Company Registration No. 12587818 (England and Wales)
Smiths the Bakers Ltd
Unaudited accounts
for the year ended 31 May 2024
Smiths the Bakers Ltd
Unaudited accounts
Contents
Smiths the Bakers Ltd
Company Information
for the year ended 31 May 2024
Directors
Cheryl Rix
Ryan Rix
Company Number
12587818 (England and Wales)
Registered Office
Unit 1 Piper Road
Hardwick Narrows
King's Lynn
Norfolk
PE30 4BH
England
Accountants
M C Mallett Accountants Ltd
4 Hiltons Lane
Wiggenhall St Germans
King's Lynn
Norfolk
PE34 3EZ
Smiths the Bakers Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
92,873
69,828
Cash at bank and in hand
1,957
11,707
Creditors: amounts falling due within one year
(155,662)
(98,382)
Net current liabilities
(115,909)
(72,280)
Total assets less current liabilities
(23,036)
(2,452)
Creditors: amounts falling due after more than one year
(41,333)
(27,819)
Net liabilities
(64,369)
(30,271)
Called up share capital
2
2
Profit and loss account
(64,371)
(30,273)
Shareholders' funds
(64,369)
(30,271)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by
Cheryl Rix
Director
Company Registration No. 12587818
Smiths the Bakers Ltd
Notes to the Accounts
for the year ended 31 May 2024
Smiths the Bakers Ltd is a private company, limited by shares, registered in England and Wales, registration number 12587818. The registered office is Unit 1 Piper Road, Hardwick Narrows, King's Lynn, Norfolk, PE30 4BH, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
20% reducing balance
Computer equipment
3 years straight line
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Smiths the Bakers Ltd
Notes to the Accounts
for the year ended 31 May 2024
The company's liabilities exceeded it's assets at the Balance Sheet date largely as a result of further losses incurred. In an attempt to improve the company's performance the Director's have improved financial reporting systems to enable the preparation of monthly management accounts and have also engaged external consultants to provide advice and support.
They are confident that the company will return to profitability and with the improved data, and support, they believe that the accounts should continue to be prepared on a going concern basis.
4
Tangible fixed assets
Total
Charge for the year
15,272
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
32,633
-
- Motor vehicles
31,651
39,564
5
Average number of employees
During the year the average number of employees was 30 (2023: 32).