Company No: 14751058 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	0		10,000
Tangible assets	4	134,442		148,009
		134,442		158,009
Current assets
Stocks		210,000		125,000
Debtors	5	42,223		40,909
Cash at bank and in hand		129,514		109,021
		381,737		274,930
Creditors: amounts falling due within one year	6	( 174,351)		( 154,111)
Net current assets		207,386		120,819
Total assets less current liabilities		341,828		278,828
Creditors: amounts falling due after more than one year	7	( 89,678)		( 117,922)
Provision for liabilities		( 30,939)		( 34,355)
Net assets		221,211		126,551
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		221,111		126,451
Total shareholder's funds		221,211		126,551

For the financial year ending 28 February 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Powderham Farm Shop & Bistro Ltd (registered number: 14751058) were approved and authorised for issue by the Board of Directors on 19 May 2026. They were signed on its behalf by:

Chris Wright Director

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 year, unless otherwise stated.

General information and basis of accounting

Powderham Farm Shop & Bistro Ltd (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 Orchards Allercombe, Rockbeare, Exeter, EX5 2HD, 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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 Statement of Income and Retained Earnings 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 are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	42		40

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 March 2025	30,000		30,000
At 28 February 2026	30,000		30,000
Accumulated amortisation
At 01 March 2025	20,000		20,000
Charge for the financial year	10,000		10,000
At 28 February 2026	30,000		30,000
Net book value
At 28 February 2026	0		0
At 28 February 2025	10,000		10,000

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 March 2025	11,100		148,533		20,000		35,883		1,041		216,557
Additions	0		18,787		0		4,386		434		23,607
At 28 February 2026	11,100		167,320		20,000		40,269		1,475		240,164
Accumulated depreciation
At 01 March 2025	1,110		49,206		6,875		10,983		374		68,548
Charge for the financial year	740		25,929		3,281		7,048		176		37,174
At 28 February 2026	1,850		75,135		10,156		18,031		550		105,722
Net book value
At 28 February 2026	9,250		92,185		9,844		22,238		925		134,442
At 28 February 2025	9,990		99,327		13,125		24,900		667		148,009

5. Debtors

	2026		2025
	£		£
Trade debtors	19,420		16,658
Amounts owed by Group undertakings	8,400		8,250
Amounts owed by Parent undertakings	5,639		10,100
Amounts owed by directors	3,260		397
Prepayments	5,504		5,504
	42,223		40,909

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	24,000		24,000
Trade creditors	49,441		52,859
Accruals	5,124		5,126
Taxation and social security	86,891		72,126
Other creditors	8,895		0
	174,351		154,111

Bank loans are secured by a fixed and floating charge over the assets of the business.

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

	2026		2025
	£		£
Bank loans	89,678		117,922

Bank loans are secured by a fixed and floating charge over the assets of the business.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
within one year	57,300		57,300
between one and five years	229,200		229,200
after five years	429,750		487,050
Total future minimum lease payments under non-cancellable operating leases	716,250		773,550

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2026		2025
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,003		0

10. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Amounts owed to directors	3,260		397

Interest was charged on the overdrawn loan at the HMRC approved rate of 2.25%-3.75% and there are no fixed repayment terms.

As the Company is a wholly owned subsidiary of Wright Holdings (Devon) Ltd, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.

11. Ultimate controlling party

Parent Company:

Wright Holdings (Devon) Limited

The Orchards Allercombe Rockbeare Exeter Devon United Kingdom EX5 2HD