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Registered number: 06453034
















CORNISH PREMIER PASTIES LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024


































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CORNISH PREMIER PASTIES 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
06453034



REGISTERED OFFICE
Cornish Premier Pasties
Unit 4-5 Hurling Way

St Columb Major Business Park

St Columb

Cornwall

TR9 6SX




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP






CORNISH PREMIER PASTIES LIMITED


CONTENTS



Page
Strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 23



CORNISH PREMIER PASTIES LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

BUSINESS REVIEW
 
The Directors are pleased to announce that sales have broken through the £9m level and that a profit before
tax for the year of £2,017,795 (2023 - £1,503,630) 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 company operates
from two production sites run by an experienced management team. The company operates closely with the other group companies and this 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 9.1% versus 2023. This growth has continued
in 2025. Turnover will be close to breaking though £10m 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.

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 on 21 May 2025 and signed on its behalf.



Mrs L Norton
Director

Page 1


CORNISH PREMIER PASTIES 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 £1,503,658 (2023: £1,179,015).

Dividends of £850,000 were proposed for the year (2023: £nil).

DIRECTORS

The directors who served during the year were:

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

FUTURE DEVELOPMENTS

The company 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'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 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

Cornish Premier Pasties
Unit 4-5 Hurling Way
St Columb Major Business Park
St Columb
Cornwall
TR9 6SX

Page 2


CORNISH PREMIER PASTIES LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

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.

Page 3


CORNISH PREMIER PASTIES LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORNISH PREMIER PASTIES LIMITED
OPINION


We have audited the financial statements of Cornish Premier Pasties Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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 the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 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


CORNISH PREMIER PASTIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORNISH PREMIER PASTIES 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 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 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 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.


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, or 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; 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 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 5


CORNISH PREMIER PASTIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORNISH PREMIER PASTIES 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 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 our enquiries of management about 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 the systems are operating as required; 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 company 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 Companies Act, Financial Reporting Standard 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 company'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 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


CORNISH PREMIER PASTIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORNISH PREMIER PASTIES 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


CORNISH PREMIER PASTIES LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,105,369
8,349,388

Cost of sales
  
(6,216,617)
(5,951,718)

Gross profit
  
2,888,752
2,397,670

Administrative expenses
  
(865,488)
(890,670)

Operating profit
 5 
2,023,264
1,507,000

Interest receivable and similar income
 8 
295
-

Interest payable and similar expenses
 9 
(5,764)
(3,370)

Profit before tax
  
2,017,795
1,503,630

Tax on profit
 10 
(514,137)
(324,615)

Profit for the financial year
  
1,503,658
1,179,015

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 8


CORNISH PREMIER PASTIES LIMITED
REGISTERED NUMBER:06453034

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
464,445
481,333

Current assets
  

Stocks
 13 
541,421
313,854

Debtors: amounts falling due within one year
 14 
5,212,993
4,364,200

Cash at bank and in hand
 15 
619,042
1,173,722

  
6,373,456
5,851,776

Creditors: amounts falling due within one year
 16 
(777,844)
(904,459)

Net current assets
  
 
 
5,595,612
 
 
4,947,317

Total assets less current liabilities
  
6,060,057
5,428,650

Creditors: amounts falling due after more than one year
 17 
(59,400)
(79,000)

Provisions for liabilities
  

Deferred tax
 19 
(104,282)
(106,933)

Net assets
  
5,896,375
5,242,717


Capital and reserves
  

Called up share capital 
  
300
300

Capital redemption reserve
  
200
200

Profit and loss account
  
5,895,875
5,242,217

  
5,896,375
5,242,717


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 11 to 23 form part of these financial statements.

Page 9


CORNISH PREMIER PASTIES LIMITED


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


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

£
£
£
£

At 1 September 2023
300
200
5,242,217
5,242,717



Profit for the year
-
-
1,503,658
1,503,658

Dividends: Equity capital
-
-
(850,000)
(850,000)


At 31 August 2024
300
200
5,895,875
5,896,375


The notes on pages 11 to 23 form part of these financial statements.


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


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

£
£
£
£

At 1 September 2022
300
200
4,063,202
4,063,702



Profit for the year
-
-
1,179,015
1,179,015


At 31 August 2023
300
200
5,242,217
5,242,717


The notes on pages 11 to 23 form part of these financial statements.

Page 10


CORNISH PREMIER PASTIES LIMITED

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

1.


GENERAL INFORMATION

The company is a private company, limited by shares and incorporated in England and Wales. The registered office and principal place of business is Unit 4-5 Hurling Way, St. Columb Major Business Park, St. Columb, Cornwall, TR9 6SX 

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Prima Bakeries Limited as at 31 August 2024 and these financial statements may be obtained from the company's registered office.

 
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 company, the directors believe that the company will have sufficient cash reserves and available facilities in order to meet its debts as and when they fall due in the foreseeable future.

Page 11


CORNISH PREMIER PASTIES 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 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.

 
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

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12


CORNISH PREMIER PASTIES LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.9

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 detailed below.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5%
straight line
Plant and machinery
-
10%
straight line
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
10%
straight line
Office equipment
-
10%
straight line

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.

Page 13


CORNISH PREMIER PASTIES LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 

Page 14


CORNISH PREMIER PASTIES LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.15
FINANCIAL INSTRUMENTS (CONTINUED)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

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.

Page 15


CORNISH PREMIER PASTIES LIMITED

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

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:
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 2.8 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
9,105,369
8,349,388



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
36,095
26,300


6.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,500
14,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16


CORNISH PREMIER PASTIES LIMITED

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

7.


EMPLOYEES

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,825,481
1,517,076

Cost of defined contribution scheme
40,574
34,699

1,866,055
1,551,775


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


        2024
        2023
            No.
            No.







Employees
73
64


8.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
295
-

295
-


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


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

Page 17


CORNISH PREMIER PASTIES LIMITED

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

10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
516,788
308,203


516,788
308,203


TOTAL CURRENT TAX
516,788
308,203

DEFERRED TAX


Origination and reversal of timing differences
(2,651)
16,412

TOTAL DEFERRED TAX
(2,651)
16,412


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
514,137
324,615

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: 21.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,017,795
1,503,630


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 21.5%)
504,449
323,280

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,792
-

Capital allowances
(27,137)
(43,121)

Sundry expenses
89
653

Capital items expensed
1,100
3,981

Fixed asset depreciation
28,792
23,232

Adjustment for provisions
207
178

Deferred tax charge
-
16,412

Qualifying charitable donations
83
-

Non-trade loan relationships
(74)
-

Pension contributions adjustment
(14)
-

Other differences leading to an increase (decrease) in the tax charge
3,850
-

TOTAL TAX CHARGE FOR THE YEAR
514,137
324,615

Page 18


CORNISH PREMIER PASTIES LIMITED

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


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors which may affect future tax charges.


11.


DIVIDENDS

2024
2023
£
£


Dividends
850,000
-


12.


TANGIBLE FIXED ASSETS





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

£
£
£
£
£



COST


At 1 September 2023
280,506
1,691,273
107,728
75,075
2,154,582


Additions
-
92,535
-
5,746
98,281



At 31 August 2024

280,506
1,783,808
107,728
80,821
2,252,863



DEPRECIATION


At 1 September 2023
275,016
1,267,076
79,228
51,929
1,673,249


Charge for the year on owned assets
-
103,853
5,700
5,616
115,169



At 31 August 2024

275,016
1,370,929
84,928
57,545
1,788,418



NET BOOK VALUE



At 31 August 2024
5,490
412,879
22,800
23,276
464,445



At 31 August 2023
5,490
424,197
28,500
23,146
481,333

Page 19


CORNISH PREMIER PASTIES LIMITED

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

13.


STOCKS

2024
2023
£
£

Raw materials and consumables
286,529
237,445

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

541,421
313,854



14.


DEBTORS

2024
2023
£
£


Trade debtors
1,056,528
1,022,815

Amounts owed by group undertakings
3,832,380
3,286,752

Other debtors
66,801
41,923

Prepayments and accrued income
257,284
12,710

5,212,993
4,364,200



15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
619,042
1,173,722



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
377,252
425,695

Amounts owed to group undertakings
10,029
8,575

Corporation tax
274,658
307,870

Other taxation and social security
34,704
33,942

Obligations under finance lease and hire purchase contracts
19,800
29,950

Other creditors
61,401
98,427

777,844
904,459


The obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

Page 20


CORNISH PREMIER PASTIES LIMITED

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

17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
59,400
79,000


The obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.


18.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
19,800
29,950

Between 1-5 years
59,400
79,000

79,200
108,950


19.


DEFERRED TAXATION




2024


£






At beginning of year
(106,933)


Charged to profit or loss
2,651



AT END OF YEAR
(104,282)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(104,282)
(106,933)

(104,282)
(106,933)

Page 21


CORNISH PREMIER PASTIES LIMITED

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

20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



300 (2023: 300) Ordinary shares of £1.00 each
300
300



21.


RESERVES

Capital redemption reserve

Used to pay up new shares to be allotted to members as fully paid bonus shares.

Profit and loss account

Cumulative profit and loss net of distributions to parent company.


22.


CONTINGENT LIABILITIES

The company is party to a cross company guarantee in respect of the indebtedness of Prima Bakeries Limited.


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 £40,574 (2023: £34,699) . Contributions totalling £5,523 (2023: £6,256) were payable to the fund at the reporting date and are included in creditors.


24.


COMMITMENTS UNDER OPERATING LEASES

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

2024
2023
£
£


Not later than 1 year
227,456
13,560

Later than 1 year and not later than 5 years
826,213
15,820

Later than 5 years
374,928
-

1,428,597
29,380


25.


RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary undertaking of their ultimate parent, Prima Bakeries Limited, 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.

Page 22


CORNISH PREMIER PASTIES LIMITED

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

26.


CONTROLLING PARTY

The company is a wholly owned subsidiary of their parent company Prima Bakeries Limited (registered office Wheal Rose, Scorrier, Redruth, Cornwall, United Kingdom, TR16 5BX), the consolidated accounts of which are available at Companies House, Cardiff. 

Page 23