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Registration number: 03710777

Pocklingtons Bakery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pocklingtons Bakery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Pocklingtons Bakery Limited

Company Information

Directors

Mr C Pocklington

Mrs C Pocklington

Registered office

Sunnyholme
Main Road
Withern
Alford
LN13 0LD

 

Pocklingtons Bakery Limited

(Registration number: 03710777)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

418

1,418

Tangible assets

5

469,056

382,265

 

469,474

383,683

Current assets

 

Stocks

6

42,000

40,000

Debtors

7

265,882

278,632

Cash at bank and in hand

 

599,779

709,764

 

907,661

1,028,396

Creditors: Amounts falling due within one year

8

(212,001)

(233,689)

Net current assets

 

695,660

794,707

Total assets less current liabilities

 

1,165,134

1,178,390

Creditors: Amounts falling due after more than one year

8

(4,479)

(22,392)

Provisions for liabilities

(72,394)

(74,296)

Net assets

 

1,088,261

1,081,702

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

1,088,259

1,081,700

Shareholders' funds

 

1,088,261

1,081,702

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

 

Pocklingtons Bakery Limited

(Registration number: 03710777)
Balance Sheet as at 31 March 2024

.........................................
Mr C Pocklington
Director

.........................................
Mrs C Pocklington
Director

 
     
 

Pocklingtons Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Sunnyholme
Main Road
Withern
Alford
LN13 0LD

These financial statements cover the individual entity, Pocklingtons Bakery Limited.

These financial statements were authorised for issue by the Board on 26 July 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 financial statements have been prepared in sterling and are rounded to the nearest pound.

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.

Government grants

Government grants which become 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 as income in the period in which they become receivable.

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.

 

Pocklingtons Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land

2% straight line basis

Property improvements

20% and 15% straight line basis

Solar panels

15% reducing balance basis

Plant and machinery

15% reducing balance basis

Fixtures and fittings

20% straight line basis

Motor vehicles

25% and 15% reducing balance basis

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

20% straight line basis

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.

 

Pocklingtons Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases

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.

 

Pocklingtons Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 53 (2023 - 51).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

35,000

35,000

At 31 March 2024

35,000

35,000

Amortisation

At 1 April 2023

33,582

33,582

Amortisation charge

1,000

1,000

At 31 March 2024

34,582

34,582

Carrying amount

At 31 March 2024

418

418

At 31 March 2023

1,418

1,418

 

Pocklingtons Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Solar panels
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

120,107

20,927

508,457

152,648

182,764

984,903

Additions

107,892

1,679

40,757

-

69,100

219,428

Disposals

(10,696)

-

(101,814)

-

-

(112,510)

At 31 March 2024

217,303

22,606

447,400

152,648

251,864

1,091,821

Depreciation

At 1 April 2023

35,025

18,027

350,535

113,617

85,434

602,638

Charge for the year

2,799

638

19,033

5,855

33,699

62,024

Eliminated on disposal

-

-

(41,897)

-

-

(41,897)

At 31 March 2024

37,824

18,665

327,671

119,472

119,133

622,765

Carrying amount

At 31 March 2024

179,479

3,941

119,729

33,176

132,731

469,056

At 31 March 2023

85,082

2,900

157,922

39,031

97,330

382,265

Included within the net book value of land and buildings above is £179,479 (2023 - £85,082) in respect of freehold land and buildings.
 

 

Pocklingtons Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

42,000

40,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

201,748

212,600

Prepayments

7,790

25,835

Other debtors

56,344

40,197

 

265,882

278,632

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loan and overdrafts

10

17,913

17,913

Trade creditors

 

96,291

85,597

Taxation and social security

 

11,992

25,149

Accruals and deferred income

 

17,135

5,165

Other creditors

 

68,670

99,865

 

212,001

233,689

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £17,913 (2023: £17,913).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

4,479

22,392

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £4,479 (2023: £22,392).

9

Share capital

Allotted, called up and fully paid shares

 

Pocklingtons Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

4,479

22,392

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

17,913

17,913

Other borrowings

8,026

8,416

25,939

26,329

11

Related party transactions

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

14,400

14,400

Contributions paid to money purchase schemes

160,000

-

174,400

14,400

Summary of transactions with other related parties

The Lincolnshire Plum Bread Company Limited
 Mr CG and Mrs CB Pocklington are director/shareholders of both Companies.
 Included within other debtors is an amount of £43,111 (2023 - £5,000) owed to Pocklingtons Bakery Limited,
Purchases of £328,110 (2023 - £34,252) were made from the above company during the year.