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Company registration number: 13296365
BEDALES OF YORKSHIRE LIMITED
Trading as Dale Bakery
Unaudited filleted financial statements
31 March 2024
BEDALES OF YORKSHIRE LIMITED
Contents
Statement of financial position
Notes to the financial statements
BEDALES OF YORKSHIRE LIMITED
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 36,000 54,000
Tangible assets 6 35,295 47,060
_______ _______
71,295 101,060
Current assets
Stocks 7,395 7,690
Debtors 7 35,534 35,833
Cash at bank and in hand 5,538 1,651
_______ _______
48,467 45,174
Creditors: amounts falling due
within one year 8 ( 180,955) ( 196,546)
_______ _______
Net current liabilities ( 132,488) ( 151,372)
_______ _______
Total assets less current liabilities ( 61,193) ( 50,312)
Provisions for liabilities 9 ( 528) ( 1,282)
_______ _______
Net liabilities ( 61,721) ( 51,594)
_______ _______
Capital and reserves
Called up share capital 6 6
Profit and loss account ( 61,727) ( 51,600)
_______ _______
Shareholders deficit ( 61,721) ( 51,594)
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 May 2024 , and are signed on behalf of the board by:
Mr Jagir Singh Sidhu Mr Narinder Singh Virk
Director Director
Company registration number: 13296365
BEDALES OF YORKSHIRE LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bedales Of Yorkshire Limited, 11 Broad Lane, Moldgreen, Huddersfield, West Yorkshire, HD5 9BU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 25 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 90,000 90,000
_______ _______
Amortisation
At 1 April 2023 36,000 36,000
Charge for the year 18,000 18,000
_______ _______
At 31 March 2024 54,000 54,000
_______ _______
Carrying amount
At 31 March 2024 36,000 36,000
_______ _______
At 31 March 2023 54,000 54,000
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 72,983 5,500 78,483
_______ _______ _______
Depreciation
At 1 April 2023 30,048 1,375 31,423
Charge for the year 10,734 1,031 11,765
_______ _______ _______
At 31 March 2024 40,782 2,406 43,188
_______ _______ _______
Carrying amount
At 31 March 2024 32,201 3,094 35,295
_______ _______ _______
At 31 March 2023 42,935 4,125 47,060
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 28,524 15,999
Other debtors 7,010 19,834
_______ _______
35,534 35,833
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 7,813 3,019
Trade creditors 51,057 56,266
Social security and other taxes 4,024 4,825
Other creditors 118,061 132,436
_______ _______
180,955 196,546
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 April 2023 1,282 1,282
Charges against provisions ( 754) ( 754)
_______ _______
At 31 March 2024 528 528
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in debtors (note 7) 2,314 4,915
Included in provisions (note 9) ( 528) ( 1,282)
_______ _______
1,786 3,633
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 528) ( 1,282)
Unused tax losses 2,314 6,107
_______ _______
1,786 4,825
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Jagir Singh Sidhu ( 67,372) 9,389 ( 57,983)
Mr Narinder Singh Virk ( 61,170) 6,994 ( 54,176)
_______ _______ _______
( 128,542) 16,383 ( 112,159)
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Jagir Singh Sidhu ( 75,803) 8,431 ( 67,372)
Mr Narinder Singh Virk ( 73,254) 12,084 ( 61,170)
_______ _______ _______
( 149,057) 20,515 ( 128,542)
_______ _______ _______
Credit balance on directors' loan accounts are provided to the company unsecured, interest free and are repayable on demand.