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Company registration number: 08640660
| FINANCIAL STATEMENTS
| FOR THE PERIOD ENDED 29 DECEMBER 2024
| SHERSTON LIMITED
SHERSTON LIMITED |  |
COMPANY INFORMATION
Directors | Mr B Shedden
| Mr J Shedden
Company secretary | Mrs C Shedden
Registered number | 08640660
Registered office | 2nd Floor, Magna House
| 18-32 London Road
| Staines-Upon-Thames
| Surrey
| TW18 4BP
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| Magna House
| 18-32 London Road
| Staines-Upon-Thames
| TW18 4BP
SHERSTON LIMITED |  |
CONTENTS
| Page
Statement of Financial Position | 1
Notes to the Financial Statements | 2 - 7
SHERSTON LIMITED REGISTERED NUMBER:08640660 |  |
STATEMENT OF FINANCIAL POSITION AS AT 29 DECEMBER 2024
|  | 29 December |  | 31 December
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 78,476 |  | 87,796
Tangible assets | 5 |  | 379,252 |  | 338,026
|  |  | 457,728 |  | 425,822
Current assets |  |  |  |  |
Stocks |  | 33,977 |  | 33,390 |
Debtors: amounts falling due within one year | 6 | 2,195,644 |  | 2,024,719 |
|  | 2,229,621 |  | 2,058,109 |
Creditors: amounts falling due within one year | 7 | (401,491) |  | (351,732) |
Net current assets |  |  | 1,828,130 |  | 1,706,377
Total assets less current liabilities |  |  | 2,285,858 |  | 2,132,199
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (24,351) |  | (20,350)
Net assets |  |  | 2,261,507 |  | 2,111,849
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 400 |  | 400
Profit and loss account |  |  | 2,261,107 |  | 2,111,449
|  |  | 2,261,507 |  | 2,111,849
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr B Shedden
Director
Date: 17 September 2025
The notes on pages 2 to 7 form part of these financial statements. Page 1
SHERSTON LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 DECEMBER 2024
1. | General information
Sherston Limited is a private company, limited by shares, incorporated in England and Wales. The registered number and the address of the registered office is disclosed in the company information page of these financial statements. The principal place of business is Unit 5, The Forum, Hanworth Lane, Chertsey, Surrey, KT16 9JX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The financial statements are presented in sterling GBP which is the functional currency of the company and rounded to the nearest £. The company operates on a fiscal year that ends on the Sunday closest to the last day of December. The financial statements herein are for the 52 week period ended 29 December 2024. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is generated via the operation of fast food outlets and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds. Page 2
SHERSTON LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Intangible assets
Goodwill Goodwill arising on the acquisition of branches, represents any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is being written off over twenty years on the basis that the company has the option, as stipulated in its franchise agreements, to renew the existing franchises for further ten year terms at the end of the initial ten year term. As the directors are likely to take up the option and due to the company being in a good standing with regards to the terms of the franchise agreement, the directors believe amortisation over the full 20 years reflects the likely consumption of economic benefits. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Franchise rights - 10 years straight line
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10 years straight line
|  |  |  | Computer equipment | - | 5 years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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. Page 3
SHERSTON LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
| 2.10 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, excluding directors, during the period was 148 (2023 - 162).
Page 4
SHERSTON LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 DECEMBER 2024
4. | Intangible assets
|  | Franchise rights | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 24,643 | 156,393 | 181,036
| At 29 December 2024 | 24,643 | 156,393 | 181,036
| Amortisation |  |  |
| At 1 January 2024 | 17,143 | 76,097 | 93,240
| Charge for the period on owned assets | 1,500 | 7,820 | 9,320
| At 29 December 2024 | 18,643 | 83,917 | 102,560
| Net book value |  |  |
| At 29 December 2024 | 6,000 | 72,476 | 78,476
| At 31 December 2023 | 7,500 | 80,296 | 87,796
Page 5
SHERSTON LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 DECEMBER 2024
5. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 736,050 | 81,289 | 817,339
| Additions | 128,612 | 6,208 | 134,820
| Disposals | (4,411) | - | (4,411)
| At 29 December 2024 | 860,251 | 87,497 | 947,748
| Depreciation |  |  |
| At 1 January 2024 | 411,394 | 67,919 | 479,313
| Charge for the period on owned assets | 86,237 | 7,357 | 93,594
| Disposals | (4,411) | - | (4,411)
| At 29 December 2024 | 493,220 | 75,276 | 568,496
| Net book value |  |  |
| At 29 December 2024 | 367,031 | 12,221 | 379,252
| At 31 December 2023 | 324,656 | 13,370 | 338,026
6. | Debtors
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,867,419 | 1,756,388
| Prepayments and accrued income | 328,225 | 268,331
|  | 2,195,644 | 2,024,719
Page 6
SHERSTON LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 DECEMBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 184,829 | 166,104
| Corporation tax | 66,747 | 71,038
| Accruals and deferred income | 149,915 | 114,590
|  | 401,491 | 351,732
8. | Guarantees
There is a Composite Company Unlimited Unilateral Guarantee in place, dated 7 February 2012, given to HSBC plc by this company, Full House Restaurants Holdings Limited, Full House Restaurants Limited, House Special Limited, Classic Crust Limited, The Woodpecker Inn Limited, Sunmead Limited, JJE Enterprises Limited and Surrey Pizzas Limited.
9. | Parent company
Full House Restaurants Holdings Limited, a Company incorporated in the United Kingdom, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The Company's registered office is 2nd Floor, Magna House, 18-32 London Road, Staines-upon-Thames, Surrey, TW18 4BP.
10. | Auditor's information
The auditor's report on the financial statements for the period ended 29 December 2024 was unqualified. The audit report was signed on 17 September 2025 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.
Page 7