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Registration number: 06115904

Taylors Traditional Bakers Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Taylors Traditional Bakers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Taylors Traditional Bakers Limited

Company Information

Directors

S Taylor

C Taylor

Company secretary

C Taylor

Registered office

The Old Piggery
Godminster Lane
Bruton
BA10 0ND

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Taylors Traditional Bakers Limited

(Registration number: 06115904)
Balance Sheet
31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

77,592

91,623

Current assets

 

Stocks

30,789

31,156

Debtors

5

128,952

106,313

Cash at bank and in hand

 

26,187

24,414

 

185,928

161,883

Creditors: Amounts falling due within one year

6

(82,447)

(58,192)

Net current assets

 

103,481

103,691

Total assets less current liabilities

 

181,073

195,314

Creditors: Amounts falling due after more than one year

6

(10,000)

(20,000)

Provisions for liabilities

(17,408)

(17,408)

Net assets

 

153,665

157,906

Capital and reserves

 

Called up share capital

100

100

Retained earnings

153,565

157,806

Shareholders' funds

 

153,665

157,906

 

Taylors Traditional Bakers Limited

(Registration number: 06115904)
Balance Sheet
31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

.........................................
C Taylor
Director

 

Taylors Traditional Bakers Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 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:
The Old Piggery
Godminster Lane
Bruton
BA10 0ND

These financial statements were authorised for issue by the Board on 26 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

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

Tax

The tax expense for the period comprises current and deferred tax and is recognised in profit or loss

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Taylors Traditional Bakers Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

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

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

Plant and machinery

10% per annum straight line

Fixtures and fittings

25% per annum reducing balance

Motor vehicles

25% per annum reducing balance

Computer equipment

20% per annum straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business. Trade debtors are recognised initially at the transaction price.

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 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest expense 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.

 

Taylors Traditional Bakers Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 33).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

7,165

141,620

4,222

58,901

Additions

-

4,500

6,925

-

Disposals

-

-

-

(18,734)

At 31 May 2024

7,165

146,120

11,147

40,167

Depreciation

At 1 June 2023

6,264

78,059

2,346

33,616

Charge for the year

228

12,333

2,183

4,858

Eliminated on disposal

-

-

-

(12,880)

At 31 May 2024

6,492

90,392

4,529

25,594

Carrying amount

At 31 May 2024

673

55,728

6,618

14,573

At 31 May 2023

901

63,561

1,876

25,285

 

Taylors Traditional Bakers Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Total
£

Cost or valuation

At 1 June 2023

211,908

Additions

11,425

Disposals

(18,734)

At 31 May 2024

204,599

Depreciation

At 1 June 2023

120,285

Charge for the year

19,602

Eliminated on disposal

(12,880)

At 31 May 2024

127,007

Carrying amount

At 31 May 2024

77,592

At 31 May 2023

91,623

5

Debtors

2024
£

2023
£

Trade debtors

121,485

100,535

Other debtors

7,467

5,778

128,952

106,313

 

Taylors Traditional Bakers Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

37,677

20,273

Trade creditors

 

23,809

13,686

Taxation and social security

 

15,084

19,743

Accruals and deferred income

 

2,350

2,180

Other creditors

 

3,527

2,310

 

82,447

58,192

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

10,000

20,000

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

20,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,001

10,000

Bank overdrafts

27,676

10,273

37,677

20,273

 

Taylors Traditional Bakers Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £105,600 (2023 - £124,800).