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Registration number: 12363931

The Bread Room Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Bread Room Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

The Bread Room Ltd

Company Information

Director

Mr Alain Guy Gilbert Guerin

Registered office

Pain Au Levain
11 Victoria Parade
Torquay
Devon
TQ1 2BB

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

The Bread Room Ltd

(Registration number: 12363931)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,193

25,755

Current assets

 

Stocks

5

107

8

Debtors

6

12,436

17,956

Cash at bank and in hand

 

451

699

 

12,994

18,663

Creditors: Amounts falling due within one year

7

(59,590)

(53,698)

Net current liabilities

 

(46,596)

(35,035)

Net liabilities

 

(16,403)

(9,280)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(16,404)

(9,281)

Shareholders' deficit

 

(16,403)

(9,280)

For the financial year ending 31 December 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 29 August 2024
 

.........................................
Mr Alain Guy Gilbert Guerin
Director

 

The Bread Room Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Pain Au Levain
11 Victoria Parade
Torquay
Devon
TQ1 2BB

These financial statements were authorised for issue by the director on 29 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.

Going concern

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

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.

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:

 

The Bread Room Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing balance

Furniture and Fittings

25% Reducing balance

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

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.

 

The Bread Room Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

23,115

614

2,026

25,755

Additions

-

417

6,508

6,925

At 31 December 2023

23,115

1,031

8,534

32,680

Depreciation

Charge for the year

-

353

2,134

2,487

At 31 December 2023

-

353

2,134

2,487

Carrying amount

At 31 December 2023

23,115

678

6,400

30,193

At 31 December 2022

23,115

614

2,026

25,755

Included within the net book value of land and buildings above is £23,115 (2022 - £23,115) in respect of freehold land and buildings.
 

 

The Bread Room Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

107

8

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,170

1,867

Other debtors

10,266

16,089

 

12,436

17,956

 

The Bread Room Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

52,446

46,890

Trade creditors

 

3,244

5,618

Accruals and deferred income

 

1,505

1,190

Other creditors

 

2,395

-

 

59,590

53,698

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordianry of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

46,171

46,890

Hire purchase contracts

6,275

-

52,446

46,890

10

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mr Alain Guy Gilbert Guerin

Loan to director

8,204

(10,599)

(2,395)

       
     

 

 

The Bread Room Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr Alain Guy Gilbert Guerin

Loan to director

-

8,204

8,204

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

10,000