The Udder Farm Shop Limited 05543571 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is running a farm shop retailing locally sourced meat, fruit, vegetables, along with specialised luxury products as well as operating a licenced restaurant. Digita Accounts Production Advanced 6.30.9574.0 true true 05543571 2023-11-01 2024-10-31 05543571 2024-10-31 05543571 bus:CompanySecretaryDirector2 1 2024-10-31 05543571 bus:OrdinaryShareClass1 2024-10-31 05543571 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-10-31 05543571 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-10-31 05543571 core:CurrentFinancialInstruments 2024-10-31 05543571 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 05543571 core:Non-currentFinancialInstruments 2024-10-31 05543571 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 05543571 core:Goodwill 2024-10-31 05543571 core:OtherResidualIntangibleAssets 2024-10-31 05543571 core:FurnitureFittings 2024-10-31 05543571 core:LandBuildings core:OwnedOrFreeholdAssets 2024-10-31 05543571 core:MotorVehicles 2024-10-31 05543571 core:OfficeEquipment 2024-10-31 05543571 core:PlantMachinery 2024-10-31 05543571 bus:SmallEntities 2023-11-01 2024-10-31 05543571 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 05543571 bus:FilletedAccounts 2023-11-01 2024-10-31 05543571 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 05543571 bus:RegisteredOffice 2023-11-01 2024-10-31 05543571 bus:CompanySecretaryDirector2 2023-11-01 2024-10-31 05543571 bus:CompanySecretaryDirector2 1 2023-11-01 2024-10-31 05543571 bus:Director1 2023-11-01 2024-10-31 05543571 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 05543571 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 05543571 core:Goodwill 2023-11-01 2024-10-31 05543571 core:OtherResidualIntangibleAssets 2023-11-01 2024-10-31 05543571 core:FurnitureFittings 2023-11-01 2024-10-31 05543571 core:LandBuildings 2023-11-01 2024-10-31 05543571 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 05543571 core:MotorVehicles 2023-11-01 2024-10-31 05543571 core:OfficeEquipment 2023-11-01 2024-10-31 05543571 core:PlantMachinery 2023-11-01 2024-10-31 05543571 countries:AllCountries 2023-11-01 2024-10-31 05543571 2023-10-31 05543571 bus:CompanySecretaryDirector2 1 2023-10-31 05543571 core:Goodwill 2023-10-31 05543571 core:OtherResidualIntangibleAssets 2023-10-31 05543571 core:FurnitureFittings 2023-10-31 05543571 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 05543571 core:MotorVehicles 2023-10-31 05543571 core:OfficeEquipment 2023-10-31 05543571 core:PlantMachinery 2023-10-31 05543571 2022-11-01 2023-10-31 05543571 2023-10-31 05543571 bus:CompanySecretaryDirector2 1 2023-10-31 05543571 bus:OrdinaryShareClass1 2023-10-31 05543571 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 05543571 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 05543571 core:CurrentFinancialInstruments 2023-10-31 05543571 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 05543571 core:Non-currentFinancialInstruments 2023-10-31 05543571 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 05543571 core:Goodwill 2023-10-31 05543571 core:OtherResidualIntangibleAssets 2023-10-31 05543571 core:FurnitureFittings 2023-10-31 05543571 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 05543571 core:MotorVehicles 2023-10-31 05543571 core:OfficeEquipment 2023-10-31 05543571 core:PlantMachinery 2023-10-31 05543571 bus:CompanySecretaryDirector2 1 2022-11-01 2023-10-31 05543571 bus:CompanySecretaryDirector2 1 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05543571

The Udder Farm Shop Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

The Udder Farm Shop Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

The Udder Farm Shop Limited

Company Information

Directors

Mr BJ Down

Mrs JA Down

Company secretary

Mrs JA Down

Registered office

Hartgill Farm
Browns Lane, East Stour, Gillingham
Dorset, England
Dorset, England
Dorset
SP8 5JT

Accountants

Grant Sellers Limited
Bank Court
Manor Road
Verwood
Dorset
BH31 6DY

 

The Udder Farm Shop Limited

(Registration number: 05543571)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

157,228

127,492

Tangible assets

5

1,217,472

1,295,222

 

1,374,700

1,422,714

Current assets

 

Stocks

6

239,834

264,194

Debtors

7

203,652

201,659

Cash at bank and in hand

 

134,445

67,289

 

577,931

533,142

Creditors: Amounts falling due within one year

8

(1,039,294)

(870,190)

Net current liabilities

 

(461,363)

(337,048)

Total assets less current liabilities

 

913,337

1,085,666

Creditors: Amounts falling due after more than one year

8

(426,327)

(562,686)

Provisions for liabilities

(77,787)

(171,164)

Net assets

 

409,223

351,816

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

409,123

351,716

Shareholders' funds

 

409,223

351,816

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 May 2025 and signed on its behalf by:
 

 

The Udder Farm Shop Limited

(Registration number: 05543571)
Balance Sheet as at 31 October 2024 (continued)

.........................................
Mr BJ Down
Director

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hartgill Farm
Browns Lane, East Stour, Gillingham
Dorset, England
Dorset, England
Dorset
SP8 5JT
England

These financial statements were authorised for issue by the Board on 13 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The statements are presented in pound sterling and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. The tax charge in the Accounts includes UK Corporation Tax as well as the Deferred Tax movement in the period.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

10% Reducing Balance on Buildings

Motor Vehicles

25% Reducing Balance

Plant and Machinery

15% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Office Equipment

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Leases and Hire Purchases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 90 (2023 - 83).

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

135,000

7,300

142,300

Additions acquired separately

42,999

-

42,999

At 31 October 2024

177,999

7,300

185,299

Amortisation

At 1 November 2023

9,000

5,808

14,808

Amortisation charge

12,600

663

13,263

At 31 October 2024

21,600

6,471

28,071

Carrying amount

At 31 October 2024

156,399

829

157,228

At 31 October 2023

126,000

1,492

127,492

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 November 2023

1,173,292

71,607

847,869

48,134

Additions

1

3,674

22,774

1,166

At 31 October 2024

1,173,293

75,281

870,643

49,300

Depreciation

At 1 November 2023

177,448

34,239

621,799

28,664

Charge for the year

59,779

10,184

34,271

5,013

At 31 October 2024

237,227

44,423

656,070

33,677

Carrying amount

At 31 October 2024

936,066

30,858

214,573

15,623

At 31 October 2023

995,844

37,368

226,070

19,470

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Tangible assets (continued)

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

44,976

2,185,878

Additions

8,000

35,615

At 31 October 2024

52,976

2,221,493

Depreciation

At 1 November 2023

28,506

890,656

Charge for the year

4,118

113,365

At 31 October 2024

32,624

1,004,021

Carrying amount

At 31 October 2024

20,352

1,217,472

At 31 October 2023

16,470

1,295,222

Included within the net book value of land and buildings above is £936,066 (2023 - £995,844) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

239,834

264,194

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

241

Amounts owed by related parties

11

53,240

53,720

Prepayments

 

15,073

13,427

Other debtors

 

135,339

134,271

   

203,652

201,659

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

481,012

391,599

Trade creditors

 

412,620

216,438

Taxation and social security

 

122,281

160,818

Accruals and deferred income

 

6,000

87,171

Other creditors

 

17,381

14,164

 

1,039,294

870,190

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

426,327

562,686

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

417,271

539,304

Hire purchase contracts

9,056

23,382

426,327

562,686

Current loans and borrowings

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

10

Loans and borrowings (continued)

2024
£

2023
£

Bank borrowings

129,872

113,566

Bank overdrafts

337,317

266,093

Hire purchase contracts

13,823

11,940

481,012

391,599

11

Related party transactions

At the year end, the company was owed £53,240 (2023 - £53,750 ) by a company which is under the common control of the Directors. No interest is payable on the liability.

There are Management charges in the period totalling £47,000, which were paid to a Partnership, in which the Directors of the company are controlling partners.

The Udder Farm Shop Limited pays rent to a company which is under the common control of the Directors rent payable was £24,000.

The company also pays rent to the Directors of £90,000 on a property which they own and which the company trades from.

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

11

Related party transactions (continued)

Transactions with directors

2024

At 1 November 2023
£

Repayments by director
£

At 31 October 2024
£

Mrs JA Down

133,972

(3,979)

129,993

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mrs JA Down

48,342

85,630

133,972

 

The Udder Farm Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

18,192

Contributions paid to money purchase schemes

-

50,340

25,140

68,532