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Registered number: 06402164
Kirtons Bakery Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 13 April 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—20
Page 1
Strategic Report
The directors present their strategic report for the year ended 13 April 2024.
Review of the Business
Introduction
The principal activity of the company during the year continued to be the production of confectionery baked products for a range of customers, including retailers, foodservice operators, and the NHS. 
Business review
Kirtons Bakery Limited continues to operate as a bakery manufacturer with a focus on traditional baking methods, quality ingredients, and exceptional customer service.  Despite a challenging economic environment, the company has shown resilience and adaptability, maintaining a loyal customer base and sustaining consistent sales across its product lines.
During the year, both turnover and recorded net profit before tax figures reflect steady demand and effective cost management despite inflationary pressures on key inputs such raw materials, transport costs and energy.
Principal risks and uncertainties
Over the year, the business has managed key challenges, namely
  • Inflation and Supply Chain Costs: Rising costs of raw materials and utilities have impacted margins. The company continues to manage these pressures through supplier negotiations and managed pricing strategies.
  • Labour Market Tightness: Kirtons Bakery has taken proactive steps to address this by implementing a number of employee-focused initiatives.
Despite these challenges, the company retains a strong position in its market place and continues to invest in quality offerings and excellent service to maintain competitive advantage.
Financial key performance indicators
The performance of the business is assessed by the directors through their assessment of: 
  • Revenue growth 
  • Product Innovation through customers 
  • Customer retention and expansion 
On behalf of the board
Miss N Dharamshi
Director
15 April 2025
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Directors' Report
The directors present their report and the financial statements for the year ended 13 April 2024.
Principal Activity
The company's principal activity continues to be that of manufacturing of bakery products.
Future Developments
Looking ahead, the company plans to further engage customers and broaden the market appeal of its products.  Product innovation, flexibility of process and skilling up are areas that the business will continue to develop.
To strengthen operational resilience, the company will continue to enhance its supply chain by deepening relationships with local and regional suppliers.  Strong emphasis on sustainability to the evolving environmental regulations remains crucial to the company’s vision.
These initiatives reflect the company’s commitment to innovation, quality, and long-term business sustainability.
Dividends
The value of dividends paid amounted to £NIL .
Directors
The directors who held office during the year were as follows:
Mr I Dharmashi
Miss N Dharamshi
Mr F Ewool (resigned 30 January 2025)
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, Barnett & Turner Accountants Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Miss N Dharamshi
Director
15 April 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Kirtons Bakery Limited for the year ended 13 April 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 13 April 2024 and of its profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor's responsibilities 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 UK, including the FRC's Ethical Standard, and 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 entity's ability to continue as a going concern for a period of at least 12 months from 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other 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 statements, our 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 or apparent material misstatements, 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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the directors' report has 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 obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters where 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;
  • the financial statements are not in agreement with the accounting records or returns;
  • certain disclosures of directors' remuneration specified by law are not made;
  • we have not received all the information and explanations we require for our audit, 
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Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives 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 our 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
As part of our planning process:
  • We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.  The company did not inform us of any known, suspected or alleged fraud.
  • We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation. 
  • We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
  • Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
  • Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
  • Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
  • Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of stock.
  • Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
  • Testing key revenue lines, in particular cut-off, for evidence of management bias.
  • Performing a physical verification of key assets and stock items (including testing of the stock system).
  • Obtaining third-party confirmation of material bank balances.
  • Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.
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Jonathan Wilson FCA CTA (Senior Statutory Auditor)
for and on behalf of Barnett & Turner Accountants Limited , Statutory Auditor
15 April 2025
Barnett & Turner Accountants Limited
Chartered Accountants & Statutory Auditor
Cromwell House,68 West Gate
Mansfield
Nottinghamshire
NG18 1RR
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Profit and Loss Account
2024 2023
as restated
Notes £ £
TURNOVER 3 19,862,419 15,051,869
Cost of sales (17,970,700 ) (13,342,699 )
GROSS PROFIT 1,891,719 1,709,170
Administrative expenses (964,304 ) (732,944 )
Other operating income - 39
OPERATING PROFIT 5 927,415 976,265
Loss on disposal of fixed assets (2,802 ) -
Other interest receivable and similar income 10 24,005 4,323
PROFIT BEFORE TAXATION 948,618 980,588
Tax on Profit 11 (27,071 ) (214,793 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 921,547 765,795
The notes on pages 12 to 20 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
as restated
£ £
PROFIT FOR THE FINANCIAL YEAR 921,547 765,795
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 921,547 765,795
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Balance Sheet
Registered number: 06402164
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 381,490 314,227
381,490 314,227
CURRENT ASSETS
Stocks 14 913,121 866,446
Debtors 15 2,957,617 2,327,166
Cash at bank and in hand 2,164,526 2,140,980
6,035,264 5,334,592
Creditors: Amounts Falling Due Within One Year 16 (1,918,355 ) (2,087,250 )
NET CURRENT ASSETS (LIABILITIES) 4,116,909 3,247,342
TOTAL ASSETS LESS CURRENT LIABILITIES 4,498,399 3,561,569
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (93,528 ) (78,245 )
NET ASSETS 4,404,871 3,483,324
CAPITAL AND RESERVES
Called up share capital 19 3,750 3,750
Revaluation reserve 24 29,229 35,075
Capital redemption reserve 25,000 25,000
Profit and Loss Account 4,346,892 3,419,499
SHAREHOLDERS' FUNDS 4,404,871 3,483,324
On behalf of the board
Miss N Dharamshi
Director
15 April 2025
The notes on pages 12 to 20 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Revaluation reserve Capital Redemption Profit and Loss Account Total
£ £ £ £ £
As at 17 April 2022 3,750 42,090 25,000 2,666,689 2,737,529
Profit for the year and total comprehensive income - - - 765,795 765,795
Dividends paid - - - (20,000) (20,000)
Transfer from revaluation reserve - - - 7,015 7,015
Transfer to/from Profit & Loss Account - (7,015 ) - - (7,015)
As at 15 April 2023 and 16 April 2023 as restated 3,750 35,075 25,000 3,419,499 3,483,324
Profit for the year and total comprehensive income - - - 921,547 921,547
Transfer from revaluation reserve - - - 5,846 5,846
Transfer to/from Profit & Loss Account - (5,846 ) - - (5,846)
As at 13 April 2024 3,750 29,229 25,000 4,346,892 4,404,871
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Statement of Cash Flows
2024 2023
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 366,547 978,307
Tax paid (214,326 ) (174,860 )
Net cash generated from operating activities 152,221 803,447
Cash flows from investing activities
Purchase of tangible assets (145,251 ) (34,488 )
Grants received - 39
Interest received 24,005 4,323
Net cash used in investing activities (121,246 ) (30,126 )
Cash flows from financing activities
Equity dividends paid - (20,000 )
Amount introduced by directors - 13,000
Amount withdrawn by directors (7,429) -
Net cash used in financing activities (7,429 ) (7,000 )
Increase in cash and cash equivalents 23,546 766,321
Cash and cash equivalents at beginning of year 2 2,140,980 1,374,659
Cash and cash equivalents at end of year 2 2,164,526 2,140,980
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
as restated
£ £
Profit for the financial year 921,547 765,795
Adjustments for:
Tax on profit 27,071 214,793
Interest income (24,005 ) (4,322 )
Depreciation of tangible assets 75,186 58,657
Loss on disposal of tangible assets 2,802 -
Grant income - (39)
Movements in working capital:
Increase in stocks (46,675 ) (263,802 )
Increase in trade and other debtors (421,557 ) (291,938 )
(Decrease)/increase in trade and other creditors (167,822 ) 499,163
Net cash generated from operations 366,547 978,307
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
as restated
£ £
Cash at bank and in hand 2,164,526 2,140,980
3. Analysis of changes in net funds
As at 16 April 2023 Cash flows As at 13 April 2024
£ £ £
Cash at bank and in hand 2,140,980 23,546 2,164,526
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Notes to the Financial Statements
1. General Information
Kirtons Bakery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06402164 . The registered office is 11-13 Britannia Street, Leicester, Leicestershire, LE1 3LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company is expected to generate positive cash flows for the foreseeable future and should therefore be able to operate within the current level of working capital. 
On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Straight line
Plant & Machinery at variable rates on reducing balance
Motor Vehicles 33% reducing balance
2.5. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.8. 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. 
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. 
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.
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 effective interest method. Discounting is omitted where the effect of discounting is immaterial. 
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.10. 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. 
2.11. Judgments In Applying Accounting Policies And Key Sources Of Estimation Uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:
Depreciation of tangible fixed assets
Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value.  The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Stock valuation
Stock is valued at the lower of cost and net realisable value.  Cost is determined on a first in, first out basis.  
Provision is made to reduce the value of stock for slow obsolete stock.  Raw materials are deemed to be obsolete when the time remaining until their use-by date is such that the company’s quality standards could not be guaranteed if products were made using these raw materials.  Finished goods are deemed to be obsolete when their best-before date is reached.  Obsolete stocks are fully written off.
3. Turnover
All turnover arose within the United Kingdom.
4. Other Operating Income
2024 2023
as restated
£ £
Grant income - 39
- 39
5. Operating Profit
The operating profit is stated after charging:
2024 2023
as restated
£ £
Bad debts 36,241 -
Operating lease rentals 69,223 49,861
Depreciation of tangible fixed assets 75,186 58,657
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
as restated
£ £
Audit Services
Audit of the company's financial statements 12,500 4,000
Other Services
Taxation compliance service - 500
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
as restated
£ £
Wages and salaries 3,525,423 2,495,012
Social security costs 300,861 212,872
Other pension costs 45,956 32,726
3,872,240 2,740,610
8. Average Number of Employees
Average number of employees, including directors, during the year was: 158 (2023: 120)
158 120
9. Directors' remuneration
2024 2023
as restated
£ £
Emoluments 141,765 133,919
Company contributions to money purchase pension schemes 4,837 4,666
146,602 138,585
During the year retirement benefits were accruing to 3 directors (2023: 3) in respect of defined contributions pension schemes.
10. Interest Receivable and Similar Income
2024 2023
as restated
£ £
Bank interest receivable 24,005 4,027
Other interest receivable - 296
24,005 4,323
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11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
as restated
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.2% 220,682 192,643
Prior period adjustment (208,894 ) -
11,788 192,643
Deferred Tax
Deferred taxation 15,283 22,150
Total tax charge for the period 27,071 214,793
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 948,618 980,588
Tax on profit at 25% (UK standard rate) 237,155 188,736
Goodwill/depreciation not allowed for tax 19,497 11,290
Expenses not deductible for tax purposes 259 -
Capital allowances (36,229 ) (7,383 )
Short term timing differences 15,283 22,150
Prior period adjustment (208,894 ) -
Total tax charge for the period 27,071 214,793
12. Prior Period Adjustment
The movement in trade and other creditors during the year has been split to improve visibility in the cash flow statements. The comparative figures are restated accordingly.
In 2019 the company repurchased the shares belonging to a former shareholder. The movement on capital redemption reserve was not recognised at the time on the grounds of materiality. The directors now feel it is appropriate to reflect this in the balance sheet and the comparative figures have been restated accordingly.
During the year it became clear that some stock lines had been internally recorded at selling price rather than at the lower of cost and net realisable value.  Some of these lines were also held at the previous year-end and so the directors have revised the stock value at the 2023 balance sheet date and the comparative figures are restated accordingly.
The impact of this is a reduction to operating profit for the year ended 16 April 2023 of £112,795 and a reduction in reserves at that date of £91,086, bringing a profit and loss reserve of £3,419,499 forward to the beginning of the year under review.
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13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 16 April 2023 13,680 625,566 16,750 655,996
Additions - 145,251 - 145,251
Disposals - - (8,250 ) (8,250 )
As at 13 April 2024 13,680 770,817 8,500 792,997
Depreciation
As at 16 April 2023 2,736 325,824 13,209 341,769
Provided during the period 1,368 73,571 247 75,186
Disposals - - (5,448 ) (5,448 )
As at 13 April 2024 4,104 399,395 8,008 411,507
Net Book Value
As at 13 April 2024 9,576 371,422 492 381,490
As at 16 April 2023 10,944 299,742 3,541 314,227
14. Stocks
2024 2023
as restated
£ £
Stock 913,121 866,446
15. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 2,305,247 2,038,989
Prepayments and accrued income 396,295 71,986
VAT 256,075 216,191
2,957,617 2,327,166
16. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 1,335,903 1,606,723
Other creditors 47,809 57,651
Corporation tax 198,999 192,643
Taxation and social security 119,498 92,528
Accruals and deferred income 216,146 137,705
1,918,355 2,087,250
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17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Accelerated capital allowances 93,528 78,245
18. Provisions for Liabilities
Deferred Tax Total
£ £
As at 16 April 2023 78,245 78,245
Additions 15,283 15,283
Balance at 13 April 2024 93,528 93,528
19. Share Capital
2024 2023
as restated
Allotted, called up but not fully paid £ £
1,250 Ordinary A shares of £ 1.000 each 1,250 1,250
1,250 Ordinary B shares of £ 1.000 each 1,250 1,250
1,250 Ordinary C shares of £ 1.000 each 1,250 1,250
3,750 3,750
20. Financial Instruments
The company has the following financial instruments:
2024 2023
as restated
£ £
Financial assets
Financial assets measured at fair value through profit and loss 2,164,526 2,140,980
Financial assets that are debt Instruments measured at amortised cost 2,355,671 2,038,989
Financial liabilities
Financial liabilities measured at amortised cost 1,587,358 1,802,079
Financial assets measured at fair value through profit and loss comprise cash and bank balances.
Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.
Financial liabilities measure at amortised cost comprise trade and other creditors and accruals.
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21. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 50,000 50,000
Later than one year and not later than five years 50,000 -
100,000 50,000
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £45,956 (2023: £32,726).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
23. Dividends
2024 2023
as restated
£ £
On equity shares:
Interim dividend paid - 20,000
2024
2023
Interim dividends paid
£
£
Ordinary A Shares
-
10,000
Ordinary B Shares
-
10,000
Ordinary C Shares
-
-
image
image
-
image
20,000
image
24. Reserves
Capital Redemption reserve
This reserve represent issued share capital that was repurchased by the company and subsequently cancelled in previous years. This reserve is not distributable
Revaluation reserve
This reserve was established to recognise all gains and losses arsing from revaluation of plant and machinery in prior years, the company no longer revalues its plant and machinery on adoption of FRS 102. All movements through this reserve will be as a result of adjustments for deprecation, deferred tax and disposals or impairments of previously revalued assets.
Profit and loss account
Total comprehensive income, after dividends and reserve transfers as described above, is retained and carried forward in the profit and loss account. 
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