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REGISTERED NUMBER: 08474270 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MODERN BAKER LTD

MODERN BAKER LTD (REGISTERED NUMBER: 08474270)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODERN BAKER LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M C Sharp
L W D Campbell





REGISTERED OFFICE: 7 Station Field
Oxford
Oxfordshire
OX5 1JD





REGISTERED NUMBER: 08474270 (England and Wales)





ACCOUNTANTS: Astral Accountancy Services Limited
Astral House
Granville Way
Bicester
Oxfordshire
OX26 4JT

MODERN BAKER LTD (REGISTERED NUMBER: 08474270)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 268,672 227,890
Tangible assets 5 27,071 38,587
295,743 266,477

CURRENT ASSETS
Stocks 1,651 1,847
Debtors 6 129,250 109,114
Cash at bank 36,516 172,478
167,417 283,439
CREDITORS
Amounts falling due within one year 7 401,569 412,965
NET CURRENT LIABILITIES (234,152 ) (129,526 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

61,591

136,951

CREDITORS
Amounts falling due after more than one year 8 15,833 25,833
NET ASSETS 45,758 111,118

CAPITAL AND RESERVES
Called up share capital 9 385 383
Share premium 1,433,412 1,370,798
Other reserves 12,503 12,503
Retained earnings (1,400,542 ) (1,272,566 )
SHAREHOLDERS' FUNDS 45,758 111,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MODERN BAKER LTD (REGISTERED NUMBER: 08474270)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2024 and were signed on its behalf by:





L W D Campbell - Director


MODERN BAKER LTD (REGISTERED NUMBER: 08474270)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Modern Baker Ltd 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the accounting policies below.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Changes in accounting policies
During the year the policy for amortising Development costs was changed to write of the expenditure over 10 years rather than 5 years. It was felt that the benefit of the expenditure incurred covered a lot longer period than currently included. This policy was changed in the 2024 year and to apply to future years only.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to Property - 20% on cost
Plant & Machinery - 25% on cost
Fixtures & Fittings - 25% on cost
Office Equipment - 25% on cost

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


MODERN BAKER LTD (REGISTERED NUMBER: 08474270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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.

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 year 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.

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.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

MODERN BAKER LTD (REGISTERED NUMBER: 08474270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2023 1,092,723
Additions 122,372
At 31 March 2024 1,215,095
AMORTISATION
At 1 April 2023 864,833
Amortisation for year 81,590
At 31 March 2024 946,423
NET BOOK VALUE
At 31 March 2024 268,672
At 31 March 2023 227,890

The company entered into a collaboration agreement on 29 July 2016 to undertake research into salt reduction and fibre enhancement of sourdough bread. Under the agreement, the company is the beneficial owner of any resulting IP of the research. The company has received grant income in respect of this agreement which is included in grant income.

Each year, the directors capitalise research and development, part of which are costs relating to the collaborative agreement and part on other research and development carried out by the company directly.

Whilst the directors consider the market value of all owned IP (including that assigned to it under the collaborative agreement) exceeds the carrying value, the directors cannot reliably measure the open market value of owned IP and therefore carry the values at amortised cost.

5. TANGIBLE FIXED ASSETS
Improvements
to Plant & Fixtures Office
Property Machinery & Fittings Equipment Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 119,210 164,550 25,421 10,418 319,599
DEPRECIATION
At 1 April 2023 83,441 162,561 25,421 9,589 281,012
Charge for year 9,132 1,880 - 504 11,516
At 31 March 2024 92,573 164,441 25,421 10,093 292,528
NET BOOK VALUE
At 31 March 2024 26,637 109 - 325 27,071
At 31 March 2023 35,769 1,989 - 829 38,587

MODERN BAKER LTD (REGISTERED NUMBER: 08474270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 73,320 58,889
Other Debtors 19,541 36,145
VAT 10,573 6,509
Prepayments & Accrued Income 25,816 7,571
129,250 109,114

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade Creditors 48,029 44,778
Other Taxes & Social Security 1,441 1,735
Directors Loan Account 336,498 339,582
Accruals & Deferred Income 5,601 16,870
401,569 412,965

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - more than 1 year 15,833 25,833

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
19,149 Ordinary 0.02 385 383