Maine Bakery Limited NI614478 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is manufacture and sale of bread, fresh pastry goods and cakes Digita Accounts Production Advanced 6.30.9574.0 true true NI614478 2024-01-01 2024-12-31 NI614478 2024-12-31 NI614478 bus:OrdinaryShareClass1 2024-12-31 NI614478 core:CurrentFinancialInstruments 2024-12-31 NI614478 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 NI614478 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 NI614478 core:Goodwill 2024-12-31 NI614478 core:FurnitureFittingsToolsEquipment 2024-12-31 NI614478 core:MotorVehicles 2024-12-31 NI614478 bus:SmallEntities 2024-01-01 2024-12-31 NI614478 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 NI614478 bus:FilletedAccounts 2024-01-01 2024-12-31 NI614478 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 NI614478 bus:RegisteredOffice 2024-01-01 2024-12-31 NI614478 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 NI614478 bus:Director3 2024-01-01 2024-12-31 NI614478 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 NI614478 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI614478 core:Goodwill 2024-01-01 2024-12-31 NI614478 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 NI614478 core:MotorVehicles 2024-01-01 2024-12-31 NI614478 countries:NorthernIreland 2024-01-01 2024-12-31 NI614478 2023-12-31 NI614478 core:Goodwill 2023-12-31 NI614478 core:FurnitureFittingsToolsEquipment 2023-12-31 NI614478 core:MotorVehicles 2023-12-31 NI614478 2023-01-01 2023-12-31 NI614478 2023-12-31 NI614478 bus:OrdinaryShareClass1 2023-12-31 NI614478 core:CurrentFinancialInstruments 2023-12-31 NI614478 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI614478 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI614478 core:FurnitureFittingsToolsEquipment 2023-12-31 NI614478 core:MotorVehicles 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI614478

Maine Bakery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Maine Bakery Limited

(Registration number: NI614478)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

-

Tangible assets

6

79,223

92,369

 

79,223

92,369

Current assets

 

Stocks

35,850

38,550

Debtors

7

360,703

359,376

Cash at bank and in hand

 

140,964

101,252

 

537,517

499,178

Creditors: Amounts falling due within one year

8

(221,219)

(236,340)

Net current assets

 

316,298

262,838

Total assets less current liabilities

 

395,521

355,207

Creditors: Amounts falling due after more than one year

8

(126,271)

(203,492)

Provisions for liabilities

(19,806)

(23,092)

Net assets

 

249,444

128,623

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

248,444

127,623

Shareholders' funds

 

249,444

128,623

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Maine Bakery Limited

(Registration number: NI614478)
Balance Sheet as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

.........................................
Ms Margaret Joy Smyth
Company secretary and director

.........................................
Ms Lois Forsythe
Director

 

Maine Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is: 77 Main Street, Cullybackey, Co. Antrim, BT42 1BW.

These financial statements were authorised for issue by the Board on 9 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Going concern

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

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Tax

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

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

 

Maine Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, fixtures and fittings

12.5% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Goodwill has been fully amortised in the accounts.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Short-term debtors and creditors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Maine Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2023 - 34).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,866

16,597

 

Maine Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

1,000,000

1,000,000

At 31 December 2024

1,000,000

1,000,000

Amortisation

At 1 January 2024

1,000,000

1,000,000

At 31 December 2024

1,000,000

1,000,000

Carrying amount

At 31 December 2024

-

-

6

Tangible assets

Equipment, fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

480,273

67,350

547,623

Additions

720

-

720

At 31 December 2024

480,993

67,350

548,343

Depreciation

At 1 January 2024

405,733

49,521

455,254

Charge for the year

9,408

4,458

13,866

At 31 December 2024

415,141

53,979

469,120

Carrying amount

At 31 December 2024

65,852

13,371

79,223

At 31 December 2023

74,540

17,829

92,369

 

Maine Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

118,280

97,658

Amounts owed by related parties

166,875

166,875

Prepayments

67,298

87,685

Other debtors

8,250

7,158

 

360,703

359,376

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

45,520

39,271

Directors' current account

76,035

69,720

Other creditors

99,664

127,349

221,219

236,340

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Directors' current account

126,271

203,492

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

Maine Bakery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Related party transactions

2024
£

2023
 £

Directors' current account

(202,306)

(273,212)

Balance owed by parent company

At the balance sheet date, the amount owed to the Company by its parent, Panem Holdings Limited, amounted to £166,875 (2023: £166,875).