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REGISTERED NUMBER: 01894079 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FARMHOUSE POTATO BAKERS LIMITED

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


FARMHOUSE POTATO BAKERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: H M Bannister
M L Medhurst
Z A Bannister





SECRETARY: H M Bannister





REGISTERED OFFICE: Lancaster Road
Carnaby Industrial Estate
Bridlington
East Yorkshire
YO15 3QY





REGISTERED NUMBER: 01894079 (England and Wales)





AUDITORS: Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

REVIEW OF BUSINESS
The result for the year and financial position of the company are as shown in the annexed financial statements.

Trading conditions were generally less volatile than in the previous few years, with the exception of the potato market which was extremely volatile, especially over summer of 2024, during the last few months of stock from the 2023 season. With the background of this market, the directors are pleased to report a solid trading profit. The company has long maintained a policy of investing across all areas of the business and this has continued during the financial year to September 2024. The directors consider that the company remains in a strong position, including due to its historical past retained reserves policy, as they move forward into the new financial year.

The key financial highlights are as follows :

Year ended : 30.09.24 30.09.23 30.09.22

£ £ £
Turnover 27,336,337 23,678,769 18,112,592

Gross profit 30.5% 31.5% 33.2%

£ £ £
Total comprehensive income for the financial year 989,749 695,886 286,664

PRINCIPAL RISKS AND UNCERTAINTIES
Management seeks to mitigate key uncertainties in the retail and food service markets by:

- striving to maintain high quality standards to engender loyalty across our customer base;
- continually working towards more efficient production so that products are competitively priced;
- developing new markets for existing products;
- investing in new product development for both existing and new markets.

The directors are aware of the global volatility within relevant commodity markets and look to mitigate costs by monitoring and securing fixed price contracts and driving efficiencies, where appropriate, as well as utilising wind power through ownership of a wind turbine.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

With regard to the cash flow, the liquidity risk is managed through the use of bank current accounts and the company manages this risk by ensuring there are sufficient funds to meet its payment terms.

Trade debtor risk is managed through the monitoring of credit risk of the individual customers.

Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet payments as they fall due.

FUTURE DEVELOPMENTS
The directors intend to continue with planned capital investments and developing the company's product ranges in line with changing consumer demands.


FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

RESEARCH AND DEVELOPMENT
Research and development activities continue to play an important role in the development of new products and techniques.

ON BEHALF OF THE BOARD:





H M Bannister - Secretary


10 June 2025

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the processing of potatoes and vegetables into frozen potato products and there has been no significant change.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 400,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

H M Bannister
M L Medhurst
Z A Bannister

Other changes in directors holding office are as follows:

R M Bannister (Deceased) ceased to be a director after 30 September 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with Section 414C (11) of the Companies Act 2006, the company has chosen to report details concerning financial instruments and future developments within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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;
-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 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.

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024



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 company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



H M Bannister - Secretary


10 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FARMHOUSE POTATO BAKERS LIMITED

Opinion
We have audited the financial statements of Farmhouse Potato Bakers Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 30 September 2024 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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
FARMHOUSE POTATO BAKERS LIMITED


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 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FARMHOUSE POTATO BAKERS LIMITED


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 the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks
that the company operates in, including whether the company is complying with those legal and regulatory
frameworks;
- inquired of management, and those charged with governance, about their own identification and assessment of
the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and
- discussed matters about non-compliance with laws and regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, data protection and employment laws. We performed audit procedures to inquire of management whether the company is in compliance with these laws.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to;
- testing material journal entries throughout the year and evaluating their business rationale;
- reviewing key controls and account reconciliations;
- testing material bank transactions for business rationale; and
- on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting
documentation.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FARMHOUSE POTATO BAKERS LIMITED


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 a Report of the Auditors 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.




Rebecca Sygrove, FCCA (Senior Statutory Auditor)
for and on behalf of Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

10 June 2025

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 27,336,337 23,678,769

Cost of sales 18,988,810 16,214,483
GROSS PROFIT 8,347,527 7,464,286

Administrative expenses 7,111,519 6,728,383
1,236,008 735,903

Other operating income 118,926 102,807
OPERATING PROFIT 4 1,354,934 838,710

Interest receivable and similar income 38,774 11,274
PROFIT BEFORE TAXATION 1,393,708 849,984

Tax on profit 5 288,408 154,098
PROFIT FOR THE FINANCIAL YEAR 1,105,300 695,886

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 1,105,300 695,886


OTHER COMPREHENSIVE INCOME
Property revaluation (115,551 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(115,551

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

989,749

695,886

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 3,961,650 3,247,883

CURRENT ASSETS
Stocks 8 3,588,560 2,552,565
Debtors 9 4,032,130 3,671,271
Cash at bank and in hand 1,707,888 1,789,014
9,328,578 8,012,850
CREDITORS
Amounts falling due within one year 10 5,131,724 3,826,440
NET CURRENT ASSETS 4,196,854 4,186,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,158,504

7,434,293

CREDITORS
Amounts falling due after more than one
year

11

(299,756

)

(328,532

)

PROVISIONS FOR LIABILITIES 12 (461,645 ) (298,407 )
NET ASSETS 7,397,103 6,807,354

CAPITAL AND RESERVES
Called up share capital 13 351,396 351,396
Share premium 14 10,000 10,000
Revaluation reserve 14 (34,895 ) 24,615
Retained earnings 14 7,070,602 6,421,343
SHAREHOLDERS' FUNDS 7,397,103 6,807,354

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





H M Bannister - Director


FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 351,396 5,933,326 10,000 16,746 6,311,468

Changes in equity
Dividends - (200,000 ) - - (200,000 )
Total comprehensive income - 688,017 - 7,869 695,886
Balance at 30 September 2023 351,396 6,421,343 10,000 24,615 6,807,354

Changes in equity
Dividends - (400,000 ) - - (400,000 )
Total comprehensive income - 1,049,259 - (59,510 ) 989,749
Balance at 30 September 2024 351,396 7,070,602 10,000 (34,895 ) 7,397,103

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,223,000 1,004,308
Tax paid (41,748 ) -
Net cash from operating activities 1,181,252 1,004,308

Cash flows from investing activities
Purchase of tangible fixed assets (1,107,928 ) (221,728 )
Sale of tangible fixed assets 6,776 -
Interest received 38,774 11,274
Net cash from investing activities (1,062,378 ) (210,454 )

Cash flows from financing activities
Equity dividends paid (200,000 ) -
Net cash from financing activities (200,000 ) -

(Decrease)/increase in cash and cash equivalents (81,126 ) 793,854
Cash and cash equivalents at beginning of
year

2

1,789,014

995,160

Cash and cash equivalents at end of year 2 1,707,888 1,789,014

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

30.9.24 30.9.23
£    £   
Profit before taxation 1,393,708 849,984
Depreciation charges 414,898 422,994
Loss on disposal of fixed assets 1,174 -
Finance income (38,774 ) (11,274 )
1,771,006 1,261,704
Increase in stocks (1,035,995 ) (87,626 )
Increase in trade and other debtors (382,859 ) (604,710 )
Increase in trade and other creditors 870,848 434,940
Cash generated from operations 1,223,000 1,004,308

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,707,888 1,789,014
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,789,014 995,160


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,789,014 (81,126 ) 1,707,888
1,789,014 (81,126 ) 1,707,888
Total 1,789,014 (81,126 ) 1,707,888

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Farmhouse Potato Bakers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Significant judgements and estimates
In the application of the company's accounting policies, which are described further in this note, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation and uncertainty
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Useful economic lives of tangible assets
The annual amortisation and depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property, plant and equipment and the useful economic lives of each class of assets.

Turnover
Revenue is recognised at the fair value of the consideration received or receivable for the sale of goods in the ordinary nature of the business. Revenue is shown net of Value Added Tax.

The company's revenue is from selling various potato products based on a date supplied basis.

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 - 2% on valuation, excluding land element
Tenant improvements - 2% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 20% on cost

Government grants
Grants relating to fixed assets are recognised in income on a systematic basis over the expected useful life of the asset.

Any deferred grant income is held within creditors and categorised based on the expected period of release.

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Stocks
Raw material stock is valued at the lower of cost and net realisable value.

Finished goods stock is valued at the lower of production cost and net realisable value.

The stock value includes an allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


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.

Leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a small self administered pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company operates automatic enrolment into a workplace pension scheme in relation to all employees.

All contributions payable for the year are charged to the income statement in the period to which they relate.

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Revaluation of fixed assets
Freehold property values are reviewed annually with reference to market value, with the surplus or deficit on book value being transferred to the revaluation reserve.

Revaluation deficits in respect of consumption of economic benefits are recognised in the income statement.

Revaluation losses up to depreciated historical cost, are recognised in other comprehensive income. Any losses in excess of this amount are taken to the income statement unless the recoverable amount of the asset is deemed to be greater than its revalued amount, in which case the loss is recognised in other comprehensive income.

Where depreciation charges are increased following a revaluation, an amount equal to the increase is transferred annually from the revaluation reserve to the income statement as a movement on reserves.

On the disposal or recognition of a provision for impairment of a revalued fixed asset, any related balance remaining in the revaluation reserve is also transferred to the income statement as a movement on reserves.

3. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 6,333,985 5,652,412
Social security costs 554,268 467,109
Other pension costs 350,974 324,053
7,239,227 6,443,574

The average number of employees during the year was as follows:
30.9.24 30.9.23

Office & management 22 21
Manufacturing 201 196
223 217

30.9.24 30.9.23
£    £   
Directors' remuneration 420,164 337,843
Directors' pension contributions to money purchase schemes 240,000 220,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

Information regarding the highest paid director is as follows:
30.9.24 30.9.23
£    £   
Emoluments etc 142,350 108,967
Pension contributions to money purchase schemes 120,000 80,000

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Maintenance & contract hire 44,218 47,317
Depreciation - owned assets 414,898 422,994
Loss on disposal of fixed assets 1,174 -
Auditors' remuneration 16,000 16,000
Foreign exchange differences 2 71
Government grants (28,776 ) (28,776 )

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 141,917 58,495
Previous year adjustment (16,747 ) -
Total current tax 125,170 58,495

Deferred tax 163,238 95,603
Tax on profit 288,408 154,098

UK corporation tax has been charged at 25% (2023 - 22%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 1,393,708 849,984
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

348,427

186,996

Effects of:
Expenses not deductible for tax purposes 2,056 -
Capital allowances in excess of depreciation (208,566 ) -
Depreciation in excess of capital allowances - 25,270
Utilisation of tax losses - (108,565 )
Deferred tax 163,238 95,603
Previous year adjustment (16,747 ) -
Group loss relief - current year - (10,179 )
Group loss relief - utilisation of earlier years losses - (35,027 )
Total tax charge 288,408 154,098

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TAXATION - continued

Tax effects relating to effects of other comprehensive income

30.9.24
Gross Tax Net
£    £    £   
Property revaluation (115,551 ) - (115,551 )

Corporation tax in the prior year was charged at 19% to 31 March 2023, rising to 25% for the period to 30 September 2023.

6. DIVIDENDS
30.9.24 30.9.23
£    £   
Interim 400,000 200,000

7. TANGIBLE FIXED ASSETS
Freehold Tenant Plant and
property improvements machinery
£    £    £   
COST OR VALUATION
At 1 October 2023 1,530,991 13,942 6,954,296
Additions 217 - 1,167,766
Disposals - - -
Revaluations (231,208 ) - -
At 30 September 2024 1,300,000 13,942 8,122,062
DEPRECIATION
At 1 October 2023 86,783 1,941 5,254,720
Charge for year 28,874 276 358,982
Eliminated on disposal - - -
Revaluation adjustments (115,657 ) - -
At 30 September 2024 - 2,217 5,613,702
NET BOOK VALUE
At 30 September 2024 1,300,000 11,725 2,508,360
At 30 September 2023 1,444,208 12,001 1,699,576

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 427,925 113,859 9,041,013
Additions 67,073 17,110 1,252,166
Disposals (64,600 ) (1,123 ) (65,723 )
Revaluations - - (231,208 )
At 30 September 2024 430,398 129,846 9,996,248
DEPRECIATION
At 1 October 2023 358,003 91,683 5,793,130
Charge for year 19,916 6,850 414,898
Eliminated on disposal (57,773 ) - (57,773 )
Revaluation adjustments - - (115,657 )
At 30 September 2024 320,146 98,533 6,034,598
NET BOOK VALUE
At 30 September 2024 110,252 31,313 3,961,650
At 30 September 2023 69,922 22,176 3,247,883

Included in cost or valuation of land and buildings is freehold land of £ 87,500 (2023 - £ 87,500 ) which is not depreciated.

Cost or valuation at 30 September 2024 is represented by:

Freehold Tenant Plant and
property improvements machinery
£    £    £   
Valuation in 2004 155,427 - -
Valuation in 2013 (618,840 ) - -
Valuation in 2015 (10,000 ) - -
Valuation in 2019 80,000 - -
Valuation in 2024 (231,208 ) - -
Cost 1,924,621 13,942 8,122,062
1,300,000 13,942 8,122,062

Motor Office
vehicles equipment Totals
£    £    £   
Valuation in 2004 - - 155,427
Valuation in 2013 - - (618,840 )
Valuation in 2015 - - (10,000 )
Valuation in 2019 - - 80,000
Valuation in 2024 - - (231,208 )
Cost 430,398 129,846 10,620,869
430,398 129,846 9,996,248

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 1,924,621 1,924,404
Aggregate depreciation 443,201 406,458

Value of land in freehold land and buildings 87,500 87,500

Freehold land and buildings were valued on an open market basis on 6 August 2024 by P P H Commercial .

Freehold property has been revalued as a bare standalone factory and reflects the current economic climate in respect of commercial property.

8. STOCKS
30.9.24 30.9.23
£    £   
Finished goods & goods for resale 2,717,667 1,629,954
Raw materials & consumables 870,893 922,611
3,588,560 2,552,565

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 3,540,863 3,230,979
VAT 239,638 118,771
Prepayments and accrued income 251,629 321,521
4,032,130 3,671,271

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 2,954,557 2,325,581
Amounts owed to group undertakings 400,000 200,000
Corporation tax 141,917 58,495
Social security and other taxes 141,879 116,180
Accruals & deferred income 1,464,595 1,097,408
Deferred government grants 28,776 28,776
5,131,724 3,826,440

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Deferred government grants 299,756 328,532

FARMHOUSE POTATO BAKERS LIMITED (REGISTERED NUMBER: 01894079)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Capital allowances in advance of
depreciation

461,645

298,407

Deferred
tax
£   
Balance at 1 October 2023 298,407
Accelerated capital allowances 211,411
On revaluation (48,173 )
Balance at 30 September 2024 461,645

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
351,396 Ordinary £1 351,396 351,396

14. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 6,421,343 10,000 24,615 6,455,958
Profit for the year 1,105,300 - - 1,105,300
Dividends (400,000 ) - - (400,000 )
Revaluation of freehold
property - - (115,551 ) (115,551 )
Transfer from revaluation
reserve (56,041 ) - 56,041 -
At 30 September 2024 7,070,602 10,000 (34,895 ) 7,045,707

15. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Bannisters Arable Products Limited a company incorporated in the United Kingdom. Group consolidated financial statements are available from the group's registered office, Burrow House Farm, Cottam, Driffield, East Riding of Yorkshire, YO25 3BS.

16. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 708,393 (2023 - £ 594,991 ) was paid.

This amount is in relation to the directors.

17. ULTIMATE CONTROLLING PARTY

During the year, the company was controlled by R M Bannister.