Company Registration No. 00484547 (England and Wales)
RABSON'S BAKERIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RABSON'S BAKERIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RABSON'S BAKERIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
609,420
580,959
Investments
4
500
500
609,920
581,459
Current assets
Debtors
5
246,925
258,924
Cash at bank and in hand
398,462
545,081
645,387
804,005
Creditors: amounts falling due within one year
6
(8,901)
(162,707)
Net current assets
636,486
641,298
Total assets less current liabilities
1,246,406
1,222,757
Provisions for liabilities
7
(64,413)
(57,298)
Net assets
1,181,993
1,165,459
Capital and reserves
Called up share capital
8
100
100
Investment property reserve
312,080
290,734
Profit and loss reserves
869,813
874,625
Total equity
1,181,993
1,165,459
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RABSON'S BAKERIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 September 2024
Mrs M A Dewhurst
Director
Company Registration No. 00484547
RABSON'S BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Rabson's Bakeries Limited is a private unlimited company incorporated in England and Wales. The registered office is 32 Alba Gardens, London, NW11 9NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.3
Fixed asset investments
Interests in fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
RABSON'S BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Investment Property reserve
Investment property reserve comprises the fair value uplift on the company’s investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into a reserve account in the statement of changes in equity. The reserve is non-distributable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
3
Investment property
2023
£
Fair value
At 1 January 2023
580,959
Revaluations
28,461
At 31 December 2023
609,420
RABSON'S BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Investment property
(Continued)
- 5 -
Investment property comprises freehold land and buildings.
The historical cost of investment property included above at a valuation of £609,420 was £232,927.
Investment property was valued on 31st December 2023 by the director on the basis of its open market value for existing use.
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
500
500
Fixed asset investments revalued
The investments present a stamp collection which are stated at their fair value.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023
4,837
At 31 December 2023
4,837
Impairment
At 1 January 2023
4,337
At 31 December 2023
4,337
Carrying amount
At 31 December 2023
500
At 31 December 2022
500
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
246,925
232,064
Other debtors
25,385
246,925
257,449
RABSON'S BAKERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
1,475
Total debtors
246,925
258,924
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
142
Other taxation and social security
4,607
2,639
Other creditors
1,294
156,326
Accruals and deferred income
3,000
3,600
8,901
162,707
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
64,413
57,298
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
52
52
52
52
B Ordinary shares of £1 each
39
39
39
39
C Ordinary shares of £1 each
9
9
9
9
100
100
100
100
9
Related party transactions
At the year end, a sum of £1,294 was owed by the company to the director. As at 31 December 2022, the company was owed £4,522 by the director. These loans are interest free, unsecured and repayable on demand.