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REGISTERED NUMBER: 00637941 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Period 1 November 2022 to 28 October 2023

for

Fosters Bakery (Staincross) Limited

Fosters Bakery (Staincross) Limited (Registered number: 00637941)






Contents of the Financial Statements
for the period 1 November 2022 to 28 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Fosters Bakery (Staincross) Limited

Company Information
for the period 1 November 2022 to 28 October 2023







DIRECTORS: Dr J R Foster
I T Taylor



SECRETARY: Dr J R Foster



REGISTERED OFFICE: Fosters Bakery, Towngate
Mapplewell
Barnsley
South Yorkshire
S75 6AS



REGISTERED NUMBER: 00637941 (England and Wales)



INDEPENDENT AUDITORS: Paul Howley & Co Ltd
Chartered Certified Accountants
Statutory Auditors
42 Pitt Street
Barnsley
South Yorkshire
S70 1BB



BANKERS: Yorkshire Bank plc
1A Peel Square
Barnsley
South Yorkshire
S70 2PL

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Strategic Report
for the period 1 November 2022 to 28 October 2023

The directors present their strategic report for the period 1 November 2022 to 28 October 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties that we face.

The company continues to have a broad customer base in several baked good sectors in the UK, Europe, the Middle East and Far East.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company, those being turnover, gross margin and profit before taxation.

Turnover increased by 7.5% to £10,451k (2022: £9,717k), gross profit margin percentage has fallen slightly to 29.0% (2022: 29.3%) and the company generated a pre-tax profit before revaluation of assets of £529k (2022: £530k). In these accounts we have changed the allocation of energy costs between prime cost and overhead costs to more accurately reflect the absorption rates. The comparative figures have been changed in this regard.

A healthy balance sheet has been retained with shareholders' funds of £7,360k (2022 £7,130k) after the payment of a dividend.

During the year the company continued significant renovations of the Towngate bakery site with yard resurfacing and renewing drainage systems incorporating environmental improvements. We have replaced much of the electrical installation to facilitate power generation and better understand energy use along with other environmental improvements. Investment in Solar and CHP energy saving projects continued from the previous year.

The company has maintained a good food safety system 'AA+' BRC Global Food Standard Issue 9.

Health and safety is of great importance to the company. It continues to look after the health, safety and welfare of its staff and other stakeholders with involvement from employee representatives.

The company endeavours to be respectful and fair in all dealings with business partners, staff and other stakeholders - representing the Company Vision "to be your favourite baker". The Company and its people support several charitable activities.

In the current year the business turnover to date is approximately 5% higher year on year although the pressure of higher energy and wage costs has reduced profits. The comprehensive renovation of the Towngate site is now nearing completion. The company remains in a strong position moving forward with significant cash reserves.

ON BEHALF OF THE BOARD:





Dr J R Foster - Director


26 July 2024

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Report of the Directors
for the period 1 November 2022 to 28 October 2023

The directors present their report with the financial statements of the company for the period 1 November 2022 to 28 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of bakers and confectioners.

DIVIDENDS
An interim dividend of 101.50 per share was paid on 28 October 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 28 October 2023 will be £ 200,057 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Dr J R Foster
I T Taylor

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by S414c(11) of the Companies Act 2006 certain information to be contained in the directors' report as required by Schedule 7 to SI 2008/410 is included in the company's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Report of the Directors
for the period 1 November 2022 to 28 October 2023


AUDITORS
The auditors, Paul Howley & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Dr J R Foster - Director


26 July 2024

Report of the Independent Auditors to the Members of
Fosters Bakery (Staincross) Limited

Opinion
We have audited the financial statements of Fosters Bakery (Staincross) Limited (the 'company') for the period ended 28 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 October 2021 and thus did not observe the counting of physical inventories at the end of the that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £342,175 held at 31 October 2021 by using other audit procedures, Consequently we were unable to determine whether any adjustment to this amount at 31 October 2021 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 October 2022.

Our audit opinion on the financial statements for the year ended 31 October 2022 was modified accordingly. Our opinion on the current years financial statements is also modified because of the possible effect of this matter on the comparability of the current years figures and the corresponding figures.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Fosters Bakery (Staincross) Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
Notwithstanding our adverse opinion on the financial statements, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Fosters Bakery (Staincross) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to 2006 Companies Act, relevant tax legislation, environmental and consumer rights regulation and anti-bribery and corruption legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined the principal risks. Audit procedures performed by the engagement team included:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to recognize non compliance with applicable laws and regulations;
- Enquiries of the directors and management to identify any instances of non-compliance including consideration of known or suspected instances of fraud;
- Evaluation of management's internal controls designed to prevent and detect irregularities;
- Review of meeting minutes, and where applicable, correspondence with relevant regulatory authorities;
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Performed physical verification of tangible fixed assets to confirm existence and ownership;
- Investigated the rationale behind significant or unusual transactions;
- Detailed testing of journal entries and assumptions made.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected it the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Fosters Bakery (Staincross) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Berry (Senior Statutory Auditor)
for and on behalf of Paul Howley & Co Ltd
Chartered Certified Accountants
Statutory Auditors
42 Pitt Street
Barnsley
South Yorkshire
S70 1BB

26 July 2024

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Income Statement
for the period 1 November 2022 to 28 October 2023

Period
1.11.22
to Year ended
28.10.23 31.10.22
Notes £    £   

TURNOVER 3 10,450,983 9,716,744

Cost of sales 7,419,576 6,867,031
GROSS PROFIT 3,031,407 2,849,713

Administrative expenses 2,673,800 2,370,352
357,607 479,361

Other operating income 13,096 19,989
Gain/loss on revaluation of assets 39,624 (54,956 )
OPERATING PROFIT 5 410,327 444,394

Interest receivable and similar income 6 158,258 31,258
PROFIT BEFORE TAXATION 568,585 475,652

Tax on profit 7 138,229 116,943
PROFIT FOR THE FINANCIAL PERIOD 430,356 358,709

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Other Comprehensive Income
for the period 1 November 2022 to 28 October 2023

Period
1.11.22
to Year ended
28.10.23 31.10.22
Notes £    £   

PROFIT FOR THE PERIOD 430,356 358,709


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

430,356

358,709

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Balance Sheet
28 October 2023

28.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,830,364 1,829,377
Investments 10 100 100
Investment property 11 130,000 100,000
1,960,464 1,929,477

CURRENT ASSETS
Stocks 12 528,096 619,460
Debtors 13 1,575,795 1,365,827
Investments 14 597,752 588,128
Cash at bank 4,151,747 3,732,329
6,853,390 6,305,744
CREDITORS
Amounts falling due within one year 15 1,126,457 808,197
NET CURRENT ASSETS 5,726,933 5,497,547
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,687,397

7,427,024

CREDITORS
Amounts falling due after more than one year 16 (4,938 ) (5,964 )

PROVISIONS FOR LIABILITIES 18 (322,600 ) (291,500 )
NET ASSETS 7,359,859 7,129,560

CAPITAL AND RESERVES
Called up share capital 19 1,971 1,971
Capital redemption reserve 20 29 29
Retained earnings 20 7,357,859 7,127,560
SHAREHOLDERS' FUNDS 7,359,859 7,129,560

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:



Dr J R Foster - Director



I T Taylor - Director


Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Statement of Changes in Equity
for the period 1 November 2022 to 28 October 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2021 1,971 6,968,908 29 6,970,908

Changes in equity
Dividends - (200,057 ) - (200,057 )
Total comprehensive income - 358,709 - 358,709
Balance at 31 October 2022 1,971 7,127,560 29 7,129,560

Changes in equity
Dividends - (200,057 ) - (200,057 )
Total comprehensive income - 430,356 - 430,356
Balance at 28 October 2023 1,971 7,357,859 29 7,359,859

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Cash Flow Statement
for the period 1 November 2022 to 28 October 2023

Period
1.11.22
to Year ended
28.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 629,782 508,374
Tax paid (18,334 ) (32,385 )
Net cash from operating activities 611,448 475,989

Cash flows from investing activities
Purchase of tangible fixed assets (415,009 ) (568,166 )
Sale of tangible fixed assets 64,721 55,575
Interest received 158,258 31,258
Net cash from investing activities (192,030 ) (481,333 )

Cash flows from financing activities
Equity dividends paid - (200,057 )
Net cash from financing activities - (200,057 )

Increase/(decrease) in cash and cash equivalents 419,418 (205,401 )
Cash and cash equivalents at beginning of
period

2

3,732,329

3,937,730

Cash and cash equivalents at end of period 2 4,151,747 3,732,329

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Cash Flow Statement
for the period 1 November 2022 to 28 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Profit before taxation 568,585 475,652
Depreciation charges 351,516 272,159
Profit on disposal of fixed assets (2,215 ) (18,993 )
(Gain)/loss on revaluation of fixed assets (39,624 ) 54,956
Finance income (158,258 ) (31,258 )
720,004 752,516
Decrease/(increase) in stocks 91,364 (277,285 )
(Increase)/decrease in trade and other debtors (209,968 ) 2,296
Increase in trade and other creditors 28,382 30,847
Cash generated from operations 629,782 508,374

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 28 October 2023
28.10.23 1.11.22
£    £   
Cash and cash equivalents 4,151,747 3,732,329
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 3,732,329 3,937,730


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 28.10.23
£    £    £   
Net cash
Cash at bank 3,732,329 419,418 4,151,747
3,732,329 419,418 4,151,747
Total 3,732,329 419,418 4,151,747

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements
for the period 1 November 2022 to 28 October 2023

1. STATUTORY INFORMATION

Fosters Bakery (Staincross) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

2. ACCOUNTING POLICIES - continued

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.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

2. ACCOUNTING POLICIES - continued
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.




Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and in hand
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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
United Kingdom 9,806,656 9,071,224
Rest of the world 644,327 645,520
10,450,983 9,716,744

All turnover is generated from the sale of goods.

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

4. EMPLOYEES AND DIRECTORS
Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Wages and salaries 3,272,668 3,091,910
Social security costs 262,218 253,399
Other pension costs 189,658 180,207
3,724,544 3,525,516

The average number of employees during the period was as follows:
Period
1.11.22
to Year ended
28.10.23 31.10.22

Production 107 109
Distribution 9 12
Office and management 14 14
Engineering and cleaners 12 9
142 144

Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Directors' remuneration 170,136 163,287
Directors' pension contributions to money purchase schemes 82,055 75,373

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Other operating leases 17,864 17,535
Operating lease income (5,561 ) (5,000 )
Depreciation - owned assets 351,516 272,159
Profit on disposal of fixed assets (2,215 ) (18,993 )
Auditors' remuneration 10,555 9,860
Foreign exchange differences - 46
Government grants 1,025 (3,432 )

6. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Deposit account interest 158,258 31,258

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 106,795 18,000
Prior year adjustment 334 443
Total current tax 107,129 18,443

Deferred tax 31,100 98,500
Tax on profit 138,229 116,943

UK corporation tax has been charged at 22.50% (2022 - 19%).

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Profit before tax 568,585 475,652
Profit multiplied by the standard rate of corporation tax in the UK of
22.500% (2022 - 19%)

127,932

90,374

Effects of:
Expenses not deductible for tax purposes 32 10,288
Income not taxable for tax purposes (8,915 ) (1,774 )
Depreciation in excess of capital allowances 3,238 2,735
Adjustments to tax charge in respect of previous periods 334 443
Effects of tax incentives (646 ) (24,990 )
Others including change in tax rates 16,254 39,867
Total tax charge 138,229 116,943

The above tax rates have been used as these are the rates applicable taking into account the company's taxable profits. On 3 March 2021, the Government announced legislation would be introduced in Finance Bill 2021 to increase the main rate of Corporation Tax to 25% for the financial year 2023. This change was substantively enacted on 24 May 2021.

8. DIVIDENDS
Period
1.11.22
to Year ended
28.10.23 31.10.22
£    £   
Ordinary shares of £1 each
Interim 200,057 200,057

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 719,658 4,122,482 311,307 636,444 5,789,891
Additions - 60,921 105,915 248,173 415,009
Disposals - (144,481 ) (14,866 ) (193,027 ) (352,374 )
At 28 October 2023 719,658 4,038,922 402,356 691,590 5,852,526
DEPRECIATION
At 1 November 2022 311,606 3,029,612 284,512 334,784 3,960,514
Charge for period 14,393 227,494 7,104 102,525 351,516
Eliminated on disposal - (143,899 ) (14,866 ) (131,103 ) (289,868 )
At 28 October 2023 325,999 3,113,207 276,750 306,206 4,022,162
NET BOOK VALUE
At 28 October 2023 393,659 925,715 125,606 385,384 1,830,364
At 31 October 2022 408,052 1,092,870 26,795 301,660 1,829,377

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 28 October 2023 100
NET BOOK VALUE
At 28 October 2023 100
At 31 October 2022 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Wellfoods Limited
Registered office: England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 84 84

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 100,000
Revaluations 30,000
At 28 October 2023 130,000
NET BOOK VALUE
At 28 October 2023 130,000
At 31 October 2022 100,000

Investment property relates to land and buildings gifted to the company in 1967 at negligible cost which are now rented to third party tenants.

Fair value at 28 October 2023 is represented by:
£   
Valuation in 2021 100,000
Valuation in 2023 30,000
130,000

Investment property was valued on an open market value basis on 31 October 2023 by the directors .

12. STOCKS
28.10.23 31.10.22
£    £   
Raw materials 295,540 401,664
Work-in-progress 2,104 1,311
Finished goods 230,452 216,485
528,096 619,460

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.10.23 31.10.22
£    £   
Trade debtors 1,303,655 1,181,665
Other debtors 2,843 -
VAT 157,318 89,976
Prepayments and accrued income 111,979 94,186
1,575,795 1,365,827

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

14. CURRENT ASSET INVESTMENTS
28.10.23 31.10.22
£    £   
Listed investments 597,752 588,128
Market value of listed investments at 28 October 2023 - £ 597,752 (2022 - £ 588,128 ).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.10.23 31.10.22
£    £   
Trade creditors 526,116 511,017
Tax 106,795 18,000
Social security and other taxes 69,299 63,030
Other creditors 200,057 63
Accrued expenses 224,190 216,087
1,126,457 808,197

Included within other creditors is £200,057 (£2022 - £0) in respect of unpaid dividends.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.10.23 31.10.22
£    £   
Accruals and deferred income 4,938 5,964

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
28.10.23 31.10.22
£    £   
Within one year 16,650 9,065
Between one and five years 26,363 -
43,013 9,065

18. PROVISIONS FOR LIABILITIES
28.10.23 31.10.22
£    £   
Deferred tax
Accelerated capital allowances 291,500 266,500
Other timing differences 31,100 25,000
322,600 291,500

Fosters Bakery (Staincross) Limited (Registered number: 00637941)

Notes to the Financial Statements - continued
for the period 1 November 2022 to 28 October 2023

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2022 291,500
Provided during period 31,100
Balance at 28 October 2023 322,600

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.10.23 31.10.22
value: £    £   
1,971 Ordinary £1 1,971 1,971

Called up share capital represents the nominal value of shares that have been issued.

All ordinary shares rank pari passu.

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 November 2022 7,127,560 29 7,127,589
Profit for the period 430,356 430,356
Dividends (200,057 ) (200,057 )
At 28 October 2023 7,357,859 29 7,357,888

Retained earnings includes all current and prior period retained profits and losses.

21. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)

During the period dividends totalling £132,356 (2022 - £132,356) were declared to directors and close members of their family, in their capacity as shareholders. An amount of £132,356 (2022 - £0) is included within other creditors due within one year in respect of amounts unpaid at the period-end.