Silverfin false 31/01/2023 01/02/2022 31/01/2023 Philip Jeffery Gardner 16/12/2002 Karen Jane Milner 16/12/2002 18 October 2023 The principal activity of the Company during the financial year was the operation of wholesale and retail bakers. 04618171 2023-01-31 04618171 bus:Director1 2023-01-31 04618171 bus:Director2 2023-01-31 04618171 2022-01-31 04618171 core:CurrentFinancialInstruments 2023-01-31 04618171 core:CurrentFinancialInstruments 2022-01-31 04618171 core:Non-currentFinancialInstruments 2023-01-31 04618171 core:Non-currentFinancialInstruments 2022-01-31 04618171 core:ShareCapital 2023-01-31 04618171 core:ShareCapital 2022-01-31 04618171 core:RetainedEarningsAccumulatedLosses 2023-01-31 04618171 core:RetainedEarningsAccumulatedLosses 2022-01-31 04618171 core:Goodwill 2022-01-31 04618171 core:Goodwill 2023-01-31 04618171 core:LeaseholdImprovements 2022-01-31 04618171 core:PlantMachinery 2022-01-31 04618171 core:Vehicles 2022-01-31 04618171 core:FurnitureFittings 2022-01-31 04618171 core:LeaseholdImprovements 2023-01-31 04618171 core:PlantMachinery 2023-01-31 04618171 core:Vehicles 2023-01-31 04618171 core:FurnitureFittings 2023-01-31 04618171 2021-01-31 04618171 bus:OrdinaryShareClass1 2023-01-31 04618171 core:WithinOneYear 2023-01-31 04618171 core:WithinOneYear 2022-01-31 04618171 core:BetweenOneFiveYears 2023-01-31 04618171 core:BetweenOneFiveYears 2022-01-31 04618171 core:MoreThanFiveYears 2023-01-31 04618171 core:MoreThanFiveYears 2022-01-31 04618171 2022-02-01 2023-01-31 04618171 bus:FullAccounts 2022-02-01 2023-01-31 04618171 bus:SmallEntities 2022-02-01 2023-01-31 04618171 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 04618171 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04618171 bus:Director1 2022-02-01 2023-01-31 04618171 bus:Director2 2022-02-01 2023-01-31 04618171 core:Goodwill core:TopRangeValue 2022-02-01 2023-01-31 04618171 core:Goodwill 2022-02-01 2023-01-31 04618171 core:LeaseholdImprovements core:BottomRangeValue 2022-02-01 2023-01-31 04618171 core:LeaseholdImprovements core:TopRangeValue 2022-02-01 2023-01-31 04618171 core:PlantMachinery core:BottomRangeValue 2022-02-01 2023-01-31 04618171 core:PlantMachinery core:TopRangeValue 2022-02-01 2023-01-31 04618171 core:Vehicles core:TopRangeValue 2022-02-01 2023-01-31 04618171 core:FurnitureFittings core:BottomRangeValue 2022-02-01 2023-01-31 04618171 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 04618171 2021-02-01 2022-01-31 04618171 core:LeaseholdImprovements 2022-02-01 2023-01-31 04618171 core:PlantMachinery 2022-02-01 2023-01-31 04618171 core:Vehicles 2022-02-01 2023-01-31 04618171 core:FurnitureFittings 2022-02-01 2023-01-31 04618171 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 04618171 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 04618171 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 04618171 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04618171 (England and Wales)

FRIARY MILL BAKERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

FRIARY MILL BAKERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

FRIARY MILL BAKERY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
FRIARY MILL BAKERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 829,006 612,230
829,006 612,230
Current assets
Stocks 74,979 89,862
Debtors 5 438,689 400,880
Cash at bank and in hand 327,010 333,946
840,678 824,688
Creditors: amounts falling due within one year 6 ( 662,922) ( 406,068)
Net current assets 177,756 418,620
Total assets less current liabilities 1,006,762 1,030,850
Creditors: amounts falling due after more than one year 7 ( 69,630) ( 5,058)
Provision for liabilities 8 ( 144,258) ( 118,279)
Net assets 792,874 907,513
Capital and reserves
Called-up share capital 9 102 102
Profit and loss account 792,772 907,411
Total shareholders' funds 792,874 907,513

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Friary Mill Bakery Limited (registered number: 04618171) were approved and authorised for issue by the Director on 18 October 2023. They were signed on its behalf by:

Karen Jane Milner
Director
FRIARY MILL BAKERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
FRIARY MILL BAKERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
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

Friary Mill Bakery 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 8 Oakfield Place, Cattedown, Plymouth, PL4 0QA, 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 £.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

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 basis over its expected useful life, as follows:

Leasehold improvements 5 - 10 years straight line
Plant and machinery 6 - 7 years straight line
Vehicles 4 years straight line
Fixtures and fittings 6 - 7 years straight line

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.

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 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings 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 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.

Government grants

Government grants 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

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 119 101

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2022 124,834 124,834
At 31 January 2023 124,834 124,834
Accumulated amortisation
At 01 February 2022 124,834 124,834
At 31 January 2023 124,834 124,834
Net book value
At 31 January 2023 0 0
At 31 January 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 February 2022 396,876 1,666,123 417,184 403,005 2,883,188
Additions 22,395 84,629 198,081 123,735 428,840
Disposals 0 0 ( 32,969) 0 ( 32,969)
At 31 January 2023 419,271 1,750,752 582,296 526,740 3,279,059
Accumulated depreciation
At 01 February 2022 337,556 1,307,251 228,322 397,829 2,270,958
Charge for the financial year 30,666 84,721 87,316 9,361 212,064
Disposals 0 0 ( 32,969) 0 ( 32,969)
At 31 January 2023 368,222 1,391,972 282,669 407,190 2,450,053
Net book value
At 31 January 2023 51,049 358,780 299,627 119,550 829,006
At 31 January 2022 59,320 358,872 188,862 5,176 612,230
Leased assets included above:
Net book value
At 31 January 2023 0 62,015 110,283 0 172,298
At 31 January 2022 0 87,683 15,234 0 102,916

5. Debtors

2023 2022
£ £
Trade debtors 23,569 23,042
Amounts owed by directors 323,712 0
Prepayments 85,958 41,737
VAT recoverable 0 26,740
Other debtors 5,450 309,361
438,689 400,880

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 117,848 90,237
Amounts owed to directors 0 39,408
Accruals and deferred income 11,825 7,500
Taxation and social security 365,509 126,830
Obligations under finance leases and hire purchase contracts (secured) 42,012 52,739
Other creditors 125,728 89,354
662,922 406,068

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

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

2023 2022
£ £
Deferred income 5,500 0
Obligations under finance leases and hire purchase contracts (secured) 64,130 5,058
69,630 5,058

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 118,279) ( 47,709)
Charged to the Statement of Income and Retained Earnings ( 25,979) ( 70,570)
At the end of financial year ( 144,258) ( 118,279)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
102 Ordinary shares of £ 1.00 each 102 102

10. Financial commitments

Commitments

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

2023 2022
£ £
- within one year 197,100 161,000
- between one and five years 647,484 483,000
- after five years 123,666 0
968,250 644,000

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 £30,557 (2022: £65,392). Contributions totalling £13,006 (2022: £11,335) were payable to the fund at the reporting date and are included in creditors.

11. Related party transactions

Transactions with the entity's directors

At the year end, the directors owed the company £323,712 (2022: the company owed the directors £39,408). Interest is charged at the HMRC official rate and there are no set repayment terms.