Company registration number 00332224 (England and Wales)
COUGHLANS BAKERIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COUGHLANS BAKERIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
COUGHLANS BAKERIES LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,476,436
3,432,662
Investment properties
4
400,000
400,000
Investments
5
42
42
3,876,478
3,832,704
Current assets
Stocks
189,321
187,590
Debtors
6
257,815
284,287
Cash at bank and in hand
134,159
765,836
581,295
1,237,713
Creditors: amounts falling due within one year
7
(534,832)
(766,362)
Net current assets
46,463
471,349
Total assets less current liabilities
3,922,941
4,304,053
Creditors: amounts falling due after more than one year
8
(298,821)
(332,726)
Provisions for liabilities
(566,518)
(458,307)
Net assets
3,057,602
3,513,022
Capital and reserves
Called up share capital
9
1,054
1,054
Revaluation reserve
10
1,516,209
1,624,420
Other reserves
322,550
322,550
Profit and loss reserves
1,217,789
1,564,998
Total equity
3,057,602
3,513,022
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 30 September 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.
COUGHLANS BAKERIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr P J Coughlan
Director
Company Registration No. 00332224
COUGHLANS BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Coughlans Bakeries Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21-29 Sandringham Road, Thornton Heath, Surrey, CR7 7AX.
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 modified to include the revaluation of freehold properties. 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 and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation
Land and buildings Leasehold
In accordance with lease terms
Plant and machinery
10% straight line
Fixtures, fittings & equipment
10% straight line and 33% straight line
Motor vehicles
20% straight line
Freehold land and assets are not depreciated on the basis that repairs expenditure is incurred to maintain the condition of the asset, which is at least equivalent to what depreciation would have been.
Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
COUGHLANS BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
COUGHLANS BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
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.
.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
COUGHLANS BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
163
160
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
2,873,419
3,669,700
6,543,119
Additions
130,890
130,890
Disposals
(281,795)
(281,795)
At 30 September 2023
2,873,419
3,518,795
6,392,214
Depreciation and impairment
At 1 October 2022
88,738
3,021,719
3,110,457
Depreciation charged in the year
86,753
86,753
Eliminated in respect of disposals
(281,432)
(281,432)
At 30 September 2023
88,738
2,827,040
2,915,778
Carrying amount
At 30 September 2023
2,784,681
691,755
3,476,436
At 30 September 2022
2,784,681
647,981
3,432,662
Included within Land and Buildings is property with a carrying amount of £2,784,681 (2022: £2,784,681) that were revalued at 30 September 2022 by the director Mrs V T Coughlan, on the basis of market value.
4
Investment property
2023
£
Fair value
At 1 October 2022 and 30 September 2023
400,000
COUGHLANS BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
4
Investment property
(Continued)
- 7 -
Investment property with a carrying amount of £400,000 (2022: £400,000) was revalued at 30 September 2016 by the director Mrs V T Coughlan, on the basis of market value.
5
Fixed asset investments
2023
2022
£
£
Investments
42
42
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 October 2022 & 30 September 2023
2
40
42
Carrying amount
At 30 September 2023
2
40
42
At 30 September 2022
2
40
42
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,371
10,101
Corporation tax recoverable
11,052
41,563
Other debtors
238,392
232,623
257,815
284,287
COUGHLANS BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
105,398
90,823
Obligations under finance leases
52,678
78,786
Trade creditors
163,996
250,601
Corporation tax
12,313
Other taxation and social security
84,456
69,566
Other creditors
85,086
195,762
Accruals and deferred income
43,218
68,511
534,832
766,362
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
216,895
251,458
Obligations under finance leases
81,926
81,268
298,821
332,726
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
250
-
250
Ordinary - A shares of £1 each
352
250
352
250
Ordinary - B shares of £1 each
-
54
-
54
Ordinary - C shares of £1 each
351
250
351
250
Ordinary - D shares of £1 each
351
250
351
250
1,054
1,054
1,054
1,054
On 1 March 2023, 250 ordinary shares of £1 each were re-designated to 84 ordinary A, 83 ordinary C and 83 ordinary D shares of £1 each.
On 28 April 2023, 54 ordinary B shares of £1 each were re-designated to 18 ordinary A, 18 ordinary C and 18 ordinary D shares of £1 each.
COUGHLANS BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
1,624,420
2,543,134
Revaluation surplus arising in the year
(400,000)
Deferred tax on revaluation of tangible assets
(108,211)
215,500
Fair value adjustment to investments
(734,214)
At the end of the year
1,516,209
1,624,420
11
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
£
£
1,064,716
1,064,716
12
Related party transactions
At the year end, included within other creditors is an amount of £34,653 (2022: £146,277) owed to the directors of the company.
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