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Registered number: 04765457
Ethel Bakeries Ltd
Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04765457
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 13,680 11,599
13,681 11,600
CURRENT ASSETS
Stocks 6 11,975 6,254
Debtors 7 7,204 39,490
Cash at bank and in hand 52,931 39,046
72,110 84,790
Creditors: Amounts Falling Due Within One Year 8 (10,022 ) (20,401 )
NET CURRENT ASSETS (LIABILITIES) 62,088 64,389
TOTAL ASSETS LESS CURRENT LIABILITIES 75,769 75,989
NET ASSETS 75,769 75,989
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 75,669 75,889
SHAREHOLDERS' FUNDS 75,769 75,989
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A A Patel
Director
10th June 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ethel Bakeries Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04765457 . The registered office is Watergates Building, 109 Coleman Road, Leicester, LE5 4LE.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10%
Fixtures & Fittings 20% on RB
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.6. 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 statement of financial position date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 11)
9 11
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4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 30,000
As at 30 November 2023 30,000
Amortisation
As at 1 December 2022 29,999
As at 30 November 2023 29,999
Net Book Value
As at 30 November 2023 1
As at 1 December 2022 1
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 137,000 31,678 168,678
Additions - 5,500 5,500
As at 30 November 2023 137,000 37,178 174,178
Depreciation
As at 1 December 2022 136,995 20,084 157,079
Provided during the period - 3,419 3,419
As at 30 November 2023 136,995 23,503 160,498
Net Book Value
As at 30 November 2023 5 13,675 13,680
As at 1 December 2022 5 11,594 11,599
6. Stocks
2023 2022
£ £
Stock 11,975 6,254
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 7,204 39,490
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 6,658 9,030
Taxation and social security 3,364 11,371
10,022 20,401
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr. Abdul Patel (3,875 ) 12,423 (10,000 ) - (1,452 )
The above loan is unsecured, interest free and repayable on demand.
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