12 01/05/2023 30/04/2024 2024-04-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-05-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11218129 2023-05-01 2024-04-30 11218129 2024-04-30 11218129 2023-04-30 11218129 2022-05-01 2023-04-30 11218129 2023-04-30 11218129 2022-04-30 11218129 core:NetGoodwill 2023-05-01 2024-04-30 11218129 core:IntangibleAssetsOtherThanGoodwill 2023-05-01 2024-04-30 11218129 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 11218129 core:MotorVehicles 2023-05-01 2024-04-30 11218129 bus:RegisteredOffice 2023-05-01 2024-04-30 11218129 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 11218129 bus:Director1 2023-05-01 2024-04-30 11218129 bus:Director2 2023-05-01 2024-04-30 11218129 core:NetGoodwill 2023-04-30 11218129 core:IntangibleAssetsOtherThanGoodwill 2023-04-30 11218129 core:NetGoodwill 2024-04-30 11218129 core:IntangibleAssetsOtherThanGoodwill 2024-04-30 11218129 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 11218129 core:FurnitureFittingsToolsEquipment 2023-04-30 11218129 core:MotorVehicles 2023-04-30 11218129 core:LandBuildings core:LongLeaseholdAssets 2024-04-30 11218129 core:FurnitureFittingsToolsEquipment 2024-04-30 11218129 core:MotorVehicles 2024-04-30 11218129 core:WithinOneYear 2024-04-30 11218129 core:WithinOneYear 2023-04-30 11218129 core:AfterOneYear 2024-04-30 11218129 core:ShareCapital 2024-04-30 11218129 core:ShareCapital 2023-04-30 11218129 core:RetainedEarningsAccumulatedLosses 2024-04-30 11218129 core:RetainedEarningsAccumulatedLosses 2023-04-30 11218129 core:NetGoodwill 2023-04-30 11218129 core:IntangibleAssetsOtherThanGoodwill 2023-04-30 11218129 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 11218129 core:FurnitureFittingsToolsEquipment 2023-04-30 11218129 core:MotorVehicles 2023-04-30 11218129 bus:SmallEntities 2023-05-01 2024-04-30 11218129 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11218129 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11218129 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11218129 bus:FullAccounts 2023-05-01 2024-04-30
Company registration number: 11218129
Baglan Bakery Limited
Unaudited filleted financial statements
30 April 2024
Baglan Bakery Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Baglan Bakery Limited
Directors and other information
Directors Mrs Lisa Evans
Mr Darren Evans
Company number 11218129
Registered office 119 Pentwyn Baglan Road
Baglan
Port Talbot
SA12 8EB
Accountants Morgan Hemp & Co
103-104
Walter Road
Swansea
SA1 5QF
Baglan Bakery Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Baglan Bakery Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Baglan Bakery Limited for the year ended 30 April 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Baglan Bakery Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Baglan Bakery Limited and state those matters that we have agreed to state to the board of directors of Baglan Bakery Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baglan Bakery Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Baglan Bakery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Baglan Bakery Limited. You consider that Baglan Bakery Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Baglan Bakery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp & Co
Chartered Certified Accountants
103-104
Walter Road
Swansea
SA1 5QF
28 August 2024
Baglan Bakery Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 12,133 15,411
Tangible assets 6 17,407 14,409
_______ _______
29,540 29,820
Current assets
Stocks 3,091 3,950
Debtors 7 11,096 13,446
Cash at bank and in hand 11,527 552
_______ _______
25,714 17,948
Creditors: amounts falling due
within one year 8 ( 45,475) ( 39,524)
_______ _______
Net current liabilities ( 19,761) ( 21,576)
_______ _______
Total assets less current liabilities 9,779 8,244
Creditors: amounts falling due
after more than one year 9 ( 6,163) -
Provisions for liabilities ( 3,308) ( 2,738)
_______ _______
Net assets 308 5,506
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 306 5,504
_______ _______
Shareholders funds 308 5,506
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mrs Lisa Evans
Director
Company registration number: 11218129
Baglan Bakery Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is 119 Pentwyn Baglan Road, Baglan, Port Talbot, SA12 8EB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
Combined other intangible assets - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 10 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 May 2023 and 30 April 2024 22,999 4,890 27,889
_______ _______ _______
Amortisation
At 1 May 2023 11,500 978 12,478
Charge for the year 2,300 978 3,278
_______ _______ _______
At 30 April 2024 13,800 1,956 15,756
_______ _______ _______
Carrying amount
At 30 April 2024 9,199 2,934 12,133
_______ _______ _______
At 30 April 2023 11,499 3,912 15,411
_______ _______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 1 38,675 15,954 54,630
Additions - 183 12,120 12,303
Disposals - - ( 8,500) ( 8,500)
_______ _______ _______ _______
At 30 April 2024 1 38,858 19,574 58,433
_______ _______ _______ _______
Depreciation
At 1 May 2023 - 33,979 6,242 40,221
Charge for the year - 1,177 1,895 3,072
Disposals - - ( 2,267) ( 2,267)
_______ _______ _______ _______
At 30 April 2024 - 35,156 5,870 41,026
_______ _______ _______ _______
Carrying amount
At 30 April 2024 1 3,702 13,704 17,407
_______ _______ _______ _______
At 30 April 2023 1 4,696 9,712 14,409
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 10,297 9,071
Other debtors 799 4,375
_______ _______
11,096 13,446
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,515 10,825
Trade creditors 11,519 5,844
Social security and other taxes 16,065 14,133
Other creditors 13,376 8,722
_______ _______
45,475 39,524
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 6,163 -
_______ _______
10. Related party transactions
Included within creditors are amounts owed to the directors totalling £3,478 (2023: £3,186). The loan is interest free and repayable on demand.