Caseware UK (AP4) 2023.0.135 2023.0.135 The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Annagh Properties Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. 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.201290194269false2322023-07-01Manufacture of ambient, chilled and frozen and commercial and gluten free dough-based products.217falsefalse NI608062 2023-07-01 2024-06-30 NI608062 2022-07-01 2023-06-30 NI608062 2024-06-30 NI608062 2023-06-30 NI608062 2022-07-01 NI608062 1 2023-07-01 2024-06-30 NI608062 1 2022-07-01 2023-06-30 NI608062 2 2023-07-01 2024-06-30 NI608062 2 2022-07-01 2023-06-30 NI608062 3 2023-07-01 2024-06-30 NI608062 3 2022-07-01 2023-06-30 NI608062 1 2023-07-01 2024-06-30 NI608062 e:CompanySecretary1 2023-07-01 2024-06-30 NI608062 e:Director1 2023-07-01 2024-06-30 NI608062 e:Director2 2023-07-01 2024-06-30 NI608062 e:Director3 2023-07-01 2024-06-30 NI608062 e:Director4 2023-07-01 2024-06-30 NI608062 e:RegisteredOffice 2023-07-01 2024-06-30 NI608062 e:Agent1 2023-07-01 2024-06-30 NI608062 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 NI608062 d:Buildings d:LongLeaseholdAssets 2024-06-30 NI608062 d:Buildings d:LongLeaseholdAssets 2023-06-30 NI608062 d:PlantMachinery 2023-07-01 2024-06-30 NI608062 d:PlantMachinery 2024-06-30 NI608062 d:PlantMachinery 2023-06-30 NI608062 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI608062 d:MotorVehicles 2023-07-01 2024-06-30 NI608062 d:MotorVehicles 2024-06-30 NI608062 d:MotorVehicles 2023-06-30 NI608062 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI608062 d:FurnitureFittings 2023-07-01 2024-06-30 NI608062 d:FurnitureFittings 2024-06-30 NI608062 d:FurnitureFittings 2023-06-30 NI608062 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI608062 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 NI608062 d:OtherPropertyPlantEquipment 2024-06-30 NI608062 d:OtherPropertyPlantEquipment 2023-06-30 NI608062 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI608062 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI608062 d:CurrentFinancialInstruments 2024-06-30 NI608062 d:CurrentFinancialInstruments 2023-06-30 NI608062 d:Non-currentFinancialInstruments 2024-06-30 NI608062 d:Non-currentFinancialInstruments 2023-06-30 NI608062 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 NI608062 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 NI608062 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 NI608062 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 NI608062 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 NI608062 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 NI608062 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-06-30 NI608062 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 NI608062 d:ReportableOperatingSegment1 2023-07-01 2024-06-30 NI608062 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 NI608062 f:UnitedKingdom 2023-07-01 2024-06-30 NI608062 f:UnitedKingdom 2022-07-01 2023-06-30 NI608062 f:RestWorldOutsideUK 2023-07-01 2024-06-30 NI608062 f:RestWorldOutsideUK 2022-07-01 2023-06-30 NI608062 d:UKTax 2023-07-01 2024-06-30 NI608062 d:UKTax 2022-07-01 2023-06-30 NI608062 d:ShareCapital 2023-07-01 2024-06-30 NI608062 d:ShareCapital 2024-06-30 NI608062 d:ShareCapital 2023-06-30 NI608062 d:ShareCapital 2022-07-01 NI608062 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 NI608062 d:RetainedEarningsAccumulatedLosses 2024-06-30 NI608062 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 NI608062 d:RetainedEarningsAccumulatedLosses 2023-06-30 NI608062 d:RetainedEarningsAccumulatedLosses 2022-07-01 NI608062 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 NI608062 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 NI608062 e:OrdinaryShareClass1 2023-07-01 2024-06-30 NI608062 e:OrdinaryShareClass1 2024-06-30 NI608062 e:FRS102 2023-07-01 2024-06-30 NI608062 e:Audited 2023-07-01 2024-06-30 NI608062 e:FullAccounts 2023-07-01 2024-06-30 NI608062 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI608062 d:Subsidiary1 2023-07-01 2024-06-30 NI608062 d:Subsidiary1 1 2023-07-01 2024-06-30 NI608062 d:WithinOneYear 2024-06-30 NI608062 d:WithinOneYear 2023-06-30 NI608062 d:BetweenOneFiveYears 2024-06-30 NI608062 d:BetweenOneFiveYears 2023-06-30 NI608062 d:MoreThanFiveYears 2024-06-30 NI608062 d:MoreThanFiveYears 2023-06-30 NI608062 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 NI608062 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 NI608062 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 NI608062 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 NI608062 6 2023-07-01 2024-06-30 NI608062 g:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure













Financial Statements
Crust & Crumb Bakery Ltd
For the year ended 30 June 2024





































Registered number: NI608062

 
Crust & Crumb Bakery Ltd
 

Company Information


Directors
Mary McCaffrey 
Fintan O'Leary 
Stephen Collyer 
Mark McCaffrey 




Company secretary
Mary McCaffrey



Registered number
NI608062



Registered office
37 Main Street
 Mullyneeny

Derrylin

Co. Fermanagh

BT92 9JZ




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Danske Bank
24 Townhall Street

Enniskillen

Co Fermanagh

BT74 7BB




Solicitors
Edward & Co Solicitor
28 Hill Street

Belfast

Co Antrim

BT1 2LA





 
Crust & Crumb Bakery Ltd
 

Contents



Page
Strategic report
1
Directors' report
3 - 6
Independent auditor's report
7 - 10
Profit and loss account
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 30


 
Crust & Crumb Bakery Ltd
 
Strategic report
For the year ended 30 June 2024

Introduction
 
The directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity and business review
 
The principal activity of the Company continued to be the manufacture of ambient, chilled and frozen commercial and gluten free dough-based products. The Company reported a pre-tax profit of £2,042,191 (2023: £2,186,331) on turnover of £88,524,300 (2023: £76,831,753). Long term growth prospects are also strong as the Company is committed to retaining high quality employees and is well positioned to benefit from an economic recovery thanks to continued investment, expenditure on research and development and a continuing commitment to excellence.

Principal risks and uncertainties
 
Foreign exchange risk
The Company undertakes some transactions in foreign currencies, particularly euros. No hedging against the foreign exchange rate fluctuations exists. 
Economic risk
The risk of increased interest rates and/or inflation and fluctuations in exchange rates may have an adverse impact on served markets.
Interest rate risk 
The Company manages its exposure to interest rate risk by maintaining an appropriate balance of fixed and variable rate debt. 
Liquidity risk
The Company maintains adequate bank facilities to ensure sufficient short term finance for continuing operations.
Credit Risk
Risk of credit control is currently being managed by carrying out credit checks to effectively manage the exposure to credit risk.

Financial key performance indicators
 
The directors consider that the following key performance indicators are the most effective measures to evaluate the performance of the business: Turnover £88,524,300 (2023: £76,831,753), Gross profit margin 10% (202310%), Profit before tax £2,042,191 (2023: £2,186,331) and employee numbers 232 (2023217).

Page 1

 
Crust & Crumb Bakery Ltd
 

Strategic report (continued)
For the year ended 30 June 2024

Directors' statement of compliance with duty to promote the success of the Company
 
From the perspective of the Directors, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following: 

the likely consequences of any decision in the long term; 
the interests of the Company’s employees; 
the need to foster the Company’s business relationships with customers and others; 
the impact of the Company’s operations on the community and the environment; 
the desirability of the Company maintaining a reputation for high standards of business conduct; and 
the need to act fairly as between members of the Company. 

For the Company, compliance is one of the cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The Directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles.
The Board of Directors of the Company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the year ended 30 April 2024. The following paragraphs summarise how the directors fulfil their duties:
 
As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner.
As the Board of Directors, we are committed to openly engage with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered.
As our services provided grow, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the Company faces. For details of our principal risks and uncertainties, please see previous paragraphs of our company strategic report.
Our employees are vital to the services provided by the Company. We aim to be a responsible employer in our approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees’ performance and develop talent while ensuring the company operates as efficiently as possible. The health and safety of our employees is very important to us.
In order to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers.

This report was approved by the board and signed on its behalf.


................................................
Mark McCaffrey
Director

Date: 25 March 2025
Page 2

 
Crust & Crumb Bakery Ltd
 
 
Directors' report
For the year ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,450,778 (2023 - £2,146,765).

The directors recommend a dividend payment of £2,570,005 (2023: £2,613,312).

Directors

The directors who served during the year were:

Mary McCaffrey 
Fintan O'Leary 
Stephen Collyer 
Mark McCaffrey 

Future developments

The Directors consider the results for the year and the position of the company at the year end to be satisfactory. The Company continues to explore opportunities to increase turnover. The Directors are committed to long term shareholder value through increased market share. The business has progressed satisfactorily during the year and remains in a strong financial position at the year end. The Directors anticipate satisfactory progress in the coming year and are confident that the company will continue to generate significant shareholder value. 

Page 3

 
Crust & Crumb Bakery Ltd
 

Directors' report (continued)
For the year ended 30 June 2024

Research and development activities

Crust and Crumb Bakery Ltd are focused on new product research and development, their ability to be innovative and enhancing products through the advancement of technology. The company prioritise ongoing research and development of its products, which will contribute to increasing turnover across the next three years. Additional employees and significant overheads are invested to research and develop these new lines. In the preceding three years, considerable research has been carried out developing their Gluten Free Tortilla range as well as sourdough based products, high protein and dairy free pizzas. 

Engagement with suppliers, customers and others

Our strategy prioritises growth and expansion of services. We continue to target new customers into the Company. To do this, we have developed and nurtured strong customer relationships.
We value all of our suppliers and have multi-year contracts in place with a number of our key suppliers.

Disabled employees

The Company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Branches outside the United Kingdom

The Company does not operate any branches outside of the United Kingdom.

Page 4

 
Crust & Crumb Bakery Ltd
 

Directors' report (continued)
For the year ended 30 June 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

2024
tCO2
2024
kWH
Direct Emissions
Combustion of gas and use of fuel for transport
546.88
546,884
 
Indirect Emissions
Purchase of electricity
1,058.16
1,058,163
tCO2/£m sales
Sales intensity ratio
Combustion of gas and use of fuel for transport
0.000006
Purchase of electricity
0.000012


Intensity measurement
We have chosen the metric gross global scope 1 and 2 emissions in tonnes of CO2e per £m sales revenue as this is a common business metric for our industry sector.

Energy efficient action
The company has set targets, increased awareness and are actively involving staff in reducing energy consumption through training and engagement.

Methodologies used
We have followed the 2023 UK government environmental reporting guidance and we have used 2023 UK Government's GHG conversion factors for company reporting. We engaged with our suppliers to obtain actual usage information across the company.

We have availed of the exemption permitting non-disclosure of comparative information in the first year of reporting due to the unavailability of relevant data.

Matters covered in the Strategic report

Under Schedule 7.1A of 'Large and Medium-Sized Companies and Groups (Accounting and Reporting) Regulations 2008', the company has elected to disclose the following directors' report information in the Strategic Report:
Principal activity and business review;
Principal risks and uncertainties;
Financial key performance indicators; and
S172 Reporting.

Page 5

 
Crust & Crumb Bakery Ltd
 

Directors' report (continued)
For the year ended 30 June 2024


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the financial year end.

Auditor

The auditor, Grant Thornton (NI) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



................................................
Mark McCaffrey
Director

Date: 25 March 2025

Page 6

 
 
img1b85.png
 
Independent auditor's report to the members of Crust & Crumb Bakery Ltd
 
Opinion


We have audited the financial statements of Crust & Crumb Bakery Ltd, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity for the year ended 30 June 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Crust & Crumb Bakery Ltd's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 June 2024 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
 
Page 7

 
 
img4541.png
Independent auditor's report to the members of Crust & Crumb Bakery Ltd (continued)



Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.
Page 8

 
 
img7ba7.png
Independent auditor's report to the members of Crust & Crumb Bakery Ltd (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
 
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law, Environmental Regulations and Health and Safety Laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropritate competence and capabilities to identify or recognise  non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 9

 
 
img1895.png
Independent auditor's report to the members of Crust & Crumb Bakery Ltd (continued)

Responsibilities of the auditor for the audit of the financial statements

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company's regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; 
gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; 
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; 
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; 
challenging assumptions and judgements made by management in their significant accounting estimates, including determining and reassessing the useful lives of tangible assets and estimating an allowance for the impairment of stock and trade debtors; and 
review of the financial statement disclosures to underlying supporting documentation and inquiries of management. 

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls. 

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


 
 
Louise Kelly FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants &
Statutory Auditors
Belfast 
26 March 2025
Page 10

 
Crust & Crumb Bakery Ltd
 

Profit and loss account
For the year ended 30 June 2024

2024
2023
Note
£
£

  

Turnover
 4 
88,524,300
76,831,753

Cost of sales
  
(79,479,879)
(68,824,029)

Gross profit
  
9,044,421
8,007,724

Distribution costs
  
(3,538,337)
(3,508,584)

Administrative expenses
  
(5,135,397)
(4,141,705)

Other operating income
 5 
1,866,198
2,115,366

Operating profit
 6 
2,236,885
2,472,801

Interest payable and similar expenses
 9 
(194,694)
(286,470)

Profit before tax
  
2,042,191
2,186,331

Tax on profit
 10 
(591,413)
(39,566)

Profit for the financial year
  
1,450,778
2,146,765

All amounts relate to continuing opearations.
There was no other comprehensive income for 2024 (2023: £Nil).
The notes on pages 14 to 30 form part of these financial statements.

Page 11

 
Crust & Crumb Bakery Ltd
Registered number:NI608062

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
7,322,466
4,952,968

Investments
 13 
100
100

  
7,322,566
4,953,068

Current assets
  

Stocks
 14 
3,682,546
3,671,926

Debtors
 15 
18,376,039
14,660,661

Cash at bank and in hand
 16 
3,017,175
2,474,182

  
25,075,760
20,806,769

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(20,224,989)
(15,183,056)

Net current assets
  
 
 
4,850,771
 
 
5,623,713

Total assets less current liabilities
  
12,173,337
10,576,781

Creditors: amounts falling due after more than one year
 18 
(2,125,108)
(2,284,080)

Provisions for liabilities
  

Deferred tax
 21 
(947,252)
(642,502)

Net assets
  
9,100,977
7,650,199


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
9,100,877
7,650,099

Shareholders' funds
  
9,100,977
7,650,199


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Mark McCaffrey
Director

Date: 25 March 2025

The notes on pages 14 to 30 form part of these financial statements.

Page 12

 
Crust & Crumb Bakery Ltd
 

Statement of changes in equity
For the year ended 30 June 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
100
7,650,099
7,650,199



Profit for the year
-
1,450,778
1,450,778


At 30 June 2024
100
9,100,877
9,100,977



Statement of changes in equity
For the year ended 30 June 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
100
8,116,646
8,116,746



Profit for the year
-
2,146,765
2,146,765

Dividends: Equity capital
-
(2,613,312)
(2,613,312)


At 30 June 2023
100
7,650,099
7,650,199


The notes on pages 14 to 30 form part of these financial statements.

Page 13

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

The Company is a private Company limited by shares, registered in Northern Ireland. The address of the registered office is 37 Main Street, Mullyneeny, Derrylin, Co Fermanagh, BT92 9JZ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial
statements of a larger group by a parent undertaking established in the United Kingdom and is therefore
exempt from the requirement to prepare consolidated financial statements under section 400 of the
Companies Act 2006.

 
2.3

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": 
the requirements of Section 7 Statement of Cash Flows; 
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
 
This information is included in the consolidated financial statements of Annagh Properties Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

  
2.4

Going concern

The Directors have considered the company’s forecasts and projections. Based upon the projections prepared, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

Page 14

 
Crust & Crumb Bakery Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.5
Foreign currency translation (continued)

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

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.

 
2.7

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.

Page 15

 
Crust & Crumb Bakery Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.10

 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.

 
2.11

 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

 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.

 
2.13

 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
Page 16

 
Crust & Crumb Bakery Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.13
 Current and deferred taxation (continued)

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.

 
2.14

 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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold Improvements
-
29% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Wind Turbine
-
4% reducing balance

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 17

 
Crust & Crumb Bakery Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.15

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.17

 Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.18

 Debtors

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

 
2.19

 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.

Page 18

 
Crust & Crumb Bakery Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.20

 Creditors

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

 
2.21

 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.

 
2.22

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Investments in non-derivative instruments that are equity to the issuer are measured: 
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; 
at cost less impairment for all other investments. 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
 
Page 19

 
Crust & Crumb Bakery Ltd
 

Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.22
 Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.23

 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.


Judgements in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant effects on the financial statements.
Allowance for impairment of trade debtors
The Company estimates the allowance for doubtful debtors based on the assessment of specific accounts where the Company has objective evidence comprising of default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship.
Allowances for impairment in the value of stock
The Company estimates the impairment in the value of stock based on the current condition and use. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. 
Estimating useful lives of tangible fixed assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of those assets.

Page 20

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
88,524,300
76,831,753


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
60,283,674
50,375,534

Rest of the world
28,240,626
26,456,219

88,524,300
76,831,753



5.


Other operating income

2024
2023
£
£

Management recharges
1,718,901
2,013,125

Net rents receivable
115,656
63,240

Government grants receivable
34,896
39,001

Loss on disposal of tangible assets
(3,255)
-

1,866,198
2,115,366



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
44,735
91,358

Other operating lease rentals
166,394
155,268

Depreciation of owned tangible assets
729,796
658,313

Government grant
(34,896)
(39,001)

Fees payable for the audit of financial statements
23,000
33,785

Depreciation of assets owned under HP or finance lease contracts
245,958
170,124

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the Group accounts of the Parent company.

Page 21

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
8,163,320
6,370,969

Social security costs
855,361
649,718

Cost of defined contribution scheme
133,277
91,460

9,151,958
7,112,147


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production Staff
199
189



Distribution Staff
10
5



Administrative Staff
23
23

232
217


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
76,817
39,614



9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
89,558
131,488

Other interest payable
29,056
104,953

Finance leases and hire purchase contracts
70,965
50,029

Other interest payable
5,115
-

194,694
286,470

Page 22

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
286,663
510,460

Adjustments in respect of previous periods
-
(413,785)


Deferred tax


Origination and reversal of timing differences
304,750
(57,109)


Taxation on profit on ordinary activities
591,413
39,566

Factors affecting tax charge for the financial year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,042,191
2,186,331


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
510,548
448,198

Effects of:


Expenses not deductible for tax purposes
7,508
13,410

Capital allowances for year in excess of depreciation
73,357
5,118

Adjustments to tax charge in respect of prior periods
-
(413,785)

Other timing differences leading to an increase (decrease) in taxation
-
(90)

Adjustments to tax charge in respect of prior periods - deferred tax
-
(3,654)

Remeasurement of deferred tax for change in rates
-
(9,631)

Total tax charge for the year
591,413
39,566


Factors that may affect future tax charges

The standard rate of UK Corporation Tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The previous 19% tax rate will continue to apply to 'small' companies with profits less than £50,000, with a 'taper relief rate' for those companies with profits between the new thresholds. Deferred tax assets and liabilities have been recognised using the tax rates applicable for the date the assets and liabilities are expected to reverse.

Page 23

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

11.


Dividends

2024
2023
£
£


Dividends
-
2,613,312


12.


Tangible fixed assets





Leasehold Improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Wind Turbine
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
296,160
6,045,512
1,194,777
217,203
310,656
8,064,308


Additions
285,735
2,133,129
951,483
59,716
-
3,430,063


Disposals
-
-
(148,400)
-
-
(148,400)



At 30 June 2024

581,895
8,178,641
1,997,860
276,919
310,656
11,345,971



Depreciation


At 1 July 2023
104,730
2,389,121
420,607
118,820
78,062
3,111,340


Charge for the year on owned assets
52,386
635,047
251,981
24,037
9,303
972,754


Disposals
-
-
(60,589)
-
-
(60,589)



At 30 June 2024

157,116
3,024,168
611,999
142,857
87,365
4,023,505



Net book value



At 30 June 2024
424,779
5,154,473
1,385,861
134,062
223,291
7,322,466



At 30 June 2023
191,430
3,656,391
774,170
98,383
232,594
4,952,968



Page 24

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
100



At 30 June 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Crust & Crumb Breads Limited
37 Main Street
Derrylin
Enniskillen
Fermanagh
BT92 9JZ
Ordinary
100%

The carrying value of the investments and the aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Crust & Crumb Breads Limited
(7,202,668)
4,885,032


14.


Stocks

2024
2023
£
£

Raw materials and consumables
3,552,751
3,349,744

Work in progress
129,795
322,182

3,682,546
3,671,926


The replacement cost of stocks does not differ materially from the balance sheet amount.

Page 25

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

15.


Debtors


As restated
2024
2023
£
£



Trade debtors
5,639,011
6,575,986

Amounts owed by group undertakings
11,812,916
7,397,686

Amounts owed by related parties
-
173,833

Other debtors
5,063
157,942

Prepayments and accrued income
673,021
133,652

VAT
246,028
221,562

18,376,039
14,660,661


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,017,175
2,474,182


Page 26

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
418,411
437,575

Trade creditors
9,597,394
9,369,786

Amounts owed to group undertakings
7,740,948
3,945,142

Amounts owed to related parties
4,221
-

Corporation tax
796,471
89,362

Other taxation and social security
210,980
194,448

Obligations under finance lease and hire purchase contracts
542,783
263,692

Other creditors
36,728
50,050

Accruals and deferred income
877,053
833,001

20,224,989
15,183,056


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Corporation tax and other taxes are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
The bank loans are secured by floating debenture charges over the assets of the Company.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,510,991
1,924,425

Net obligations under finance leases and hire purchase contracts
582,156
315,848

Government grants received
31,961
43,807

2,125,108
2,284,080


Page 27

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
418,411
437,575


Amounts falling due 2-5 years

Bank loans
1,510,991
1,842,788

Amounts falling due after more than 5 years

Bank loans
-
81,637

1,929,402
2,362,000



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
542,784
263,692

Between 1-5 years
582,156
315,848

1,124,940
579,540


21.


Deferred taxation




2024


£






At beginning of year
(642,502)


Charged to profit or loss
(304,750)



At end of year
(947,252)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(947,252)
(642,502)

Page 28

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

22.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



23.


Reserves

Called up share capital

This represents the nominal value of shares that have been issued.

Profit and loss account

This includes all current and prior period retained profits and losses.


24.


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 £133,277 (2023: £91,460). The balance outstanding at the year end amounted to£35,500 (2023: £48,922).


25.


Commitments under operating leases

At 30 June 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
46,200
46,200

Later than 1 year and not later than 5 years
184,800
184,800

Later than 5 years
481,250
504,400

712,250
735,400


26.


Comparative information

Comparative figures have been restated to conform with current year presentation. This has had no impact on profit or loss reported.


27.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows non disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member. 

Page 29

 
Crust & Crumb Bakery Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

28.


Post balance sheet events

There have been no significant events affecting the Company since the financial year end.


29.


Controlling party

The ultimate parent company is Annagh Properties Ltd, a company incorporated in Northern Ireland.
Annagh Properties Ltd is both the smallest and largest group to prepare consolidated financial statements which are publicly available that include the results of Crust & Crumb Bakery Limited. The consolidated financial statements of Annagh Properties Ltd are available to the public and may be obtained from the registrar at Companies House, Second Floor The Linenhall, 32-38 Linenhall St, Belfast BT2 8BG, United Kingdom.
The ultimate controlling party is Mrs Mary McCaffrey by virtue of her shareholding in Annagh Properties Ltd.


Page 30