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Registered number: 00675283










K. & H. (BAKEWELL) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2024

 
K. & H. (BAKEWELL) LIMITED
 
 
COMPANY INFORMATION


Directors
J B Hollingworth 
P R Lowery 
E J Hollingworth 
E M Hollingworth 




Registered number
00675283



Registered office
The Haulage Depot
Newhaven

Buxton

Derbyshire

SK17 0DZ




Independent auditors
Shorts
Chartered Accountants & Registered Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
National Westminster Bank plc





 
K. & H. (BAKEWELL) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 31


 
K. & H. (BAKEWELL) LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024

Introduction
 
The directors present their Strategic Report for the period ended 31 October 2024.

Business review
 
After higher than anticipated revenue growth in 2023 of 9.4%, turnover has now steadied and has seen a very slight decline during the period (when using pro-rata 12 month data). The 2023 growth was not sustainable long term and the growth over the two financial periods is seen as more than satisfactory by the directors.
Despite many external factors creating difficult trading conditions, the 15 month period has generated a trading profit before taxation of £84,794 (2023: 12 month period profit of £59,326).
The company continues to invest in fixed assets whilst being committed to reducing long term debt. This allows the business to continue to deliver services efficiently and to a high standard whilst reducing overall debt and related costs over a period of time.

Principal risks and uncertainties
 
Like many businesses, there are several risks and uncertainties which the directors continually review. There are general risks and uncertainties which face all businesses such as the impact on interest rate changes.
The nature of our trade means that we are impacted by the general performance of the construction industry and the pressure on pricing which is due to high competition in our sector. The directors manage this well by keeping up to date with industry performance indicators and developments and ensuring that mitigating factors are introduced where necessary to ensure the continued success of the business.
Our haulage income and profitability can be significantly impacted by the volatility of fuel prices. Where possible, our pricing is adjusted to ensure that any rise in costs is covered and we seek to obtain good deals with our suppliers to keep any price increases to a minimum.
Whilst the vast majority of our workforce are contracted to the business as employees, we also make use of subcontract labour. This is helpful for many reasons but brings some risk in that they are not obliged to undertake any jobs we offer to them. We ensure that we are not excessively reliant on such third parties and keep a good balance between employees and subcontractors.
The business does not generally suffer from large amounts of bad debt. Whilst some customer accounts have credit terms which are longer than average, this is considered typical of the industry we operate within. We perform credit checks on new accounts, the debts are regularly reviewed and we are in regular contact with our customers to ensure we are not exposed to any large bad debts.
Over the years, we have developed a good brand and our name offers our customers comfort in that they can trust and rely upon us to deliver high quality services. The continued success of the brand is of utmost importance to the directors and will continue to be built upon.

Page 1

 
K. & H. (BAKEWELL) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024

Financial key performance indicators
 
The main financial KPI’s we measure are as follows:
Revenue growth – 2024: 1.7% decline (pro-rata for 12 month period); 2023: 9.4% growth
Gross profit margin – 2024: 13%; 2023: 12%
Net assets – 2024: £1,191,976; 2023: £1,135,802
Net debt (see page 15) – 2024: £952,857; 2023: £1,556,289
The directors are pleased with the performance of the business in the period. The margin has remained healthy which has contributed towards a growth in net assets and a reduction in net debt.


This report was approved by the board on 19 May 2025 and signed on its behalf.



J B Hollingworth
Director

Page 2

 
K. & H. (BAKEWELL) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the period ended 31 October 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;

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.

Principal activity

The principal activities of the company continued to be that of haulage services, stone sales, operation of a filling station and catering services.
The company continues to provide a diverse range of products and services to its valued customers. 

Results and dividends paid

The profit for the period, after taxation, amounted to £84,794 (2023 - £15,981).

Dividends totalling £28,620 were paid during the period.

Directors

The directors who served during the period were:

J B Hollingworth 
P R Lowery 
E J Hollingworth 
E M Hollingworth 

Future developments

The directors recognise areas for growth and are looking to invest to achieve this.

Page 3

 
K. & H. (BAKEWELL) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsShortswill be proposed for appointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 May 2025 and signed on its behalf.
 





J B Hollingworth
Director

Page 4

 
K. & H. (BAKEWELL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF K. & H. (BAKEWELL) LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Qualified opinion


We have audited the financial statements of K. & H. (Bakewell) Limited (the 'Company') for the period ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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, except for the possible effect of the matters described in the basis for qualified opinion section of the report, the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2024 and of its profit for the period 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 qualified opinion


The company breached the audit threshold in the year ended 31 July 2022 and became subject to audit from the following year end. The directors took the decision in the year to extend the accounting period, and the first financial statements subject to audit were the 15 months ended 31 October 2024. We did not observe the counting of physical inventories at the beginning of the year. We were unable to satifsy ourselves by alternative means concerning inventory existence at the prior year end, 31 July 2023. Since opening inventories enter into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in resect of the profit for the year reported in the Statement of Comprehensive Income and the net cash flows from operating activities reported in the Statement of Cash Flows.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 qualified opinion.
Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.


Page 5

 
K. & H. (BAKEWELL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF K. & H. (BAKEWELL) LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the opening inventory existence as at 31 July 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially mistated for the same reason.


Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Page 6

 
K. & H. (BAKEWELL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF K. & H. (BAKEWELL) LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Matters on which we are required to report by exception
 

Except for the matter described in the basis for qualified opinion section of our report, 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 Strategic Report or the Directors' Report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:


we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records have been kept.


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:


   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.



Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 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.


Page 7

 
K. & H. (BAKEWELL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF K. & H. (BAKEWELL) LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' 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 Auditors' 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; 
considered relationship with HMRC, relevant regulators and the Company’s legal advisors; and
review of legal and professional fees and of incident log for evidence of litigation.
 

Page 8

 
K. & H. (BAKEWELL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF K. & H. (BAKEWELL) LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our 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 Auditors' Report.


Other matters 
 

The financial statements of the Company for the year ended 31 July 2023 were not audited as a result of the previously available exemption under s477 of the Companies Act 2006.


Use of our report
 

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 2006Our 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 Auditors' 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.





Kirstie Wilson ACA DChA (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Registered Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

19 May 2025
Page 9

 
K. & H. (BAKEWELL) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2024

15m ended
31 October
12m ended
31 July
2024
2023
Note
£
£

  

Turnover
 4 
13,133,307
10,693,152

Cost of sales
  
(11,425,357)
(9,408,306)

Gross profit
  
1,707,950
1,284,846

Administrative expenses
  
(1,571,809)
(1,184,532)

Other operating income
 5 
64,782
41,962

Operating profit
  
200,923
142,276

Interest receivable and similar income
 9 
756
261

Interest payable and similar expenses
 10 
(116,885)
(83,211)

Profit before tax
  
84,794
59,326

Tax on profit
 11 
-
(43,345)

Profit for the financial period
  
84,794
15,981

Other comprehensive income for the period
  

Total comprehensive income for the period
  
84,794
15,981

The notes on pages 16 to 31 form part of these financial statements.

Page 10

 
K. & H. (BAKEWELL) LIMITED
REGISTERED NUMBER: 00675283

BALANCE SHEET
AS AT 31 OCTOBER 2024

31 October
31 July
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
4,387
5,850

Tangible assets
 14 
2,743,225
3,201,149

  
2,747,612
3,206,999

Current assets
  

Stocks
 15 
511,461
473,819

Debtors: amounts falling due within one year
 16 
1,311,183
1,271,913

Cash at bank and in hand
  
64,927
103,348

  
1,887,571
1,849,080

Creditors: amounts falling due within one year
 18 
(2,771,235)
(2,595,856)

Net current liabilities
  
 
 
(883,664)
 
 
(746,776)

Total assets less current liabilities
  
1,863,948
2,460,223

Creditors: amounts falling due after more than one year
 19 
(408,450)
(1,060,899)

Provisions for liabilities
  

Deferred tax
  
(263,522)
(263,522)

Net assets
  
1,191,976
1,135,802


Capital and reserves
  

Called up share capital 
  
2,120
2,120

Share premium account
 22 
29,880
29,880

Revaluation reserve
 22 
192,843
194,895

Profit and loss account
 22 
967,133
908,907

  
1,191,976
1,135,802


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2025.




J B Hollingworth
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 11

 
K. & H. (BAKEWELL) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 August 2022
2,120
29,880
196,536
919,905
1,148,441



Profit for the year
-
-
-
15,981
15,981

Dividends: Equity capital
-
-
-
(28,620)
(28,620)

Transfer to/from profit and loss account
-
-
(1,641)
1,641
-



At 1 August 2023
2,120
29,880
194,895
908,907
1,135,802



Profit for the period
-
-
-
84,794
84,794

Dividends: Equity capital
-
-
-
(28,620)
(28,620)

Transfer to/from profit and loss account
-
-
(2,052)
2,052
-


At 31 October 2024
2,120
29,880
192,843
967,133
1,191,976


The notes on pages 16 to 31 form part of these financial statements.

Page 12

 
K. & H. (BAKEWELL) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2024

15m ended
31 October
12m ended
31 July
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
84,794
15,981

Adjustments for:

Amortisation of intangible assets
1,463
1,170

Depreciation of tangible assets
571,391
480,518

Loss on disposal of tangible assets
(14,822)
40,380

Interest paid
116,885
83,211

Interest received
(756)
(262)

Taxation charge
-
43,345

(Increase)/decrease in stocks
(37,642)
43,371

(Increase)/decrease in debtors
(39,270)
111,028

Increase/(decrease) in creditors
158,649
(59,418)

Net cash generated from operating activities

840,692
759,324


Cash flows from investing activities

Purchase of tangible fixed assets
(270,894)
(1,023,747)

Sale of tangible fixed assets
172,250
105,500

Interest received
756
262

Net cash from investing activities

(97,888)
(917,985)

Cash flows from financing activities

Repayment of loans
(59,451)
(56,438)

Repayment of/new finance leases
(576,269)
260,842

Dividends paid
(28,620)
(28,620)

Interest paid
(15,452)
(12,998)

HP interest paid
(101,433)
(70,213)

Net cash used in financing activities
(781,225)
92,573
Page 13

 
K. & H. (BAKEWELL) LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024

15m ended
31 October
12m ended
31 July

2024
2023

£
£



Net (decrease) in cash and cash equivalents
(38,421)
(66,088)

Cash and cash equivalents at beginning of period
103,348
169,436

Cash and cash equivalents at the end of period
64,927
103,348


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
64,927
103,348


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
K. & H. (BAKEWELL) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 OCTOBER 2024






At 1 August 2023
Cash flows
New finance leases
Other non-cash changes
At 31 October 2024
£

£

£

£

£

Cash at bank and in hand

103,348

(38,421)

-

-

64,927

Debt due after 1 year

(215,586)

172,952

-

-

(42,634)

Debt due within 1 year

(47,647)

(101,240)

-

(6,130)

(155,017)

Finance leases

(1,396,404)

757,094

(180,823)

-

(820,133)


(1,556,289)
790,385
(180,823)
(6,130)
(952,857)

The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

1.


General information

K.& H. (Bakewell) Limited is a private company limited by shares, incorporated in England and Wales (registered number: 00675283). Its registered office is The Haulage Depot, Newhaven, Buxton, Derbyshire, SK17 0DZ. The principle activity of the Company throughout the period continued to be that of the provision of haulage, stones sales, service station and hospitality services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Reporting period

These financial statements present an fifteen month period to 31 October 2024, following the directors decision to extend the period end. The comparative period reflects the twelve month period to 31 July 2023. As a result the comparative figures are not entirely comparable.

 
2.3

Going concern

At the year end date, the Company had net current liabilities totalling £883,664 (2023: £746,776). The ability of the Company to meet its liabilities as they fall due is dependent on the future profitability and cash generation of the Company. The directors are confident that the Company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.”

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

Transactions and balances

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

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.

Page 16

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

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

 
2.8

Finance costs

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

Page 17

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the 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.

 
2.11

Intangible assets

Goodwill  
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life, which is considered to be ten years.

Page 18

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
5%
straight line
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
15%
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.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

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.

 
2.15

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 19

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade receivables and payables, 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,  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.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.


 
2.16

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

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Depreciation of fixed assets
The depreciation rates adopted for all classes of property, plant and equipment are an estimate based on management's best estimate of the use and longevity of the asset.
(ii) Stock provisioning
The company makes an estimate of the recoverable value of stock. When assessing impairment of stock, management considers factors such as market conditions, ageing profile of stock and historical experience. No such provisions were made in the current or prior period.
(iii) Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade debtors after making such a provision was £1,224,398 (2023: £1,237,446).

Page 20

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

4.


Turnover

15m ended
31 October
12m ended
31 July
2024
2023
£
£

Haulage
7,708,841
6,037,118

Hospitality and Retail
5,424,466
4,656,034

13,133,307
10,693,152


All turnover arose within the United Kingdom.


5.


Other operating income

15m ended
31 October
12m ended
31 July
2024
2023
£
£

Other operating income
64,782
41,962



6.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


15m ended
31 October
12m ended
31 July
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,500
-

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
6,200
5,250
Page 21

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

7.


Employees

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


15m ended
31 October
12m ended
31 July
2024
2023
£
£

Wages and salaries
1,961,586
1,444,763

Social security costs
196,625
146,287

Cost of defined contribution scheme
48,074
33,580

2,206,285
1,624,630


The average monthly number of employees, including directors, during the period was 63 (2023 - 56).


8.


Directors' remuneration

15m ended
31 October
12m ended
31 July
2024
2023
£
£

Directors' emoluments
156,792
105,311

Company contributions to defined contribution pension schemes
4,758
3,549

161,550
108,860



9.


Interest receivable

15m ended
31 October
12m ended
31 July
2024
2023
£
£


Other interest receivable
756
261

Page 22

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

10.


Interest payable and similar expenses

15m ended
31 October
12m ended
31 July
2024
2023
£
£


Bank interest payable
15,452
12,998

Finance leases and hire purchase contracts
101,433
70,213

116,885
83,211


11.


Taxation


15m ended
31 October
12m ended
31 July
2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
-
43,345


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.01%). The differences are explained below:

15m ended
31 October
12m ended
31 July
2024
2023
£
£


Profit on ordinary activities before tax
84,739
59,326


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.01%)
21,199
12,462

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
832
(2,291)

Capital allowances for period/year in excess of depreciation
5,171
(32,460)

Remeasurement of deferred tax for changes in tax rates
-
63,343

Movement in deferred tax not recognised
(27,202)
2,291

Total tax charge for the period/year
-
43,345

Page 23

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

At 31 October 2024 the company had taxable losses carried forward of £710,732 (2023: £1,246,226) available for relief against future taxable profits.


12.


Dividends

31 October
31 July
2024
2023
£
£


Dividends paid
28,620
28,620


13.


Intangible assets






Goodwill

£



Cost


At 1 August 2023
11,700



At 31 October 2024

11,700



Amortisation


At 1 August 2023
5,850


Charge for the period on owned assets
1,463



At 31 October 2024

7,313



Net book value



At 31 October 2024
4,387



At 31 July 2023
5,850



Page 24

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

14.


Tangible fixed assets







Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
968,765
197,857
3,530,561
181,793
4,878,976


Additions
9,219
-
231,000
30,675
270,894


Disposals
-
-
(316,127)
(64,770)
(380,897)



At 31 October 2024

977,984
197,857
3,445,434
147,698
4,768,973



Depreciation


At 1 August 2023
94,845
110,479
1,350,687
121,816
1,677,827


Charge for the period on owned assets
18,809
8,522
146,174
12,538
186,043


Charge for the period on financed assets
-
-
385,348
-
385,348


Disposals
-
-
(161,631)
(61,839)
(223,470)



At 31 October 2024

113,654
119,001
1,720,578
72,515
2,025,748



Net book value



At 31 October 2024
864,330
78,856
1,724,856
75,183
2,743,225



At 31 July 2023
873,920
87,378
2,179,874
59,977
3,201,149

Page 25

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 October
31 July
2024
2023
£
£



Motor vehicles
1,365,431
1,866,377

Furniture, fittings and equipment
-
2,349

1,365,431
1,868,726

Cost or valuation at 31 October 2024 is as follows:

Land and buildings
£


At cost
750,840
At valuation:

At 31.10.24 by directors on an open market existing use basis
425,000



1,175,840

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

31 October
31 July
2024
2023
£
£



Cost
820,916
811,696

Accumulated depreciation
(149,424)
(132,667)

Net book value
671,492
679,029

Included in freehold property is land totalling £150,000 which is not depreciated.

Page 26

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

15.


Stocks

31 October
31 July
2024
2023
£
£

Materials for resale
381,439
324,100

Finished goods for resale
130,022
149,719

511,461
473,819



16.


Debtors

31 October
31 July
2024
2023
£
£


Trade debtors
1,244,398
1,237,446

Other debtors
26,213
7,297

Prepayments and accrued income
40,572
27,170

1,311,183
1,271,913



17.


Cash and cash equivalents

31 October
31 July
2024
2023
£
£

Cash at bank and in hand
64,927
103,348


Page 27

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

18.


Creditors: Amounts falling due within one year

31 October
31 July
2024
2023
£
£

Bank loans
152,992
39,492

Trade creditors
998,509
1,147,311

Other taxation and social security
177,754
192,053

Obligations under finance lease and hire purchase contracts
454,317
551,091

Other creditors
891,357
629,839

Accruals and deferred income
96,306
36,070

2,771,235
2,595,856


Included within other creditors are amounts totalling £872,950 (2023: £595,134) which are secured against the book debt of the Company.
Bank loans are secured by way of legal charge and debenture over the Company's assets.
Obligations under finance lease and hire purchase contracts are secured against the underlying assets.


19.


Creditors: Amounts falling due after more than one year

31 October
31 July
2024
2023
£
£

Bank loans
42,634
215,586

Net obligations under finance leases and hire purchase contracts
365,816
845,313

408,450
1,060,899


Bank loans are secured by way of legal charge and debenture over the Company's assets.
Obligations under finance lease and hire purchase contracts are secured against the underlying assets.

Page 28

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

Analysis of the maturity of loans is given below:


31 October
31 July
2024
2023
£
£

Amounts falling due within one year

Bank loans
152,992
39,492

Amounts falling due 1-2 years

Bank loans
42,634
40,049

Amounts falling due 2-5 years

Bank loans
-
175,537


195,626
255,078


The loans are made up as follows:

31 October
31 July
2024
2023
£
£



Bank loan - 3% per annum above base repayable June 2024
117,473
131,230

Bank loan - 3.69% per annum fixed repayable May 2026
45,395
65,226

Bank loan - 3.69% per annum above base repayable April 2026
32,758
58,622

195,626
255,078

The bank loan due in June 2024 was refinanced post year end.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 October
31 July
2024
2023
£
£


Within one year
454,317
551,091

Between 1-5 years
241,038
444,199

Over 5 years
124,778
401,114

820,133
1,396,404

Page 29

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

21.


Deferred taxation






2024
2023


£

£






At beginning of year
263,522
220,177


Charged to profit or loss
-
43,345



At end of year
263,522
263,522

The provision for deferred taxation is made up as follows:

31 October
31 July
2024
2023
£
£


Accelerated capital allowances
568,196
568,196

Tax losses carried forward
(311,557)
(311,557)

Pension surplus
(665)
(665)

Revaluation surplus
7,548
7,548

263,522
263,522


22.


Reserves

Share premium account

Share premium account represents the difference between the par value of the issued shares and the subscription price.

Revaluation reserve

Amounts included in the revaluation reserve are made up of revaluation gains / losses and transfers of related depreciation and deferred tax. All amounts in the revaluation reserve are non-distributable.

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.

Page 30

 
K. & H. (BAKEWELL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024

23.


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 £48,074 (2023: £68,687). Contributions totalling £14,382 (2023: £6,214) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

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

31 October
31 July
2024
2023
£
£


Not later than 1 year
115,402
1,113

Later than 1 year and not later than 5 years
421,392
1,113

536,794
2,226


25.


Related party transactions

In the period dividends of £28,620 (2023: £28,620) were paid to the directors.
Included within trade debtors are amounts due from related party companies totalling £99,330 (2023: £61,929). All transactions in the year were conducted under normal market conditions.
Included within other debtors are amounts due from the directors totalling £12,866 (2023: £3,570). Loans provided to directors are interest free and repayable on demand.
Included within trade creditors are amounts due to related party companies totalling £33,375 (2023: £35,260). All transactions in the year were conducted under normal market conditions.
Included in creditors due within one year are amounts due to the directors totalling £2,025 (2023: £8,155). Loans owed to directors are interest free and repayable on demand.
The company has use of land and buildings owned by the director for which no rent is charged.


26.


Controlling party

The ultimate controlling party is JB Hollingworth.

 
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