Registration number: 01111993

Gouldman Farms Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Gouldman Farms Limited

Company Information

Directors

Mr J P Short Mr GWP Short

Registered office

Lower Twitchen Farm Burrington Umberleigh Devon EX37 9JU

Accountants

Ward and Co Chartered Accountants West Penhill Farm Fremington Barnstaple Devon EX31 2NG

Gouldman Farms Limited

(Registration number: 01111993)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	-	2,532
Tangible assets	5	238,975	257,561
Other financial assets	6	1,000	1,000
		239,975	261,093
Current assets
Stock		44,352	56,324
Debtors	7	41,153	18,579
Cash at bank and in hand		24,318	46,001
		109,823	120,904
Creditors: Amounts falling due within one year	8	(160,778)	(153,691)
Net current liabilities		(50,955)	(32,787)
Total assets less current liabilities		189,020	228,306
Creditors: Amounts falling due after more than one year	8	(40,000)	(40,000)
Provisions for liabilities		(19,191)	(22,589)
Net assets		129,829	165,717
Capital and reserves
Called up share capital	9	4,000	4,000
Revaluation reserve		63,315	63,315
Retained earnings		62,514	98,402
Shareholders' funds		129,829	165,717

For the financial year ending 31 December 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 and 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 15 September 2025 and signed on its behalf by:
 

Gouldman Farms Limited

(Registration number: 01111993)
Balance Sheet as at 31 December 2024

......................................... Mr J P Short Director

Gouldman Farms Limited

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

1	General information

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

The address of its registered office is:
Lower Twitchen Farm
Burrington
Umberleigh
Devon
EX37 9JU

These financial statements were authorised for issue by the Board on 15 September 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.

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 deferred 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 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.

Gouldman Farms Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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
Furniture, fittings and equipment	15% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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.

Gouldman Farms Limited

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

Stock

Stock 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, stock are assessed for impairment. If stock 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.

Leases

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

Gouldman Farms Limited

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

4	Intangible assets

	Entitlements £	Total £
Cost or valuation
At 1 January 2024	2,532	2,532
Disposals	(2,532)	(2,532)
At 31 December 2024	-	-
Amortisation
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	2,532	2,532

5	Tangible assets

	Freehold land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	138,672	301,597	440,269
Disposals	-	(4,951)	(4,951)
At 31 December 2024	138,672	296,646	435,318
Depreciation
At 1 January 2024	-	182,708	182,708
Charge for the year	-	17,831	17,831
Eliminated on disposal	-	(4,196)	(4,196)
At 31 December 2024	-	196,343	196,343
Carrying amount
At 31 December 2024	138,672	100,303	238,975
At 31 December 2023	138,672	118,889	257,561

Included within the net book value of land and buildings above is £138,672 (2023 - £138,672) in respect of freehold land and buildings.

Some land and buildings were revalued in 1985. They will not subsequently be revalued.
 

Gouldman Farms Limited

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

6	Fixed asset investments

	Investments £	Total £
Fixed asset investments
Cost or valuation
At 1 January 2024	1,000	1,000
At 31 December 2024	1,000	1,000
Impairment
Carrying amount
At 31 December 2024	1,000	1,000

7

Debtors

Current	2024 £	2023 £
Trade debtors	26,992	8,461
Other debtors	14,161	10,118
	41,153	18,579

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	-	10,501
Trade creditors		71,354	43,457
Amounts owed to group undertakings and undertakings in which the company has a participating interest		70,000	70,000
Accruals and deferred income		3,790	13,790
Other creditors		15,634	15,943
		160,778	153,691

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	40,000	40,000

Gouldman Farms Limited

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

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	4,000	4,000	4,000	4,000

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	40,000	40,000

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	-	10,501

11	Revaluation reserve

	2023 £	2023  £
At the beginning and end of the year	63,315	63,315

12	Controlling party

The Directors consider that the holding company is Gouldman Farms (Holdings) Limited, a company registered in England.

In the opinion of the Directors they control Gouldman Farms Limited by virtue of their ownership of all the shares in the holding company.