Registration number:
Temple Farm Limited
for the Year Ended 31 December 2024
Temple Farm Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Temple Farm Limited
Company Information
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Directors |
Mr Ranbir Singh Kalsi Mr Amrik Singh Kalsi |
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Registered office |
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Auditors |
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Temple Farm Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of a petrol forecourt and convenience store retailer.
Fair review of the business
The financial year ending 31 December 2024 showed a company turnover amounting to £26,134,354, compared to £27,723,663 for the comparable year to 31 December 2023, which is a decrease of 5.7%. The gross profit margin is 26.9%, compared to 25.3% in the prior year. Shell continues to monitor pricing and thanks to the Fair Share arrangement, price volatility has not hit the bottom line of the business and profits margins remain steady and strong. Management continues to monitor the price of fuel and inflation which has fluctuated during the period. During the accounting period there were no changes to the number of stores the company operates from. Shell actively works with the client to ensure store portfolio works to the strengths of their partners and the company is considered a key strategic partner of Shell.
During the year, the economy has continued to experience the impact of inflation, with an average rate of 4% during the year. Fuel as a commodity is linked to the inflationary movements and price variances occur on a regular basis due to market demands. The director’s expectation is that inflation is now under control and will remain in and around 3-4% for the foreseeable. The non-fuel side of the business also adjust prices according to the market and factors in inflationary conditions. The directors believe that whilst inflation continues to be high, it doesn't expose the company to a high risk and they continue to work to mitigate risks through cashflow management, regular assessment of business needs and remain up to date and aware of economic and trading conditions.
Profit on ordinary activities before taxation has decreased by 20.4% during the year to £428,268 which reflects the impact of the high inflation environment and increases in national minimum wage. The directors continue to focus on price management and store performance and the monitoring and improvement of the the business model operated by the company.
Shareholders' funds have increased due to the improvement in retained earnings in the period.
Cash balances have been decreased across the business during the year showing a year-end balance of £1,584,360, due to investment in capital expenditure and working capital funding. The cash balance reflects the business performance over the year, and the directors retain cash in the business with a view to using it as part of strategic expansion when a target site is selected by management. This is referenced in the KPI's given the directors view this as a key indicator in overall performance.
Impact of Brexit related risks
The directors continue to monitor the impact of Brexit and the geopolitical situation in Ukraine on the company and the company but, in their opinion, it has been minimal so far. The directors believe the going concern assumption to be appropriate given the company's working capital position post year end.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Sales - Managed Sites |
£ |
15,070,473 |
16,066,190 |
|
Sales - Owned Sites |
£ |
11,063,881 |
11,657,473 |
|
Gross Profit Margin |
% |
26.9 |
25 |
|
Cash Balance |
£ |
1,584,360 |
1,837,149 |
Temple Farm Limited
Strategic Report for the Year Ended 31 December 2024
Given the straightforward nature of the business, the director is of the opinion that analysis using non-financial key performance indicators is not necessary for an understanding of the development, performance or position of the company.
Principal risks and uncertainties
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity and cash flow risk by managing working capital, assessing and monitoring the requirements of the business, whilst working with the company bankers to ensure that these requirements are met.
The Directors acknowledge responsibility for the systems and controls of the company and continue to strengthen and develop those in place.
The Directors are aware of the risks and uncertainties that the current economic and trading environment bring to the business. The Board of directors meet on a regular basis and the risks and uncertainties facing the company are discussed and appropriate actions taken to mitigate any impact on the company's performance.
Approved and authorised by the
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Temple Farm Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Employee involvement
Communication with employees has continued at all levels of the company, with the aim of ensuring employee views are taken into account when decisions are made that are likely to affect their interests and to ensure all employees are aware of the financial performance of their relevant office and the company as a whole. Regular communication with employees continues at all levels, either via internal meetings, electronic communication or via formal meetings.
Business Review
A review of the business and its principal risks and uncertainties is set out in the strategic report on page 2 of these financial statements.
Dividends
The company paid dividends during the year of £220,000 (2023: £170,000). The directors do not recommend payment of a final dividend.
Going concern
The financial statements have been prepared on the going concern basis.
At the date of approving the financial statements, the directors have no reason to believe that the company does not have sufficient financial resources to continue in business and therefore the going concern basis of preparation remains appropriate.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors EKWilliams Accountants Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Temple Farm Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Temple Farm Limited
Independent Auditor's Report to the Members of Temple Farm Limited
Opinion
We have audited the financial statements of Temple Farm Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 31 December 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Temple Farm Limited
Independent Auditor's Report to the Members of Temple Farm Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 5], 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 is 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.
Auditor 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 December 2023.
We planned our audit so that we would have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with laws or regulations.
Temple Farm Limited
Independent Auditor's Report to the Members of Temple Farm Limited
Extent to which the audit was considered capable of detecting irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• Enquiring of management whether they are aware of any non-compliance with laws and regulations.
• Enquiring of management whether they are aware of any actual, suspected or alleged fraud.
• Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journal and fraudulent revenue recognition.
• Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included; the financial framework the company operates under (FRS102) , the UK Companies Act, tax legislation, environmental legislation and licensing legislation.
Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
• Performed analytical procedures to identify any unusual or unexpected relationships.
• Audited the risk of management override of controls, including through testing journal entries for appropriateness.
• Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias; and
• Investigated the rationale behind any significant or unusual transactions included in the financial statements.
Fraudulent revenue recognition
To address the risk of fraudulent revenue recognition we:
• Performed analytical procedures on turnover to identify any unusual or unexpected relationships.
• Performed testing on a sample of turnover transactions that occurred during the financial year.
• Performed cut-off testing on turnover around the year end.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation.
• Enquiring of management as to actual and potential litigation claims they are aware of.
• Reviewing legal costs nominals for evidence of potential litigation or claims.
• Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.
Temple Farm Limited
Independent Auditor's Report to the Members of Temple Farm Limited
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws or regulations rests with the directors.
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 auditor's report.
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 an auditor’s report 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.
......................................
For and on behalf of
Westhoughton
Bolton
BL5 3AJ
Temple Farm Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
527,777 |
658,276 |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(132,880) |
(142,620) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Temple Farm Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Temple Farm Limited
(Registration number: 06893280)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Intangible assets |
|
|
|
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Tangible assets |
|
|
|
|
|
|
||
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Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Retained earnings |
2,409,831 |
2,332,238 |
|
|
Shareholders' funds |
2,409,931 |
2,332,338 |
Approved and authorised by the
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Temple Farm Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2023 |
100 |
2,332,238 |
2,332,338 |
Temple Farm Limited
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Decrease in trade debtors |
|
|
|
|
Decrease in trade creditors |
( |
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
1,584,360 |
1,837,149 |
|
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Companies Act 2006.
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.
Presentational currency and functional currency are both in Pound Sterling.
Judgements
In the directors' opinion there are no significant judgements that have been made in the process of applying the accounting policies that significantly affect the amounts recognised in the financial statements. |
Key sources of estimation uncertainty
In the directors' opinion there are no sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Revenue recognition
Turnover comprises the fair value of the consideration received for the sale of goods and commissions in the ordinary course of the Company's activities which is wholly derived from within the UK. Turnover is shown net of sales/VAT, returns, rebates and discounts. Revenue in respect of retail sales is recognised when the sale transaction takes place and the customer pays for the goods. Revenue in respect of commissions receivable is recognised when the service for which the commission is earned has been performed.
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and 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.
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 |
|
Land and buildings |
Not depreciated |
|
Office Equipment |
25% Reducing balance basis |
|
Furniture, Fittings and Equipment |
15% Straight line |
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:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
5 years straight line |
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Recognition and measurement
Financial assets and liabilities are only set off in the statement of financial position where there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or the asset and liability will be settled simultaneously.
Impairment
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
All of the turnover has been derived from UK operations.
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
- |
|
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Sales |
|
|
|
|
|
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
74,640 |
87,672 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under defined benefit pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Total tax charge |
|
|
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 31 December 2024 |
- |
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Included within the net book value of land and buildings above is £3,202,182 (2023 - £3,202,182) in respect of freehold land and buildings.
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Other cash and cash equivalents |
- |
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
79,146 |
122,458 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
There is a guarantee of £30,000 in favour of Costcutter Supermarket Group Ltd.
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
The provision of 31 December 2024 relates to accelerated capital allowances, this is calculated using the future tax rate of 25% based on the release date.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
90 |
|
90 |
|
|
|
10 |
|
10 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary £1 have the following rights, preferences and restrictions: |
|
Ordinary A £1 have the following rights, preferences and restrictions: |
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Reserves |
Share capital is the par value of all shares held in the company.
Profit and Loss Account includes all current and prior period retained profits and losses.
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
|
2024 |
2023 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
2024 |
2023 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
Bank borrowings
|
The bank loan is secured by a legal charge against the company's properties. |
|
The bank loan is secured by a legal charge against the company's properties. |
|
The bank loan is secured by a legal charge against the company's properties.
|
Included in the loans and borrowings are the following amounts due after more than five years:
|
2024 |
2023 |
|
|
After more than five years by instalments |
- |
|
|
- |
- |
Borrowings due after five years
A bank loan was started in December 2016 with monthly repayments over 15 years at an interest rate of 2.55% per annum over the Bank of England base rate.
Temple Farm Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £