Registered number
12838182
Angharad's Bakery Limited
Unaudited Filleted Accounts
30 November 2023
Angharad's Bakery Limited
Registered number: 12838182
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 20,000 30,000
Tangible assets 5 449,513 423,504
469,513 453,504
Current assets
Stocks 6,833 6,833
Debtors 6 6,135 4,431
Cash at bank and in hand 12,602 8,875
25,570 20,139
Creditors: amounts falling due within one year 7 (368,126) (304,014)
Net current liabilities (342,556) (283,875)
Total assets less current liabilities 126,957 169,629
Creditors: amounts falling due after more than one year 8 (209,477) (228,516)
Net liabilities (82,520) (58,887)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (83,520) (59,887)
Shareholders' funds (82,520) (58,887)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Angharad Williams
Director
Approved by the board on 16 August 2024
Angharad's Bakery Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2 Going concern
The accounts show net liabilities. The directors still considers it appropriate that the financial statements are prepared on a going concern basis as the directors will continue to support the business financially.
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated. Maintenance and repairs on the property means its net realisable value is considered to exceed the base cost
Plant and machinery over 6.66 years
Computer equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 15
4 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 50,000
At 30 November 2023 50,000
Amortisation
At 1 December 2022 20,000
Provided during the year 10,000
At 30 November 2023 30,000
Net book value
At 30 November 2023 20,000
At 30 November 2022 30,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 355,720 81,360 13,250 450,330
Additions 2,044 46,406 - 48,450
Disposals - (1,061) - (1,061)
At 30 November 2023 357,764 126,705 13,250 497,719
Depreciation
At 1 December 2022 - 23,513 3,313 26,826
Charge for the year - 19,055 2,484 21,539
On disposals - (159) - (159)
At 30 November 2023 - 42,409 5,797 48,206
Net book value
At 30 November 2023 357,764 84,296 7,453 449,513
At 30 November 2022 355,720 57,847 9,937 423,504
6 Debtors 2023 2022
£ £
Trade debtors 1,143 1,449
VAT Debtor - 1,352
Other debtors 4,992 1,630
6,135 4,431
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,601 9,302
Obligations under finance lease and hire purchase contracts - 2,836
Trade creditors 16,522 647
Taxation and social security costs 7,225 2,309
Other creditors 334,778 288,920
368,126 304,014
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 209,477 219,375
Obligations under finance lease and hire purchase contracts - 9,141
209,477 228,516
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 209,477 228,677
NatWest Mortgage secured on Via a floating charge over all assets of Angharad's Bakery Limited
10 Related party transactions
No related party transactions undertaken that were not at commercial market rate.
11 Transactions with Directors
During the year Angharad Williams used a current account with the company to record amounts due to her and amounts drawn by her. The account shows an amount owing back to Angharad Williams as director as at 30th November 2023 of £30,986.20 .2022: £11,196.70). The balance is repayable on demand and does not carry interest.
During the year Huw Williams used a current account with the company to record amounts due to him and amounts drawn by him. The account shows an amount owing back to Huw Williams as director as at 30th November 2023 of £130,280.08 (2022: £130,280.08). The balance is repayable on demand and does not carry interest.
During the year Julie Williams used a current account with the company to record amounts due to her and amounts drawn by her. The account shows an amount owing back to Julie Williams as director as at 30th November 2023 of £146,481.35 (2023: £144,011.17). The balance is repayable on demand and does not carry interest.
During the year Eden Phillips used a current account with the company to record amounts due to him and amounts drawn by him. The account shows an amount owing back to Eden Phillips as director as at 30th November 2023 of £21,838.05. The balance is repayable on demand and does not carry interest.
12 Controlling party
Angharad Williams owns 70% of the share capital and undertakes the day to day running of the company. She is therefore the controlling party of the company.
13 Other information
Angharad's Bakery Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
15 High Street
Crickhowell
Powys
NP8 1BD
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