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Registration number: 09456482

Bakers Recovery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Bakers Recovery Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Bakers Recovery Limited

(Registration number: 09456482)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

142,584

133,991

Current assets

 

Stocks

5

27,330

12,394

Debtors

6

105,706

84,642

Cash at bank and in hand

 

296,281

199,237

 

429,317

296,273

Creditors: Amounts falling due within one year

7

(199,474)

(187,465)

Net current assets

 

229,843

108,808

Total assets less current liabilities

 

372,427

242,799

Provisions for liabilities

(25,298)

(33,321)

Net assets

 

347,129

209,478

Capital and reserves

 

Called up share capital

400

400

Retained earnings

346,729

209,078

Shareholders' funds

 

347,129

209,478

 

Bakers Recovery Limited

(Registration number: 09456482)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

K J Baker
Director

D D Baker
Director

S A Baker
Director

     
 

Bakers Recovery Limited

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

1

General information

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

The address of its registered office is:
C/o Milsted Langdon LLP
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG
England

These financial statements were authorised for issue by the Board on 14 March 2024.

2

Accounting policies

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.

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

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.

Going concern

After reviewing the accounts, the director is confident that the company will be able to pay its debts as they fall due and accordingly has prepared the financial statements on a going concern basis.

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.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

 

Bakers Recovery Limited

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

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.

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

Improvements to land and buildings

15% straight line

Furniture, fittings and equipment

25% straight line

Plant and equipment

25% reducing balance

Motor vehicles

25% reducing balance

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 stocks 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.

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.

 

Bakers Recovery Limited

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

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Bakers Recovery Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 24 (2022 - 21).

4

Tangible assets

Improvements to land and buildings
£

Plant and equipment
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

2,355

13,192

9,441

251,613

276,601

Additions

-

22,540

2,251

36,500

61,291

Disposals

-

(3,969)

(3,104)

(9,000)

(16,073)

At 30 September 2023

2,355

31,763

8,588

279,113

321,819

Depreciation

At 1 October 2022

2,355

7,817

6,528

125,910

142,610

Charge for the year

-

6,420

1,448

40,017

47,885

Eliminated on disposal

-

(1,736)

(2,660)

(6,864)

(11,260)

At 30 September 2023

2,355

12,501

5,316

159,063

179,235

Carrying amount

At 30 September 2023

-

19,262

3,272

120,050

142,584

At 30 September 2022

-

5,375

2,913

125,703

133,991

Included within the net book value of improvements to land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

27,330

12,394

 

Bakers Recovery Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

90,379

84,642

Prepayments

15,327

-

105,706

84,642

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

-

5,597

Trade creditors

 

58,196

53,084

Social security and other taxes

 

78,457

66,514

Other creditors

 

16,070

38,396

Accruals

 

4,600

5,000

Corporation tax liability

42,151

18,874

 

199,474

187,465

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

5,597

 

Bakers Recovery Limited

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

9

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

33,786

33,786

Advanced

2,510

2,510

Repaid

(23,852)

(23,852)

At end of period

12,444

12,444

2022

Key management
£

Total
£

At start of period

34,038

34,038

Advanced

10,629

10,629

Repaid

(10,881)

(10,881)

At end of period

33,786

33,786