Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31falsetrueNo description of principal activity2023-06-01false1514trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12636119 2023-06-01 2024-05-31 12636119 2022-06-01 2023-05-31 12636119 2024-05-31 12636119 2023-05-31 12636119 2022-06-01 12636119 c:Director1 2023-06-01 2024-05-31 12636119 c:Director2 2023-06-01 2024-05-31 12636119 c:Director2 2024-05-31 12636119 c:RegisteredOffice 2023-06-01 2024-05-31 12636119 d:PlantMachinery 2023-06-01 2024-05-31 12636119 d:PlantMachinery 2024-05-31 12636119 d:PlantMachinery 2023-05-31 12636119 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12636119 d:FurnitureFittings 2023-06-01 2024-05-31 12636119 d:FurnitureFittings 2024-05-31 12636119 d:FurnitureFittings 2023-05-31 12636119 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12636119 d:OfficeEquipment 2023-06-01 2024-05-31 12636119 d:OfficeEquipment 2024-05-31 12636119 d:OfficeEquipment 2023-05-31 12636119 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12636119 d:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 12636119 d:OtherPropertyPlantEquipment 2024-05-31 12636119 d:OtherPropertyPlantEquipment 2023-05-31 12636119 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12636119 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12636119 d:CurrentFinancialInstruments 2024-05-31 12636119 d:CurrentFinancialInstruments 2023-05-31 12636119 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 12636119 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12636119 d:ShareCapital 2024-05-31 12636119 d:ShareCapital 2023-05-31 12636119 d:RetainedEarningsAccumulatedLosses 2024-05-31 12636119 d:RetainedEarningsAccumulatedLosses 2023-05-31 12636119 c:OrdinaryShareClass1 2023-06-01 2024-05-31 12636119 c:OrdinaryShareClass1 2024-05-31 12636119 c:OrdinaryShareClass1 2023-05-31 12636119 c:FRS102 2023-06-01 2024-05-31 12636119 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 12636119 c:FullAccounts 2023-06-01 2024-05-31 12636119 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12636119 d:IncreaseDecreaseDueToTransitionFromPreviousStandard 2023-05-31 12636119 d:CurrentFinancialInstruments d:WithinOneYear d:IncreaseDecreaseDueToTransitionFromPreviousStandard 2023-05-31 12636119 d:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-06-01 2023-05-31 12636119 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 12636119 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 12636119 d:OtherDeferredTax 2024-05-31 12636119 d:OtherDeferredTax 2023-05-31 12636119 d:WithinOneYear 2024-05-31 12636119 d:WithinOneYear 2023-05-31 12636119 d:BetweenOneFiveYears 2024-05-31 12636119 d:BetweenOneFiveYears 2023-05-31 12636119 d:MoreThanFiveYears 2024-05-31 12636119 d:MoreThanFiveYears 2023-05-31 12636119 2 2023-06-01 2024-05-31 12636119 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12636119









LAYLA BAKERY LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
LAYLA BAKERY LTD
 
 
COMPANY INFORMATION


Directors
T Faulkner 
C P J Dinner (appointed 20 August 2023)




Registered number
12636119



Registered office
22 Bonchurch Road

London

England

W10 5SD




Accountants
Donald Reid Limited

1010 Eskdale Road

Winnersh

Wokingham

England

RG41 5TS





 
LAYLA BAKERY LTD
 

CONTENTS



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 16


 
LAYLA BAKERY LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAYLA BAKERY LTD
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Layla Bakery Ltd for the year ended 31 May 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Layla Bakery Ltd, as a body, in accordance with the terms of our engagement letter dated 1 February 2024Our work has been undertaken solely to prepare for your approval the financial statements of Layla Bakery Ltd  and state those matters that we have agreed to state to the Board of directors of Layla Bakery Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Layla Bakery Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Layla Bakery Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Layla Bakery Ltd. You consider that Layla Bakery Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Layla Bakery Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Donald Reid Limited
 
1010 Eskdale Road
Winnersh
Wokingham
England
RG41 5TS
26 February 2025
Page 1

 
LAYLA BAKERY LTD
REGISTERED NUMBER: 12636119

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
156,157
155,866

  
156,157
155,866

Current assets
  

Debtors: amounts falling due within one year
 5 
75,344
23,373

Cash at bank and in hand
 6 
118,873
26,191

  
194,217
49,564

Creditors: amounts falling due within one year
 7 
(149,031)
(124,011)

Net current assets/(liabilities)
  
 
 
45,186
 
 
(74,447)

Total assets less current liabilities
  
201,343
81,419

Provisions for liabilities
  

Deferred tax
 8 
(23,123)
(23,610)

  
 
 
(23,123)
 
 
(23,610)

Net assets
  
178,220
57,809


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
178,219
57,808

  
178,220
57,809


Page 2

 
LAYLA BAKERY LTD
REGISTERED NUMBER: 12636119
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2025.




T Faulkner
Director

The notes on pages 4 to 16 form part of these financial statements.

Page 3

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Layla Bakery Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registered company number is 12636119. The registered office address is 22 Bonchurch Road, London, England, W10 5SD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 5

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Fixtures and fittings
-
20%
Office equipment
-
33%
Other fixed assets
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Page 7

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 8

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 14).

Page 9

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
107,097
6,254
2,049
94,255
209,655


Additions
23,991
-
-
25,167
49,158



At 31 May 2024

131,088
6,254
2,049
119,422
258,813



Depreciation


At 1 June 2023
17,557
2,616
465
33,151
53,789


Charge for the year on owned assets
23,856
1,251
648
23,112
48,867



At 31 May 2024

41,413
3,867
1,113
56,263
102,656



Net book value



At 31 May 2024
89,675
2,387
936
63,159
156,157



At 31 May 2023
89,540
3,638
1,584
61,104
155,866


5.


Debtors

2024
2023
£
£


Trade debtors
8,252
1,708

Other debtors
62,621
14,677

Prepayments and accrued income
4,471
6,988

75,344
23,373


Page 10

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
118,873
26,191

118,873
26,191



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
51,394
56,863

Corporation tax
75,120
1,705

Other taxation and social security
7,925
-

Other creditors
14,592
65,443

149,031
124,011



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(23,610)
-


Charged to profit or loss
487
(23,610)



At end of year
(23,123)
(23,610)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(23,250)
(23,691)

Other timing differences
127
81

(23,123)
(23,610)

Page 11

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



106 (2023 - 100) Ordinary shares of £0.01 each
1
1

During the year, 6 Ordinary shares with a nominal value of £0.01 per share were issued for a total consideration of £0.06.



10.


Share-based payments

Layla Bakery Ltd has an equity-settled Enterprise Management Incentive Scheme (“EMI”) which is available to UK employees who work for the Company and satisfy the qualifying conditions and the EMI working time requirements.
The directors believe the charge in respect of these options will be immaterial, therefore no charge has been recognised.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £5,745 (2023: £3,093). Contributions totalling £1,354 (2023: £675) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
18,000
18,000

Later than 1 year and not later than 5 years
72,000
72,000

Later than 5 years
36,000
54,000

126,000
144,000


13.


Transactions with directors

During the year, advances were made to the directors totalling £71,671 (2023: £Nil). Repayments were made totalling £20,337 (2023: £Nil). Interest was charged at the official rate.

Page 12

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Related party transactions

At the year end included within other creditors due within one year is an amount owed to the directors by the company totalling £13,238 (2023: £64,768)
At the year end included within other debtors due within one year is an amount owed to the company by the directors totalling £51,334 
(2023: £Nil).

Page 13

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


First time adoption of FRS 102

The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 June 2022. The impact of the transition to FRS 102 is as follows:

As previously stated
31 May
2023
Effect of transition
31 May
2023
FRS 102
(as restated)
31 May
2023
Note
£
£
£

Fixed assets
  
155,866
-
155,866

Current assets
  
49,564
-
49,564

Creditors: amounts falling due within one year
  
(124,011)
-
(124,011)

Net current liabilities
  
 
(74,447)
 
-
 
(74,447)

Total assets less current liabilities
  
 
81,419
 
-
 
81,419

Provisions for liabilities
 1 
-
(23,610)
(23,610)

Net  assets
  
 
81,419
 
(23,610)
 
57,809

Capital and reserves
  
-
57,809
57,809
Page 14

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           15.First time adoption of FRS 102 (continued)

As previously stated
31 May
2023
Effect of transition
31 May
2023
FRS 102
(as restated)
31 May
2023
Note
£
£
£

Turnover
  
754,030
-
754,030

Cost of sales
  
(251,310)
-
(251,310)

  
 
502,720
 
-
 
502,720

Distribution expenses
  
(11,368)
-
(11,368)

Administrative expenses
  
(418,468)
-
(418,468)

Operating profit
  
 
72,884
 
-
 
72,884

Taxation
 1 
(1,705)
(23,610)
(25,315)

Profit on ordinary activities after taxation and for the financial year
  
 
71,179
 
(23,610)
 
47,569

Page 15

 
LAYLA BAKERY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           15.First time adoption of FRS 102 (continued)

Explanation of changes to previously reported profit and equity:

1

The company reporting has transitioned from FRS 105 in the previous year to FRS 102 1A. This transition has been made due to the company breaching the size requirements for reporting under FRS 105 for two consecutive years. 
 
From transition from FRS 105 to FRS 102 1A, there had been a restatement totalling £23,610 to the prior year figures. The profit for the prior year has decreased by £23,610 as a deferred tax charge has been recognised. A corresponding amount has also been recognised in provisions for liabilities.

 
Page 16