Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Euroforest
The Terminal
Aviation Way
CARLISLE
CA6 4NZ

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have undertaken an assessment of the Company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. As part of this assessment, the directors have considered the Company’s current financial position, cash flow forecasts, available financing facilities, and the principal risks and uncertainties facing the business.

Based on this review, the directors have concluded that the Company has adequate resources to meet its liabilities as they fall due and to continue its operations for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 April 2026 was Mike Kirsopp, who signed for and on behalf of Dodd & Co Audit Limited.

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025 (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

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
Plant and equipment	20% straight line basis
Motor vehicles	10% to 25% straight line basis
Furniture, fittings and office equipment	25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 20 (2024 - 11).

4	Tangible assets

	Plant and equipment  £	Motor vehicles  £	Furniture, fittings and office equipment  £	Total £
Cost or valuation
At 29 December 2024	4,577	3,120,883	11,029	3,136,489
Additions	13,750	2,583,769	102	2,597,621
Disposals	-	(229,663)	-	(229,663)
At 27 December 2025	18,327	5,474,989	11,131	5,504,447
Depreciation
At 29 December 2024	925	534,369	10,000	545,294
Charge for the period	2,837	672,259	354	675,450
Eliminated on disposal	-	(133,068)	-	(133,068)
At 27 December 2025	3,762	1,073,560	10,354	1,087,676
Carrying amount
At 27 December 2025	14,565	4,401,429	777	4,416,771
At 28 December 2024	3,652	2,586,514	1,029	2,591,195

5

Debtors

	27 December 2025 £	28 December 2024 £
Trade debtors	792,496	584,636
Amounts owed by group undertakings and undertakings in which the company has a participating interest	-	150,000
Other debtors	160,017	456,962
	952,513	1,191,598

Sheffield and Company,Limited

Notes to the Financial Statements for the Period from 29 December 2024 to 27 December 2025 (continued)

6

Creditors

	Note	27 December 2025 £	28 December 2024 £
Due within one year
Loans and borrowings	7	953,927	459,345
Trade creditors		121,954	161,050
Taxation and social security		140,036	72,242
Other creditors		81,215	148,527
		1,297,132	841,164
Due after one year
Loans and borrowings	7	2,781,333	1,561,292

7	Loans and borrowings

	27 December 2025 £	28 December 2024 £
Current loans and borrowings
Finance lease liabilities	953,927	459,345

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

	27 December 2025 £	28 December 2024 £
Finance lease liabilities	953,927	459,345

Finance lease liabilities are secured on the assets to which they relate.