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Registered number: 07278050
















PRIMA BAKERIES LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024


































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PRIMA BAKERIES LIMITED

 
COMPANY INFORMATION


DIRECTORS
Mrs L Norton 
Mr M D Norton (ceased 26 November 2024)
Mr A P Bray (appointed 19 March 2025)




REGISTERED NUMBER
07278050



REGISTERED OFFICE
Wheal Rose
Scorrier

Redruth

Cornwall

TR16 5BX




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP






PRIMA BAKERIES LIMITED


CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9
Company statement of financial position
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 32



PRIMA BAKERIES LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

BUSINESS REVIEW
 
The Directors are pleased to announce that sales have broken through the £13m level and that a profit before tax for the year of £2,158,930 (2023 - £1,270,109) was achieved.
The core operation of the company remains the production of bakery items, in particular Cornish Pasties, speciality flavour pasties and other savoury food items such as sausage rolls and wraps. The group operates from two production sites run by experienced management teams. Inter site transport allows for efficient movement of raw materials and finished goods; group buying power has helped to counter the inflationary pressures experience during the period. Cross selling to each site’s customers has maximised sales growth and reinforced customer relationships.
The company’s brands strength, product range and quality and high levels of customer service has resulted in increased demand for its products resulting in a sales growth of 10.9% versus 2023. This growth has continued in 2025. Turnover will break though £15m in the current financial year. The company concentrates its sales efforts on customers from which it is able to generate sustainable profit margins; no customer exceeds 15% of turnover. Despite the sales growth achieved, there remains great demand for the company’s products with no shortage of potential new customers. 
In December 2023, the group transitioned to an Employee Ownership Trust. This will allow all staff to benefit from the Group’s future success. Prima has always been proud of being a family owned and managed Cornish business; the EOT will allow the extension of that “family” to involve all staff.  The group has grown to be the fourth largest manufacturer of Cornish Pasties in the UK and the only locally owned wholesaler trading across the whole of the UK. 
In September 2024, the group acquired the share capital of biscuit manufacturer Furniss of Cornwall Limited. There are synergies between the company and current members of the Group as well as complementary product ranges which will allow the Group to expand its offerings to its customer base.

PRINCIPAL RISKS AND UNCERTAINTIES
 
There are many external risks beyond the control of the company. These include market conditions, raw material inflation, labour availability, competitor activity and consumer confidence. The company’s growth over recent years demonstrates the Group’s resilience and is testament to its investment in product quality and business management. The Directors and the company’s management monitor all aspects of business performance on a daily basis to ensure continued and sustainable profit margins.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The group’s key focus is on profit margins and EBITDA. Wage costs as a percentage of sales are monitored on a weekly basis by the directors along with sales per man hour to determine efficiency and productivity. Profitability on an individual product line basis is monitored on a monthly basis to ensure margin contribution.


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




Mrs L Norton
Director

Date: 21 May 2025

Page 1


PRIMA BAKERIES LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,530,596 (2023: £908,530).

Ordinary dividends of £38,370 were paid in the year (2023: £66,140).

DIRECTORS

The directors who served during the year were:

Mrs L Norton 
Mr M D Norton (ceased 26 November 2024)

FUTURE DEVELOPMENTS

The group will continue to focus on producing high quality food items for its customers in a profitable and sustainable way. As demand continues, further production capacity will be sought to maintain customer supply and business growth. 

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 and the Group'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 and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

On 9 September 2024, the company acquired 100% of the shares of Furniss of Cornwall Limited.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






Mrs L Norton
Director

Date: 21 May 2025

Wheal Rose
Scorrier
Redruth
Cornwall
TR16 5BX

Page 2


PRIMA BAKERIES LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3


PRIMA BAKERIES LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMA BAKERIES LIMITED
OPINION


We have audited the financial statements of Prima Bakeries Limited (the 'parent Company') and its subsidiary (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, Consolidated Analysis of Net Debt 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 the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 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 Group's or the parent 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 ReportOur 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.


We have nothing to report in this regard.


Page 4


PRIMA BAKERIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMA BAKERIES LIMITED (CONTINUED)

OPINION 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5


PRIMA BAKERIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMA BAKERIES LIMITED (CONTINUED)

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 Group 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:

We have considered the nature of the industry and sector, control environment and business performance; 
We  have  considered  the  results  of enquiries  with  management  and  the  directors  in  relation to their own identification and assessment of the risks of irregularities;
We have reviewed key processes and controls and performed walkthroughs of transactions to confirm that systems are operating in line with documentation; and
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As  a  result  of  these  procedures,  we  considered  the  opportunities  and  incentives  that  may  exist  within  the organisation  for  fraud  and  identified  the  highest  areas  of  risk  to  be  in  relation  to  revenue  recognition  and management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
 
In  addition,  we  considered  provisions  of  other  laws  and  regulations  that  do  not  have  a  direct  effect  on  the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a  material  penalty.  These  included  health  and  safety  regulations,  employment  law,  food  safety,  hygiene legislation and data protection regulations.
 
Our procedures to respond to the risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements.
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Performing  detailed  transactional  testing  in  relation  to  the  recognition  of  revenue  with  a  particular  focus around the year-end cut off; and
In  addressing  the  risk  of  fraud  through  management  override  of  controls,  testing  the  appropriateness  of journal  entries,  and  other  adjustments;  assessing  whether  the  judgements  made  in  making  accounting estimates  are  indicative  of  potential  bias;  and  evaluating  the  business  rationale  of  any  significant transactions that are unusual or outside the normal course of the business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


 
Page 6


PRIMA BAKERIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMA BAKERIES LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising  that  the  risk of not  detecting  a  material  misstatement due to fraud is higher than the risk of not detecting  one  resulting  from an error, as fraud may  involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it


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.


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.






Alison Oliver FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP

22 May 2025
Page 7


PRIMA BAKERIES LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,078,159
11,787,722

Cost of sales
  
(9,125,239)
(8,656,282)

Gross profit
  
3,952,920
3,131,440

Administrative expenses
  
(1,706,257)
(1,729,195)

Other operating income
 5 
2,636
34,070

Operating profit
 6 
2,249,299
1,436,315

Interest receivable and similar income
 10 
3,659
-

Interest payable and similar expenses
 11 
(94,028)
(166,206)

Profit before taxation
  
2,158,930
1,270,109

Tax on profit
 12 
(628,334)
(361,579)

Profit for the financial year
  
1,530,596
908,530

  

Total comprehensive income for the year
  
1,530,596
908,530

Profit for the year attributable to:
  

Owners of the parent Company
  
1,530,596
908,530

  
1,530,596
908,530

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,530,596
908,530

  
1,530,596
908,530

The notes on pages 15 to 32 form part of these financial statements.

Page 8


PRIMA BAKERIES LIMITED
REGISTERED NUMBER:07278050

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,929,197
2,235,839

Tangible assets
 15 
748,802
752,601

  
2,677,999
2,988,440

Current assets
  

Stocks
 17 
716,034
448,964

Debtors: amounts falling due within one year
 18 
1,788,569
1,451,953

Cash at bank and in hand
  
973,429
1,664,204

  
3,478,032
3,565,121

Creditors: amounts falling due within one year
 19 
(1,949,573)
(1,812,239)

Net current assets
  
 
 
1,528,459
 
 
1,752,882

Total assets less current liabilities
  
4,206,458
4,741,322

Creditors: amounts falling due after more than one year
 20 
(59,400)
(1,100,915)

Provisions for liabilities
  

Deferred tax
 23 
(159,298)
(156,503)

Other provisions
 24 
(8,509)
(10,903)

  
 
 
(167,807)
 
 
(167,406)

Net assets
  
3,979,251
3,473,001


Capital and reserves
  

Called up share capital 
 25 
188
140

Share premium account
 26 
99,940
99,940

Capital redemption reserve
 26 
60
60

Profit and loss account
 26 
3,879,063
3,372,861

  
3,979,251
3,473,001


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

Mrs L Norton
Director

Date: 21 May 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 9


PRIMA BAKERIES LIMITED
REGISTERED NUMBER:07278050

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
284,357
271,268

Investments
 16 
5,055,060
5,055,060

  
5,339,417
5,326,328

Current assets
  

Stocks
 17 
174,613
135,110

Debtors: amounts falling due within one year
 18 
417,985
383,080

Cash at bank and in hand
  
354,387
490,482

  
946,985
1,008,672

Creditors: amounts falling due within one year
 19 
(5,014,138)
(4,124,107)

Net current liabilities
  
 
 
(4,067,153)
 
 
(3,115,435)

Total assets less current liabilities
  
1,272,264
2,210,893

  

Creditors: amounts falling due after more than one year
 20 
-
(1,100,915)

Provisions for liabilities
  

Deferred taxation
 23 
(55,016)
(49,570)

Other provisions
 24 
(8,509)
(10,903)

  
 
 
(63,525)
 
 
(60,473)

Net assets
  
1,208,739
1,049,505


Capital and reserves
  

Called up share capital 
 25 
188
140

Share premium account
 26 
99,940
99,940

Capital redemption reserve
 26 
60
60

Profit and loss account
 26 
1,108,551
949,365

  
1,208,739
1,049,505


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

Mrs L Norton
Director

Date: 21 May 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 10


PRIMA BAKERIES LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


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

£
£
£
£
£

At 1 September 2023
140
99,940
60
3,372,861
3,473,001



Profit for the year
-
-
-
1,530,596
1,530,596

Dividends: Equity capital
-
-
-
(38,370)
(38,370)

Shares issued during the year
48
-
-
-
48

Contributions paid to Employee Ownership Trust
-
-
-
(986,024)
(986,024)


At 31 August 2024
188
99,940
60
3,879,063
3,979,251


The notes on pages 15 to 32 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


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

£
£
£
£
£

At 1 September 2022
140
99,940
60
2,530,471
2,630,611



Profit for the year
-
-
-
908,530
908,530

Dividends: Equity capital
-
-
-
(66,140)
(66,140)


At 31 August 2023
140
99,940
60
3,372,861
3,473,001


The notes on pages 15 to 32 form part of these financial statements.

Page 11


PRIMA BAKERIES LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


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

£
£
£
£
£

At 1 September 2023
140
99,940
60
949,365
1,049,505



Profit for the year
-
-
-
333,580
333,580

Dividends: Equity capital
-
-
-
811,630
811,630

Shares issued during the year
48
-
-
-
48

Contributions paid to Employee Ownership Trust
-
-
-
(986,024)
(986,024)


At 31 August 2024
188
99,940
60
1,108,551
1,208,739


The notes on pages 15 to 32 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


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

£
£
£
£
£

At 1 September 2022
140
99,940
60
979,348
1,079,488



Profit for the year
-
-
-
36,157
36,157

Dividends: Equity capital
-
-
-
(66,140)
(66,140)


At 31 August 2023
140
99,940
60
949,365
1,049,505


The notes on pages 15 to 32 form part of these financial statements.

Page 12


PRIMA BAKERIES LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,530,596
908,530

Adjustments for:

Amortisation of intangible assets
306,642
306,642

Depreciation of tangible assets
171,581
169,698

Loss on disposal of tangible assets
8,746
8,023

Interest paid
94,028
166,206

Interest received
(3,659)
-

Taxation charge
628,334
361,579

(Increase)/decrease in stocks
(267,070)
113,959

(Increase) in debtors
(336,616)
(28,377)

(Decrease) in creditors
(157,076)
(84,040)

(Decrease) in provisions
(2,394)
(2,859)

Corporation tax (paid)
(569,455)
(335,262)

Net cash generated from operating activities

1,403,657
1,584,099


Cash flows from investing activities

Purchase of tangible fixed assets
(176,957)
(129,935)

Sale of tangible fixed assets
429
750

Interest received
3,659
-

HP interest paid
(4,807)
(3,370)

Net cash from investing activities

(177,676)
(132,555)

Cash flows from financing activities

Issue of ordinary shares
48
-

Repayment of loans
(773,439)
(529,834)

Repayment of/new finance leases
(29,750)
(40,600)

Dividends paid
(38,370)
(66,140)

Interest paid
(89,221)
(162,836)

Contributions paid to Employee Ownership Trust
(986,024)
-

Net cash used in financing activities
(1,916,756)
(799,410)

Net (decrease)/increase in cash and cash equivalents
(690,775)
652,134

Cash and cash equivalents at beginning of year
1,664,204
1,012,070

Cash and cash equivalents at the end of year
973,429
1,664,204


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
973,429
1,664,204


Page 13


PRIMA BAKERIES LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

1,664,204

(690,775)

973,429

Debt due after 1 year

(1,100,915)

1,100,915

-

Debt due within 1 year

(572,524)

(327,476)

(900,000)

Finance leases

(108,950)

29,750

(79,200)



(118,185)
112,414
(5,771)

The notes on pages 15 to 32 form part of these financial statements.

Page 14


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


GENERAL INFORMATION

Prima Bakeries Limited ("the Company") is a private limited company, limited by shares, incorporated in the United Kingdom, registered number 07278050, under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wheal Rose, Scorrier, Redruth, Cornwall, TR16 5BX.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.3

GOING CONCERN

On the basis of the cash position as at the date of approval of the financial statements, and the forecasted cashflows and financial performance for the group, the directors believe that the group will have sufficient cash reserves and available facilities in order to meet its debts as and when they fall due in the foreseeable future and for a minimum period of 12 months following approval of the financial statements.

Page 15


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

INTEREST INCOME

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

 
2.6

FINANCE COSTS

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

 
2.7

BORROWING COSTS

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

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 16


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

CURRENT AND DEFERRED TAXATION

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

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 the Group's share 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 Consolidated statement of comprehensive income over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 17


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

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, using the basis detailed below.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10 years straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% 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.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 reporting 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.

 
2.14

DEBTORS

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

 
2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 18


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.16

CREDITORS

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

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

The Group 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 Group's Statement of financial position when the Group 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 Group'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 instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 
Page 19


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)


2.18
FINANCIAL INSTRUMENTS (CONTINUED)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

 
2.19

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 preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have been considered significant estimates or judgements:
Goodwill amortisation period - The amortisation period for the goodwill arising on the incorporation of Prima Bakeries Limited has been set at 10 years to reflect the period the Group expect to continue to benefit from goodwill. 
Depreciation rates - Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives. The bases for depreciation charges are detailed in note 2.11 and are reviewed and adjusted prospectively if appropriate or if there is significant change since the last reporting date. Useful lives are estimated by management with reference to existing knowledge and experience. 


4.


TURNOVER

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


2024
2023
£
£

Sale of goods
13,078,159
11,787,722


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
2,636
34,070


Page 20


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
36,095
26,300


7.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Group's auditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
28,750
22,000

Fees payable to the Group's auditors for non-audit related services
7,685
11,800


8.


EMPLOYEES

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,267,749
2,788,495
1,583,137
1,387,558

Social security costs
252,870
207,020
112,001
90,881

Cost of defined contribution scheme
65,784
55,615
25,210
20,916

3,586,403
3,051,130
1,720,348
1,499,355


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
163
151
92
89


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
12,898
9,583

12,898
9,583


Page 21


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
3,659
-

3,659
-


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
88,264
162,836

Finance leases and hire purchase contracts
5,764
3,370

94,028
166,206


12.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
625,539
348,172


625,539
348,172


TOTAL CURRENT TAX
625,539
348,172

DEFERRED TAX


Origination and reversal of timing differences
2,795
13,407

TOTAL DEFERRED TAX
2,795
13,407


628,334
361,579
Page 22


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 21.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,158,930
1,270,109


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 21.52%)
539,733
273,327

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
83,375
65,990

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,909
238

Fixed asset differences
1,068
-

Adjustments to tax charge in respect of prior periods
-
20,515

Other differences leading to an increase (decrease) in the tax charge
249
1,718

Marginal relief
-
(209)

TOTAL TAX CHARGE FOR THE YEAR
628,334
361,579


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


13.


DIVIDENDS

2024
2023
£
£


Dividends paid
38,370
66,140

Page 23


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


INTANGIBLE ASSETS

Group





Goodwill

£



COST


At 1 September 2023
3,179,278



At 31 August 2024

3,179,278



AMORTISATION


At 1 September 2023
943,439


Charge for the year on owned assets
306,642



At 31 August 2024

1,250,081



NET BOOK VALUE



At 31 August 2024
1,929,197



At 31 August 2023
2,235,839



Page 24


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


TANGIBLE FIXED ASSETS

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



COST


At 1 September 2023
459,659
2,146,207
258,998
112,031
2,976,895


Additions
-
171,211
-
5,746
176,957


Disposals
(1,025)
(14,654)
(48,861)
(2,594)
(67,134)



At 31 August 2024

458,634
2,302,764
210,137
115,183
3,086,718



DEPRECIATION


At 1 September 2023
349,056
1,602,991
185,633
86,614
2,224,294


Charge for the year on owned assets
14,680
135,203
15,754
5,944
171,581


Disposals
(102)
(12,161)
(43,734)
(1,962)
(57,959)



At 31 August 2024

363,634
1,726,033
157,653
90,596
2,337,916



NET BOOK VALUE



At 31 August 2024
95,000
576,731
52,484
24,587
748,802



At 31 August 2023
110,603
543,216
73,365
25,417
752,601

Page 25


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           15.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

COST


At 1 September 2023
179,153
454,934
151,270
36,956
822,313


Additions
-
78,676
-
-
78,676


Disposals
(1,025)
(14,654)
(48,861)
(2,594)
(67,134)



At 31 August 2024

178,128
518,956
102,409
34,362
833,855



DEPRECIATION


At 1 September 2023
74,040
335,915
106,405
34,685
551,045


Charge for the year on owned assets
14,680
31,350
10,054
328
56,412


Disposals
(102)
(12,161)
(43,734)
(1,962)
(57,959)



At 31 August 2024

88,618
355,104
72,725
33,051
549,498



NET BOOK VALUE



At 31 August 2024
89,510
163,852
29,684
1,311
284,357



At 31 August 2023
105,113
119,019
44,865
2,271
271,268






Page 26


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST


At 1 September 2023
5,055,060



At 31 August 2024
5,055,060





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Cornish Premier Pasties Limited
Unit 4-5 Hurling Way, St. Columb Major Business Park, St. Columb, Cornwall, England, TR9 6SX
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

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

Cornish Premier Pasties Limited
5,896,375
1,503,658


17.


STOCKS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
461,142
372,555
174,613
135,110

Finished goods and goods for resale
254,892
76,409
-
-

716,034
448,964
174,613
135,110


Page 27


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,443,097
1,376,324
386,569
353,509

Amounts owed by group undertakings
-
-
10,029
8,575

Other debtors
79,159
54,707
12,358
12,784

Prepayments and accrued income
266,313
20,922
9,029
8,212

1,788,569
1,451,953
417,985
383,080



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
900,000
572,524
900,000
572,524

Trade creditors
478,091
556,958
100,839
131,263

Amounts owed to group undertakings
-
-
3,832,380
3,286,752

Corporation tax
383,408
327,324
108,750
19,454

Other taxation and social security
64,801
61,917
30,097
27,975

Obligations under finance lease and hire purchase contracts
19,800
108,950
-
-

Other creditors
61,401
143,224
-
44,797

Accruals and deferred income
42,072
41,342
42,072
41,342

1,949,573
1,812,239
5,014,138
4,124,107



20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
1,100,915
-
1,100,915

Net obligations under finance leases and hire purchase contracts
59,400
-
-
-

59,400
1,100,915
-
1,100,915




Page 28


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
900,000
572,524
900,000
572,524

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
-
1,100,915
-
1,100,915

900,000
1,673,439
900,000
1,673,439


The bank loans are secured by way of an unlimited standard debenture giving a fixed and floating charge over all property and assets.
Bank loan of £900,000 (2023: £900,000) which is repayable at the end of the term in December 2024. Loans bear interest of 7.75%.


22.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
19,800
29,950

Between 1-5 years
59,400
79,000

79,200
108,950


23.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(156,503)


Charged to profit or loss
(2,795)



AT END OF YEAR
(159,298)

Page 29


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
23.DEFERRED TAXATION (CONTINUED)

Company


2024


£






At beginning of year
(49,570)


Charged to profit or loss
(5,446)



AT END OF YEAR
(55,016)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(159,298)
(156,503)
(55,016)
(49,570)

(159,298)
(156,503)
(55,016)
(49,570)


24.


PROVISIONS


Group



Other provision

£





At 1 September 2023
10,903


Charged to profit or loss
(2,394)



AT 31 AUGUST 2024
8,509

Page 30


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           24.PROVISIONS (CONTINUED)

Company


Other provision
Total

£
£





At 1 September 2023
10,903
10,903


Charged to profit or loss
(2,394)
(2,394)



AT 31 AUGUST 2024
8,509
8,509


25.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



10,000 (2023: 10,000) Ordinary shares of £0.014 each
140
140
3,427 Ordinary A shares of £0.014 each
48
-

188

140


On 14 December 2023, there was a sale of the shares with 100% ownership transferring to Prima Trustees Limited. 3,427 ordinary A shares were issued as part of this transaction. 


26.


RESERVES

Share premium account

Consideration received for shares issued above their nominal value net of transaction costs.

Capital redemption reserve

Amounts paid following a redemption or share buyback.

Profit and loss account

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


27.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £65,784 (2023: £55,615) . Contributions totalling £10,532 (2023: £12,463) were payable to the fund at the reporting date and are included in creditors.

Page 31


PRIMA BAKERIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

28.


COMMITMENTS UNDER OPERATING LEASES

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
248,726
28,560
21,270
15,000

Later than 1 year and not later than 5 years
850,507
30,820
24,294
15,000

Later than 5 years
376,808
-
1,880
-

1,476,041
59,380
47,444
30,000


29.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption in section 33.1A of FRS 102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the group. 


30.


POST BALANCE SHEET EVENTS

On 9 September 2024, the company acquired 100% of the shares of Furniss of Cornwall Limited.


31.


CONTROLLING PARTY

The Company's entire issued share capital is held by Prima Bakeries Empployee Ownership Trust (EOT). The trustee of the EOT is Prima Trustees Limited . There is no ultimate controlling party. 

Page 32