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Registration number: 10962447

Dugan's Patisserie Ltd

Annual Report and

Unaudited Financial Statements


for the Period from 1 January 2023 to 31 March 2024

 

Dugan's Patisserie Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Dugan's Patisserie Ltd

Company Information

Directors

Miss T Dugan

Mr B Maassen

Registered office



Trigfan
Cusop
Hay-on-Wye
Hereford
HR3 5RF

 

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Bankers

NatWest Bank plc
27 High Street
Brecon
Powys
LD3 7LF

 

Dugan's Patisserie Ltd

(Registration number: 10962447)

Balance Sheet
as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

49,261

53,194

Current assets

 

Stocks

3,598

4,029

Debtors

5

4,763

1,108

Cash at bank and in hand

 

4,356

11,121

 

12,717

16,258

Creditors: Amounts falling due within one year

6

(23,387)

(14,851)

Net current (liabilities)/assets

 

(10,670)

1,407

Total assets less current liabilities

 

38,591

54,601

Creditors: Amounts falling due after more than one year

6

(30,122)

(36,821)

Provisions for liabilities

(2,716)

(3,089)

Net assets

 

5,753

14,691

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

5,743

14,681

Total equity

 

5,753

14,691

For the financial period 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 period 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Dugan's Patisserie Ltd

(Registration number: 10962447)

Balance Sheet
as at 31 March 2024

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................

Miss T Dugan

Director

.........................................

Mr B Maassen

Director

 

Dugan's Patisserie Ltd

Notes to the Financial Statements
for the Period from 1 January 2023 to 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:
Trigfan
Cusop
Hay-on-Wye
Hereford
HR3 5RF

These financial statements were authorised for issue by the Board on 10 September 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 are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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.

Tax

The tax expense for the period comprises current 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.

 

Dugan's Patisserie Ltd

Notes to the Financial Statements
for the Period from 1 January 2023 to 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Long leasehold improvements

5% reducing balance

Furniture, fittings and equipment

20% reducing balance

Office equipment

25% reducing balance

Motor vehicles

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.

 

Dugan's Patisserie Ltd

Notes to the Financial Statements
for the Period from 1 January 2023 to 31 March 2024

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 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.

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.

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 period, was 2 (2022 - 2).

 

Dugan's Patisserie Ltd

Notes to the Financial Statements
for the Period from 1 January 2023 to 31 March 2024

4

Tangible assets

Long leasehold improvements
£

Furniture, fittings and equipment
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

50,774

19,759

1,015

2,900

Additions

-

1,741

-

-

Disposals

-

(321)

-

-

At 31 March 2024

50,774

21,179

1,015

2,900

Depreciation

At 1 January 2023

7,242

12,299

444

1,269

Charge for the period

2,690

2,200

169

484

Eliminated on disposal

-

(190)

-

-

At 31 March 2024

9,932

14,309

613

1,753

Carrying amount

At 31 March 2024

40,842

6,870

402

1,147

At 31 December 2022

43,532

7,460

571

1,631

Total
£

Cost or valuation

At 1 January 2023

74,448

Additions

1,741

Disposals

(321)

At 31 March 2024

75,868

Depreciation

At 1 January 2023

21,254

Charge for the period

5,543

Eliminated on disposal

(190)

At 31 March 2024

26,607

Carrying amount

At 31 March 2024

49,261

At 31 December 2022

53,194

 

Dugan's Patisserie Ltd

Notes to the Financial Statements
for the Period from 1 January 2023 to 31 March 2024

5

Debtors

2024
£

2022
£

Trade debtors

4,229

147

Prepayments

348

318

Other debtors

186

643

4,763

1,108

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

5,269

5,137

Trade creditors

 

2,714

1,154

Taxation and social security

 

274

-

Accruals and deferred income

 

1,870

1,325

Other creditors

 

13,260

7,235

 

23,387

14,851

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

8

30,122

36,821

Creditors include bank loans repayable by instalments of £9,935 (2021 - £15,204) due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary of £1 each of £1 each

10

10

10

10

         
 

Dugan's Patisserie Ltd

Notes to the Financial Statements
for the Period from 1 January 2023 to 31 March 2024

8

Loans and borrowings

2024
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,122

36,821

2024
£

2022
£

Current loans and borrowings

Bank borrowings

5,269

5,137

Bank borrowings

NatWest bounce back loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 11 May 2030. The carrying amount at period end is £35,391 (2022 - £41,958).