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Registration number: 01813319

Modern Baking Systems (Bristol) Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Modern Baking Systems (Bristol) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Modern Baking Systems (Bristol) Ltd

Company Information

Directors

Mr B Smith

Mr DH Smith

Mr AD Smith

Company secretary

Mr B Smith

Registered office

27 Bonville Road
Brislington
Bristol
BS4 5QH

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Modern Baking Systems (Bristol) Ltd

(Registration number: 01813319)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

1,321

1,260

Investment property

5

 

1,630,000

1,630,000

   

1,631,321

1,631,260

Current assets

   

Stocks

6

35,800

 

46,600

Debtors

7

25,166

 

45,882

Cash at bank and in hand

 

27,144

 

36,688

 

88,110

 

129,170

Creditors: Amounts falling due within one year

8

(97,223)

 

(89,512)

Net current (liabilities)/assets

   

(9,113)

39,658

Total assets less current liabilities

   

1,622,208

1,670,918

Creditors: Amounts falling due after more than one year

8

 

(28,115)

(61,138)

Provisions for liabilities

 

(108,928)

(111,397)

Net assets

   

1,485,165

1,498,383

Capital and reserves

   

Called up share capital

2

 

2

Revaluation reserve

254,559

 

254,559

Retained earnings

1,230,604

 

1,243,822

Shareholders' funds

   

1,485,165

1,498,383

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Modern Baking Systems (Bristol) Ltd

(Registration number: 01813319)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
Mr B Smith
Company secretary and director

.........................................
Mr AD Smith
Director

 
     
 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
27 Bonville Road
Brislington
Bristol
BS4 5QH

These financial statements were authorised for issue by the Board on 18 March 2025.

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

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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

Plant and Machinery

12.5% straight Line

Fixtures and Fittings

15% straight Line

Motor Vehicles

24% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

68,944

84,617

-

79,423

232,984

Additions

-

-

1,141

-

1,141

At 30 June 2024

68,944

84,617

1,141

79,423

234,125

Depreciation

At 1 July 2023

68,277

84,617

-

78,830

231,724

Charge for the year

558

-

380

142

1,080

At 30 June 2024

68,835

84,617

380

78,972

232,804

Carrying amount

At 30 June 2024

109

-

761

451

1,321

At 30 June 2023

667

-

-

593

1,260

5

Investment properties

2024
£

At 1 July

1,630,000

At 30 June

1,630,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

35,800

46,600

 

Modern Baking Systems (Bristol) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

16,033

28,449

Prepayments

9,133

8,724

Other debtors

-

8,709

 

25,166

45,882

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

8,460

16,600

Taxation and social security

11,840

10,051

Accruals and deferred income

33,099

29,036

Other creditors

43,824

33,825

97,223

89,512

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

28,115

61,138

9

Related party transactions

The company was under the control of Mr A Smith, Mr B Smith and Mr D Smith throughout the current and previous year as directors.

At the year end the company owed Mr A Smith and Mr B Smith £43,317 (2023: £33,317) in the form of a joint directors' loan account. There are no fixed repayment terms and no interest is charged.

During the year the company paid rentals totalling £22,000 (2023: £20,500) in relation to the rent of a property owned by the directors.

As at the year end the company owed Mr D Smith £28,115 (2023: £61,138) in the form of a loan account. This loan is not repayable at less than a years notice and no interest is charged on the loan.