(26,350)
(44,269)
(70,619)
At 30 June 2024
18,669
301,103
565,734
477,720
1,363,226
Carrying amount
At 30 June 2024
647,135
3,038
1,038,869
263,793
1,952,835
At 30 June 2023
647,135
4,049
817,083
315,601
1,783,868
10
Stocks
2024
2023
£
£
Raw materials and consumables
586,775
457,243
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,028,714
955,974
Other debtors
13,699
24,407
Prepayments and accrued income
6,760
8,000
1,049,173
988,381
SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
12
Current asset investments
2024
2023
£
£
Listed investments
879,779
682,158
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
707,239
752,880
Amounts owed to group undertakings
532,544
532,544
Corporation tax
111,500
134,000
Other taxation and social security
43,882
41,106
Accruals and deferred income
39,961
59,085
1,435,126
1,519,615
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
295,000
190,000
2024
Movements in the year:
£
Liability at 1 July 2023
190,000
Charge to profit or loss
105,000
Liability at 30 June 2024
295,000
15
Government grants

The amount recognised in creditors in the financial statements for deferred government grants due within one year is £474 (2023: £527).

 

The amount recognised in other operating income for government grants released to profit and loss is £53 (2023: £1,888).

 

A grant of £37,699 was received in 2010 from The European Agricultural Fund for Rural Development. £32,457 in respect of capital expenditure is amortised over the life of the asset.

SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
174,788
169,059

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.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' Shares of £1 each
750
750
750
750
Ordinary 'B' Shares of £1 each
150
150
150
150
Ordinary 'C' Shares of £1 each
100
100
100
100
1,000
1,000
1,000
1,000

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

18
Profit and loss reserves

Includes all current and prior period retained profits and losses net of distributions to owners.

19
Ultimate controlling party

 

The company is controlled by the directors of it's ultimate holding company, Live Yorkshire Limited, a company registered in England and Wales. The address of the registered office is Crown Chambers, Princes Street, Harrogate, HG1 1NJ. Copies of the parent company's accounts can be obtained from Companies House, Cardiff.

20
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,338,295
(592,841)
745,454
SYKES HOUSE FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
523,560
815,958
Adjustments for:
Taxation charged
164,053
180,045
Loss on disposal of tangible fixed assets
41,030
11,091
Depreciation and impairment of tangible fixed assets
253,397
201,794
Unrealised gain on current asset investments
(77,621)
(41,120)
Movements in working capital:
(Increase)/decrease in stocks
(129,532)
102,875
(Increase)/decrease in debtors
(60,792)
161,522
(Decrease) in creditors
(61,989)
(220,523)
Cash generated from operations
652,106
1,211,642
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