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Company registration number: NI034838
U-Bake Limited
Unaudited filleted financial statements
31 October 2023
U-Bake Limited
Contents
Directors and other information
Balance sheet
Notes to the financial statements
U-Bake Limited
Directors and other information
Director Mr John McDaid
Company number NI034838
Registered office Breaghmore Road
Skeoge Industrial Estate
Derry
BT48 8SE
Accountants Fergus McAteer & Co.
31/33 Clarendon Street
Derry
BT48 7ER
Bankers AIB
Meadowbank
Strand Road
Derry
BT48 7TN
Solicitors MacDermott & McGurk
12 Clarendon Street
Derry
BT48 7ET
U-Bake Limited
Balance sheet
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,281,920 1,189,664
_______ _______
1,281,920 1,189,664
Current assets
Stocks 6 75,523 49,724
Debtors 7 943,572 801,911
Investments 8 601,150 101,150
Cash at bank and in hand 996,384 861,963
_______ _______
2,616,629 1,814,748
Creditors: amounts falling due
within one year 9 ( 553,659) ( 371,401)
_______ _______
Net current assets 2,062,970 1,443,347
_______ _______
Total assets less current liabilities 3,344,890 2,633,011
Provisions for liabilities ( 214,049) ( 142,674)
_______ _______
Net assets 3,130,841 2,490,337
_______ _______
Capital and reserves
Called up share capital 10 86,620 86,620
Capital redemption reserve 33,380 33,380
Profit and loss account 3,010,841 2,370,337
_______ _______
Shareholders funds 3,130,841 2,490,337
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account and director's report have not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 February 2024 , and are signed on behalf of the board by:
Mr John McDaid
Director
Company registration number: NI034838
U-Bake Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Breaghmore Road, Skeoge Industrial Estate, Derry, BT48 8SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - 2 % reducing balance
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 49 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 602,897 2,245,533 18,026 143,726 3,010,182
Additions - 165,745 - 41,205 206,950
_______ _______ _______ _______ _______
At 31 October 2023 602,897 2,411,278 18,026 184,931 3,217,132
_______ _______ _______ _______ _______
Depreciation
At 1 November 2022 189,562 1,506,575 10,919 113,462 1,820,518
Charge for the year 8,447 90,532 1,421 14,294 114,694
_______ _______ _______ _______ _______
At 31 October 2023 198,009 1,597,107 12,340 127,756 1,935,212
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 404,888 814,171 5,686 57,175 1,281,920
_______ _______ _______ _______ _______
At 31 October 2022 413,335 738,958 7,107 30,264 1,189,664
_______ _______ _______ _______ _______
6. Stocks
2023 2022
£ £
Finished goods and goods for resale 75,523 49,724
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 601,945 498,007
Other debtors 341,627 303,904
_______ _______
943,572 801,911
_______ _______
8. Investments
2023 2022
£ £
Other investments 601,150 101,150
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 357,768 313,623
Corporation tax 186,691 48,763
Social security and other taxes 5,800 5,615
Other creditors 3,400 3,400
_______ _______
553,659 371,401
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 86,620 86,620 86,620 86,620
_______ _______ _______ _______
11. Contingent assets and liabilities
There is a contingent liability to repay certain government grants under the terms of offer from Invest Northern Ireland if the company fails to achieve and maintain specific conditions. In the opinion of the directors the terms of offer have been complied with and no loss is expected.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Related party - 93,640 93,640 93,640
_______ _______ _______ _______
The related party is a director of the company.
13. Controlling party
At 31 October 2023 Mr John McDaid is the ultimate controlling party of the company.