Company registration number 00505826 (England and Wales)
MARTINS CRAFT BAKERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MARTINS CRAFT BAKERY LIMITED
COMPANY INFORMATION
Directors
F A Booth
T C Graemer
J S Martin
N R Martin
Company number
00505826
Registered office
30 Holyoak Street
Newton Heath
Manchester
M40 1HB
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
MARTINS CRAFT BAKERY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
MARTINS CRAFT BAKERY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors.
Principal risks and uncertainties
Liquidity and credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Economic risk
The company's trade relies on the purchase of wholesale food products in significant volumes. The wholesale food product market can be particularly volatile, responding to events across the globe, which could impact on the business both positively and negatively.
The directors mitigate this risk by the continual review of pricing across all products , ensuring that any supplier price movements are responded to appropriately.
Financial risk
All of the company's revenue arises within the United Kingdom limiting the risk to exposure to foreign exchange fluctuations.
Approximately 40% of ingredients are sourced overseas. We manage this by buying extra stocks of ingredients before costs increase.
Development and performance
During the year 1 new shop was opened and 1 shop was closed leaving a total of 27 shops with higher sale and customer spend.
2 new shops opened in early 2024. We have plans for mini refits in 10 shops in 2024.
Key performance indicators
A selection of the company's key performance indicators is detailed below.
MARTINS CRAFT BAKERY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Impact of Energy & Cost of Living Crisis 2023
We are now being more sophisticated in the way energy is purchased.
• Bakery electric traded on a multi-purchase contract until October 2026
• Bakery gas contracted until May 2028 via a broker
• Shop electric contracted until May 2026 directly with supplier
The cost of living crisis and higher wage costs impacted the business during this financial year.
We would like to thank our bakery and shop teams with their continued help and support with the changes and improvements made to the business during 2023.
N R Martin
Director
13 September 2024
MARTINS CRAFT BAKERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the manufacture and retail of bread and confectionery.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £109,800. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
F A Booth
T C Graemer
J S Martin
N R Martin
Auditor
The auditor, Champion Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MARTINS CRAFT BAKERY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
N R Martin
Director
13 September 2024
MARTINS CRAFT BAKERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MARTINS CRAFT BAKERY LIMITED
- 5 -
Opinion
We have audited the financial statements of Martins Craft Bakery Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MARTINS CRAFT BAKERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MARTINS CRAFT BAKERY LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 & GDPR.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment
accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
MARTINS CRAFT BAKERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MARTINS CRAFT BAKERY LIMITED
- 7 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to deferred income, depreciation methods & cut-off.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Performing a physical verification of key assets.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party balances and transactions.
There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Mark Turner FCA
Senior Statutory Auditor
For and on behalf of Champion Accountants LLP
13 September 2024
Chartered Accountants
Statutory Auditor
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
MARTINS CRAFT BAKERY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
11,625,478
10,837,825
Cost of sales
(7,611,685)
(7,204,282)
Gross profit
4,013,793
3,633,543
Administrative expenses
(3,298,222)
(3,480,637)
Other operating income
27,147
371
Profit on sale of retail properties
132,004
Operating profit
4
742,718
285,281
Interest payable and similar expenses
7
(62,359)
(37,228)
Profit before taxation
680,359
248,053
Tax on profit
8
(229,260)
(35,632)
Profit for the financial year
451,099
212,421
Other comprehensive income
Revaluation of tangible fixed assets
1,098,835
Tax relating to other comprehensive income
(30,316)
Total comprehensive income for the year
451,099
1,280,940
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MARTINS CRAFT BAKERY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
48,200
58,452
Other intangible assets
10
16,015
35,500
Total intangible assets
64,215
93,952
Tangible assets
11
10,540,501
10,342,767
Investments
12
46,100
46,100
10,650,816
10,482,819
Current assets
Stocks
15
656,971
626,894
Debtors
16
365,814
384,085
Cash at bank and in hand
730,471
659,710
1,753,256
1,670,689
Creditors: amounts falling due within one year
17
(1,324,194)
(1,446,330)
Net current assets
429,062
224,359
Total assets less current liabilities
11,079,878
10,707,178
Creditors: amounts falling due after more than one year
18
(797,106)
(879,823)
Provisions for liabilities
Deferred tax liability
21
924,135
810,017
(924,135)
(810,017)
Net assets
9,358,637
9,017,338
Capital and reserves
Called up share capital
23
915
915
Revaluation reserve
24
1,046,542
1,068,519
Capital redemption reserve
24
390
390
Profit and loss reserves
24
8,310,790
7,947,514
Total equity
9,358,637
9,017,338
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
MARTINS CRAFT BAKERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
N R Martin
Director
Company registration number 00505826 (England and Wales)
MARTINS CRAFT BAKERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
915
390
7,817,443
7,818,748
Year ended 31 December 2022:
Profit
-
-
-
212,421
212,421
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,098,835
-
-
1,098,835
Tax relating to other comprehensive income
-
(30,316)
-
(30,316)
Total comprehensive income
-
1,068,519
-
212,421
1,280,940
Dividends
9
-
-
-
(82,350)
(82,350)
Balance at 31 December 2022
915
1,068,519
390
7,947,514
9,017,338
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
451,099
451,099
Dividends
9
-
-
-
(109,800)
(109,800)
Transfers
-
(21,977)
-
21,977
-
Balance at 31 December 2023
915
1,046,542
390
8,310,790
9,358,637
MARTINS CRAFT BAKERY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,147,778
1,118,660
Interest paid
(62,359)
(37,228)
Income taxes refunded
51,115
Net cash inflow from operating activities
1,136,534
1,081,432
Investing activities
Purchase of intangible assets
(15,000)
(40,623)
Purchase of tangible fixed assets
(833,965)
(907,156)
Proceeds from disposal of tangible fixed assets
5,880
396,714
Repayment of loans
(12,579)
1,263
Net cash used in investing activities
(855,664)
(549,802)
Financing activities
Repayment of borrowings
50,936
(124,519)
Repayment of bank loans
(112,255)
(115,617)
Payment of finance leases obligations
(38,990)
(38,990)
Dividends paid
(109,800)
(82,350)
Net cash used in financing activities
(210,109)
(361,476)
Net increase in cash and cash equivalents
70,761
170,154
Cash and cash equivalents at beginning of year
659,710
489,556
Cash and cash equivalents at end of year
730,471
659,710
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Martins Craft Bakery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Holyoak Street, Newton Heath, Manchester, M40 1HB.
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.
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 the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 3 and 10 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
10 years straight line
Development costs
3 years straight line
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% reducing balance
Leasehold land and buildings
Over the term of the lease
Plant and equipment
10% reducing balance
Fixtures and fittings
15% - 25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.11
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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.
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of goods
11,625,478
10,837,825
2023
2022
£
£
Other revenue
Grants received / (returned)
-
(25,000)
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
8,607
21,701
Government grants
-
25,000
Fees payable to the company's auditor for the audit of the company's financial statements
21,020
22,000
Depreciation of owned tangible fixed assets
634,239
582,977
Profit on disposal of tangible fixed assets
(3,888)
(193,185)
Amortisation of intangible assets
44,737
37,585
Operating lease charges
283,960
289,758
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office and management
6
7
Sales
204
204
Bakery
37
38
Total
247
249
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,178,661
3,997,103
Social security costs
308,493
303,980
Pension costs
72,245
69,703
4,559,399
4,370,786
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
199,813
194,000
Company pension contributions to defined contribution schemes
4,599
3,555
204,412
197,555
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
57,528
30,528
Other interest on financial liabilities
2,452
4,321
59,980
34,849
Other finance costs:
Interest on finance leases and hire purchase contracts
2,379
2,379
62,359
37,228
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
90,059
2,711
Adjustments in respect of prior periods
25,083
(6,818)
Total current tax
115,142
(4,107)
Deferred tax
Origination and reversal of timing differences
114,118
39,739
Total tax charge
229,260
35,632
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
680,359
248,053
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
160,020
47,130
Tax effect of expenses that are not deductible in determining taxable profit
1,784
4,069
Adjustments in respect of prior years
25,082
Depreciation on assets not qualifying for tax allowances
34,179
19,882
Amortisation on assets not qualifying for tax allowances
10,522
7,141
Effect of enhanced capital allowances
(2,327)
(35,038)
Effect of indexation allowance
(7,552)
Taxation charge for the year
229,260
35,632
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 21 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
30,316
9
Dividends
2023
2022
£
£
Final paid
109,800
82,350
10
Intangible fixed assets
Goodwill
Website
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
308,948
160,605
35,138
504,691
Additions
15,000
15,000
At 31 December 2023
323,948
160,605
35,138
519,691
Amortisation and impairment
At 1 January 2023
250,496
135,376
24,867
410,739
Amortisation charged for the year
25,252
16,061
3,424
44,737
At 31 December 2023
275,748
151,437
28,291
455,476
Carrying amount
At 31 December 2023
48,200
9,168
6,847
64,215
At 31 December 2022
58,452
25,229
10,271
93,952
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
6,055,000
1,167,759
7,312,952
529,762
613,136
15,678,609
Additions
17,618
572,111
223,786
20,450
833,965
Disposals
(7,136)
(7,136)
At 31 December 2023
6,055,000
1,185,377
7,885,063
746,412
633,586
16,505,438
Depreciation and impairment
At 1 January 2023
782,681
4,035,198
109,478
408,485
5,335,842
Depreciation charged in the year
121,100
3,371
347,809
107,641
54,318
634,239
Eliminated in respect of disposals
(5,144)
(5,144)
At 31 December 2023
121,100
786,052
4,383,007
211,975
462,803
5,964,937
Carrying amount
At 31 December 2023
5,933,900
399,325
3,502,056
534,437
170,783
10,540,501
At 31 December 2022
6,055,000
385,078
3,277,754
420,284
204,651
10,342,767
Land and buildings with a carrying amount of £6,055,000 were revalued at 31 December 2022 by the directors on the basis of current market value.
Freehold Land and buildings are carried at valuation. If freehold land and buildings were measured using the cost model, the carrying amounts would have been approximately £4.9m, being cost £5.6m and depreciation £0.7m.
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
1,100
1,100
Investments in associates
14
45,000
45,000
46,100
46,100
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Country Bakehouse Limited
England & Wales
Dormant
Ordinary
0
100.00
Martins Cakes Limited
England & Cakes
Dormant
Ordinary
0
100.00
Martins Foods Limited
England & Wales
Dormant
Ordinary
100.00
0
Quality Fresh Foods Limited
England & Wales
Dormant
Ordinary A & B
100.00
0
14
Associates
Details of the company's associates at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Heart and Graft Coffee Limited
England & Wales
Ordinary
35.00
15
Stocks
Analysis of stock is as follows:
2023
2022
£
£
Raw materials, consumables, finished goods and goods for resale
549,463
547,492
Machinery spares
66,503
48,652
Shop fittings
41,005
30,750
656,971
626,894
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
159,069
111,932
Corporation tax recoverable
76,198
Other debtors
67,495
62,918
Prepayments and accrued income
139,250
133,037
365,814
384,085
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
19
114,438
112,351
Obligations under finance leases
20
20,093
38,990
Other borrowings
19
125,604
126,386
Trade creditors
532,389
711,725
Amounts owed to group undertakings
1,100
1,100
Corporation tax
90,059
Other taxation and social security
128,087
82,842
Other creditors
115,225
104,254
Accruals and deferred income
197,199
268,682
1,324,194
1,446,330
Bank loans are secured against the assets concerned.
Obligations under finance leases are secured over the assets concerned.
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19
649,356
763,698
Obligations under finance leases
20
20,093
Other borrowings
19
147,750
96,032
797,106
879,823
Bank loans are secured against the assets concerned.
Obligations under finance leases are secured over the assets concerned.
Amounts included above which fall due after five years are as follows:
Payable by instalments
260,768
347,974
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
19
Loans and overdrafts
2023
2022
£
£
Bank loans
763,794
876,049
Loans from related parties
273,354
222,418
1,037,148
1,098,467
Payable within one year
240,042
238,737
Payable after one year
797,106
859,730
Other borrowings include a loan owed to Martins Pension Scheme which is secured over the property at 30 Holyoak Street, M40 1HB.
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
20,093
38,990
In two to five years
20,093
20,093
59,083
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
893,818
779,700
Revaluations
30,317
30,317
924,135
810,017
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 26 -
2023
Movements in the year:
£
Liability at 1 January 2023
810,017
Charge to profit or loss
114,118
Liability at 31 December 2023
924,135
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,245
69,703
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
915
915
915
915
24
Reserves
Profit and loss reserves
This reserve is distributable and includes all current and prior period retained profits and losses.
Capital redemption reserve
This reserve is non-distributable and represents paid up share capital.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
198,505
196,082
Between two and five years
465,475
518,905
In over five years
199,875
253,075
863,855
968,062
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
199,813
194,000
Other information
The company has taken advantage of the exemption under FRS 102 paragraph 33.1A from disclosing related party transactions within the group for 100% owned subsidiaries.
During the year the company charged interest of £2,453 (2022: £4,321) from Martins Pension Scheme. The loan is secured over the property at 30 Holyoak Street M40 1HB.
During the year the company made rental payments totalling £71,000 (2022: £57,167) to the pension scheme.
At the balance sheet date the company owed the Pension Scheme £385,927 (2022: £324,158).
27
Directors' transactions
Dividends totalling £109,800 (2022 - £82,350) were paid in the year in respect of shares held by the company's directors.
At the balance sheet date, N R Martin owed the Company an amount of £12,581 (2022: £103,138). The loan was interest free and has been repaid post year end.
At the balance sheet date, the Company owed T C Graemer an amount of £1,122 (2022: £751 company owed to TG). The loan was interest free and has been repaid post year end.
28
Ultimate controlling party
The company is controlled by N R Martin by virtue of his 80% shareholding.
MARTINS CRAFT BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
29
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
451,099
212,421
Adjustments for:
Taxation charged
229,260
35,632
Finance costs
62,359
37,228
(Gain)/loss on disposal of tangible fixed assets
(3,888)
156,715
Amortisation and impairment of intangible assets
44,737
37,585
Depreciation and impairment of tangible fixed assets
634,239
582,977
Movements in working capital:
Increase in stocks
(30,077)
(67,530)
(Increase)/decrease in debtors
(45,348)
65,343
(Decrease)/increase in creditors
(194,603)
58,289
Cash generated from operations
1,147,778
1,118,660
30
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
659,710
70,761
730,471
Borrowings excluding overdrafts
(1,098,467)
61,319
(1,037,148)
Obligations under finance leases
(59,083)
38,990
(20,093)
(497,840)
171,070
(326,770)
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