Company No: 09450316 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Tangible assets	3	21,524		25,430
		21,524		25,430
Current assets
Stocks		12,821		9,399
Debtors
- due within one year	4	153,673		17,552
- due after more than one year	4	45,385		0
Cash at bank and in hand		9,746		75,667
		221,625		102,618
Creditors: amounts falling due within one year	5	( 389,585)		( 284,143)
Net current liabilities		(167,960)		(181,525)
Total assets less current liabilities		(146,436)		(156,095)
Creditors: amounts falling due after more than one year	6	( 4,167)		( 14,167)
Net liabilities		( 150,603)		( 170,262)
Capital and reserves
Called-up share capital		200		200
Share premium account		19,920		19,920
Profit and loss account		( 170,723 )		( 190,382 )
Total shareholders' deficit		( 150,603)		( 170,262)

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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of The Honingham Buck Limited (registered number: 09450316) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

H D Watt Director

23 December 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

The Honingham Buck Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Honingham Buck, 29 The Street, Honingham, Norwich, NR9 5BL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the company’s position at the date of signing these financial statements. As part of this assessment, they considered a range of potential trading performance and profitability scenarios, the company’s current working capital facilities, and the financial support available. They also evaluated measures already implemented and those that may be taken to manage ongoing costs.

The directors have confirmed their intention to provide financial support, including the settlement of loan amounts as funds will become available in 2026, ensuring continued support for the company. There is no intention or requirement to liquidate or cease trading.

Although the company has incurred recurring operational losses and currently has a net capital deficiency, the directors are confident in the company’s ability to continue as a going concern for at least twelve months from the date of signing these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	25 % reducing balance
Office equipment	3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks of consumable goods are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 and loans to and from related parties.

2. Employees

	Year ended 31.12.2024		Period from 01.09.2022 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	22		18

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Office equipment		Total
	£		£		£		£
Cost
At 01 January 2024	11,190		105,093		4,923		121,206
Additions	0		2,702		0		2,702
At 31 December 2024	11,190		107,795		4,923		123,908
Accumulated depreciation
At 01 January 2024	4,298		89,534		1,944		95,776
Charge for the financial year	1,119		4,352		1,137		6,608
At 31 December 2024	5,417		93,886		3,081		102,384
Net book value
At 31 December 2024	5,773		13,909		1,842		21,524
At 31 December 2023	6,892		15,559		2,979		25,430

4. Debtors

	31.12.2024		31.12.2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	228		372
Amounts owed by directors	134,474		0
Prepayments and accrued income	7,412		7,016
Other debtors	11,559		10,164
	153,673		17,552
Debtors: amounts falling due after more than one year
Other debtors	45,385		0

5. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Bank loans	10,000		10,000
Trade creditors	163,923		126,758
Amounts owed to Group undertakings	75,070		26,812
Amounts owed to directors	0		1,922
Accruals and deferred income	18,649		20,888
Taxation and social security	111,535		91,954
Other creditors	10,408		5,809
	389,585		284,143

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

	31.12.2024		31.12.2023
	£		£
Bank loans	4,167		14,167

There are no amounts included above in respect of which any security has been given by the small entity.

7. Financial commitments

Commitments

	31.12.2024		31.12.2023
	£		£
Total future minimum lease payments under non-cancellable operating leases	331,828		394,961

Pensions

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,281 (2023 - £7,852). Contributions totaling £1,369 (2023 - £370) were payable to the fund at the reporting date and are included in creditors.

8. Related party transactions

Transactions with the entity's directors

At the year end a director owed the company £134,474 (2023 - £1,922 owed to a director). Interest on this loan is charged at HMRC's official rate of interest in force at the time of the advances.

Other related party transactions

At the year end the company owed an associated company, Sugar Beet EH1 Ltd, £59,714 (2023 - £13,077).

At the year end the company owed its parent company, Leisure Asset Development Ltd, £15,356 (2023 - £13,735).