Puffin Farms Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13923603

Puffin Farms Limited

Filleted Unaudited Financial Statements

31 March 2025

Puffin Farms Limited

Financial Statements

Year ended 31 March 2025

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

Puffin Farms Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	5	559,930	639,920
Tangible assets	6	7,647,759	6,816,572
		------------	------------
		8,207,689	7,456,492

Current assets

Stocks	7	1,431,114	797,772
Debtors	8	2,709,451	3,095,245
Cash at bank and in hand		415	1,001
		------------	------------
		4,140,980	3,894,018

Creditors: amounts falling due within one year	9	( 4,706,875)	( 4,484,523)
		------------	------------
Net current liabilities		( 565,895)	( 590,505)
		------------	------------
Total assets less current liabilities		7,641,794	6,865,987

Creditors: amounts falling due after more than one year	10	( 5,786,495)	( 4,297,223)
		------------	------------
Net assets		1,855,299	2,568,764
		------------	------------

Capital and reserves

Called up share capital	11	3,300,000	3,300,000
Profit and loss account		( 1,444,701)	( 731,236)
		------------	------------
Shareholders funds		1,855,299	2,568,764
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476 ;

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

Puffin Farms Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr J M Langmead

Director

Company registration number: 13923603

Puffin Farms Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Withybush, Withybush Road, Haverfordwest, Pembrokeshire, SA62 4BS.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. The company has traded in line with its forecasted expectations. The company and it's ultimate holding company Puffin Farms Holdings Limited have operated under strict cash management procedures with the support of prudent forecasting and strong management controls. As at 31 March 2025 the company had net liabilities of £565,895 (2024 - £590,505). The directors have considered the basis of the preparation of the financial statements and based on the assessment of budgets and cashflow forecasts for at least twelve months from the date of signing of these financial statements , are satisfied the company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property & improvements	-	straight line over 50 years
Cold stores	-	20 % reducing balance or over lease term
Plant and machinery	-	20% reducing balance
Computer equipment	-	straight line over 3 years

No depreciation is provided for on Freehold land.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 moving average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet 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 immedidately in profit or loss. Biological assets and agricultural produce The company applies the fair value model in relation to daffodil bulb biological assets. The stock is recognised in the accounts at its fair value less costs to sell.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 2 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	799,900
	---------
Amortisation
At 1 April 2024	159,980
Charge for the year	79,990
	---------
At 31 March 2025	239,970
	---------
Carrying amount
At 31 March 2025	559,930
	---------
At 31 March 2024	639,920
	---------

6. Tangible assets

	Freehold land	Freehold property and improvements	Cold stores	Plant and machinery	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	161,064	2,087,093	4,419,843	704,966	3,375	7,376,341
Additions	–	922,464	–	182,016	–	1,104,480
Disposals	–	–	–	( 40,517)	–	( 40,517)
	---------	------------	------------	---------	-------	------------
At 31 Mar 2025	161,064	3,009,557	4,419,843	846,465	3,375	8,440,304
	---------	------------	------------	---------	-------	------------
Depreciation
At 1 Apr 2024	–	–	305,976	253,279	514	559,769
Charge for the year	–	19,589	123,068	106,714	944	250,315
Disposals	–	–	–	( 17,539)	–	( 17,539)
	---------	------------	------------	---------	-------	------------
At 31 Mar 2025	–	19,589	429,044	342,454	1,458	792,545
	---------	------------	------------	---------	-------	------------
Carrying amount
At 31 Mar 2025	161,064	2,989,968	3,990,799	504,011	1,917	7,647,759
	---------	------------	------------	---------	-------	------------
At 31 Mar 2024	161,064	2,087,093	4,113,867	451,687	2,861	6,816,572
	---------	------------	------------	---------	-------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Cold stores
	£
At 31 March 2025	74,670
	--------
At 31 March 2024	91,641
	--------

7. Stocks

	2025	2024
	£	£
Total stock	1,431,114	797,772
	------------	---------

The breakdown of total stock is as follows:

		2025
		£
	Growing costs	1,089,569
	Other stock	339,515
	Packaging	2,030
		------------
		1,431,114
		------------

Other stock includes biological assets relating to daffodil bulbs for the amount of £339,515. The following shows the movements in the year for biological assets:

		Daffodils
		£
	Cost:
	At 1 April 2024	197,977
	Growing costs invested in the crop	80,663
	Revaluation	97,227
	Less: Costs to sell	(36,352)
		---------
	At 31 March 2025	339,515
		---------

8. Debtors

	2025	2024
	£	£
Trade debtors	33,121	754,776
Other debtors	2,676,330	2,340,469
	------------	------------
	2,709,451	3,095,245
	------------	------------

Included within other debtors is an amount of £nil (2024 - £nil) falling due after more than one year.

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans (secured)	178,008	125,001
Trade creditors	240,529	392,271
Amounts owed to group undertakings	2,482,128	1,416,128
Social security and other taxes	3,310	203,933
Obligations under finance leases and hire purchase contracts	46,156	43,265
Other creditors	1,756,744	2,303,925
	------------	------------
	4,706,875	4,484,523
	------------	------------

Security is given to HSBC Bank Plc by way of a fixed and floating charge over all assets of the company dated 11 March 2022, a charge over Clarborough Farm, Narberth dated 1 April 2022, a charge over Nantyffin Motel, Llandissilio dated 17 April 2024 and a charge over Rosemary Lane, Haverfordwest dated 19 July 2024.

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans (secured)	5,784,206	4,247,729
Obligations under finance leases and hire purchase contracts	2,289	49,494
	------------	------------
	5,786,495	4,297,223
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £5,072,173 (2024: £3,747,723) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

11. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	3,300,000	3,300,000	3,300,000	3,300,000
	------------	------------	------------	------------

12. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2025	2024
	£	£
Tangible assets	–	795,000
	----	---------

13. Related party transactions

The company is a 100% subsidiary of Puffin Farms Holdings Limited, a company registered in England and Wales.