Company registration number 12149864 (England and Wales)
ELECTRIC BAKERY BUDE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
ELECTRIC BAKERY BUDE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ELECTRIC BAKERY BUDE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,151
63,104
Current assets
Stocks
19,456
13,259
Debtors
4
13,852
11,532
Cash at bank and in hand
76,336
49,837
109,644
74,628
Creditors: amounts falling due within one year
5
(98,999)
(75,915)
Net current assets/(liabilities)
10,645
(1,287)
Total assets less current liabilities
63,796
61,817
Creditors: amounts falling due after more than one year
6
(20,833)
(30,833)
Provisions for liabilities
7
(10,057)
(11,926)
Net assets
32,906
19,058
Capital and reserves
Called up share capital
40
40
Profit and loss reserves
8
32,866
19,018
Total equity
32,906
19,058

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ELECTRIC BAKERY BUDE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2023 and are signed on its behalf by:
Mr A J Bluett
Director
Company registration number 12149864 (England and Wales)
ELECTRIC BAKERY BUDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Electric Bakery Bude Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wooland Woolstone Farm, Bude, Cornwall, EX23 0NB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over the term of the lease
Plant and equipment
20% Reducing Balance
Fixtures and fittings
20% Reducing Balance
Computers
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ELECTRIC BAKERY BUDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
17
15
ELECTRIC BAKERY BUDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 September 2022
10,232
81,842
10,502
8,652
111,228
Additions
-
0
4,518
490
716
5,724
At 31 August 2023
10,232
86,360
10,992
9,368
116,952
Depreciation and impairment
At 1 September 2022
5,192
35,282
4,309
3,341
48,124
Depreciation charged in the year
1,741
10,263
1,347
2,326
15,677
At 31 August 2023
6,933
45,545
5,656
5,667
63,801
Carrying amount
At 31 August 2023
3,299
40,815
5,336
3,701
53,151
At 31 August 2022
5,040
46,560
6,193
5,311
63,104
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,781
7,238
Other debtors
4,063
2,960
Prepayments and accrued income
1,008
1,334
13,852
11,532
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
5,220
6,078
Corporation tax
18,468
8,828
Other taxation and social security
9,001
5,763
Other creditors
26,005
25,145
Accruals and deferred income
30,305
20,101
98,999
75,915
ELECTRIC BAKERY BUDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20,833
30,833
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10,057
11,926
8
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
19,018
26,315
Profit for the year
64,248
43,503
Dividends declared and paid in the year
(50,400)
(50,800)
At the end of the year
32,866
19,018
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
14,400
10,800
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