ACCOUNTS - Final Accounts

Registered number: 03870621

SHEPHERD FOODS HOLDINGS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


SHEPHERD FOODS HOLDINGS LIMITED REGISTERED NUMBER:03870621

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		11,078		14,988
Investments	6		100,000		100,000
Investment property	7		5,797,981		12,622,981
			5,909,059		12,737,969
Current assets
Debtors: amounts falling due within one year	8	17,967		48,051
Cash at bank and in hand	9	8,665,384		639,260
		8,683,351		687,311
Creditors: amounts falling due within one year	10	(3,156,406)		(751,058)
Net current assets/(liabilities)			5,526,945		(63,747)
Total assets less current liabilities			11,436,004		12,674,222
Creditors: amounts falling due after more than one year	11		(18,000)		(18,000)
Provisions for liabilities
Deferred tax	12	(916,608)		(2,092,390)
			(916,608)		(2,092,390)
Net assets			10,501,396		10,563,832

Capital and reserves
Called up share capital		100,000	100,000
Investment property reserve	13	3,279,719	7,232,799
Profit and loss account	13	7,121,677	3,231,033
		10,501,396	10,563,832

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SHEPHERD FOODS HOLDINGS LIMITED REGISTERED NUMBER:03870621

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 comprehensive income 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:

J A W Shepherd

Director

Date: 18 September 2025

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SHEPHERD FOODS HOLDINGS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Investment property revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 26 December 2022	100,000	7,701,549	3,183,092	10,984,641

Loss for the period	-	-	(395,202)	(395,202)
Dividends: Equity capital	-	-	(25,607)	(25,607)
Investment property revaluations	-	(625,000)	625,000	-
Deferred tax movements on investment property revaluations	-	156,250	(156,250)	-

At 1 January 2024	100,000	7,232,799	3,231,033	10,563,832

Loss for the year	-	-	(62,436)	(62,436)
Investment property revaluations	-	(5,128,862)	5,128,862	-
Deferred taxation movement on investment property revaluations	-	1,175,782	(1,175,782)	-
At 31 December 2024	100,000	3,279,719	7,121,677	10,501,396

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Shepherd Foods Holdings Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 17-19 Gloucester Road, London, SW7 4PL.
The principal activities of the group are property investment and the provision of a neighbourhood supermarket service for the retail provision of groceries, provisions, fresh and frozen foods, wines, beers, spirits and confectionary within Central London at hours to suit the public.

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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises rental and service charge income, exclusive of Value Added Tax.
Accounting standards require that rental income from an operating lease should be recognised on a straight-line basis over the period of the lease, even if the payments are not made on such a basis.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.

2.6

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line method or over the term of the lease.

Depreciation is provided on the following basis:

				Motor vehicles	-	20% straight line
				Fixtures & fittings	-	10%, 20% and 33.33% 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.

2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.13

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.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Motor vehicles	Fixtures & fittings	Total
	£	£	£
Cost or valuation
At 1 January 2024	19,550	1,245	20,795
Disposals	-	(1,245)	(1,245)
At 31 December 2024	19,550	-	19,550
Depreciation
At 1 January 2024	4,562	1,245	5,807
Charge for the year on owned assets	3,910	-	3,910
Disposals	-	(1,245)	(1,245)
At 31 December 2024	8,472	-	8,472
Net book value
At 31 December 2024	11,078	-	11,078
At 31 December 2023	14,988	-	14,988

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	100,000
	At 31 December 2024	100,000

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 January 2024	12,622,981
	Disposals	(6,825,000)
	At 31 December 2024	5,797,981

The 2024 valuations were made by directors, on an open market value for existing use basis.

Debtors

					2024	2023
					£	£


Trade debtors	-	22,973
Other debtors	14,753	19,480
Prepayments and accrued income	3,214	5,598
	17,967	48,051

9.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	8,665,384	639,260
	8,665,384	639,260

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	6,303	14,272
Amounts owed to group undertakings	511,070	496,070
Other taxation and social security	1,182,025	23,393
Other creditors	1,443,403	135,333
Accruals and deferred income	13,605	81,990
	3,156,406	751,058

11.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other creditors	18,000	18,000
	18,000	18,000

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Deferred taxation

		2024
		£

	At beginning of year	(2,092,390)
	Charged to profit or loss	1,175,782
	At end of year	(916,608)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Revaluation of investment properties	(916,608)	(2,092,390)
		(916,608)	(2,092,390)

13.

Reserves

Investment property revaluation reserve

This reserve records increases in the fair value of investment land and buildings and decreases to the extent that such decrease relates to an increase on the same asset. Deferred tax on the revaluation is netted off here against gross revaluation. The reserve is part of the profit and loss reserve but is the non-distributable element.

Profit & loss account

All reserves in respect of profit and loss are distributable reserves.

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SHEPHERD FOODS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.

Related party transactions

The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned.
During the year J.A.W Shepherd continued to occupy the flat at 14/15 Spring Street, a property owned by the company. The consideration paid to the company remained at £Nil.
At the balance sheet date the company owed £1,433,221 (2023: £31,433) to companies under common control. The balance does not bear interest and is repayable on demand.

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