Company registration number 08116905 (England and Wales)
THE BARKING BAKERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
THE BARKING BAKERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THE BARKING BAKERY LIMITED
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,692
11,079
Tangible assets
4
277,904
199,636
288,596
210,715
Current assets
Stocks
101,368
63,508
Debtors
5
301,479
224,862
Cash at bank and in hand
229,669
374,930
632,516
663,300
Creditors: amounts falling due within one year
6
(233,553)
(190,664)
Net current assets
398,963
472,636
Total assets less current liabilities
687,559
683,351
Creditors: amounts falling due after more than one year
7
(51,745)
(52,957)
Provisions for liabilities
(35,966)
(37,070)
Net assets
599,848
593,324
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
599,748
593,224
Total equity
599,848
593,324
THE BARKING BAKERY LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 14 January 2025
Miss M C Turnbull
Director
Company registration number 08116905 (England and Wales)
THE BARKING BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
The Barking Bakery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 6&7 Canberra Court, Amy Johnson Way, Blackpool, Lancashire, FY4 2FD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property
10 years
THE BARKING BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
20% straight line
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Office equipment
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
THE BARKING BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
27
THE BARKING BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Intangible fixed assets
Intellectual property
£
Cost
At 1 July 2023
14,850
Additions
1,115
At 30 June 2024
15,965
Amortisation and impairment
At 1 July 2023
3,771
Amortisation charged for the year
1,502
At 30 June 2024
5,273
Carrying amount
At 30 June 2024
10,692
At 30 June 2023
11,079
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
84,625
258,828
343,453
Additions
85,028
93,643
178,671
At 30 June 2024
169,653
352,471
522,124
Depreciation and impairment
At 1 July 2023
22,094
121,723
143,817
Depreciation charged in the year
38,848
61,555
100,403
At 30 June 2024
60,942
183,278
244,220
Carrying amount
At 30 June 2024
108,711
169,193
277,904
At 30 June 2023
62,531
137,105
199,636
The net carrying value and depreciation of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
76,565
THE BARKING BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
199,215
188,544
Corporation tax recoverable
33,878
Other debtors
34,731
10,862
Prepayments and accrued income
33,655
25,456
301,479
224,862
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,446
9,994
Trade creditors
83,515
44,926
Taxation and social security
63,916
97,342
Other creditors
76,676
38,402
233,553
190,664
Included within other creditors are net obligations of £22,308 (2023 - £Nil) under finance leases which are secured on the assets financed.
7
Creditors: amounts falling due after more than one year
2024
2023
as restated
£
£
Bank loans
11,351
20,753
Obligations under finance leases
40,394
Other borrowings
32,204
51,745
52,957
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
THE BARKING BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
39,204
49,041
10
Directors' transactions
During the year, the company operated a loan account with the director. At the balance sheet date, the company was owed an amount of £33,291 (2023 - £10,662) from Miss M C Turnbull.
11
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2022
2023
£
£
Adjustments to prior year
Consultancy fees
-
(50,000)
Interest
-
(2,204)
Total adjustments
-
(52,204)
Equity as previously reported
548,616
645,528
Equity as adjusted
548,616
593,324
Analysis of the effect upon equity
Profit and loss reserves
-
(52,204)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Consultancy fees
(50,000)
Interest
(2,204)
Total adjustments
(52,204)
Profit as previously reported
150,376
Profit as adjusted
98,172
THE BARKING BAKERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Prior period adjustment
(Continued)
- 9 -
Notes to reconciliation
The prior period adjustment relates to the reallocation of certain costs incurred by the company.
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