Company No: 05710308 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	G J Morgan
	C E Watson
	H A Watson
	J B Watson

SECRETARY

C E Watson

REGISTERED OFFICE	Head Office
	Hole Farm
	Buckfastleigh
	TQ11 0LA
	United Kingdom

COMPANY NUMBER

05710308 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	22,550		26,550
Tangible assets	4	446,123		469,252
		468,673		495,802
Current assets
Stocks		702,572		575,178
Debtors	5	68,045		74,085
Cash at bank and in hand		1,454,256		1,388,889
		2,224,873		2,038,152
Creditors: amounts falling due within one year	6	( 901,904)		( 955,906)
Net current assets		1,322,969		1,082,246
Total assets less current liabilities		1,791,642		1,578,048
Provision for liabilities		( 51,500)		( 55,500)
Net assets		1,740,142		1,522,548
Capital and reserves
Called-up share capital	7	544		544
Capital redemption reserve		278,556		278,556
Profit and loss account		1,461,042		1,243,448
Total shareholders' funds		1,740,142		1,522,548

For the financial year ending 30 June 2023 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 Profit and Loss Account has not been delivered.

The financial statements of Ben's Farm Shop Limited (registered number: 05710308) were approved and authorised for issue by the Board of Directors on 29 August 2023. They were signed on its behalf by:

J B Watson Director

C E Watson 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

Ben's Farm Shop 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 Head Office, Hole Farm, Buckfastleigh, TQ11 0LA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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

10 years straight line

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, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Assets under construction	not depreciated
Vehicles	25 % reducing balance
Office equipment	2 - 10 years straight line

Leasehold property is depreciated straight line over the life of the lease. Freehold land is not depreciated.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Government grants

Government grants in relation to rates are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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. Support in relation to covid-19 grants in the year is £Nil (2022: £3,567).

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.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	92		84

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 July 2022	50,000		50,000
At 30 June 2023	50,000		50,000
Accumulated amortisation
At 01 July 2022	23,450		23,450
Charge for the financial year	4,000		4,000
At 30 June 2023	27,450		27,450
Net book value
At 30 June 2023	22,550		22,550
At 30 June 2022	26,550		26,550

4. Tangible assets

	Land and buildings		Assets under construc- tion		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 July 2022	214,146		92,770		32,032		699,203		1,038,151
Additions	4,995		19,987		5,553		39,161		69,696
At 30 June 2023	219,141		112,757		37,585		738,364		1,107,847
Accumulated depreciation
At 01 July 2022	91,719		0		27,384		449,796		568,899
Charge for the financial year	17,639		0		3,750		71,436		92,825
At 30 June 2023	109,358		0		31,134		521,232		661,724
Net book value
At 30 June 2023	109,783		112,757		6,451		217,132		446,123
At 30 June 2022	122,427		92,770		4,648		249,407		469,252

5. Debtors

	2023		2022
	£		£
Trade debtors	308		910
Other debtors	67,737		73,175
	68,045		74,085

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	543,318		534,676
Corporation tax	79,277		82,800
Other taxation and social security	64,155		92,522
Other creditors	215,154		245,908
	901,904		955,906

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
544 Ordinary shares of £ 1.00 each	544		544

8. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £325,000 (2022- £394,500).