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Company Registration number: 09763004

Pettigrew Bakeries Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Pettigrew Bakeries Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Pettigrew Bakeries Limited

(Registration number: 09763004)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,333

4,333

Tangible assets

5

175,379

167,252

 

178,712

171,585

Current assets

 

Stocks

6

25,000

25,000

Debtors

7

17,738

25,446

Cash at bank and in hand

 

129,134

70,006

 

171,872

120,452

Creditors: Amounts falling due within one year

8

(285,522)

(272,029)

Net current liabilities

 

(113,650)

(151,577)

Total assets less current liabilities

 

65,062

20,008

Provisions for liabilities

(32,119)

(23,494)

Net assets/(liabilities)

 

32,943

(3,486)

Capital and reserves

 

Called up share capital

9

100

1

Retained earnings

32,843

(3,487)

Shareholders' funds/(deficit)

 

32,943

(3,486)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Pettigrew Bakeries Limited

(Registration number: 09763004)
Balance Sheet as at 29 February 2024

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 November 2024
 

.........................................
Mr D Le Masurier
Director

   
     
 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
Pettigrew Bakeries
Cowbridge Road East
Cardiff
CF5 1BE

These financial statements were authorised for issue by the director on 20 November 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

As at the year end the company had net liabilities which were as a result of an increase in overheads due to the planned scaling up of the business. With continued support from the director and an expected return to profitability in the foreseeable future, the preparation of the financial statements on a going concern basis is deemed appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Leasehold improvements

5% on cost

Plant and machinery

10% on cost

Motor vehicles

20% reducing balance

Fixtures and fittings

10% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 and work in progress 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. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 25).

 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

5,000

5,000

At 29 February 2024

5,000

5,000

Amortisation

At 1 March 2023

667

667

Amortisation charge

1,000

1,000

At 29 February 2024

1,667

1,667

Carrying amount

At 29 February 2024

3,333

3,333

At 28 February 2023

4,333

4,333

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 March 2023

80,399

59,600

134,484

-

30,038

Additions

-

14,291

20,665

3,234

-

At 29 February 2024

80,399

73,891

155,149

3,234

30,038

Depreciation

At 1 March 2023

29,474

29,508

67,473

-

10,814

Charge for the year

4,020

6,823

14,892

483

3,845

At 29 February 2024

33,494

36,331

82,365

483

14,659

Carrying amount

At 29 February 2024

46,905

37,560

72,784

2,751

15,379

At 28 February 2023

50,925

30,092

67,011

-

19,224

 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Total
£

Cost or valuation

At 1 March 2023

304,521

Additions

38,190

At 29 February 2024

342,711

Depreciation

At 1 March 2023

137,269

Charge for the year

30,063

At 29 February 2024

167,332

Carrying amount

At 29 February 2024

175,379

At 28 February 2023

167,252

 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Stock

25,000

25,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

11,191

10,193

Prepayments

577

709

Other debtors

5,970

14,544

 

17,738

25,446

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

28,209

10,795

Taxation and social security

6,160

5,760

Accruals and deferred income

3,636

2,250

Other creditors

247,517

253,224

285,522

272,029

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 (2023 - £0.01) each

100

100

100

1

         
 

Pettigrew Bakeries Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

24,500

27,500

Later than one year and not later than five years

122,625

33,125

147,125

60,625

The amount of non-cancellable operating lease payments recognised as an expense during the year was £33,500 (2023 - £27,500).

11

Related party transactions

Key management personnel

Director's loan

Summary of transactions with key management

Included in other creditors due within one year is an amount owed to the director of £221,089 (2023 - £222,622).
 This balance was interest free, unsecured and repayable upon demand.