REGISTERED NUMBER: 03870621 (England and Wales)

SHEPHERD FOODS HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Balance sheet

1

Notes to the financial statements

3

FIXED ASSETS

Tangible assets

4

7,168

11,078

Investments

5

100,000

100,000

Investment properties

6

5,797,981

5,797,981

5,905,149

5,909,059

CURRENT ASSETS

Debtors

7

59,665

17,967

Cash at bank

8

3,124,538

8,665,384

3,184,203

8,683,351

CREDITORS

Amounts falling due within one year

9

626,679

3,156,406

NET CURRENT ASSETS

2,557,524

5,526,945

TOTAL ASSETS LESS CURRENT LIABILITIES

8,462,673

11,436,004

CREDITORS

Amounts falling due after more than one year

10

(18,000

)

(18,000

)

PROVISIONS FOR LIABILITIES

(916,608

)

(916,608

)

NET ASSETS

7,528,065

10,501,396

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Investment property reserve

3,279,719

3,279,719

Retained earnings

4,148,346

7,121,677

7,528,065

10,501,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

J A W Shepherd - Director

1.	STATUTORY INFORMATION

Shepherd Foods Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03870621

Registered office:

17-19 Gloucester Road

London

SW7 4PL

The principal activities of the group are property investment and the provision of a neighbourhood supermarket service for the retail provision of groceries, provisions, fresh and frozen foods, wines, beers, spirits and confectionary within Central London at hours to suit the public.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Turnover comprises rental and service charge income, exclusive of Value Added Tax.

Accounting standards require that rental income from an operating lease should be recognised on a straight-line basis over the period of the lease, even if the payments are not made on such a basis.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line method or over the term of the lease.

Depreciation is provided on the following basis:

Motor vehicles - 20% straight line

Fixtures & fittings - 10%, 20% and 33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Investment properties

Investment properties are carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business

combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Provisions for liabilities

Provisions are are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2025

and 31 December 2025

19,550

DEPRECIATION

At 1 January 2025

8,472

Charge for year

3,910

At 31 December 2025

12,382

NET BOOK VALUE

At 31 December 2025

7,168

At 31 December 2024

11,078

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

and 31 December 2025

100,000

NET BOOK VALUE

At 31 December 2025

100,000

At 31 December 2024

100,000

6.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 January 2025

and 31 December 2025

5,797,981

NET BOOK VALUE

At 31 December 2025

5,797,981

At 31 December 2024

5,797,981

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

37,501

-

Amounts owed by group undertakings

18,839

-

Other debtors

-

14,753

Prepayments and accrued income

3,325

3,214

59,665

17,967

8.	CASH AT BANK

2025

2024

£

£

Cash at bank and in hand

3,124,538

8,665,384

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

3

6,303

Amounts owed to group undertakings

-

511,070

Taxation and social security

40,084

1,182,025

Other creditors

574,837

1,443,403

Accruals and deferred income

11,755

13,605

626,679

3,156,406

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

18,000

18,000

11.	DEFERRED TAXATION

2025

£

At beginning of year

(916,608)

Charged to profit or loss

-

At end of year

(916,608)

The provision for deferred taxation is made up as follows:

2025

2024

£

£

Revaluation of investment properties

-

(916,608)

-

(916,608)

12.

RESERVES

Investment property revaluation reserve

This reserve records increases in the fair value of investment land and buildings and decreases to the extent that such decrease relates to an increase on the same asset. Deferred tax on the revaluation is netted off here against gross revaluation. The reserve is part of the profit and loss reserve but is the non-distributable element.

Profit & loss account

All reserves in respect of profit and loss are distributable reserves.

13.	RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned.

During the year J.A.W Shepherd continued to occupy the flat at 14/15 Spring Street, a property owned by the company. The consideration paid to the company remained at £Nil.

At the balance sheet date the company owed £573,221 (2024: £1,433,221) to companies under common control. The balance does not bear interest and is repayable on demand.