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Company Registration Number 00355189























J.WILD (CONFECTIONERS) LIMITED





FINANCIAL STATEMENTS





 31 JANUARY 2024






















img265f.png

 
J.WILD(CONFECTIONERS)LIMITED
 

COMPANY INFORMATION


Directors
E M Kassapian 
S C Bateman 




Company secretary
S C Bateman



Registered number
00355189



Registered office
The Bakery
Millennium Business Park

Station Road

Steeton

Keighley

BD20 6RB




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditor

Number 3

Acorn Business Park

Airedale Business Centre

Skipton

North Yorkshire

BD23 2UE




Bankers
Barclays Bank Plc
PO Box 3

77 North Street

Keighley

West Yorkshire

BD21 2SA





 
J.WILD(CONFECTIONERS)LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 31


 
J.WILD(CONFECTIONERS)LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors have pleasure in presenting their strategic report and the financial statements of the company for the year ended 31 January 2024.

Business review
 
The principal activity of the company for the year under review was that of a bakery and supplier of confectionery and baked goods from their registered office of The Bakery, Millennium Business Park, Station Road, Steeton, Keighley, BD20 6RB. The company also operates from various retail bakery shops across the Yorkshire region.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company's position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

Principal risks and uncertainties
 
The business environment in which the company operates continues to be challenging. The principal risks continue to be the general economic climate, the increase in competition and the pressure on pricing, as well as bad debts.
With these risks and uncertainties in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.
Competitor Pressure
The market in which the company operates is considered to be relatively competitive, and therefore competitive pressure could result in losing sales to key competitors. The company manages this risk by providing quality products and maintaining strong relationships with its key customers.
Financial Risk
The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company has in place a risk management program that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company uses derivative financial instruments to manage exchange rate costs.

Credit Risk
 
The Company has implemented policies that require appropriate credit checks on customers before sales are made.

Liquidity Risk

The Directors believe that the company has sufficient funds available to support its activities in the future.

Market Risk

The directors are aware, and have implemented suitable measures, to mitigate the risks and uncertainties surrounding the current UK economic position. Whilst the directors are aware that there could be additional unforeseen challenges, they are confident that the implemented policies will maintain a strong balance sheet and allow the continuing operational capabilities of the business.

Page 1

 
J.WILD(CONFECTIONERS)LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Other key performance indicators
 
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. The key financial performance metrics reported to the board on a monthly basis are turnover growth and gross profitability.
The directors are pleased with the performance of the company. The turnover has increased by £1,356,078 (10.3%) from £13,217,731 in 2023 to £14,573,809 in 2024.
Gross profitability margins have increased from 21.0% to 25.4% during the year. 
Profit before tax has increased by £484,597 from £420,268 in 2023 to £904,865 in 2024.
Shareholders funds amounted to £4,541,910 at the year end.


This report was approved by the board and signed on its behalf.





E M Kassapian
Director

Date: 23 October 2024

Page 2

 
J.WILD(CONFECTIONERS)LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £681,824 (2023 - £318,894).

Interim dividends of £Nil have been paid during the year. The directors have not recommended a final dividend.

Directors

The directors who served during the year were:

E M Kassapian 
S C Bateman 

Future developments

The directors are not expecting to make any significant changes in the nature of the business in the near future.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
J.WILD(CONFECTIONERS)LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





E M Kassapian
Director

Date: 23 October 2024

Page 4

 
J.WILD(CONFECTIONERS)LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.WILD(CONFECTIONERS)LIMITED
 

Opinion


We have audited the financial statements of J.Wild (Confectioners) Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 January 2024 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.


Basis for opinion


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 
J.WILD(CONFECTIONERS)LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.WILD(CONFECTIONERS)LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the 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.


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 directors' 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 set out on page 3, 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.


Page 6

 
J.WILD(CONFECTIONERS)LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.WILD(CONFECTIONERS)LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
• the engagement partner ensured that the engagement team collectively had the appropriate competence,   capabilities and skills to identify or recognise non-compliance with applicable laws and regulations: 
• we identified the laws and regulations applicable to the company through discussions with directors and    other management, and from our commercial knowledge and experience of the sector, 
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management; and 
• identified laws and regulations were communicated within the audit team regularly and the team remained   alert to instances of non-compliance throughout the audit. 
We assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
• making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and 
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations. 
To address the risk of fraud through management bias and override of controls, we: 
• tested journal entries to identify unusual transactions. 
•  assessed whether judgements and assumptions made in determining the accounting estimates set out in   Note 3 were indicative of potential bias; and 
•  investigated the rationale behind significant or unusual transactions. 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
•  agreeing financial statement disclosures to underlying supporting documentation; and
 
• enquiring of management as to actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
Page 7

 
J.WILD(CONFECTIONERS)LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.WILD(CONFECTIONERS)LIMITED (CONTINUED)


intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Rohan Day (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditor
Skipton

23 October 2024
Page 8

 
J.WILD(CONFECTIONERS)LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,573,809
13,217,731

Cost of sales
  
(10,871,978)
(10,437,257)

Gross profit
  
3,701,831
2,780,474

Distribution costs
  
(1,074,905)
(896,465)

Administrative expenses
  
(1,932,404)
(1,547,027)

Other operating income
 5 
253,495
154,177

Operating profit
 6 
948,017
491,159

Interest receivable and similar income
 10 
1,655
337

Interest payable and similar expenses
 11 
(44,807)
(71,228)

Profit before tax
  
904,865
420,268

Tax on profit
 12 
(223,041)
(101,374)

Profit for the financial year
  
681,824
318,894

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 31 form part of these financial statements.

Page 9

 
J.WILD(CONFECTIONERS)LIMITED
REGISTERED NUMBER: 00355189

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,985,709
2,049,129

Investments
 15 
15
15

Investment property
 16 
150,000
150,000

  
2,135,724
2,199,144

Current assets
  

Stocks
 17 
1,546,351
1,434,682

Debtors: amounts falling due within one year
 18 
2,867,640
2,113,112

Cash at bank and in hand
 19 
285,824
180,789

  
4,699,815
3,728,583

Creditors: amounts falling due within one year
 20 
(1,677,037)
(1,328,194)

Net current assets
  
 
 
3,022,778
 
 
2,400,389

Total assets less current liabilities
  
5,158,502
4,599,533

Creditors: amounts falling due after more than one year
 21 
(310,000)
(430,000)

Provisions for liabilities
  

Deferred tax
 23 
(306,592)
(309,447)

  
 
 
(306,592)
 
 
(309,447)

Net assets
  
4,541,910
3,860,086


Capital and reserves
  

Called up share capital 
 24 
4,068
4,068

Capital redemption reserve
 25 
1,384
1,384

Investment property reserve
 25 
114,782
114,782

Profit and loss account
 25 
4,421,676
3,739,852

  
4,541,910
3,860,086


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E M Kassapian
Director

Date: 23 October 2024

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
J.WILD(CONFECTIONERS)LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 February 2022
4,068
1,384
114,782
3,420,958
3,541,192


Comprehensive income for the year

Profit for the year
-
-
-
318,894
318,894



At 1 February 2023
4,068
1,384
114,782
3,739,852
3,860,086


Comprehensive income for the year

Profit for the year
-
-
-
681,824
681,824


At 31 January 2024
4,068
1,384
114,782
4,421,676
4,541,910


The notes on pages 14 to 31 form part of these financial statements.

Page 11

 
J.WILD(CONFECTIONERS)LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
681,824
318,894

Adjustments for:

Depreciation of tangible assets
260,720
244,741

Loss on disposal of tangible assets
-
155

Interest paid
44,806
71,228

Interest received
(1,655)
(337)

Taxation charge
223,041
101,374

(Increase)/decrease in stocks
(111,669)
44,798

(Increase) in debtors
(738,987)
(5,759)

Increase/(decrease) in creditors
164,952
(81,143)

Corporation tax (paid)
(57,546)
(71,565)

Net cash generated from operating activities

465,486
622,386


Cash flows from investing activities

Purchase of tangible fixed assets
(197,300)
(363,009)

Sale of tangible fixed assets
-
(155)

Interest received
1,655
337

Net cash from investing activities

(195,645)
(362,827)

Cash flows from financing activities

Other new loans
-
750,000

Repayment of other loans
(120,000)
(1,469,000)

Interest paid
(44,806)
(71,228)

Net cash used in financing activities
(164,806)
(790,228)

Net increase/(decrease) in cash and cash equivalents
105,035
(530,669)

Cash and cash equivalents at beginning of year
180,789
711,458

Cash and cash equivalents at the end of year
285,824
180,789


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
285,824
180,789

285,824
180,789


Page 12

 
J.WILD(CONFECTIONERS)LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





At 1 February 2023
Cash flows
Other non-cash changes
At 31 January 2024
£

£

£

£

Cash at bank and in hand

180,789

105,035

-

285,824

Debt due after 1 year

(430,000)

30,000

90,000

(310,000)

Debt due within 1 year

(90,000)

90,000

(90,000)

(90,000)


(339,211)
225,035
-
(114,176)

The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The Company is a private company limited by shares, incorporated on 20 July 1939 in England and Wales. The Company is a tax resident in the United Kingdom. 
The principal activity of the Company for the year under review was that of a bakery and supplier of confectionery and baked goods from their registered office of The Bakery, Millennium Business Park, Station Road, Steeton, Keighley, BD20 6RB. The company also operates from various retail bakery shops across the Yorkshire region.
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the Company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequete resources to continue in operational existance for the foreseeable future.
 
The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 14

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 16

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Freehold property
-
4% on cost
Long-term leasehold property
-
2% on cost
Plant and machinery
-
15% - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 17

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 18

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.
Key sources of estimation uncertainty 
There are no key sources of estimation uncertainty.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of baked goods
14,573,809
13,217,731

14,573,809
13,217,731


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Management charges receivable
236,716
133,000

Rent receivable
16,779
21,177

253,495
154,177



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
260,721
244,741

Exchange differences
(43)
(429)

Other operating lease rentals
44,804
47,971

Defined contribution pension costs
243,838
198,947

Page 19

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,500
11,500


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,989,564
4,133,523

Cost of defined contribution scheme
243,838
198,947

5,233,402
4,332,470


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
156
126



Office and administration
15
15



Distribution
75
78

246
219


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
21,000
22,000

21,000
22,000



10.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
1,655
337

1,655
337

Page 20

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
84
42

Other loan interest payable
44,723
71,186

44,807
71,228


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
241,437
57,546

Adjustments in respect of previous periods
(15,541)
15,697


225,896
73,243


Total current tax
225,896
73,243

Deferred tax


Origination and reversal of timing differences
(2,855)
28,131

Total deferred tax
(2,855)
28,131


Taxation on profit on ordinary activities
223,041
101,374
Page 21

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 24.01% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
904,866
420,268


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.01% (2023 - 19%)
217,258
79,851

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
120
945

Depreciation of ineligibles
-
-

Fixed asset differences
6,428
(15,085)

Movement in deferred tax not recognised
15,500
17,388

Adjustments to tax charge in respect of prior periods
(15,541)
15,697

Remeasurement of tax for change in tax rate
(724)
2,578

Total tax charge for the year
223,041
101,374


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 February 2023
3,100
25,498
28,598



At 31 January 2024

3,100
25,498
28,598



Amortisation


At 1 February 2023
3,100
25,498
28,598



At 31 January 2024

3,100
25,498
28,598



Net book value



At 31 January 2024
-
-
-



At 31 January 2023
-
-
-



Page 23

 


 
J.WILD(CONFECTIONERS)LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


14.


Tangible fixed assets






Freehold property
Long-term leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 February 2023
128,261
1,101,045
5,530,117
6,759,423


Additions
-
-
197,300
197,300



At 31 January 2024

128,261
1,101,045
5,727,417
6,956,723



Depreciation


At 1 February 2023
56,435
531,246
4,122,612
4,710,293


Charge for the year on owned assets
5,130
22,021
233,570
260,721



At 31 January 2024

61,565
553,267
4,356,182
4,971,014



Net book value



At 31 January 2024
66,696
547,778
1,371,235
1,985,709



At 31 January 2023
71,826
569,799
1,407,505
2,049,130

Page 24

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 February 2023
1
14
15



At 31 January 2024
1
14
15





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Salts Village Bakery Limited
The Bakery, Millenium Business Park, Station Road, Steeton, Keighly, BD20 6RB
Dormant company
Ordinary
100%

The aggregate of the share capital and reserves as at 31 January 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Salts Village Bakery Limited
13,357
-

Page 25

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
150,000



At 31 January 2024
150,000


Comprising


Cost
6,218

Annual revaluation surplus/(deficit):


2013
80,000

2016
63,782

At 31 January 2024
150,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

The directors are of the opinion that the value of the investment property, on the basis of open market value, is not materially different from the balance sheet amount. The directors therefore do not consider that any further revaluation adjustment is required at 31 January 2024.
The above assets are held for use in operating leases.





17.


Stocks

2024
2023
£
£

Raw materials and consumables
1,061,931
1,068,211

Finished goods and goods for resale
484,420
366,471

1,546,351
1,434,682


Page 26

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Debtors

2024
2023
£
£


Trade debtors
2,265,550
1,737,647

Other debtors
383,617
354,626

Prepayments and accrued income
218,473
20,839

2,867,640
2,113,112



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
285,824
180,789

285,824
180,789



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
90,000
90,000

Trade creditors
702,180
583,011

Corporation tax
241,437
57,546

Other taxation and social security
78,720
43,468

Other creditors
564,700
554,169

1,677,037
1,328,194


Other loans due within one year are secured by legal charges over various of the company's freehold properties and by way of a charge over the leasehold property known as The Bakery, Millennium Business Park, Station Road, Steeton.
The above loan accrues interest at various commercial rates. Interest paid during the year amounted to £34,431 (2023 - £60,221).

Page 27

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
310,000
430,000

310,000
430,000


Other loans due over one year are secured by legal charges over various of the company's freehold properties and by way of a charge over the leasehold property known as The Bakery, Millennium Business Park, Station Road, Steeton.
The above loan accrues interest at various commercial rates. Interest paid during the year amounted to £34,431 (2023 - £60,221).


22.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
90,000
90,000


90,000
90,000

Amounts falling due 1-2 years

Other loans
90,000
90,000


90,000
90,000

Amounts falling due 2-5 years

Other loans
220,000
270,000


220,000
270,000

Amounts falling due after more than 5 years

Other loans
-
70,000

-
70,000

400,000
520,000


Page 28

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

23.


Deferred taxation




2024
2023


£

£






At beginning of year
309,447
281,316


Charged to profit and loss
(2,855)
28,131



At end of year
306,592
309,447

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
308,848
311,703

Short term timing differences
(2,256)
(2,256)

306,592
309,447


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,068 (2023 - 4,068) Ordinary shares of £1.00 each
4,068
4,068



25.


Reserves

Capital redemption reserve

This reserve arises on the repurchase of the share capital of the company from the shareholders and records the nominal value of the shares repurchased.

Investment property revaluation reserve

This reserve arises on the revaluation of the investment property held by the company. The reserve is held net of deferred taxation at the prevailing rate at the statement of financial position date.

Profit and loss account

This reserve represents cumulative profits and losses, net of any dividends paid.

Page 29

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

26.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £243,838 (2023 - £198,947).


27.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
26,255
29,002

26,255
29,002

Page 30

 
J.WILD(CONFECTIONERS)LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

28.


Related party transactions

S C Bateman is a partner in Grandma Wilds partnership, a biscuit distributor.  At the balance sheet date, included in other creditors, is an amount of £103,087 (2023 - £186,202) due to Grandma Wilds partnership. The balance is interest free and repayable on demand. Included within trade debtors is an amount due from the partnership of £2,229,513 (2023 - £1,703,494). During the year sales of £12,228,800 (2023 - £11,229,457) were made to Grandma Wilds partnership, management charges of £194,741 (2023 - £106,000) were received and recharges of £256,033 (2023 - £230,193) were received during the year. Included in other debtors in an amount of £194,741 (2023 - £196,000) is respect of managment charges. The amount is interest free and repayable on demand.

S C Bateman and E M Kassapian are directors and shareholders in Vilette Coffee House Limited. During the year management charges of £41,975 (2023 - £27,000), sales of £133,050 (2023 - £187,192) and recharges of £130,691 (2023 - £112,045) were received from Villette Coffee House Limited. At the balance sheet date, included in other creditors due within one year, is an amount of £51,560 (2023 - £51,560) due to Villette Coffee House Limited. This amount is interest free and repayable on demand. Included within trade debtors is a balance due of £14,714 (2023 - £4,613) due at the year end. Included in other debtors is an amount of £41,975 (2023 - £54,000) in respect of management charges. The amount is interest free and repayable on demand.

Included in creditors amounts falling due within one year is an amount of £Nil (2023 - £Nil) due to
S C Bateman. Interest of £Nil (2023 - £3,288) was paid in the year.

During the year consultancy fees of £6,000 (2023 - £7,000) were paid to E M Kassapian.

Included in creditors amounts falling due within one year is an amount of £Nil (2023 - £Nil) due to S-J Kassapian, who is the son of E M Kassapian and a partner in the Grandma Wilds partnership. Interest of £Nil (2023 - £942) was paid in the year.
Included in creditors due within one year is an amount of £90,000 (2023 - £90,000) and included within creditors due over one year is an amount of £310,000310,000 (2023 - £430,000) due to Well Baked Limited, a company incorporated in the Isle of Man, of which E M Kassapian is a director. The balance accrues interest at various interest free and commercial rates. Total interest paid during the year amounted to £34,431 (2023 - £60,221).

During the year the company operated from properties owned by Well Baked Limited, S C Bateman and Grandma Wilds partnership. The rental charged for these properties was £Nil (2023 - £Nil).


Page 31