REGISTERED NUMBER: |
TAYLORS THE BAKERS 2011 LIMITED |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 January 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
DIRECTORS |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
3 The Studios |
320 Chorley Old Road |
Bolton |
Lancashire |
BL1 4JU |
TAYLORS THE BAKERS 2011 LIMITED (REGISTERED NUMBER: 07500133) |
Income Statement |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
171,496 | 110,839 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( | ) |
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 | ( | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ( | ) |
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 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 17 | ( | ) | ( | ) |
ACCRUALS AND DEFERRED INCOME | 18 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Non distributable reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
Interest paid | ( | ) |
Interest element of hire purchase payments paid | ( | ) | ( | ) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Net cash from investing activities | ( | ) | ( | ) |
Cash flows from financing activities |
New loans in year |
Capital repayments in year | ( | ) |
Amount introduced by director | 42,594 | 8,327 |
Amount withdrawn by director | (7,404 | ) | - |
Equity dividends paid | ( | ) | ( | ) |
Net cash from financing activities | ( | ) | ( | ) |
Increase/(decrease) in cash and cash equivalents | ( | ) |
Cash and cash equivalents at beginning of year | 2 | (836,405 | ) | (456,363 | ) |
Cash and cash equivalents at end of year | 2 | ( | ) | ( | ) |
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 |
Depreciation charges |
Finance costs | 156,398 | 83,821 |
480,277 | 399,691 |
Decrease/(increase) in stocks | ( | ) |
Decrease/(increase) in trade and other debtors | ( | ) |
(Decrease)/increase in trade and other creditors | ( | ) |
Cash generated from operations |
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 | ( | ) | ( | ) |
(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 | ( | ) | ( | ) |
(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 | ) | (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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
No | No |
Production staff | 128 | 124 |
Distribution staff | 13 | 14 |
Administrative staff | 14 | 14 |
155 | 152 |
The aggregate payroll costs of the above were |
Year ended 31 Jan 2023 | Year ended 31 Jan 2022 |
£ | £ |
Wages and salaries | 3,440,730 | 3,081,326 |
Employers National Insurance | 276,827 | 231,979 |
3.717,557 | 3.313,305 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
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 |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Hire purchase |
Finance charges |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax |
Tax on profit |
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 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
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 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT recoverable |
Other Debtors | 46,964 | 9,945 |
Directors' current accounts | 7,254 | 42,444 |
Tax |
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) |
Hire purchase contracts (see note 15) |
Trade creditors |
Social security and other taxes |
Other creditors |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
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 |
Provided during year | 9,864 |
Balance at 31 January 2024 |
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: | £ | £ |
Ordinary | £1 | 92 | 92 |
Ordinary A | £1 | 2 | 2 |
Ordinary B | £1 | 2 | 2 |
Ordinary C | £1 | 2 | 2 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |