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Registration number: 7619507

Ryders Homemade Bakery Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Ryders Homemade Bakery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Ryders Homemade Bakery Ltd

Company Information

Director

Mr S Ryder

Company secretary

Mrs A C Pitts

Registered office

2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Ryders Homemade Bakery Ltd

(Registration number: 7619507)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

471,153

310,574

Current assets

 

Stocks

6

38,000

36,000

Debtors

7

120,711

147,069

Cash at bank and in hand

 

181,464

179,376

 

340,175

362,445

Creditors: Amounts falling due within one year

8

(204,526)

(158,490)

Net current assets

 

135,649

203,955

Total assets less current liabilities

 

606,802

514,529

Creditors: Amounts falling due after more than one year

8

(33,190)

(48,902)

Provisions for liabilities

(86,066)

(49,894)

Net assets

 

487,546

415,733

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

487,446

415,633

Shareholders' funds

 

487,546

415,733

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 

 

Ryders Homemade Bakery Ltd

(Registration number: 7619507)
Balance Sheet as at 30 November 2023

.........................................
Mr S Ryder
Director

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
Glebe Farm
Kenn
Exeter
EX6 7UL

These financial statements were authorised for issue by the director on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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 accounts are presented in £ sterling and are rounded to £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Judgements

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

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

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:

Asset class

Depreciation method and rate

Leasehold costs

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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 finance 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 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 finance lease obligation.

Lease payments are apportioned between finance 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 48 (2022 - 41).

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

55,514

55,514

At 30 November 2023

55,514

55,514

Amortisation

At 1 December 2022

55,514

55,514

At 30 November 2023

55,514

55,514

Carrying amount

At 30 November 2023

-

-

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Leasehold costs
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

44,681

538,749

73,063

18,961

675,454

Additions

79,509

136,667

2,500

7,424

226,100

Disposals

-

(4,952)

-

-

(4,952)

At 30 November 2023

124,190

670,464

75,563

26,385

896,602

Depreciation

At 1 December 2022

-

306,976

46,260

11,644

364,880

Charge for the year

-

55,266

7,326

2,084

64,676

Eliminated on disposal

-

(4,107)

-

-

(4,107)

At 30 November 2023

-

358,135

53,586

13,728

425,449

Carrying amount

At 30 November 2023

124,190

312,329

21,977

12,657

471,153

At 30 November 2022

44,681

231,773

26,803

7,317

310,574

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Other inventories

38,000

36,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

100,543

123,600

Prepayments

6,780

7,313

Other debtors

13,388

16,156

 

120,711

147,069

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

15,569

17,609

Trade creditors

 

111,365

69,119

Taxation and social security

 

21,288

43,813

Accruals and deferred income

 

10,986

5,359

Other creditors

 

45,318

22,590

 

204,526

158,490

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

33,190

48,902

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

90

90

90

90

Ordinary A of £1 each

10

10

10

10

100

100

100

100

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £86,633 (2022 - £130,396).

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

11

Related party transactions

The company has provided loans to the director. Interest has been charged at 2%.

Transactions with the director

2023

At 1 December 2022
£

Repayments by director
£

At 30 November 2023
£

Mr S Ryder

Loan advance 2022 (repaid April 2023)

2,000

(2,000)

-

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

Mr S Ryder

Loan advance 2022 (repaid April 2023)

-

2,000

2,000

12

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,518

27,060

Finance lease liabilities

17,672

21,842

33,190

48,902

Current loans and borrowings

2023
£

2022
£

Bank borrowings

11,399

13,439

Finance lease liabilities

4,170

4,170

15,569

17,609

 

Ryders Homemade Bakery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Bank borrowings

The carrying amount at year end is £26,918 (2022 - £40,584).

Of this, £25,637 (2022 - £35,650) is a unsecured bounce back loan with the balance being secured with a fixed and floating charge over the assets of the company.

Other borrowings

The carrying amount of Hire purchase at year end is £21,842 (2022 - £26,012).

The hire purchase creditor is secured on the motor vehicle involved.