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COMPANY REGISTRATION NUMBER: 06223679
RUBY'S BAKERY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
RUBY'S BAKERY LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
166,166
112,300
Investments
7
40
40
----------
----------
166,206
112,340
Current assets
Stocks
145,336
109,155
Debtors
8
165,525
165,421
Cash at bank and in hand
73,340
66,481
----------
----------
384,201
341,057
Creditors: amounts falling due within one year
9
301,050
287,567
----------
----------
Net current assets
83,151
53,490
----------
----------
Total assets less current liabilities
249,357
165,830
Creditors: amounts falling due after more than one year
10
53,105
34,948
Provisions
Taxation including deferred tax
38,520
20,602
----------
----------
Net assets
157,732
110,280
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
157,632
110,180
----------
----------
Shareholders funds
157,732
110,280
----------
----------
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 statement of income and retained earnings has not been delivered.
RUBY'S BAKERY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
For the 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.
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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Mrs W Sullivan
Director
Company registration number: 06223679
RUBY'S BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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.
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:
Leasehold property
-
8.33% straight line
Plant and mchinery
-
25% reducing balance
Motor vehicle
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the performance model. 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 satisfyingthe 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 statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 27 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
20,000
---------
Amortisation
At 1 July 2022 and 30 June 2023
20,000
---------
Carrying amount
At 30 June 2023
---------
At 30 June 2022
---------
6. Tangible assets
Leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
26,345
321,500
95,184
443,029
Additions
9,950
68,069
28,939
106,958
---------
----------
----------
----------
At 30 June 2023
36,295
389,569
124,123
549,987
---------
----------
----------
----------
Depreciation
At 1 July 2022
22,476
268,811
39,442
330,729
Charge for the year
1,732
30,190
21,170
53,092
---------
----------
----------
----------
At 30 June 2023
24,208
299,001
60,612
383,821
---------
----------
----------
----------
Carrying amount
At 30 June 2023
12,087
90,568
63,511
166,166
---------
----------
----------
----------
At 30 June 2022
3,869
52,689
55,742
112,300
---------
----------
----------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Fixtures and fittings
Motor vehicles
Total
£
£
£
At 30 June 2023
34,442
21,704
56,146
---------
---------
---------
At 30 June 2022
13,937
13,937
---------
---------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 July 2022 and 30 June 2023
40
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
40
----
At 30 June 2022
40
----
8. Debtors
2023
2022
£
£
Trade debtors
109,675
135,088
Other debtors
55,850
30,333
----------
----------
165,525
165,421
----------
----------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
138,105
122,873
Corporation tax
15,407
22,384
Social security and other taxes
9,277
6,399
Other creditors
128,261
125,911
----------
----------
301,050
287,567
----------
----------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
33,419
Other creditors
29,772
1,529
---------
---------
53,105
34,948
---------
---------
11. Director's advances, credits and guarantees
Included within other creditors is an amount of £68,829 (2022: £116,915) due to the directors.
12. Related party transactions
The company was under the control of Mrs Sullivan throughout the current and previous year.