Company registration number 06216015 (England and Wales)
MARTINS BAKERY (CORNWALL) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MARTINS BAKERY (CORNWALL) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MARTINS BAKERY (CORNWALL) LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,725
21,870
Tangible assets
4
50,595
51,110
67,320
72,980
Current assets
Stocks
21,871
20,335
Debtors
5
62,985
36,692
Cash at bank and in hand
162,780
159,100
247,636
216,127
Creditors: amounts falling due within one year
6
(59,488)
(51,455)
Net current assets
188,148
164,672
Total assets less current liabilities
255,468
237,652
Provisions for liabilities
(12,643)
(9,702)
Net assets
242,825
227,950
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
242,725
227,850
Total equity
242,825
227,950

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 31 January 2024 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.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Mrs C A Hawkins
Director
Company Registration No. 06216015
MARTINS BAKERY (CORNWALL) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Martins Bakery (Cornwall) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 106 Clifden Road, St Austell, Cornwall, PL25 4PA.

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. 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 and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.4
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:

Fixtures, fittings & equipment
15% per annum on the reducing balance method
Computer equipment
33.33% per annum on the straight line method
Motor vehicles
25% per annum on the reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.6
Stocks

Stocks are stated at the lower of cost, using the first in first out method, and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving stock.

MARTINS BAKERY (CORNWALL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
28
29
MARTINS BAKERY (CORNWALL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
102,904
Amortisation and impairment
At 1 February 2023
81,034
Amortisation charged for the year
5,145
At 31 January 2024
86,179
Carrying amount
At 31 January 2024
16,725
At 31 January 2023
21,870
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
139,808
4,917
58,950
203,675
Additions
11,285
-
0
-
0
11,285
Disposals
(10,634)
-
0
-
0
(10,634)
At 31 January 2024
140,459
4,917
58,950
204,326
Depreciation and impairment
At 1 February 2023
101,897
4,902
45,766
152,565
Depreciation charged in the year
7,181
-
0
3,296
10,477
Eliminated in respect of disposals
(9,311)
-
0
-
0
(9,311)
At 31 January 2024
99,767
4,902
49,062
153,731
Carrying amount
At 31 January 2024
40,692
15
9,888
50,595
At 31 January 2023
37,911
15
13,184
51,110
5
Debtors: amounts falling due within one year
2024
2023
£
£
Trade debtors
32,102
12,569
Other debtors
30,883
24,123
62,985
36,692
MARTINS BAKERY (CORNWALL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,375
20,325
Taxation and social security
45,056
23,548
Other creditors
5,057
7,582
59,488
51,455
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
59,500
71,400
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

                                

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
2,291
62,369
(47,218)
17,442
2,291
62,369
(47,218)
17,442
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