Modern Baking Systems (Bristol) Ltd 01813319 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is Manufacturing and servicing specialist bakery equipment Digita Accounts Production Advanced 6.30.9574.0 true 01813319 2022-07-01 2023-06-30 01813319 2023-06-30 01813319 core:CurrentFinancialInstruments 2023-06-30 01813319 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 01813319 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 01813319 core:FurnitureFittings 2023-06-30 01813319 core:MotorVehicles 2023-06-30 01813319 core:OfficeEquipment 2023-06-30 01813319 core:PlantMachinery 2023-06-30 01813319 bus:SmallEntities 2022-07-01 2023-06-30 01813319 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01813319 bus:FullAccounts 2022-07-01 2023-06-30 01813319 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 01813319 bus:RegisteredOffice 2022-07-01 2023-06-30 01813319 bus:CompanySecretaryDirector1 2022-07-01 2023-06-30 01813319 bus:Director3 2022-07-01 2023-06-30 01813319 bus:Director4 2022-07-01 2023-06-30 01813319 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01813319 core:FurnitureFittings 2022-07-01 2023-06-30 01813319 core:MotorVehicles 2022-07-01 2023-06-30 01813319 core:OfficeEquipment 2022-07-01 2023-06-30 01813319 core:PlantMachinery 2022-07-01 2023-06-30 01813319 countries:England 2022-07-01 2023-06-30 01813319 2022-06-30 01813319 core:FurnitureFittings 2022-06-30 01813319 core:MotorVehicles 2022-06-30 01813319 core:OfficeEquipment 2022-06-30 01813319 core:PlantMachinery 2022-06-30 01813319 2021-07-01 2022-06-30 01813319 2022-06-30 01813319 core:CurrentFinancialInstruments 2022-06-30 01813319 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 01813319 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 01813319 core:FurnitureFittings 2022-06-30 01813319 core:MotorVehicles 2022-06-30 01813319 core:OfficeEquipment 2022-06-30 01813319 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 01813319

Modern Baking Systems (Bristol) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Modern Baking Systems (Bristol) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Modern Baking Systems (Bristol) Ltd

Company Information

Directors

Mr B Smith

Mr DH Smith

Mr AD Smith

Company secretary

Mr B Smith

Registered office

27 Bonville Road
Brislington
Bristol
BS4 5QH

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Modern Baking Systems (Bristol) Ltd

(Registration number: 01813319)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

1,260

2,007

Investment property

5

 

1,630,000

1,630,000

   

1,631,260

1,632,007

Current assets

   

Stocks

6

46,600

 

32,300

Debtors

7

45,882

 

23,880

Cash at bank and in hand

 

36,688

 

116,804

 

129,170

 

172,984

Creditors: Amounts falling due within one year

8

(89,512)

 

(80,387)

Net current assets

   

39,658

92,597

Total assets less current liabilities

   

1,670,918

1,724,604

Creditors: Amounts falling due after more than one year

8

 

(61,138)

(60,138)

Provisions for liabilities

 

(111,397)

(91,009)

Net assets

   

1,498,383

1,573,457

Capital and reserves

   

Called up share capital

2

 

2

Revaluation reserve

254,559

 

254,559

Profit and loss account

1,243,822

 

1,318,896

Total equity

   

1,498,383

1,573,457

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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Modern Baking Systems (Bristol) Ltd

(Registration number: 01813319)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
Mr B Smith
Company secretary and director

.........................................
Mr AD Smith
Director

 
     
 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
27 Bonville Road
Brislington
Bristol
BS4 5QH

These financial statements were authorised for issue by the Board on 12 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

12.5% straight Line

Fixtures and Fittings

15% straight Line

Motor Vehicles

24% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

68,944

84,617

-

79,423

232,984

At 30 June 2023

68,944

84,617

-

79,423

232,984

Depreciation

At 1 July 2022

67,718

84,617

-

78,642

230,977

Charge for the year

559

-

-

188

747

At 30 June 2023

68,277

84,617

-

78,830

231,724

Carrying amount

At 30 June 2023

667

-

-

593

1,260

At 30 June 2022

635

-

591

781

2,007

5

Investment properties

2023
£

At 1 July

1,630,000

At 30 June

1,630,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

46,600

32,300

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Debtors

2023
£

2022
£

Trade debtors

28,449

16,563

Prepayments

8,724

7,317

Other debtors

8,709

-

45,882

23,880

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

16,600

2,006

Taxation and social security

10,051

12,452

Accruals and deferred income

29,036

29,383

Other creditors

33,825

36,546

89,512

80,387

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

61,138

60,138

9

Related party transactions

The company was under the control of Mr A Smith, Mr B Smith and Mr D Smith throughout the current and previous year as directors.

At the year end the company owed Mr A Smith and Mr B Smith £33,317 (2022: £33,317) in the form of a joint directors' loan account. There are no fixed repayment terms and no interest is charged.

During the year the company paid rentals totalling £22,000 (2022: £20,500) in relation to the rent of a property owned by the directors.

As at the year end the company owed Mr D Smith £61,138 (2022: 60,138) in the form of a loan account. This loan is not repayable at less than a years notice and no interest is charged on the loan.