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REGISTERED NUMBER: 07500133 (England and Wales)





















TAYLORS THE BAKERS 2011 LIMITED

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 January 2024






TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)








Contents of the Financial Statements

FOR THE YEAR ENDED 31 JANUARY 2024





Page




Company Information  

1




Strategic Report  

2




Report of the Director  

3




Report of the Independent Auditors  

5




Income Statement  

9




Other Comprehensive Income  

10




Statement of Financial Position  

11




Statement of Changes in Equity  

12




Statement of Cash Flows  

13




Notes to the Statement of Cash Flows  

14




Notes to the Financial Statements

16





TAYLORS THE BAKERS 2011 LIMITED



Company Information

FOR THE YEAR ENDED 31 JANUARY 2024









DIRECTOR:

Mr S K Taylor







REGISTERED OFFICE:

Taylor House


Boodle Street


Ashton-Under-Lyne


Lancashire


OL6 8NF







REGISTERED NUMBER:

07500133 (England and Wales)







AUDITORS:

SCCA Ltd T/a Stafford & Co


Chartered Accountants


and Statutory Auditor


3 The Studios


320 Chorley Old Road


Bolton


Lancashire


BL1 4JU


TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Strategic Report

FOR THE YEAR ENDED 31 JANUARY 2024


The director presents his strategic report for the year ended 31 January 2024. We have now begun a new 3 year plan to see us through to February 2027 to build on the sound base we have created going forward. We have added new kit and have carried on upgrading the premises and site to make us fit for purpose in the future. Our ongoing plan is to improve the site in the coming years and hopefully increase capacity on the back of this.


REVIEW OF BUSINESS

Sales were again good, there are still plenty of opportunities in this retail environment but the pace of change we are seeing is a lot faster than it used to be. Commodity prices are still high due to the ongoing war in Ukraine, also gas and electric have been particularly damaging to margins., I think we are seeing a market where everyone from commodity suppliers to bakers to retailers are all having to work on less margins to remain competitive. We continue to try and get costs under control and have concentrated on specific areas.


KPI's

Turnover £11.8m an increase of 6% on 2023

Gross Profit £1m an increase of 12% on 2023

Operating profit £172k an increase of 52% on 2023


PRINCIPAL RISKS AND UNCERTAINTIES

Our cost base is still under pressure but there is some light at the end of the tunnel. The challenge now is to achieve savings from other areas on a permanent basis as we continue to see challenges in this ongoing cost of living crisis. At the end of this year we will have a new team running the site and driving change forward.


ON BEHALF OF THE BOARD:






Mr S K Taylor - Director



31 October 2024


TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Report of the Director

FOR THE YEAR ENDED 31 JANUARY 2024


The director presents his report with the financial statements of the company for the year ended 31 January 2024.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of bakers.

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2024 will be £ 136,074 .


DIRECTORS

Mr S K Taylor has held office during the whole of the period from 1 February 2023 to the date of this report.


Other changes in directors holding office are as follows:


Mr S Taylor - deceased 4 December 2023


FINANCIAL INSTRUMENTS

The company makes little use of financial instruments other than an operational bank account and borrowings secured on debtors so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.


STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Report of the Director

FOR THE YEAR ENDED 31 JANUARY 2024



AUDITORS

The auditors,  SCCA Ltd T/a Stafford & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:





Mr S K Taylor - Director



31 October 2024


Report of the Independent Auditors to the Members of

Taylors the Bakers 2011 Limited


Opinion

We have audited the financial statements of Taylors the Bakers 2011 Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.


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.


In connection with our audit of the financial statements, 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 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 the audit:

-

the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Taylors the Bakers 2011 Limited



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 Report of the Director.


We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Taylors the Bakers 2011 Limited



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 a Report of the Auditors 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:


Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 December 2022.


We planned our audit so that we have so that we would have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with laws or regulations.


Extent to which the audit was considered capable of detecting irregularities, including fraud


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:


- 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.


- Enquiring of management whether they are aware of any non-compliance with laws and regulations.


- Enquiring of management whether they are aware of any actual, suspected or alleged fraud.


- Enquiring of management whether they had internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.


- Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journal and fraudulent revenue recognition.


- Obtaining an understanding of the regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context included; the financial framework the company operates under (FRS102) , the UK Companies Act, tax legislation, environmental legislation and licensing legislation.



Audit response to risks identified


     Fraud due to management override


- To address the risk of fraud through management bias and override of controls, we:


- Audited the risk of management override of controls, including through testing journal entries for appropriateness.


- Assessed whether judgements and assumptions made in determining the accounting estimates included in the financial statements showed indications of potential bias; and


- Investigated the rationale behind any significant or unusual transactions included in the financial statements.


     Fraudulent revenue recognition


- To address the risk of fraudulent revenue recognition we:


- Performed testing on a sample of turnover transactions that occurred during the financial year.



Report of the Independent Auditors to the Members of

Taylors the Bakers 2011 Limited


- Performed cut-off testing on turnover around the year end.


    Irregularities and non-compliance with laws and regulations


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:


- Agreeing financial statement disclosures to underlying supporting documentation.


- Enquiring of management as to actual and potential litigation claims they are aware of.


- Reviewing legal costs nominals for evidence of potential litigation or claims.


- Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.


The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.


Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws or regulations rests with the directors.


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 Report of the Auditors.


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 2006. Our 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 a Report of the Auditors 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.





Robert Stafford BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of SCCA Ltd T/a Stafford & Co

Chartered Accountants

and Statutory Auditor

3 The Studios

320 Chorley Old Road

Bolton

Lancashire

BL1 4JU


31 October 2024


TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Income Statement

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   



TURNOVER

11,814,547


11,085,034




Cost of sales

10,734,735


10,190,054



GROSS PROFIT

1,079,812


894,980




Administrative expenses

908,316


784,141



171,496


110,839




Other operating income

318


2,161



OPERATING PROFIT

4

171,814


113,000





Interest payable and similar expenses

5

156,398


83,821



PROFIT BEFORE TAXATION

15,416


29,179




Tax on profit

6

9,864


48,239



PROFIT/(LOSS) FOR THE FINANCIAL

YEAR

5,552


(19,060

)



TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Other Comprehensive Income

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   



PROFIT/(LOSS) FOR THE YEAR

5,552


(19,060

)




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

5,552


(19,060

)



TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Statement of Financial Position

31 JANUARY 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

8

-


-



Tangible assets

9

1,948,686


1,908,995



1,948,686


1,908,995




CURRENT ASSETS

Stocks

10

212,501


245,685



Debtors

11

988,237


1,386,959



Prepayments and accrued income

59,668


50,676



Cash at bank and in hand

9,063


136,255



1,269,469


1,819,575



CREDITORS

Amounts falling due within one year

12

1,675,962


2,021,990



NET CURRENT LIABILITIES

(406,493

)

(202,415

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

1,542,193


1,706,580




CREDITORS

Amounts falling due after more than one

year

13

(378,231

)

(399,992

)



PROVISIONS FOR LIABILITIES

17

(361,214

)

(351,350

)



ACCRUALS AND DEFERRED INCOME

18

(185,166

)

(207,134

)


NET ASSETS

617,582


748,104




CAPITAL AND RESERVES

Called up share capital

19

100


100



Non distributable reserve

20

271,633


271,633



Retained earnings

20

345,849


476,371



SHAREHOLDERS' FUNDS

617,582


748,104




The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:






Mr S K Taylor - Director



TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Statement of Changes in Equity

FOR THE YEAR ENDED 31 JANUARY 2024



Called up


Non



share


Retained


distributable


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 February 2022

100


697,891


271,633


969,624




Changes in equity

Dividends

-


(202,460

)

-


(202,460

)


Total comprehensive income

-


(19,060

)

-


(19,060

)


Balance at 31 January 2023

100


476,371


271,633


748,104




Changes in equity

Dividends

-


(136,074

)

-


(136,074

)


Total comprehensive income

-


5,552


-


5,552



Balance at 31 January 2024

100


345,849


271,633


617,582




TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Statement of Cash Flows

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

763,345


368,261



Interest paid

(3,749

)

-



Interest element of hire purchase payments

paid

(152,649

)

(83,821

)


Net cash from operating activities

606,947


284,440




Cash flows from investing activities

Purchase of tangible fixed assets

(348,154

)

(527,452

)


Net cash from investing activities

(348,154

)

(527,452

)



Cash flows from financing activities

New loans in year

107,294


-



Capital repayments in year

(152,381

)

57,103



Amount introduced by director

42,594


8,327



Amount withdrawn by director

(7,404

)

-



Equity dividends paid

(136,074

)

(202,460

)


Net cash from financing activities

(145,971

)

(137,030

)



Increase/(decrease) in cash and cash equivalents

112,822


(380,042

)


Cash and cash equivalents at beginning of

year

2

(836,405

)

(456,363

)



Cash and cash equivalents at end of year

2

(723,583

)

(836,405

)



TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Statement of Cash Flows

FOR THE YEAR ENDED 31 JANUARY 2024


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


2024


2023

£   

£   



Profit before taxation

15,416


29,179




Depreciation charges

308,463


286,691




Finance costs

156,398


83,821



480,277


399,691




Decrease/(increase) in stocks

33,184


(46,607

)



Decrease/(increase) in trade and other debtors

354,540


(267,437

)



(Decrease)/increase in trade and other creditors

(104,656

)

282,614




Cash generated from operations

763,345


368,261




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31 January 2024


31/1/24


1/2/23

£   

£   



Cash and cash equivalents

9,063


136,255




Bank overdrafts

(732,646

)

(972,660

)


(723,583

)

(836,405

)



Year ended 31 January 2023


31/1/23


1/2/22

£   

£   



Cash and cash equivalents

136,255


18,362




Bank overdrafts

(972,660

)

(474,725

)


(836,405

)

(456,363

)




TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Statement of Cash Flows

FOR THE YEAR ENDED 31 JANUARY 2024


3.

ANALYSIS OF CHANGES IN NET DEBT



At 1/2/23

Cash flow

At 31/1/24

£   

£   

£   



Net cash



Cash at bank and in hand

136,255


(127,192

)

9,063




Bank overdrafts

(972,660

)

240,014


(732,646

)


(836,405

)

112,822


(723,583

)



Debt


Finance leases

(557,159

)

152,381


(404,778

)



Debts falling due within 1 year

-


(14,835

)

(14,835

)



Debts falling due after 1 year

-


(92,459

)

(92,459

)


(557,159

)

45,087


(512,072

)



Total

(1,393,564

)

157,909


(1,235,655

)



TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Financial Statements

FOR THE YEAR ENDED 31 JANUARY 2024


1.

STATUTORY INFORMATION



Taylors the Bakers 2011 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Turnover


The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards have been transferred to the customer.



Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary.


Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Plant and machinery

-      

33% on cost, 25% straight line, 20% straight line and 10% reducing balance


Fixtures and fittings

-

10% reducing balance



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 JANUARY 2024


2.

ACCOUNTING POLICIES - continued



Research and development

Expenditure on research and development is written off in the year in which it is incurred.



Hire purchase and leasing commitments


Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.  Those held under hire purchase contracts are depreciated over their estimated useful lives.  Those held under finance leases are also depreciated over their estimated useful lives.



The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.



Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.



Financial instruments


Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.  An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.



Operating lease agreements


Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.


3.

EMPLOYEES AND DIRECTORS


The average monthly number of staff employed by the company during the financial period amounted to



Year ended 31
Jan 2023
Year ended
31 Jan 2022
NoNo

Production staff128124
Distribution staff1314
Administrative staff1414
155152

The aggregate payroll costs of the above were


Year ended 31
Jan 2023
Year ended
31 Jan 2022
£   £   
Wages and salaries3,440,7303,081,326
Employers National Insurance276,827231,979
3.717,5573.313,305


2024


2023

£   

£   



Directors' remuneration

96,797


95,372




TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 JANUARY 2024


4.

OPERATING PROFIT



The operating profit is stated after charging:



2024


2023

£   

£   



Hire of plant and machinery

47,279


43,778




Depreciation - owned assets

164,378


146,590




Depreciation - assets on hire purchase contracts

144,085


140,101




5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Bank loan interest

3,749


-




Hire purchase

59,202


44,172




Finance charges

93,447


39,649



156,398


83,821




6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2024


2023

£   

£   



Deferred tax

9,864


48,239




Tax on profit

9,864


48,239




At the year end, the company has £466,181 (2023 - £371,694) estimated tax losses available for use against future profits.

7.

DIVIDENDS


2024


2023

£   

£   



Ordinary shares of £1 each



Interim

136,074


202,460




8.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 February 2023


and 31 January 2024

9,000




AMORTISATION


At 1 February 2023


and 31 January 2024

9,000




NET BOOK VALUE


At 31 January 2024

-




At 31 January 2023

-




TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 JANUARY 2024


9.

TANGIBLE FIXED ASSETS


Fixtures



Plant and


and



machinery


fittings


Totals

£   

£   

£   



COST


At 1 February 2023

2,842,278


1,427


2,843,705




Additions

348,154


-


348,154




At 31 January 2024

3,190,432


1,427


3,191,859




DEPRECIATION


At 1 February 2023

934,250


460


934,710




Charge for year

308,366


97


308,463




At 31 January 2024

1,242,616


557


1,243,173




NET BOOK VALUE


At 31 January 2024

1,947,816


870


1,948,686




At 31 January 2023

1,908,028


967


1,908,995




In accordance with written instructions on 18 September 2017 the Directors appointed Tallon Asset Valuers & Auctioneers to complete a retrospective valuation of plant and machinery assets on a fair value basis.

The assets have been valued on a Fair Value basis in accordance with the Valuation Standards detailed in the RICS Valuation - Professional Standards UK (January 2014, revised April 2015) issued by the Royal Institution of Chartered Surveyors.

Fair Value is defined by the RICS and the International Accounting Standards Board (IASB) in IFRS13 as "the price that the would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date".

From 31st January 2017 the company will continue to depreciate the revalued assets based on the previously defined accounting policies.


The net book value of tangible fixed assets includes £ 408,325 (2023 - £ 552,410 ) in respect of assets held under hire purchase contracts.


10.

STOCKS

2024

2023


£   

£   



Raw materials

212,501


245,685




11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

872,704


1,272,153




VAT recoverable

43,170


44,272




Other Debtors

46,964


9,945




Directors' current accounts

7,254


42,444




Tax

18,145


18,145



988,237


1,386,959




TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 JANUARY 2024


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Bank loans and overdrafts (see note 14)

747,481


972,660




Hire purchase contracts  (see note 15)

119,006


157,167




Trade creditors

626,337


780,951




Social security and other taxes

167,657


105,896




Other creditors

15,481


5,316



1,675,962


2,021,990




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2024

2023


£   

£   



Bank loans (see note 14)

92,459


-




Hire purchase contracts  (see note 15)

285,772


399,992



378,231


399,992




14.

LOANS



An analysis of the maturity of loans is given below:


2024

2023


£   

£   



Amounts falling due within one year or on demand:


Bank overdrafts

732,646


972,660




Bank loans

14,835


-



747,481


972,660





Amounts falling due between one and two years:


Bank loans - 1-2 years

17,982


-





Amounts falling due between two and five years:


Bank loans - 2-5 years

74,477


-




15.

LEASING AGREEMENTS



Minimum lease payments under hire purchase fall due as follows:


2024

2023


£   

£   



Net obligations repayable:


Within one year

119,006


157,167




Between one and five years

285,772


399,992



404,778


557,159




TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 JANUARY 2024


16.

SECURED DEBTS



The following secured debts are included within creditors:


2024

2023


£   

£   



Hire purchase contracts

404,778


557,159




Invoice financing

732,646


972,660



1,137,424


1,529,819





The trade debts of the company are secured by way of the debenture entered in to between Taylors the Bakers 2011 Ltd and Aldermore Invoice Finance further information can be found with Companies House.



The bank overdraft facility is secured with HSBC Bank plc with a floating charge which covers all the property or undertaking of the company.


17.

PROVISIONS FOR LIABILITIES

2024

2023


£   

£   



Deferred tax

361,214


351,350





Deferred



tax


£   



Balance at 1 February 2023

351,350




Provided during year

9,864




Balance at 31 January 2024

361,214




18.

ACCRUALS AND DEFERRED INCOME

2024

2023


£   

£   



Accruals and deferred income

185,166


207,134




19.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



92

Ordinary

£1

92


92




2

Ordinary A

£1

2


2




2

Ordinary B

£1

2


2




2

Ordinary C

£1

2


2




1

Ordinary D

£1

1


1




1

Ordinary E

£1

1


1



100


100




TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133)



Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 JANUARY 2024


20.

RESERVES


Non



Retained


distributable



earnings


reserve


Totals

£   

£   

£   




At 1 February 2023

476,371


271,633


748,004




Profit for the year

5,552


5,552




Dividends

(136,074

)

(136,074

)



At 31 January 2024

345,849


271,633


617,482




As per tangible fixed assets and note 7, the company appointed Tallon Asset Valuation & Auctioneers to complete a fair value revaluation of fixed of plant and machinery. The revaluation of these assets has been included within 'non distributable reserves'.

21.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:


2024

2023


£   

£   



Mr S Taylor


Balance outstanding at start of year

35,039


40,736




Amounts repaid

(35,039

)

(5,697

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

-


35,039





Mr S K Taylor


Balance outstanding at start of year

7,405


10,035




Amounts repaid

(150

)

(2,630

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

7,255


7,405




22.

RELATED PARTY DISCLOSURES



During the period the company was charged rent of £89,250 (£91,000 - 2023) by Sunfresh Bakers (Ashton-Under-Lyne) Retirement Benefit Scheme, a pension scheme in which the director is a trustee and beneficiary.



During the period the company paid dividends of £136,074 (£202,460 - 2023) to the directors and close family members.



At the period end included within 'other debtors' was an interest free loans to Mr M Taylor - Sales Manager and holder of ordinary C shares to the total value of £9,945  (£9,945 - 2023).



During the year, the former Director's loan account in relation to Stanley Taylor was transferred to Laraine Taylor who is the majority shareholder of the company.  The balance of £35,039 is included within other debtors.


23.

ULTIMATE CONTROLLING PARTY



The controlling party is Mrs LA Taylor.