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Company No: 09675648 (England and Wales)

THE CHOUGH BAKERY (PADSTOW) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THE CHOUGH BAKERY (PADSTOW) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE CHOUGH BAKERY (PADSTOW) LIMITED

BALANCE SHEET

As at 31 December 2023
THE CHOUGH BAKERY (PADSTOW) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 219,401 204,287
219,401 204,287
Current assets
Stocks 4 56,622 33,820
Debtors 5 123,258 106,008
Cash at bank and in hand 33,166 47,301
213,046 187,129
Creditors: amounts falling due within one year 6 ( 179,055) ( 108,032)
Net current assets 33,991 79,097
Total assets less current liabilities 253,392 283,384
Creditors: amounts falling due after more than one year 7 ( 69,147) ( 114,049)
Provision for liabilities 8 ( 26,014) ( 18,190)
Net assets 158,231 151,145
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 157,231 150,145
Total shareholders' funds 158,231 151,145

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Chough Bakery (Padstow) Limited (registered number: 09675648) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

W R Ead
Director
THE CHOUGH BAKERY (PADSTOW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE CHOUGH BAKERY (PADSTOW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Chough Bakery (Padstow) Ltd (the Company) is a private company, limited by shares, incorporated in England and Wales.

The address of the Company's registered office is:
Unit 2D
Trecerus Industrial Estate
Padstow
PL28 8RW
United Kingdom

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. These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) - ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the requirements of the Companies Act 2006. 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 presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenues 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible assets are stated in the statement of financial position 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 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:

Land and buildings 5 - 12 years straight line
Plant and machinery 4 - 7 years straight line
Vehicles 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as financial leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at the inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a financial lease obligation.

Lease payments are apportioned between financial costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated 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 the profit or loss.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when, in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments,

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 24

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 189,726 242,757 22,695 455,178
Additions 0 82,622 0 82,622
Disposals 0 ( 45,638) 0 ( 45,638)
At 31 December 2023 189,726 279,741 22,695 492,162
Accumulated depreciation
At 01 January 2023 80,969 147,227 22,695 250,891
Charge for the financial year 13,303 35,595 0 48,898
Disposals 0 ( 27,028) 0 ( 27,028)
At 31 December 2023 94,272 155,794 22,695 272,761
Net book value
At 31 December 2023 95,454 123,947 0 219,401
At 31 December 2022 108,757 95,530 0 204,287

4. Stocks

2023 2022
£ £
Stocks 56,622 33,820

5. Debtors

2023 2022
£ £
Trade debtors 3,419 6,237
Other debtors 119,839 99,771
123,258 106,008

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 63,216 37,191
Trade creditors 55,577 30,311
Other taxation and social security 16,467 6,259
Obligations under finance leases and hire purchase contracts 16,129 2,735
Other creditors 27,666 31,536
179,055 108,032

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 50,832 114,049
Obligations under finance leases and hire purchase contracts 18,315 0
69,147 114,049

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 26,014 18,190

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary Share shares of £ 1.00 each 1,000 1,000

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
BE Ead - owed to the company 27,713 5,963
WR Ead - owed to the company 25,817 5,963

The loans are repayable on demand with an interest rate of 0%.