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Registered number: 11859006
Cyprus Bakery Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
ELM Partners
Chartered Certified Accountants & Registered Auditors
Southgate Offie Village
286a Chase Road
Soutghate
London
N14 6HF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11859006
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 280 220
Tangible Assets 5 506,152 403,435
506,432 403,655
CURRENT ASSETS
Stocks 6 74,486 131,589
Debtors 7 161,058 148,614
Cash at bank and in hand 556,260 229,951
791,804 510,154
Creditors: Amounts Falling Due Within One Year 8 (418,321 ) (419,448 )
NET CURRENT ASSETS (LIABILITIES) 373,483 90,706
TOTAL ASSETS LESS CURRENT LIABILITIES 879,915 494,361
Creditors: Amounts Falling Due After More Than One Year 9 (23,389 ) (33,292 )
NET ASSETS 856,526 461,069
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 856,426 460,969
SHAREHOLDERS' FUNDS 856,526 461,069
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr BERKAN AHISKAL
Director
20/05/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cyprus Bakery Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11859006 . The registered office is Southgate Office Village, 286a Chase Road, London, N14 6HF.
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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property asset is a Trademark and is measured at cost. It is not amortised to the profit and loss account as usefull life can not be identified.
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 years
Plant & Machinery 15% reducing balance method
Motor Vehicles 20% reducing balance method
Fixtures & Fittings 15% reducing balance method
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Corporation 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 years 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.
...CONTINUED
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2.7. Taxation - continued
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 assets reflect 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2023: 39)
38 39
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 September 2023 220
Additions 340
As at 31 August 2024 560
Amortisation
As at 1 September 2023 -
Provided during the period 280
As at 31 August 2024 280
Net Book Value
As at 31 August 2024 280
As at 1 September 2023 220
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 34,315 483,898 10,000 63,476 591,689
Additions 5,911 142,043 - 44,817 192,771
As at 31 August 2024 40,226 625,941 10,000 108,293 784,460
Depreciation
As at 1 September 2023 13,626 153,548 3,600 17,480 188,254
Provided during the period 4,293 70,859 1,280 13,622 90,054
As at 31 August 2024 17,919 224,407 4,880 31,102 278,308
...CONTINUED
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Page 5
Net Book Value
As at 31 August 2024 22,307 401,534 5,120 77,191 506,152
As at 1 September 2023 20,689 330,350 6,400 45,996 403,435
6. Stocks
2024 2023
£ £
Finished goods 74,486 131,589
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 79,260 57,580
Prepayments and accrued income 51,982 46,254
Other debtors 1,114 -
VAT 28,702 44,780
161,058 148,614
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,305 3,333
Trade creditors 116,423 168,659
Bank loans and overdrafts 5,556 8,846
Corporation tax 123,785 55,370
Other taxes and social security 27,433 9,744
Net wages 21,433 9,052
Other creditors 71,692 86,092
Accruals and deferred income 13,555 9,111
Director's loan account 37,139 69,241
418,321 419,448
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 1,347
Bank loans 23,389 31,945
23,389 33,292
Bank loans includes a bounce bank loan of £28,945 as at year end. The government guarantees 100% of the bounce back loan and there were no fees or interest for the first 12 months. After 12 months , the interest is capped at 2.5% per year and the total amount payable must be repaid by way of 60 consecutive monthly payments (consisting of capital and interest).
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,305 3,333
Later than one year and not later than five years - 1,347
1,305 4,680
1,305 4,680
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Pension Commitments
The company operates a defined contribution pension scheme for the directors and employess. The assets of the scheme are held separately from those of the company in an independently administered fund. During the year the company contributed £5,672.
13. Related Party Transactions
Included in creditors amount falling due within one year is an amount of £37,139 (2023: £69,241) due to Mr Berkan Ahiskal, director of the company. The loan is interest free.
The company occupies the leasehold premises and pays annual rental commitment of £60,000 per year to the beneficial owners of the company, who are also the owners of the leasehold property.
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